UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number			811-21411
Eaton Vance Senior Floating-Rate Trust
(Exact name of registrant as specified in charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts				02109
(Address of principal executive offices)				(Zip code)
Alan R. Dynner, Esq. Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code:			(617) 482-8260
Date of fiscal year end:	October 31
Date of reporting period:		January 31, 2005

Item 1. Schedule of Investments

Eaton Vance Senior Floating-Rate Trust as of January 31, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Senior, Floating Rate Interests — 134.6% (1)

Principal
Amount		Borrower/Tranche Description	Value
Aerospace and Defense — 1.5%
		Alliant Techsystems, Inc.
$	2,934,010	Term Loan, 4.36%, Maturing March 31, 2011	$	2,976,186
		K&F Industries, Inc.
1,697,474		Term Loan, 5.08%, Maturing November 18, 2012	1,726,827
		Standard Aero Holdings, Inc.
636,836		Term Loan, 4.99%, Maturing August 24, 2012	646,986
		Transdigm, Inc.
1,989,987		Term Loan, 4.67%, Maturing July 22, 2010	2,019,216
		United Defense Industries, Inc.
1,164,522		Term Loan, 4.57%, Maturing June 30, 2009	1,179,564
		Vought Aircraft
1,185,000		Term Loan, 5.08%, Maturing December 17, 2011	1,204,256
			$	9,753,035
Air Transport — 0.2%
		United Airlines, Inc.
1,000,000		DIP Loan, 8.00%, Maturing June 30, 2005	1,009,375
			$	1,009,375
Automotive — 7.3%
		Affina Group, Inc.
617,000		Term Loan, 5.44%, Maturing November 30, 2011	627,489
		Collins & Aikman Products, Co.
2,592,702		Revolving Loan, 6.34%, Maturing August 31, 2009	2,601,885
		CSA Acquisition Corp.
230,000		Term Loan, 4.75%, Maturing December 23, 2011	232,492
370,000		Term Loan, 4.75%, Maturing December 23, 2011	374,008

		Dayco Products, LLC
$	2,885,500	Term Loan, 5.37%, Maturing June 23, 2011	$	2,932,389
		Dura Operating Corp.
2,225,437		Term Loan, 5.05%, Maturing March 31, 2007	2,245,838
		Exide Technologies
1,240,000		Term Loan, 6.02%, Maturing May 5, 2010	1,209,000
1,240,000		Term Loan, 6.02%, Maturing May 5, 2010	1,209,000
		Federal-Mogul Corp.
2,559,019		Term Loan, 4.65%, Maturing February 24, 2005	2,430,748
7,076,029		Revolving Loan, 4.15%, Maturing December 31, 2005	6,700,115
		HLI Operating Co., Inc.
6,662,768		Term Loan, 6.24%, Maturing June 3, 2009	6,787,695
		Key Automotive Group
1,446,777		Term Loan, 5.55%, Maturing June 29, 2010	1,472,096
		R.J. Tower Corp.
1,745,625		Term Loan, 9.56%, Maturing January 29, 2010	1,779,993
		Tenneco Automotive, Inc.
2,238,142		Term Loan, 5.35%, Maturing December 12, 2009	2,281,971
1,924,137		Term Loan, 5.40%, Maturing December 12, 2010	1,961,818
		The Goodyear Tire & Rubber Co.
2,000,000		Term Loan, 6.56%, Maturing March 31, 2006	2,036,876
3,750,000		Term Loan, 7.03%, Maturing March 31, 2006	3,810,937
		TI Automotive Limited
1,200,000		Term Loan, 6.03%, Maturing June 30, 2011	1,193,250
		TRW Automotive, Inc.
4,597,867		Term Loan, 4.38%, Maturing February 27, 2011	4,612,236
			$	46,499,836
Beverage and Tobacco — 1.9%
		Constellation Brands, Inc.
5,770,000		Term Loan, 4.40%, Maturing December 22, 2011	5,849,337
		Culligan International Co.
1,175,000		Term Loan, 4.92%, Maturing September 30, 2011	1,192,869
		DS Waters, L.P.
320,693		Term Loan, 6.85%, Maturing November 7, 2009	300,951

		Southern Wine & Spirits of America
$	3,809,155	Term Loan, 4.81%, Maturing June 28, 2008	$	3,865,699
		Sunny Delight Beverages Co.
640,000		Term Loan, 6.78%, Maturing August 20, 2010	625,600
			$	11,834,456
Building and Development — 7.0%
		BRE/Homestead, LLC
4,000,000		Term Loan, 6.45%, Maturing January 11, 2006	3,992,500
		DMB/CHII, LLC
1,025,664		Term Loan, 4.85%, Maturing March 3, 2009	1,028,228
		Formica Corp.
51,318		Term Loan, 7.73%, Maturing June 10, 2010	51,574
63,598		Term Loan, 7.73%, Maturing June 10, 2010	63,916
124,360		Term Loan, 7.73%, Maturing June 10, 2010	124,981
183,057		Term Loan, 7.73%, Maturing June 10, 2010	183,972
		FT-FIN Acquistion, LLC
1,264,953		Term Loan, 6.94%, Maturing November 17, 2007	1,268,115
		General Growth Properties, Inc.
8,705,000		Term Loan, 4.64%, Maturing November 12, 2008	8,774,823
		Landsource Communities, LLC
6,011,000		Term Loan, 5.06%, Maturing March 31, 2010	6,106,702
		Maax Corp.
815,900		Term Loan, 5.15%, Maturing June 4, 2011	825,079
		NCI Building Systems, Inc.
748,825		Term Loan, 4.39%, Maturing June 18, 2010	759,121
		Newkirk Master, L.P.
480,021		Term Loan, 7.02%, Maturing November 24, 2006	487,221
		Newkirk Tender Holdings, LLC
1,806,929		Term Loan, 7.06%, Maturing May 25, 2006	1,824,998
1,277,778		Term Loan, 8.48%, Maturing May 25, 2006	1,290,556
		Nortek, Inc.
1,795,500		Term Loan, 4.75%, Maturing August 27, 2011	1,827,295
		Panolam Industries Holdings
995,079		Term Loan, 5.68%, Maturing June 3, 2011	1,008,761
1,181,536		Term Loan, 9.94%, Maturing December 3, 2011	1,209,597

		Ply Gem Industries, Inc.
$	700,000	Term Loan, 4.59%, Maturing February 12, 2011	$	708,750
192,006		Term Loan, 5.28%, Maturing February 12, 2011	194,406
1,307,619		Term Loan, 5.28%, Maturing February 12, 2011	1,323,964
		South Edge, LLC
612,500		Term Loan, 4.44%, Maturing October 31, 2007	615,754
787,500		Term Loan, 4.69%, Maturing October 31, 2009	794,145
		St. Marys Cement, Inc.
5,930,050		Term Loan, 4.56%, Maturing December 4, 2010	6,000,470
		The Woodlands Community Property Co.
1,022,000		Term Loan, 5.00%, Maturing November 30, 2007	1,030,942
319,000		Term Loan, 7.13%, Maturing November 30, 2007	323,785
		Tousa/Kolter, LLC
1,794,000		Term Loan, 4.19%, Maturing January 7, 2008	1,802,970
		W9/Gpt Real Estate, L.P
896,293		Term Loan, 4.64%, Maturing March 27, 2006	896,293
			$	44,518,918
Business Equipment and Services — 3.1%
		Allied Security Holdings, LLC
1,735,714		Term Loan, 6.81%, Maturing June 30, 2010	1,763,920
		Baker & Taylor, Inc.
2,200,000		Term Loan, 9.35%, Maturing May 6, 2011	2,219,250
		Buhrmann US, Inc.
3,163,117		Term Loan, 4.94%, Maturing December 31, 2010	3,204,633
		Global Imaging Systems, Inc.
488,807		Term Loan, 4.66%, Maturing May 10, 2010	494,917
		Infousa, Inc.
954,545		Term Loan, 5.06%, Maturing March 25, 2009	964,091
		Iron Mountain, Inc.
2,327,290		Term Loan, 4.19%, Maturing April 2, 2011	2,344,454
		Language Line, Inc.
2,726,316		Term Loan, 6.77%, Maturing June 11, 2011	2,764,940
		Mitchell International, Inc.
411,075		Term Loan, 5.55%, Maturing August 13, 2011	417,627
1,243,750		Term Loan, 8.80%, Maturing August 13, 2012	1,254,633

		Quintiles Transnational Corp.
$	992,462	Term Loan, 6.82%, Maturing September 25, 2009	$	1,009,830
		United Online, Inc.
415,000		Term Loan, 5.90%, Maturing December 13, 2008	420,706
		Williams Scotsman, Inc.
2,681,012		Term Loan, 5.38%, Maturing December 31, 2006	2,717,876
			$	19,576,877
Cable and Satellite Television — 8.1%
		Adelphia Communications Corp.
1,801,762		DIP Loan, 4.81%, Maturing March 31, 2005	1,813,398
		Atlantic Broadband Finance, LLC
4,294,434		Term Loan, 5.69%, Maturing February 10, 2011	4,381,216
		Bragg Communication, Inc.
1,047,375		Term Loan, 4.90%, Maturing August 31, 2011	1,061,776
		Bresnan Communications, LLC
2,000,000		Term Loan, 6.04%, Maturing September 30, 2009	2,024,376
		Canadien Cable Acquisition
1,492,500		Term Loan, 5.56%, Maturing July 30, 2011	1,509,758
		Cebridge Connections, Inc.
1,498,675		Term Loan, 5.56%, Maturing February 23, 2009	1,504,295
1,588,000		Term Loan, 8.23%, Maturing February 23, 2010	1,599,910
		Charter Communications Operating, LLC
12,288,250		Term Loan, 5.98%, Maturing April 27, 2011	12,266,303
		Insight Midwest Holdings, LLC
5,182,575		Term Loan, 5.44%, Maturing December 31, 2009	5,270,031
1,980,000		Term Loan, 5.44%, Maturing December 31, 2009	2,013,721
		Mediacom Broadband
5,970,000		Term Loan, 5.00%, Maturing September 30, 2010	6,050,971
		Mediacom Illinois, LLC
2,820,000		Term Loan, 4.88%, Maturing March 31, 2013	2,832,588
		NTL, Inc.
2,300,000		Term Loan, 5.20%, Maturing April 13, 2012	2,323,000
		Panamsat Corp.
5,090,617		Term Loan, 5.25%, Maturing August 20, 2011	5,135,893

			UGS Corp.
$	1,373,100		Term Loan, 4.83%, Maturing May 27, 2011	$	1,394,555
				$	51,181,791
Chemicals and Plastics — 6.6%
			Brenntag, AG
		2,975,000	Term Loan, 4.73%, Maturing December 9, 2011			3,004,452
			Hercules, Inc.
878,363			Term Loan, 3.99%, Maturing October 8, 2010	888,656
			Huntsman International, LLC
6,698,866			Term Loan, 5.00%, Maturing December 31, 2010	6,804,373
			Huntsman, LLC
2,200,000			Term Loan, 6.05%, Maturing March 31, 2010	2,239,050
			Innophos, Inc.
799,815			Term Loan, 3.87%, Maturing August 13, 2010	810,813
			Invista B.V.
3,601,940			Term Loan, 5.31%, Maturing April 29, 2011	3,669,477
1,625,108			Term Loan, 5.31%, Maturing April 29, 2011	1,652,532
			ISP Chemco, Inc.
1,488,750			Term Loan, 4.40%, Maturing March 27, 2011	1,507,050
			Kraton Polymer
3,316,788			Term Loan, 5.33%, Maturing December 5, 2008	3,347,193
			Nalco Co.
6,594,684			Term Loan, 4.64%, Maturing November 4, 2010	6,694,059
			Professional Paint, Inc.
962,813			Term Loan, 5.74%, Maturing September 30, 2011	976,051
			Rockwood Specialties Group, Inc.
3,450,000			Term Loan, 4.95%, Maturing July 30, 2012	3,492,818
			Solo Cup Co.
2,693,741			Term Loan, 4.99%, Maturing February 27, 2011	2,745,092
			United Industries Corp.
1,024,850			Term Loan, 6.75%, Maturing April 29, 2011	1,027,412
995,000			Term Loan, 8.75%, Maturing October 31, 2011	997,487
			Wellman, Inc.
2,250,000			Term Loan, 6.16%, Maturing February 10, 2009	2,290,313
				$		42,146,828

Clothing/Textiles — 0.6%
		Propex Fabrics, Inc.
$	350,000	Term Loan, 4.70%, Maturing December 1, 2011	$	351,312
		SI Corp.
1,586,226		Term Loan, 6.61%, Maturing December 9, 2009	1,612,993
		St. John Knits International
974,596		Term Loan, 6.06%, Maturing July 31, 2007	984,951
		The William Carter Co.
950,808		Term Loan, 5.01%, Maturing September 30, 2008	965,070
			$		3,914,326
Conglomerates — 2.3%
		Amsted Industries, Inc.
3,500,538		Term Loan, 5.43%, Maturing October 15, 2010	3,565,081
		Blount, Inc.
739,050		Term Loan, 5.08%, Maturing August 9, 2010	751,675
		Goodman Global Holdings, Inc.
1,205,000		Term Loan, 4.81%, Maturing December 23, 2011	1,224,581
		Johnson Diversey, Inc.
1,603,902		Term Loan, 4.43%, Maturing November 30, 2009	1,632,722
		Polymer Group, Inc.
489,114		Term Loan, 5.78%, Maturing April 27, 2010	494,922
1,750,000		Term Loan, 8.78%, Maturing April 27, 2011	1,769,687
		PP Acquisition Corp.
2,787,247		Term Loan, 4.83%, Maturing November 12, 2011	2,829,056
		Rexnord Corp.
2,363,822		Term Loan, 5.46%, Maturing November 30, 2009	2,387,460
			$		14,655,184
Containers and Glass Products — 7.7%
		Ball Corp.
1,725,226		Term Loan, 4.31%, Maturing December 31, 2009	1,750,242
		Berry Plastics Corp.
2,136,087		Term Loan, 4.22%, Maturing July 22, 2010	2,169,019
		Bway Corp.
603,260		Term Loan, 4.75%, Maturing June 30, 2011	613,565
		Celanese AG
1,496,250		Term Loan, 4.81%, Maturing April 6, 2011	1,501,861

		Consolidated Container Holding
$	1,194,000	Term Loan, 5.13%, Maturing December 15, 2008	$	1,209,671
		Dr. Pepper/Seven Up Bottling
6,410,759		Term Loan, 4.47%, Maturing December 19, 2010	6,519,741
		Graham Packaging Holdings Co.
4,400,000		Term Loan, 5.09%, Maturing October 7, 2011	4,465,608
2,000,000		Term Loan, 6.81%, Maturing October 7, 2012	2,056,750
		Graphic Packaging International, Inc.
5,666,972		Term Loan, 5.14%, Maturing August 8, 2009	5,769,686
		Greif Bros. Corp.
390,000		Term Loan, 3.63%, Maturing August 31, 2008	394,550
		IPG (US), Inc.
1,182,038		Term Loan, 4.79%, Maturing July 28, 2011	1,197,552
		Owens-Illinois, Inc.
1,711,837		Term Loan, 4.95%, Maturing April 1, 2007	1,742,950
809,918		Term Loan, 5.23%, Maturing April 1, 2008	824,598
1,210,343		Term Loan, 5.33%, Maturing April 1, 2008	1,233,188
		Printpack Holdings, Inc.
1,206,592		Term Loan, 4.38%, Maturing April 30, 2009	1,219,412
		Silgan Holdings, Inc.
3,537,591		Term Loan, 4.33%, Maturing December 31, 2008	3,588,444
		Smurfit-Stone Container Corp.
589,195		Term Loan, 2.10%, Maturing November 1, 2011	598,769
1,496,686		Term Loan, 4.44%, Maturing November 1, 2011	1,520,774
4,708,731		Term Loan, 4.57%, Maturing November 1, 2011	4,783,482
		Sola International, Inc.
3,850,000		Term Loan, 5.08%, Maturing December 11, 2009	3,902,937
		U.S. Can Corp.
1,488,750		Term Loan, 6.40%, Maturing January 10, 2010	1,485,959
			$	48,548,758
Cosmetics/Toiletries — 1.1%
		American Safety Razor Co.
333,334		Term Loan, 9.11%, Maturing October 29, 2011	338,334

		Church & Dwight Co., Inc.
$	1,825,560	Revolving Loan, 4.31%, Maturing May 30, 2011	$	1,851,041
		Prestige Brands, Inc.
1,786,500		Term Loan, 5.29%, Maturing April 7, 2011	1,805,482
2,000,000		Term Loan, 9.00%, Maturing April 7, 2011	2,052,084
		Revlon Consumer Products Corp.
1,080,000		Term Loan, 8.51%, Maturing July 9, 2010	1,124,100
			$	7,171,041
Drugs — 0.7%
		Herbalife International, Inc.
560,000		Term Loan, 5.16%, Maturing December 21, 2010	569,625
		Warner Chilcott Corp.
1,019,585		Term Loan, 5.23%, Maturing January 18, 2012	1,028,379
471,020		Term Loan, 5.23%, Maturing January 18, 2012	475,082
2,530,294		Term Loan, 5.23%, Maturing January 18, 2012	2,552,118
			$	4,625,204
Ecological Services and Equipment — 3.6%
		Alderwoods Group, Inc.
333,841		Term Loan, 4.63%, Maturing September 29, 2009 (2)	339,057
		Allied Waste Industries, Inc.
1,520,357		Term Loan, 3.90%, Maturing January 15, 2009	1,541,975
6,325,476		Term Loan, 5.13%, Maturing January 15, 2010	6,426,570
1,093,706		Term Loan, 5.26%, Maturing January 15, 2010	1,111,251
		Casella Waste Systems, Inc.
2,450,000		Term Loan, 5.14%, Maturing January 24, 2010	2,481,392
		Environmental Systems, Inc.
1,434,289		Term Loan, 6.12%, Maturing December 12, 2008	1,452,217
2,500,000		Term Loan, 12.49%, Maturing December 12, 2010	2,584,375
		IESI Corp.
970,588		Term Loan, 4.65%, Maturing January 20, 2012	986,360
		Ionics, Inc.
1,690,634		Term Loan, 5.31%, Maturing February 13, 2011	1,696,447
		National Waterworks, Inc.
918,033		Term Loan, 5.06%, Maturing November 22, 2009	934,098

		Sensus Metering Systems, Inc.
$	383,478	Term Loan, 4.92%, Maturing December 17, 2010	$	385,955
2,556,522		Term Loan, 5.16%, Maturing December 17, 2010	2,573,032
			$		22,512,729
Electronics/Electrical — 2.8%
		Amphenol Corp.
2,320,000		Term Loan, 3.79%, Maturing May 6, 2010	2,347,912
		Communications & Power, Inc.
1,094,697		Term Loan, 4.93%, Maturing July 23, 2010	1,110,604
		Enersys Capital, Inc.
1,094,500		Term Loan, 4.27%, Maturing March 17, 2011	1,112,286
		Fairchild Semiconductor Corp.
738,750		Term Loan, 4.69%, Maturing June 19, 2008	747,061
1,235,000		Term Loan, 4.69%, Maturing December 31, 2010	1,248,894
		Invensys International Holding
3,064,594		Term Loan, 6.09%, Maturing September 5, 2009	3,118,224
		Memec Group, Ltd.
1,875,000		Term Loan, 10.50%, Maturing June 15, 2010	1,883,437
		Seagate Technology Holdings
2,145,000		Term Loan, 4.56%, Maturing November 22, 2006	2,182,203
		Security Co, Inc.
995,000		Term Loan, 6.44%, Maturing June 28, 2010	1,004,950
1,000,000		Term Loan, 10.31%, Maturing June 28, 2011	1,002,500
		Vertafore, Inc.
1,500,000		Term Loan, 5.27%, Maturing December 22, 2010	1,511,250
500,000		Term Loan, 8.52%, Maturing December 22, 2011	508,750
			$		17,778,071
Equipment Leasing — 1.2%
		Ashtead Group, PLC
1,000,000		Term Loan, 4.81%, Maturing November 12, 2009	1,015,625
		United Rentals, Inc.
1,121,250		Term Loan, 3.36%, Maturing February 14, 2011	1,138,420
5,564,203		Term Loan, 4.81%, Maturing February 14, 2011	5,650,276
			$		7,804,321

Farming/Agriculture — 0.3%
		Central Garden & Pet Co.
$	987,469	Term Loan, 4.33%, Maturing May 19, 2009	$	994,875
		The Scotts Co.
837,894		Term Loan, 4.06%, Maturing September 30, 2010	846,872
			$	1,841,747
Financial Intermediaries — 0.5%
		Coinstar, Inc.
581,988		Term Loan, 4.84%, Maturing July 7, 2011	592,172
		Refco Group Ltd., LLC
2,778,300		Term Loan, 5.27%, Maturing August 5, 2011	2,811,987
			$	3,404,159
Food Products — 5.3%
		Acosta Sales Co., Inc.
997,500		Term Loan, 4.62%, Maturing August 13, 2010	1,013,398
		American Seafoods Holdings, LLC
1,647,204		Term Loan, 5.81%, Maturing March 31, 2009	1,671,398
		Atkins Nutritional, Inc.
946,565		Term Loan, 8.18%, Maturing November 26, 2009	856,641
		Del Monte Corp.
2,082,580		Term Loan, 4.96%, Maturing December 20, 2010	2,095,596
		Doane Pet Care Co.
2,114,700		Term Loan, 6.43%, Maturing November 5, 2009	2,151,707
		Dole Food Co., Inc.
585,665		Term Loan, 4.71%, Maturing September 29, 2008	595,457
		Interstate Brands Corp.
1,047,089		Term Loan, 6.65%, Maturing July 19, 2007	1,024,838
		Land O’ Lakes
590,062		Term Loan, 5.71%, Maturing October 1, 2007	599,404
		Merisant Co.
3,309,304		Term Loan, 5.48%, Maturing January 31, 2010	3,323,782
		Michael Foods, Inc.
4,044,889		Term Loan, 5.07%, Maturing November 20, 2010	4,115,674
6,000,000		Term Loan, 6.59%, Maturing November 20, 2011	6,172,500
		Pinnacle Foods Holdings Corp.
4,372,918		Term Loan, 5.81%, Maturing November 25, 2010	4,381,118
	1,234,707	Term Loan, 5.81%, Maturing November 25, 2010		1,235,735

		Reddy Ice Group, Inc.
$	700,718	Term Loan, 5.08%, Maturing July 31, 2009	$	709,769
2,102,155		Term Loan, 5.08%, Maturing July 31, 2009	2,129,308
		Seminis Vegetable Seeds, Inc.
1,399,342		Term Loan, 4.46%, Maturing September 30, 2009	1,406,630
			$		33,482,955
Food Service — 3.0%
		AFC Enterprises, Inc.
951,801		Term Loan, 6.07%, Maturing May 23, 2008	961,319
700,560		Term Loan, 5.78%, Maturing May 23, 2009	707,127
		Buffets, Inc.
418,182		Term Loan, 5.70%, Maturing June 28, 2009	420,273
2,209,162		Term Loan, 6.27%, Maturing June 28, 2009	2,220,208
		Carrols Corp.
545,000		Term Loan, 5.06%, Maturing May 31, 2010	554,537
		CKE Restaurants, Inc.
482,264		Term Loan, 4.94%, Maturing May 1, 2010	489,497
		Denny’s, Inc.
970,000		Term Loan, 5.73%, Maturing September 21, 2009	992,735
		Domino’s, Inc.
6,544,969		Term Loan, 4.31%, Maturing June 25, 2010	6,637,692
		Gate Gourmet Borrower, LLC
2,480,000		Term Loan, 10.50%, Maturing December 31, 2008	2,390,100
		Jack in the Box, Inc.
2,970,001		Term Loan, 4.75%, Maturing January 8, 2011	3,011,768
		Weight Watchers International
922,688		Term Loan, 4.16%, Maturing March 31, 2010	933,452
			$		19,318,708
Food/Drug Retailers — 1.7%
		Cumberland Farms, Inc.
914,082		Term Loan, 5.10%, Maturing September 8, 2008	921,509
		General Nutrition Centers, Inc.
1,020,919		Term Loan, 5.55%, Maturing December 5, 2009	1,026,661

		Giant Eagle, Inc.
$	1,979,107	Term Loan, 4.20%, Maturing August 6, 2009	$	2,004,257
		Rite Aid Corp.
1,690,763		Term Loan, 4.24%, Maturing September 22, 2009	1,705,029
		The Jean Coutu Group (PJC), Inc.
2,668,313		Term Loan, 5.00%, Maturing July 30, 2011	2,710,840
		The Pantry, Inc.
2,131,129		Term Loan, 4.83%, Maturing March 12, 2011	2,167,092
			$	10,535,388
Forest Products — 2.7%
		Appleton Papers, Inc.
997,494		Term Loan, 4.56%, Maturing June 11, 2010	1,009,339
		Boise Cascade Holdings, LLC
5,832,877		Term Loan, 4.84%, Maturing September 29, 2010	5,916,421
4,267,123		Term Loan, 4.84%, Maturing October 28, 2010	4,277,305
		Buckeye Technologies, Inc.
3,158,750		Term Loan, 4.71%, Maturing April 15, 2010	3,214,028
		Koch Cellulose, LLC
197,887		Term Loan, 4.39%, Maturing May 7, 2011	200,546
788,696		Term Loan, 4.80%, Maturing May 7, 2011	799,294
		RLC Industries Co.
1,407,214		Term Loan, 4.08%, Maturing February 24, 2010	1,411,612
			$	16,828,545
Healthcare — 8.4%
		Accredo Health, Inc.
1,975,075		Term Loan, 4.48%, Maturing April 30, 2011	1,991,741
		Alliance Imaging, Inc.
1,134,663		Term Loan, 4.92%, Maturing June 10, 2008	1,145,656
		AMN Healthcare, Inc.
1,564,973		Term Loan, 5.56%, Maturing October 2, 2008	1,579,645
		Ardent Health Services, Inc.
1,072,313		Term Loan, 4.80%, Maturing July 12, 2011	1,081,361
		Colgate Medical, Ltd.
1,395,455		Term Loan, 4.55%, Maturing December 30, 2008	1,412,898

		Community Health Systems, Inc.
$	7,223,367	Term Loan, 4.15%, Maturing August 19, 2011	$	7,288,832
		Concentra Operating Corp.
3,950,075		Term Loan, 5.05%, Maturing June 30, 2009	4,001,098
		Conmed Corp.
1,547,520		Term Loan, 4.95%, Maturing December 31, 2007	1,566,139
		Davita, Inc.
6,413,557		Term Loan, 4.52%, Maturing March 31, 2009	6,437,608
		Encore Medical IHC, Inc.
1,600,000		Term Loan, 5.42%, Maturing October 4, 2010	1,627,000
		Envision Worldwide, Inc.
1,296,389		Term Loan, 7.39%, Maturing September 30, 2010	1,299,630
		Express Scripts, Inc.
1,488,750		Term Loan, 3.70%, Maturing February 13, 2010	1,503,017
		FHC Health Systems, Inc.
928,571		Term Loan, 8.40%, Maturing December 18, 2009	942,500
650,000		Term Loan, 10.40%, Maturing December 18, 2009	659,750
		Kinetic Concepts, Inc.
3,255,111		Term Loan, 4.31%, Maturing October 3, 2009	3,282,236
		Knowledge Learning Corp.
2,955,000		Term Loan, 5.05%, Maturing January 7, 2012	2,982,703
		Leiner Health Products, Inc.
990,025		Term Loan, 5.56%, Maturing May 27, 2011	1,004,875
		Magellan Health Services, Inc.
1,111,111		Term Loan, 4.68%, Maturing August 15, 2008	1,127,083
1,888,889		Term Loan, 4.74%, Maturing August 15, 2008	1,916,042
		National Mentor, Inc.
822,938		Term Loan, 5.48%, Maturing September 30, 2011	838,111
		SFBC International, Inc.
415,000		Term Loan, 5.61%, Maturing December 21, 2011	422,262
		Sunrise Medical Holdings, Inc.
1,000,000		Term Loan, 5.81%, Maturing May 13, 2010	1,011,250
		Team Health, Inc.
2,223,200		Term Loan, 5.81%, Maturing March 23, 2011	2,230,147
		Triad Hospitals Holdings
3,123,502		Term Loan, 4.83%, Maturing March 31, 2008	3,176,427

		Vanguard Health Holding Co., LLC
$	400,000	Term Loan, 2.26%, Maturing September 23, 2005	$	404,750
1,231,913		Term Loan, 5.79%, Maturing September 23, 2011	1,255,396
		VWR International, Inc.
1,189,933		Term Loan, 5.17%, Maturing April 7, 2011	1,211,650
			$	53,399,807
Home Furnishings — 2.4%
		Jarden Corp.
2,580,000		Term Loan, 6.25%, Maturing January 24, 2012	2,606,721
		Knoll, Inc.
3,089,882		Term Loan, 5.40%, Maturing September 30, 2011	3,128,506
		Sealy Mattress Co.
2,944,485		Term Loan, 4.54%, Maturing April 6, 2012	2,988,653
		Simmons Co.
5,470,593		Term Loan, 5.67%, Maturing December 19, 2011	5,550,370
		Termpur-Pedic, Inc.
992,443		Term Loan, 4.81%, Maturing June 30, 2009	1,001,747
			$	15,275,997
Industrial Equipment — 2.1%
		Bucyrus International, Inc.
209,625		Term Loan, 4.58%, Maturing July 28, 2010	213,293
		Chart Industries, Inc.
2,500,080		Term Loan, 5.63%, Maturing September 15, 2009	2,515,705
		Douglas Dynamics Holdings, Inc.
1,000,000		Term Loan, 4.51%, Maturing December 16, 2010	1,007,500
		Flowserve Corp.
1,414,157		Term Loan, 5.36%, Maturing June 30, 2009	1,440,672
		Gleason Corp.
500,000		Term Loan, 5.21%, Maturing July 27, 2011	506,250
750,000		Term Loan, 8.10%, Maturing January 31, 2012	765,000
		Itron, Inc.
3,244,865		Term Loan, 4.83%, Maturing December 17, 2010	3,280,016
		SPX Corp.
2,640,786		Term Loan, 4.63%, Maturing September 30, 2009	2,658,942

			Terex Corp.
$	798,481		Term Loan, 4.43%, Maturing June 30, 2009	$	808,129
				$		13,195,507
Insurance — 1.1%
			Alliant Resources Group, Inc.
		1,393,000	Term Loan, 5.67%, Maturing August 31, 2011			1,394,741
			CCC Information Services Group
1,003,342			Term Loan, 5.56%, Maturing August 20, 2010	1,015,883
			Conseco, Inc.
4,321,203			Term Loan, 6.08%, Maturing June 22, 2010	4,413,029
				$		6,823,653
Leisure Goods/Activities/Movies — 7.8%
			Alliance Atlantis Comm., Inc.
625,000			Term Loan, 4.29%, Maturing December 31, 2011	632,812
			AMF Bowling Worldwide, Inc.
1,981,362			Term Loan, 5.52%, Maturing August 27, 2009	2,002,414
			Bombardier Recreational Products, Inc.
1,020,991			Term Loan, 4.97%, Maturing December 18, 2010	1,037,264
445,739			Term Loan, 4.97%, Maturing December 18, 2010	452,843
			Cinemark, Inc.
1,985,000			Term Loan, 4.35%, Maturing March 31, 2011	2,018,497
			Hollywood Entertainment Corp.
1,000,000			Term Loan, 6.08%, Maturing March 31, 2008	1,005,625
			Loews Cineplex Entertainment
5,117,500			Term Loan, 4.64%, Maturing July 30, 2011	5,193,065
			Metro-Goldwyn-Mayer Studios, Inc.
8,827,875			Term Loan, 5.06%, Maturing April 30, 2011	8,851,048
			Regal Cinemas Corp.
7,523,891			Term Loan, 4.56%, Maturing November 10, 2010	7,621,077
			Six Flags Theme Parks, Inc.
7,883,011			Term Loan, 4.90%, Maturing June 30, 2009	8,020,963
			Universal City Development Partners, Ltd.
1,860,000			Term Loan, 4.58%, Maturing June 9, 2011	1,890,225

		WMG Acquisition Corp.
$	9,545,387	Term Loan, 5.21%, Maturing February 28, 2011	$	9,675,644
		Yankees Holdings & YankeeNets, LLC
400,714		Term Loan, 4.77%, Maturing June 25, 2007	407,727
874,286		Term Loan, 5.01%, Maturing June 25, 2007	889,586
			$	49,698,790
Lodging and Casinos — 4.1%
		Alliance Gaming Corp.
4,990,748		Term Loan, 4.90%, Maturing September 5, 2009	5,025,059
		Ameristar Casinos, Inc.
545,000		Term Loan, 4.63%, Maturing December 31, 2006	553,402
		Argosy Gaming Co.
2,119,688		Term Loan, 4.31%, Maturing June 30, 2011	2,134,924
		CNL Hospitality Partners, L.P.
995,079		Term Loan, 4.90%, Maturing October 13, 2006	1,011,249
		CNL Resort Hotel, L.P.
1,560,000		Term Loan, 5.59%, Maturing August 18, 2006	1,560,000
		Globalcash Access, LLC
1,099,303		Term Loan, 5.33%, Maturing March 10, 2010	1,117,854
		Green Valley Ranch Gaming, LLC
1,250,001		Term Loan, 4.50%, Maturing December 31, 2010	1,267,189
		Isle of Capri Casinos, Inc.
1,130,938		Term Loan, 4.61%, Maturing April 25, 2008	1,136,168
		Marina District Finance Co., Inc.
2,775,000		Term Loan, 3.93%, Maturing October 14, 2011	2,803,327
		Mohegan Tribal Gaming Authority
636,363		Term Loan, 6.25%, Maturing March 31, 2008	637,954
		Penn National Gaming, Inc.
675,793		Term Loan, 5.07%, Maturing July 31, 2006	678,919
		Pinnacle Entertainment, Inc.
1,375,000		Term Loan, 5.58%, Maturing August 27, 2010	1,395,625
		Seminole Tribe of Florida
625,000		Term Loan, 4.88%, Maturing September 30, 2011	631,250
		Venetian Casino Resort, LLC
1,640,909		Term Loan, 4.90%, Maturing June 15, 2011	1,669,966

		Wyndham International, Inc.
$	4,216,437	Term Loan, 7.19%, Maturing June 30, 2006	$	4,241,913
		Wynn Las Vegas, LLC
171,175		Term Loan, 4.66%, Maturing December 14, 2011	173,582
			$	26,038,381
Nonferrous Metals/Minerals — 2.0%
		Compass Minerals Group, Inc.
379,211		Term Loan, 4.80%, Maturing November 28, 2009	384,852
		Consol Energy, Inc.
1,370,000		Term Loan, 4.89%, Maturing June 30, 2010	1,375,137
		Foundation Coal Corp.
1,453,989		Term Loan, 4.73%, Maturing July 30, 2011	1,476,344
		ICG, LLC
1,845,375		Term Loan, 5.36%, Maturing November 5, 2010	1,875,362
		International Mill Service, Inc.
2,000,000		Term Loan, 8.33%, Maturing October 26, 2011	2,035,000
		Magnequench, Inc.
908,862		Term Loan, 9.92%, Maturing September 30, 2009	915,679
1,300,000		Term Loan, 13.42%, Maturing December 31, 2009	1,313,000
		Novelis, Inc.
1,295,000		Term Loan, 4.13%, Maturing January 6, 2012	1,307,051
2,250,000		Term Loan, 4.13%, Maturing January 6, 2012	2,270,313
			$	12,952,738
Oil and Gas — 3.7%
		Dresser Rand Group, Inc.
1,757,712		Term Loan, 4.56%, Maturing October 29, 2011	1,785,616
		Dresser, Inc.
1,132,534		Term Loan, 4.97%, Maturing April 10, 2009	1,146,691
		Dynegy Holdings, Inc.
3,134,250		Term Loan, 6.39%, Maturing May 28, 2010	3,193,017
		El Paso Corp.
3,276,218		Term Loan, 5.19%, Maturing November 23, 2009	3,313,756
1,973,625		Term Loan, 5.27%, Maturing November 23, 2009	1,992,590
		Getty Petroleum Marketing, Inc.
1,981,667		Term Loan, 5.80%, Maturing May 19, 2010	2,020,061

		Lyondell-Citgo Refining, L.P.
$	2,674,069	Term Loan, 4.59%, Maturing May 21, 2007	$	2,704,152
		Magellan Midstream Holdings, L.P.
1,613,602		Term Loan, 5.09%, Maturing December 10, 2011	1,635,789
		Semgroup, L.P.
1,082,288		Term Loan, 5.74%, Maturing August 27, 2010	1,094,463
		Williams Production RMT Co.
4,702,500		Term Loan, 4.99%, Maturing May 30, 2007	4,780,877
			$	23,667,012
Publishing — 8.2%
		Advanstar Communications
584,554		Term Loan, 7.08%, Maturing November 17, 2007	588,817
		Advertising Directory Solution
1,700,000		Term Loan, 6.23%, Maturing May 9, 2010	1,741,084
1,350,000		Term Loan, 4.48%, Maturing November 9, 2011	1,363,500
		American Media Operations, Inc.
554,989		Term Loan, 5.31%, Maturing April 1, 2007	563,488
3,754,718		Term Loan, 5.31%, Maturing April 1, 2008	3,816,907
		CBD Media, LLC
2,418,542		Term Loan, 5.09%, Maturing December 31, 2009	2,454,820
		Dex Media East, LLC
799,615		Term Loan, 4.28%, Maturing November 8, 2008	809,111
6,025,522		Term Loan, 4.14%, Maturing May 8, 2009	6,104,986
		Dex Media West, LLC
1,152,112		Term Loan, 4.60%, Maturing September 9, 2009	1,166,634
4,699,731		Term Loan, 4.45%, Maturing March 9, 2010	4,764,352
		Freedom Communications
2,650,000		Term Loan, 4.40%, Maturing May 18, 2012	2,691,737
		Herald Media, Inc.
283,575		Term Loan, 5.03%, Maturing July 22, 2011	288,006
625,000		Term Loan, 8.03%, Maturing January 22, 2012	635,352
		Lamar Media Corp.
2,239,600		Term Loan, 4.06%, Maturing June 30, 2010	2,267,595

		Merrill Communications, LLC
$	1,323,475	Term Loan, 5.08%, Maturing February 9, 2009	$	1,342,087
		Morris Publishing Group, LLC
440,000		Term Loan, 4.06%, Maturing September 30, 2010	443,713
660,000		Term Loan, 4.31%, Maturing March 31, 2011	668,457
		Nebraska Book Co., Inc.
1,449,050		Term Loan, 4.67%, Maturing March 4, 2011	1,469,880
		R.H. Donnelley Corp.
282,632		Term Loan, 4.24%, Maturing December 31, 2009	284,688
5,348,162		Term Loan, 4.28%, Maturing June 30, 2010	5,408,885
		Source Media, Inc.
1,472,000		Term Loan, 4.69%, Maturing November 8, 2011	1,489,480
250,000		Term Loan, 7.94%, Maturing August 30, 2012	255,312
		SP Newsprint Co.
2,073,333		Term Loan, 5.58%, Maturing January 9, 2010	2,110,913
3,866,667		Term Loan, 6.00%, Maturing January 9, 2010	3,915,000
		Sun Media Corp.
1,286,532		Term Loan, 4.73%, Maturing February 7, 2009	1,297,388
		Transwestern Publishing Co., LLC
828,800		Term Loan, 4.20%, Maturing February 25, 2011	840,455
1,588,002		Term Loan, 5.79%, Maturing February 25, 2011	1,616,537
368,000		Term Loan, 4.56%, Maturing August 24, 2012	373,175
		Weekly Reader Corp.
985,000		Term Loan, 6.76%, Maturing March 18, 2009	982,537
			$	51,754,896
Radio and Television — 5.4%
		Adams Outdoor Advertising, L.P.
995,000		Term Loan, 4.92%, Maturing October 15, 2011	1,009,303
350,000		Term Loan, 6.17%, Maturing April 15, 2012	356,563
		Canwest Media, Inc.
2,797,399		Term Loan, 4.75%, Maturing August 15, 2009	2,837,612
		Cumulus Media, Inc.
1,990,000		Term Loan, 4.25%, Maturing March 28, 2010	2,022,338

		Direct TV Holdings, LLC
$	4,955,510	Term Loan, 4.47%, Maturing March 6, 2010	$	5,030,462
		Gray Television, Inc.
2,194,500		Term Loan, 4.31%, Maturing December 31, 2010	2,224,674
		Lin Television Corp.
983,714		Term Loan, 4.56%, Maturing December 31, 2007	996,133
1,008,858		Term Loan, 4.56%, Maturing December 31, 2007	1,022,309
		NEP Supershooters, L.P.
1,562,271		Term Loan, 10.56%, Maturing August 3, 2011	1,550,554
		Nexstar Broadcasting, Inc.
320,178		Term Loan, 4.31%, Maturing December 31, 2010	321,579
174,834		Term Loan, 4.31%, Maturing December 31, 2010	176,255
		Rainbow National Services, LLC
2,786,888		Term Loan, 5.19%, Maturing March 31, 2012	2,830,433
		Raycom National, LLC
2,275,000		Term Loan, 4.56%, Maturing February 24, 2012	2,303,438
		Sinclair Television Group, Inc.
3,640,000		Term Loan, 4.33%, Maturing December 31, 2009	3,674,125
		Spanish Broadcasting System
2,722,500		Term Loan, 5.73%, Maturing October 31, 2009	2,763,338
		Susquehanna Media Co.
5,250,000		Term Loan, 4.17%, Maturing March 31, 2012	5,330,393
			$	34,449,509
Rail Industries — 0.5%
		Kansas City Southern Industries, Inc.
690,000		Term Loan, 4.30%, Maturing March 30, 2008	699,833
		Railamerica, Inc.
1,884,545		Term Loan, 4.38%, Maturing September 29, 2011	1,918,703
222,774		Term Loan, 4.38%, Maturing September 29, 2011	226,719
			$	2,845,255
Retailers (Except Food and Drug) — 5.7%
		Advance Stores Company, Inc.
1,522,834		Term Loan, 4.21%, Maturing September 30, 2010	1,543,298
896,191		Term Loan, 4.22%, Maturing September 30, 2010	907,954

		Alimentation Couche-Tard, Inc.
$	1,212,245	Term Loan, 4.28%, Maturing December 17, 2010	$	1,230,176
		American Achievement Corp.
694,750		Term Loan, 6.75%, Maturing March 25, 2011	706,040
		Amscan Holdings, Inc.
997,494		Term Loan, 5.60%, Maturing April 30, 2012	1,003,728
		Coinmach Laundry Corp.
2,256,858		Term Loan, 5.47%, Maturing July 25, 2009	2,284,365
		CSK Auto, Inc.
6,682,500		Term Loan, 4.85%, Maturing June 20, 2009	6,757,678
		FTD, Inc.
2,977,500		Term Loan, 4.65%, Maturing February 28, 2011	3,022,163
		Harbor Freight Tools USA, Inc.
2,129,663		Term Loan, 4.75%, Maturing July 15, 2010	2,137,383
		Home Interiors & Gifts, Inc.
1,126,922		Term Loan, 7.17%, Maturing March 31, 2011	1,092,551
		Josten’s Corp.
3,650,000		Term Loan, 4.81%, Maturing December 6, 2011	3,691,387
		Oriental Trading Co., Inc.
938,187		Term Loan, 5.38%, Maturing August 4, 2010	943,269
		Oriental Trading Company, Inc.
3,000,000		Term Loan, 8.63%, Maturing January 8, 2011	3,061,875
		Petro Stopping Center, L.P.
531,250		Term Loan, 6.81%, Maturing February 9, 2007	539,219
		Riddell Bell Holdings, Inc.
498,750		Term Loan, 4.76%, Maturing September 30, 2011	507,582
		Savers, Inc.
1,213,983		Term Loan, 6.77%, Maturing August 4, 2009	1,223,847
1,000,000		Term Loan, 10.48%, Maturing August 4, 2010	1,012,500
		Stewert Enterprises, Inc.
448,750		Term Loan, 4.46%, Maturing November 19, 2011	455,201
		Travelcenters of Ameria, Inc.
3,956,000		Term Loan, 4.32%, Maturing October 1, 2008	4,002,978
			$	36,123,194
Surface Transport — 2.1%
		Horizon Lines, LLC
945,250		Term Loan, 5.39%, Maturing July 7, 2011	957,066

		Laidlaw International, Inc.
$	5,897,894	Term Loan, 6.33%, Maturing June 19, 2009	$	5,926,463
		NFIL Holding Corp.
428,571		Term Loan, 4.50%, Maturing February 27, 2010	435,000
1,251,482		Term Loan, 4.61%, Maturing February 27, 2010	1,268,690
		Sirva Worldwide, Inc.
4,882,353		Term Loan, 4.58%, Maturing December 31, 2010	4,833,529
			$	13,420,748
Telecommunications — 8.6%
		American Tower, L.P.
2,487,500		Term Loan, 4.23%, Maturing August 31, 2011	2,518,594
		Centennial Cellular Operating
4,813,625		Term Loan, 4.95%, Maturing February 9, 2011	4,856,871
		Cincinnati Bell, Inc.
4,084,909		Term Loan, 5.00%, Maturing June 30, 2008	4,126,395
		Consolidated Communications, Inc.
2,086,002		Term Loan, 4.95%, Maturing October 14, 2011	2,121,203
		D&E Communications, Inc.
989,947		Term Loan, 4.42%, Maturing December 31, 2011	997,682
		Iowa Telecommunications Service
1,616,000		Term Loan, 4.59%, Maturing November 23, 2005	1,634,180
		Nextel Partners Operation Corp.
2,450,000		Term Loan, 4.94%, Maturing May 31, 2011	2,486,093
		Ntelos, Inc.
2,491,088		Term Loan, 6.33%, Maturing July 25, 2008	2,494,202
		Qwest Corp.
10,000,000		Term Loan, 7.39%, Maturing June 4, 2007	10,441,960
		SBA Senior Finance, Inc.
3,775,399		Term Loan, 4.91%, Maturing October 31, 2008	3,829,671
		Spectrasite Communications, Inc.
3,260,000		Term Loan, 4.03%, Maturing May 23, 2012	3,287,847
		Stratos Global Corp.
1,063,000		Term Loan, 4.75%, Maturing December 3, 2010	1,074,959

		Triton PCS, Inc.
$	1,535,000	Term Loan, 5.75%, Maturing November 18, 2009	$	1,557,546
		USA Mobility, Inc.
409,714		Term Loan, 4.83%, Maturing November 16, 2006	412,787
		Valor Telecommunications Enterprises, LLC
2,992,500		Term Loan, 6.03%, Maturing November 10, 2011	3,009,022
1,010,000		Term Loan, 10.23%, Maturing November 10, 2011	1,041,436
		Viasystems, Inc.
1,750,000		Term Loan, 6.49%, Maturing September 30, 2009	1,767,864
		Westcom Corp.
875,000		Term Loan, 5.41%, Maturing December 17, 2010	889,766
1,000,000		Term Loan, 9.66%, Maturing May 17, 2011	1,040,000
		Western Wireless Corp.
5,218,775		Term Loan, 5.52%, Maturing May 28, 2011	5,262,263
			$	54,850,341
Utilities — 3.3%
		Allegheny Energy Supply Co., LLC
3,637,435		Term Loan, 4.80%, Maturing October 28, 2011	3,709,729
		Cogentrix Delaware Holdings, Inc.
3,076,750		Term Loan, 4.83%, Maturing February 26, 2009	3,099,826
		Coleto Creek WLE, L.P.
1,029,825		Term Loan, 4.83%, Maturing June 30, 2011	1,048,705
		NRG Energy, Inc.
2,023,982		Term Loan, 2.45%, Maturing December 20, 2011	2,031,572
2,574,248		Term Loan, 4.52%, Maturing December 20, 2011	2,590,981
		Pike Electric, Inc.
424,668		Term Loan, 4.69%, Maturing July 1, 2012	432,232
908,000		Term Loan, 4.75%, Maturing July 1, 2012	922,188
		Plains Resources, Inc.
1,089,286		Term Loan, 4.39%, Maturing July 23, 2010	1,104,604
		Reliant Energy, Inc.
2,360,000		Term Loan, 5.05%, Maturing December 22, 2010	2,378,753
		Texas Genco, LLC
3,539,986		Term Loan, 4.48%, Maturing December 14, 2011	3,588,660
			$	20,907,250
Total Senior, Floating Rate Interests (identified cost $848,481,287)			$	854,345,330

Corporate Bonds & Notes — 13.7%
Principal Amount (000’s omitted)		Security	Value
Aerospace and Defense — 0.3%
		Argo Tech Corp., Sr. Notes
$	840	9.25%, 6/1/11 (2)	$	924,000
		BE Aerospace, Sr. Sub. Notes, Series B
60		8.00%, 3/1/08	59,700
		Sequa Corp.
500		8.875%, 4/1/08	540,000
		Standard Aero Holdings, Inc., Sr. Sub. Notes
75		8.25%, 9/1/14 (2)	81,000
			$	1,604,700
Air Transport — 0.3%
		American Airlines
750		7.80%, 10/1/06	660,429
		AMR Corp.
175		9.00%, 8/1/12	123,375
		Continental Airlines
763		7.033%, 6/15/11	625,670
		Delta Airlines  Notes
1,000		7.90%, 12/15/09	500,000
		Northwest Airlines, Inc.
40		8.875%, 6/1/06	36,400
			$	1,945,874
Automotive — 0.5%
		Accuride Corp., Sr. Sub Notes
50		8.50%, 2/1/15 (2)	51,750
		Affinia Group, Inc.
100		9.00%, 11/30/14 (2)	103,500
		Altra Industrial Motion
60		9.00%, 12/1/11 (2)	60,600
		Cooper-Standard Automotive, Inc.
25		7.00%, 12/15/12 (2)	24,687
		Keystone Automotive Operations, Inc., Sr. Sub. Notes
1,500		9.75%, 11/1/13	1,608,750

		Metaldyne Corp.
$	350	11.00%, 6/15/12 (2)	$	292,250
		Metaldyne Corp., Sr. Notes
605		10.00%, 11/1/13 (2)	568,700
		Tenneco Automotive, Inc., Series B
255		10.25%, 7/15/13	300,900
		Tenneco Automotive, Inc., Sr. Sub. Notes
255		8.625%, 11/15/14 (2)	266,475
			$	3,277,612
Broadcast Radio and Television — 0.8%
		Canwest Media, Inc., Sr. Sub. Notes
464		8.00%, 9/15/12 (2)	498,568
		Fisher Communications, Inc., Sr. Notes
100		8.625%, 9/15/14 (2)	108,125
		Nexstar Finance Holdings LLC, Inc., Sr. Disc. Notes
110		11.375%, 4/1/13	87,450
		Paxson Communications Corp., Variable Rate
4,000		5.41%, 1/15/10 (2)	4,060,000
			$	4,754,143
Brokers/Dealers/Investment Houses — 0.2%
		E*Trade Financial Corp., Sr. Notes
240		8.00%, 6/15/11 (2)	259,200
		Refco Finance Holdings, LLC, Sr. Sub. Notes
645		9.00%, 8/1/12 (2)	706,275
			$	965,475
Building and Development — 0.4%
		Coleman Cable, Inc., Sr. Notes
105		9.875%, 10/1/12 (2)	110,775
		Interface, Inc.
500		10.375%, 2/1/10	577,500
		Interline Brands, Inc., Sr. Sub. Notes
487		11.50%, 5/15/11	552,745
		MAAX Corp., Sr. Sub. Notes
115		9.75%, 6/15/12	122,187
		Ply Gem Industries, Inc., Sr. Sub. Notes
175		9.00%, 2/15/12 (2)	175,000
1,000		9.00%, 2/15/12 (2)	1,000,000
		Shaw Group, Inc., Sr. Notes
150		10.75%, 3/15/10	166,875
			$	2,705,082

Building Materials — 0.1%
		Collins & Aikman Floor Cover
$	300	9.75%, 2/15/10	$	319,500
		Owens Corning
15		7.70%, 5/1/08 (3)	10,650
		RMCC Acquisition Co., Sr. Sub. Notes
325		9.50%, 11/1/12 (2)	321,750
			$	651,900
Business Equipment and Services — 0.2%
		Allied Security Escrow, Sr. Sub. Notes
45		11.375%, 7/15/11 (2)	47,362
		Amerco, Inc.
310		9.00%, 3/15/09	329,375
		Coinmach Corp., Sr. Notes
47		9.00%, 2/1/10	48,645
		Knowledge Learning Center, Sr. Sub. Notes
160		7.75%, 2/1/15 (2)	161,600
		NSP Holdings LLC/NSP Holdings Capital Corp., Sr. Notes, (PIK)
155		11.75%, 1/1/12 (2)	161,975
		United Rentals North America, Inc.
75		6.50%, 2/15/12	74,062
		United Rentals North America, Inc., Sr. Sub. Notes
220		7.00%, 2/15/14	205,700
		Williams Scotsman, Inc., Sr. Notes
15		10.00%, 8/15/08	16,425
			$	1,045,144
Cable and Satellite Television — 0.4%
		Charter Communications Holdings, LLC, Sr. Notes
900		10.25%, 1/15/10	756,000
		CSC Holdings, Inc., Sr. Sub. Notes
1,000		10.50%, 5/15/16	1,127,500
		Insight Communications, Sr. Disc. Notes
170		12.25%, 2/15/11	167,450
		Kabel Deutschland GMBH
485		10.625%, 7/1/14 (2)	550,475
		Rogers Cable, Inc.
155		6.75%, 3/15/15	159,650
			$	2,761,075

Chemical/Plastics — 1.0%
		Avecia Group PLC
$	50	11.00%, 7/1/09	$	53,000
		BCP Caylux Holdings, Sr. Sub. Notes
480		9.625%, 6/15/14 (2)	535,200
		Borden U.S. Finance/Nova Scotia Finance, Sr. Notes
175		9.00%, 7/15/14 (2)	193,375
		Crystal US Holdings/US Holdings 3, LLC, Sr. Disc. Notes
480		10.50%, 10/1/14 (2)	328,200
		Huntsman LLC
272		11.625%, 10/15/10	318,240
		Innophos, Inc., Sr. Sub. Notes
110		8.875%, 8/15/14 (2)	119,075
		Lyondell Chemical Co.
10		9.50%, 12/15/08	10,850
		Lyondell Chemical Co., Sr. Notes
1,193		10.50%, 6/1/13	1,413,705
		Nalco Co., Sr. Sub. Notes
605		8.875%, 11/15/13 (2)	662,475
		OM Group, Inc.
1,765		9.25%, 12/15/11	1,888,550
		Polyone Corp.
275		10.625%, 5/15/10	308,000
		Rhodia SA, Sr. Notes
545		10.25%, 6/1/10	622,662
			$	6,453,332
Clothing/Textiles — 0.1%
		Levi Strauss & Co., Sr. Notes
320		11.625%, 1/15/08	336,800
		Oxford Industries, Inc., Sr. Notes
20		8.875%, 6/1/11	21,400
		Phillips Van-Heusen, Sr. Notes
110		7.25%, 2/15/11 (2)	115,500
			$	473,700
Conglomerates — 0.2%
		Amsted Industries, Inc., Sr. Notes
615		10.25%, 10/15/11 (2)	694,950
		Mueller Group, Inc., Sr. Sub. Notes
635		10.00%, 4/25/11	688,975
		Mueller Holdings, Inc., Disc. Notes
190		14.75%, 4/15/14	130,150
			$	1,514,075

Containers and Glass Products — 0.2%
		Intertape Polymer US, Inc., Sr. Sub. Notes
$	315	8.50%, 8/1/14	$	319,725
		Owens-Illinois, Inc., Sr. Notes
125		8.10%, 5/15/07	132,500
		Pliant Corp.
1,000		11.125%, 6/15/09	935,000
			$	1,387,225
Cosmetics/Toiletries — 0.4%
		Aearo Co. I, Sr. Sub. Notes
155		8.25%, 4/15/12	160,425
		DEL Laboratories, Inc., Sr. Sub. Notes
130		8.00%, 2/1/12 (2)	129,350
		GFSI, Inc., Sr. Sub. Notes, Series B
1,025		9.625%, 3/1/07	999,375
		Rayovac Corp., Sr. Sub. Notes
395		7.375%, 2/1/15 (2)	400,431
		Riddell Bell Holdings, Sr. Sub. Notes
40		8.375%, 10/1/12 (2)	41,400
		Samsonite Corp., Sr. Sub. Notes
365		8.875%, 6/1/11	394,656
		True Temper Sports, Inc., Sr. Sub. Notes
65		8.375%, 9/15/11	62,075
		WH Holdings Ltd./WH Capital Corp., Sr. Notes
105		9.50%, 4/1/11	116,156
			$	2,303,868
Drugs — 0.1%
		Elan Finance PLC/Elan Finance Corp., Sr. Notes
375		7.75%, 11/15/11 (2)	393,750
		Warner Chilcott Corp.
325		8.75%, 2/1/15 (2)	335,562
			$	729,312
Ecological Services and Equipment — 0.1%
		Allied Waste North America, Series B
300		8.875%, 4/1/08	315,000
		IMCO Recycling Escrow Inc., Sr. Notes
100		9.00%, 11/15/14 (2)	104,250
		Waste Services, Inc., Sr. Sub. Notes
500		9.50%, 4/15/14 (2)	492,500
			$	911,750

Electronic/Electric — 0.5%
		Advanced Micro Devices, Inc., Sr. Notes
$	750	7.75%, 11/1/12 (2)	$	751,875
		Amkor Technologies, Inc.
100		5.75%, 6/1/06	97,000
		Amkor Technologies, Inc., Sr. Notes
205		7.125%, 3/15/11	183,475
750		7.75%, 5/15/13	671,250
		Nortel Networks Ltd.
65		6.125%, 2/15/06	66,219
295		4.25%, 9/1/08	285,781
		STATS ChipPAC Ltd., Sr. Notes
130		6.75%, 11/15/11 (2)	127,400
		Stratus Technologies, Inc., Sr. Notes
175		10.375%, 12/1/08	167,125
		UGS Corp., Sr. Sub. Notes
1,000		10.00%, 6/1/12 (2)	1,120,000
			$	3,470,125
Financial Intermediaries — 1.0%
		Alzette
750		8.691%, 12/15/20 (2)	750,000
		Bryant Park CDO, Ltd., Series 2005-1A, Class C
1,000		4.941%, 1/15/19 (2)	985,920
		Carlyle High Yield Partners, Series 2004-6A, Class C
1,000		4.36%, 8/15/16 (2)	1,000,000
		Centurion CDO 8 Ltd., Series 2005 8A, Class D
1,000		8.20%, 3/8/17 (2) (4)	1,000,000
		Dryden Leveraged Loan, Series 2004-6A, Class C1
1,500		4.055%, 7/30/16 (2)	1,500,000
		First CLO, Ltd., Sr. Sub. Notes
1,000		Variable Rate, 3.96%, 7/27/16 (2)	1,000,000
			$	6,235,920
Food Products — 0.4%
		ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes
400		11.50%, 11/1/11 (2)	266,000
		Pierre Foods, Inc., Sr. Sub. Notes
320		9.875%, 7/15/12 (2)	336,000
		Pinnacle Foods Holding, Sr. Sub. Notes
15		8.25%, 12/1/13	13,800

		Pinnacle Foods Holdings Corp., Sr. Sub. Notes
$	2,115	8.25%, 12/1/13 (2)	$	1,945,800
		United Agricultural Products, Sr. Notes
86		8.25%, 12/15/11 (2)	93,095
			$	2,654,695
Forest Products — 0.4%
		Boise Cascade, LLC, Sr. Notes, Variable Rate
145		5.535%, 10/15/12 (2)	149,712
		Caraustar Industries, Inc., Sr. Sub. Notes
460		9.875%, 4/1/11	507,150
		Georgia-Pacific Corp.
65		9.50%, 12/1/11	80,437
		JSG Funding PLC
145		7.75%, 4/1/15 (2)	143,550
		Neenah Paper, Inc., Sr. Notes
100		7.375%, 11/15/14 (2)	101,000
		Newark Group, Inc., Sr. Sub. Notes
870		9.75%, 3/15/14	915,675
		Stone Container Finance Canada
750		7.375%, 7/15/14	776,250
			$	2,673,774
Health Care — 1.2%
		Alderwoods Group, Inc., Sr. Notes
110		7.75%, 9/15/12 (2)	118,525
		AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes
195		10.00%, 2/15/15 (2)	199,875
		Carriage Services, Inc.
65		7.875%, 1/15/15 (2)	67,356
		Healthsouth Corp.
180		7.625%, 6/1/12	181,350
		Healthsouth Corp., Sr. Notes
75		8.375%, 10/1/11	78,094
		Inverness Medical Innovations, Inc., Sr. Sub. Notes
1,565		8.75%, 2/15/12 (2)	1,611,950
		Medical Device Manufacturing, Inc., Sr. Sub. Notes
235		10.00%, 7/15/12 (2)	254,975
		National Mentor, Inc., Sr. Sub. Notes
120		9.625%, 12/1/12 (2)	126,600

		Quintiles Transnational Corp., Sr. Sub. Notes
$	2,000	10.00%, 10/1/13	$	2,270,000
		Tenet Healthcare Corp.
500		7.375%, 2/1/13	462,500
		Tenet Healthcare Corp., Sr. Notes
215		9.875%, 7/1/14 (2)	224,137
270		9.25%, 2/1/15 (2)	271,350
		US Oncology, Inc., Sr. Notes
220		9.00%, 8/15/12 (2)	239,800
		US Oncology, Inc., Sr. Sub. Notes
425		10.75%, 8/15/14 (2)	487,687
		Vanguard Health HLD II, Sr. Sub. Notes
475		9.00%, 10/1/14	510,625
		VWR International, Inc., Sr. Sub. Notes
305		8.00%, 4/15/14	318,725
			$	7,423,549
Home Furnishings — 0.0%
		Fedders North America, Inc.
240		9.875%, 3/1/14	194,400
		Leslie’s Poolmart, Sr. Notes
80		7.75%, 2/1/13 (2)	81,800
			$	276,200
Industrial Equipment — 0.5%
		Case New Holland, Inc., Sr. Notes
40		9.25%, 8/1/11 (2)	43,900
		Dresser-Rand Group, Inc., Sr. Sub. Notes
195		7.375%, 11/1/14 (2)	200,362
		Milacron Escrow Corp.
570		11.50%, 5/15/11	612,750
		Thermadyne Holdings Corp., Sr. Sub. Notes
2,180		9.25%, 2/1/14	2,125,500
			$	2,982,512
Leisure Goods/Activities/Movies — 0.2%
		AMC Entertainment, Inc., Sr. Sub. Notes
210		9.875%, 2/1/12	227,850
		LCE Acquisition Corp., Sr. Sub. Notes
320		9.00%, 8/1/14 (2)	336,800
		Marquee Holdings, Inc., Sr. Disc. Notes
590		12.00%, 8/15/14 (2)	404,150
		Universal City Development Partners, Sr. Notes
140		11.75%, 4/1/10	165,200
			$	1,134,000

Lodging and Casinos — 0.6%
		Felcor Lodging L.P., Sr. Notes, Variable Rate
$	140	6.874%, 6/1/11	$	148,050
		Inn of the Mountain Gods, Sr. Notes
1,000		12.00%, 11/15/10	1,170,000
		Majestic Star Casino LLC
465		9.50%, 10/15/10	494,062
		Meristar Hospitality Operations/Finance
255		10.50%, 6/15/09	277,313
		OED Corp./Diamond Jo LLC
355		8.75%, 4/15/12	349,675
		Premier Entertainment Biloxi, LLC/Premier Finance Biloxi Corp.
30		10.75%, 2/1/12	32,700
		Seneca Gaming Corp., Sr. Notes
230		7.25%, 5/1/12	238,050
		Trump Atlantic City Associates, Inc.
535		11.25%, 5/1/06 (3)	518,950
		Trump Holdings and Funding, Sr. Notes
540		11.625%, 3/15/10	602,100
			$	3,830,900
Nonferrous Metals/Minerals — 0.1%
		Alpha Natural Resources, Sr. Notes
135		10.00%, 6/1/12 (2)	153,900
		Novelis, Inc., Sr. Notes
245		7.25%, 2/15/15 (2)	252,350
			$	406,250
Oil and Gas — 0.4%
		Coastal Corp., Sr. Debs.
225		9.625%, 5/15/12	250,594
		El Paso Corp.
180		6.95%, 12/15/07	186,750
		El Paso Production Holding Co.
215		7.75%, 6/1/13	224,675
		Giant Industries
225		8.00%, 5/15/14	233,719
		Hanover Compressor Co., Sr. Sub. Notes
550		0.00%, 3/31/07	489,500

		Hanover Equipment Trust, Series B
$	135	8.75%, 9/1/11	$	146,475
		Harvest Operations Corp., Sr. Notes
305		7.875%, 10/15/11 (2)	309,575
		Parker Drilling Co., Sr. Notes
100		9.625%, 10/1/13	111,625
		Petrobras International Finance Co.
50		7.75%, 9/15/14	52,250
		Transmontaigne, Inc., Sr. Sub. Notes
80		9.125%, 6/1/10	86,400
		United Refining Co., Sr. Notes
225		10.50%, 8/15/12 (2)	237,375
			$	2,328,938
Publishing — 0.4%
		Advertising Directory Solutions, Sr. Notes
80		9.25%, 11/15/12 (2)	84,800
		American Media Operations, Inc., Series B
315		10.25%, 5/1/09	331,144
		CBD Media, Inc., Sr. Sub. Notes
125		8.625%, 6/1/11	131,250
		Dex Media West LLC, Sr. Sub. Notes
107		9.875%, 8/15/13	121,846
		Houghton Mifflin Co., Sr. Sub. Notes
1,035		9.875%, 2/1/13	1,084,163
		Liberty Group Operating
500		9.375%, 2/1/08	510,000
		Primedia, Inc.
315		8.875%, 5/15/11	333,900
		Vertis, Inc., Sub. Notes
40		13.50%, 12/7/09 (2)	42,700
			$	2,639,803
Radio and Television — 0.4%
		Advanstar Communications, Inc.
1,000		10.75%, 8/15/10	1,130,000
		CanWest Media, Inc., Sr. Sub. Notes
500		10.625%, 5/15/11	559,375
		Rainbow National Services, LLC, Sr. Notes
180		8.75%, 9/1/12 (2)	203,400
		Rainbow National Services, LLC, Sr. Sub. Debs.
685		10.375%, 9/1/14 (2)	806,588
			$	2,699,363

Retailers (Except Food and Drug) — 0.2%
		Affinity Group, Inc., Sr. Sub. Notes
$	1,000	9.00%, 2/15/12	$	1,075,000
		Home Interiors & Gifts, Inc.
135		10.125%, 6/1/08	111,375
			$	1,186,375
Steel — 0.0%
		Ispat Inland ULC, Sr. Notes
199		9.75%, 4/1/14	246,263
			$	246,263
Surface Transport — 0.1%
		Horizon Lines, LLC
230		9.00%, 11/1/12 (2)	244,950
		OMI Corp., Sr. Notes
30		7.625%, 12/1/13	31,050
		Quality Distribution LLC/QD Capital Corp.
160		9.00%, 11/15/10 (2)	157,600
		Quality Distribution LLC/QD Capital, Variable Rate
130		7.21%, 1/15/12 (2)	127,400
			$	561,000
Telecommunications — 1.6%
		AirGate PCS, Inc., Variable Rate
105		6.41%, 10/15/11 (2)	108,675
		Alamosa Delaware, Inc., Sr. Disc. Notes
160		12.00%, 7/31/09	173,200
		Alamosa Delaware, Inc., Sr. Notes
220		11.00%, 7/31/10	257,400
20		8.50%, 1/31/12	21,400
		Centennial Cellular Operating Co., LLC, Sr. Sub. Notes
40		10.75%, 12/15/08	41,600
		Centennial Cellular Operating Co./Centennial Communications Corp., Sr. Notes
335		10.125%, 6/15/13	381,063
		Inmarsat Finance PLC
415		7.625%, 6/30/12	425,375
		Intelsat Bermuda Ltd., Sr. Notes, Variable Rate
395		7.794%, 1/15/12 (2)	408,825
		LCI International, Inc., Sr. Notes
795		7.25%, 6/15/07	775,125

		MCI, Inc., Sr. Notes
$	30	8.735%, 5/1/14	$	32,888
		New Skies Satellites NV, Sr. Notes, Variable Rate
195		7.438%, 11/1/11 (2)	204,263
		New Skies Satellites NV, Sr. Sub. Notes
260		9.125%, 11/1/12 (2)	269,100
		Panamsat, Corp.
420		9.00%, 8/15/14 (2)	458,850
		Qwest Capital Funding, Inc.
55		7.75%, 8/15/06	56,513
70		7.90%, 8/15/10	69,125
		Qwest Services Corp.
80		13.50%, 12/15/07 (2)	90,900
525		14.00%, 12/15/10 (2)	626,063
		Rogers Wireless Inc., Variable Rate
1,453		5.525%, 12/15/10	1,536,548
		Rogers Wireless, Inc.
630		7.50%, 3/15/15	678,825
		Rogers Wireless, Inc., Sr. Sub. Notes
170		8.00%, 12/15/12	182,750
		Rural Cellular Corp.
75		8.25%, 3/15/12	80,625
		Rural Cellular Corp., Variable Rate
2,000		6.38%, 3/15/10	2,115,000
		SBA Telecommunications, Sr. Disc. Notes
185		9.75%, 12/15/11	160,256
		UbiquiTel Operating Co., Sr. Notes
185		9.875%, 3/1/11	204,888
		US Unwired, Inc., Series B
455		10.00%, 6/15/12	509,600
		Western Wireless Corp., Sr. Notes
260		9.25%, 7/15/13	304,200
			$	10,173,057
Utilities — 0.4%
		Calpine Corp., Sr. Notes
30		8.25%, 8/15/05	30,150
280		7.625%, 4/15/06	270,200
500		8.75%, 7/15/07	408,750
395		8.50%, 7/15/10 (2)	312,050
		Dynegy Holdings, Inc., Sr. Notes
460		10.125%, 7/15/13 (2)	512,900

				Dynergy Holdings, Inc., Sr. Debs.
$	55			7.625%, 10/15/26			$			46,063
				Mission Energy Holding Co.
215				13.50%, 7/15/08			269,288
				NRG Energy, Inc., Sr. Notes
366				8.00%, 12/15/13 (2)			396,195
							$			2,245,596
Total Corporate Bonds & Notes (identified cost $84,623,003)							$			86,652,587
Closed-End Investment Companies — 2.4%
Shares/Rights				Security			Value
795,800				ING Prime Rate Trust			$	6,111,744
1,097,000				Van Kampen Senior Income Trust			9,423,230
Total Common Stocks (identified cost, $15,753,789)							$			15,534,974
Preferred Stocks — 0.0%
1,054				Crown Castle International Corp., (PIK)			52,173
Total Preferred Stocks (identified cost, $50,348)							$			52,173
Warrants — 0.0%
190				Mueller Holdings, Inc., Exp. 4/15/14 (2) (5)			13,300
Total Warrants (identified cost, $0)							$			13,300
Commercial Paper — 5.2%
Principal Amount		Maturity Date	Borrower		Rate		Amount
$	14,164,000	02/01/05	General Electric Capital Corp.		2.48	%	$		14,164,000
11,204,000		02/10/05	Nestle Capital Corp. (6)		2.29	%	11,197,586
7,788,000		02/08/05	Toyota Motor Credit Corp.		2.35	%	7,784,441
Total Commercial Paper (at amortized cost)							$		33,146,027

Short-Term Investments — 1.6%
Principal Amount		Maturity Date	Borrower	Rate		Amount
$	10,000,000	02/01/05	Investors Bank and Trust Company Time Deposit	2.50	%	$	10,000,000
Total Short-Term Investments (at amortized cost)						$	10,000,000
Total Investments — 157.5% (identified cost $992,054,454)						$	999,744,391
Other Assets, Less Liabilities — 4.6%						$	29,578,294
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (62.1)%						$	(394,467,890	)
Net Assets Applicable to Common Shares— 100.0%						$	634,854,795

		Note: The Trust has made commitments to fund specified amounts under certain existing credit arrangments.  Pursuant to the terms of these arrangements, the Trust had unfunded loan commitments of $8,275,995 as of January 31, 2005.
PIK	-	Payment In Kind.

(1)	Senior floating-rate interests often require prepayments from excess cash flows or permit the borrower to repay at its 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, it is anticipated that the senior floating-rate interests will have an expected average life of approximately two to three years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium.  These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(2)	Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers.  At January 31, 2005, the aggregate value of the securities is $37,380,520 or 5.9% of the Trust’s net assets.
(3)	Defaulted security.
(4)	Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(5)	Non-income producing security.
(6)	A security which has been issued under section 4(2) of the Securities Act of 1933 and is generally regarded as restricted and illiquid.  This security may be resold in transactions exempt from registration or to the public if the security is registered.  All such securities held have been deemed by the Portfolio’s Trustees to be liquid and were purchased with the expectation that resale would not be necessary.

At January 31, 2005, the Trust had entered into Credit Default Swaps with Credit Suisse First Boston dated January 9, 2004 and January 27, 2004 whereby the Trust will receive 2.45% per year times the notional amounts of $5,200,000 and $5,200,000, respectively.  The Trust makes payment only upon a default event on underlying loan assets (50 in total, each representing 2% of the notional value of the swap).  At January 31, 2005, the Trust had sufficient cash segregated to cover potential obligations arising from open swap contracts.

The cost and unrealized appreciation (depreciation) in value of investments owned by the Trust at January 31, 2005, as computed on a federal income tax basis, were as follows:

Aggregate cost	$	992,054,454
Gross unrealized appreciation	$	10,493,857
Gross unrealized depreciation	(2,803,920		)
Net unrealized appreciation	$	7,689,937

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Senior Floating-Rate Trust

By:	/s/ Thomas E. Faust Jr.
	Thomas E. Faust Jr.
	President and Principal Executive Officer
Date:	March 17, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:	/s/ Thomas E. Faust Jr.
	Thomas E. Faust Jr.
	President and Principal Executive Officer
Date:	March 17, 2005
By:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer and Principal Financial Officer
Date:	March 17, 2005