Eaton Vance Floating-Rate Income Trust

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund’s transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), you may elect to receive shareholder reports and other communications from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Economic and Market Conditions

The U.S. floating-rate loan market experienced a positive return for the 12-month period ended May 31, 2019, with the S&P/ LSTA Leveraged Loan Index (the Index),² a broad barometer of the U.S. loan market, returning 3.83%. For the period as a whole, returns came entirely from coupon income, as loan prices modestly declined.

In the opening months of the period, the U.S. fixed income market was still in a rising rate environment, with the U.S. Federal Reserve Board (the Fed) announcing rate hikes in June and September 2018 and the market generally expecting incremental rate hikes to continue. While rising rates were a negative for most fixed income asset classes, they increased investor demand and supported prices for floating-rate securities.

However, as 2018 came to a close, dovish comments by the Fed suggested the possibility of no further rate hikes in 2019. The prospect of flat or potentially falling rates hurt demand for floating-rate securities and led the asset class to experience losses in the final quarter of 2018.

In January and February of 2019, however, the floating-rate market recovered, erasing a large portion of the losses in the previous quarter. However, downward pressure on floating-rate prices returned in March and continued through the end of the period, after the Fed issued comments that were more dovish than the market had expected — leading many investors to conclude that further rate hikes were off the table for the rest of 2019. As the period drew to a close, the Fed appeared to be considering the possibility of lowering rates going forward. Although the floating-rate market turned in a positive performance for the fiscal year ended May 31, 2019, it nonetheless trailed the performance of U.S. government, corporate and high yield bonds for the same one-year period.

Technical conditions were a drag on performance for much of the fiscal year, with retail mutual funds reporting negative flows for the final eight months of the period. While the collateralized loan obligation (CLO) market was a driver of demand throughout the period, CLO issuance declined significantly in December 2018 and January 2019, recovered strongly in February, March and April, and then weakened again in the final month of the period. For the fiscal year as a whole, loan prices declined, beginning the period at an average price of $98.35 and ending it at an average price of $96.99.

With the U.S. economy’s recovery holding steady during the period, health in corporate fundamentals continued to reflect relatively benign conditions. On a last-twelve-months basis, the default rate closed the period at 1.00%, more than 1% below its rate a year earlier and well below its long-term average of approximately 3%.

Fund Performance

For the 12-month period ended May 31, 2019, Eaton Vance Floating-Rate Income Trust (the Fund) shares returned 3.77% at net asset value (NAV), underperforming the 3.83% return of 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. In keeping with management’s long-term philosophy, the Fund has historically tended to underweight lower-quality⁸ 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.

For the 12-month period, BBB-rated loans in the Index returned 3.73%, BB-rated loans in the Index returned 3.65%, B-rated loans in the Index returned 4.22%, CCC-rated loans in the Index returned 3.39%, and D-rated (defaulted) loans in the Index returned –8.83%. Given this performance mix, the Fund’s higher-quality orientation and resulting underweight, relative to the Index, to volatile defaulted loans helped performance versus the Index.

The Fund’s broad level of diversification⁹ delivered exposure across the loan market’s many industry segments, with the allocation of Fund weightings in most sectors having a minimal effect on relative performance. The exceptions included the retailers (except food and drug), drugs and financial intermediaries sectors. The retailers (except food and drug) sector continued to be volatile during the period but ended the fiscal year as the top-performing sector for the period. As a result, the Fund’s underweight position detracted from results versus the Index. The Fund’s overweight to the drugs and financial intermediaries sectors detracted from relative results as well.

On security selection, loan picks within the brokerage/securities dealers/investment houses sector were particularly beneficial to relative performance. Meanwhile, security selection within the volatile oil and gas and retailers (except food and drug) sectors was a headwind to performance versus the Index.

The Fund’s employment of investment leverage⁶ contributed to 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 helped performance versus the Index, which does not employ leverage, as leverage amplified the positive total return of the Fund’s underlying portfolio during the period. The Fund’s holdings in high-yield bonds contributed to performance versus the Index, which does not include high-yield bonds.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

Portfolio Managers Scott H. Page, CFA, Ralph H. Hinckley, CFA, Andrew N. Sveen, CFA, Catherine C. McDermott, William E. Holt, CFA and Daniel P. McElaney, CFA

Top 10 Issuers (% of total investments)⁷



Asurion, LLC	1.2	%

Reynolds Group Holdings, Inc.	1.2

Bausch Health Companies, Inc.	1.1

TransDigm, Inc.	1.1

Univision Communications, Inc.	0.9

Virgin Media Investment Holdings Limited	0.8

Hyland Software, Inc.	0.8

Infor (US), Inc.	0.8

Jaguar Holding Company II	0.7

Uber Technologies	0.7

Total	9.3	%

Top 10 Sectors (% of total investments)⁷



Electronics/Electrical	12.4	%

Health Care	8.9

Business Equipment and Services	8.8

Chemicals and Plastics	4.4

Telecommunications	4.2

Leisure Goods/Activities/Movies	4.1

Industrial Equipment	4.1

Drugs	4.1

Cable and Satellite Television	4.0

Lodging and Casinos	4.0

Total	59.0	%

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.

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.

Performance results reflect the effects of leverage. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

⁴	The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend.

⁵

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.

⁶

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.

⁷	Excludes cash and cash equivalents.

⁸

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.

⁹	Diversification cannot ensure a profit or eliminate the risk of loss.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective March 1, 2019, the Fund is managed by Scott H. Page, Ralph H. Hinckley, Andrew N. Sveen, Catherine C. McDermott, William E. Holt and Daniel P. McElaney. Mr. Page will serve as a member of the portfolio management team of the Fund through October 31, 2019.


Senior Floating-Rate Loans — 141.5%⁽¹⁾
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 2.2%

Dynasty Acquisition Co., Inc.

Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026			537	$	538,923

IAP Worldwide Services, Inc.

Revolving Loan, 1.49%, (3 mo. USD LIBOR + 5.50%), Maturing July 18, 2019⁽²⁾			325		325,082

Term Loan - Second Lien, 9.10%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, 2019⁽³⁾			429		343,186

TransDigm, Inc.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023			6,876		6,795,299

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024			2,848		2,796,597

Wesco Aircraft Hardware Corp.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing November 30, 2020			941		935,922

WP CPP Holdings, LLC

Term Loan, 6.34%, (USD LIBOR + 3.75%), Maturing April 30, 2025⁽⁴⁾			1,861		1,861,074

				$	13,596,083

Automotive — 3.7%

Adient US, LLC

Term Loan, 6.87%, (USD LIBOR + 4.25%), Maturing May 6, 2024⁽⁴⁾			1,525	$	1,507,368

American Axle and Manufacturing, Inc.

Term Loan, 4.73%, (USD LIBOR + 2.25%), Maturing April 6, 2024⁽⁴⁾			3,282		3,209,159

Apro, LLC

Term Loan, 6.43%, (1 mo. USD LIBOR + 4.00%), Maturing August 8, 2024			290		290,725

Belron Finance US, LLC

Term Loan, 5.07%, (3 mo. USD LIBOR + 2.50%), Maturing November 7, 2024			593		592,123

Chassix, Inc.

Term Loan, 8.07%, (USD LIBOR + 5.50%), Maturing November 15, 2023⁽⁴⁾			1,481		1,483,102

Dayco Products, LLC

Term Loan, 6.77%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023			1,102		1,077,115

Garrett LX III S.a.r.l.

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025	EUR		475		530,315

Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing September 27, 2025			274		269,521


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Automotive (continued)

IAA Spinco, Inc.

Term Loan, Maturing May 22, 2026⁽⁵⁾			625	$	627,344

L&W, Inc.

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing May 22, 2025			868		866,266

Panther BF Aggregator 2 L.P.

Term Loan, 5.93%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026			3,800		3,777,800

Tenneco, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing October 1, 2025			3,815		3,663,774

Thor Industries, Inc.

Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026			1,495		1,464,165

TI Group Automotive Systems, LLC

Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022	EUR		869		969,436

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2022			990		981,388

Tower Automotive Holdings USA, LLC

Term Loan, 5.25%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024			998		978,226

				$	22,287,827

Beverage and Tobacco — 0.7%

Arterra Wines Canada, Inc.

Term Loan, 5.36%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023			2,717	$	2,693,427

Flavors Holdings, Inc.

Term Loan, 8.35%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020			1,116		1,048,576

Term Loan - Second Lien, 12.60%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021			1,000		775,000

				$	4,517,003

Brokerage / Securities Dealers / Investment Houses — 0.2%

Advisor Group, Inc.

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025			622	$	623,430

OZ Management L.P.

Term Loan, 7.25%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023			154		154,192

Resolute Investment Managers, Inc.

Term Loan - Second Lien, 10.08%, (3 mo. USD LIBOR + 7.50%), Maturing April 30, 2023			600		606,000

				$	1,383,622


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Building and Development — 4.0%

American Builders & Contractors Supply Co., Inc.

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2023		2,793	$	2,760,051

Beacon Roofing Supply, Inc.

Term Loan, 4.70%, (1 mo. USD LIBOR + 2.25%), Maturing January 2, 2025		619		613,143

Brookfield Property REIT, Inc.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025		1,020		994,166

Core & Main L.P.

Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing August 1, 2024		1,188		1,185,398

CPG International, Inc.

Term Loan, 6.63%, (6 mo. USD LIBOR + 3.75%), Maturing May 5, 2024		2,004		1,991,378

DTZ U.S. Borrower, LLC

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025		5,920		5,916,550

Henry Company, LLC

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing October 5, 2023		441		440,973

NCI Building Systems, Inc.

Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing April 12, 2025		821		808,552

Quikrete Holdings, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023		2,788		2,752,211

RE/MAX International, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023		2,069		2,061,610

Realogy Group, LLC

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025		902		865,970

Summit Materials Companies I, LLC

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024		667		664,167

Werner FinCo L.P.

Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing July 24, 2024		1,133		1,082,483

WireCo WorldGroup, Inc.

Term Loan, 7.44%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023		634		635,334

Term Loan - Second Lien, 11.44%, (1 mo. USD LIBOR + 9.00%), Maturing September 30, 2024		1,300		1,300,000

			$	24,071,986


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services — 13.4%

Acosta Holdco, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing September 26, 2021			2,297	$	978,250

Adtalem Global Education, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025			422		421,417

AlixPartners, LLP

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024			2,404		2,391,942

Term Loan, Maturing April 4, 2024⁽⁵⁾	EUR		800		895,954

Altran Technologies S.A.

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 20, 2025	EUR		1,541		1,730,685

AppLovin Corporation

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025			3,543		3,542,937

ASGN Incorporated

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing April 2, 2025			503		502,646

Belfor Holdings, Inc.

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026			500		504,375

Blitz F18-675 GmbH

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 31, 2025	EUR		1,625		1,828,479

Bracket Intermediate Holding Corp.

Term Loan, 6.82%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025			945		947,613

Brand Energy & Infrastructure Services, Inc.

Term Loan, 6.82%, (USD LIBOR + 4.25%), Maturing June 21, 2024⁽⁴⁾			565		552,109

Camelot UK Holdco Limited

Term Loan, 5.68%, (1 mo. USD LIBOR + 3.25%), Maturing October 3, 2023			1,144		1,144,718

Ceridian HCM Holding, Inc.

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing April 30, 2025			1,567		1,568,430

Change Healthcare Holdings, LLC

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024			6,888		6,802,437

Crossmark Holdings, Inc.

DIP Loan, 9.94%, (1 mo. USD LIBOR + 7.50%), Maturing June 3, 2019			128		127,628

Term Loan, 0.00%, Maturing December 20, 2019⁽⁶⁾			1,500		532,454

Cypress Intermediate Holdings III, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing April 26, 2024			2,569		2,556,577


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

Deerfield Dakota Holding, LLC

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing February 13, 2025			1,650	$	1,610,400

EAB Global, Inc.

Term Loan, 6.38%, (USD LIBOR + 3.75%), Maturing November 15, 2024⁽⁴⁾			1,386		1,365,210

Education Management, LLC

Term Loan, 0.00%, Maturing July 2, 2020⁽³⁾⁽⁶⁾			363		0

Term Loan, 0.00%, Maturing July 2, 2020⁽³⁾⁽⁶⁾			454		85,758

EIG Investors Corp.

Term Loan, 6.27%, (USD LIBOR + 3.75%), Maturing February 9, 2023⁽⁴⁾			4,433		4,429,904

Element Materials Technology Group US Holdings, Inc.

Term Loan, 6.15%, (3 mo. USD LIBOR + 3.50%), Maturing June 28, 2024			420		419,163

Garda World Security Corporation

Term Loan, 6.12%, (3 mo. USD LIBOR + 3.50%), Maturing May 24, 2024			2,077		2,066,965

Term Loan, 6.36%, (CIDOR + 4.25%), Maturing May 24, 2024	CAD		956		699,871

Global Payments, Inc.

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing April 21, 2023			979		980,302

IG Investment Holdings, LLC

Term Loan, 6.50%, (USD LIBOR + 4.00%), Maturing May 23, 2025⁽⁴⁾			2,635		2,623,425

IRI Holdings, Inc.

Term Loan, 7.02%, (USD LIBOR + 4.50%), Maturing December 1, 2025⁽⁴⁾			2,244		2,226,842

Iron Mountain, Inc.

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026			916		889,422

J.D. Power and Associates

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing September 7, 2023			3,422		3,413,725

KAR Auction Services, Inc.

Term Loan, 4.88%, (3 mo. USD LIBOR + 2.25%), Maturing March 11, 2021			1,952		1,953,932

Kronos Incorporated

Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023			6,300		6,295,269

KUEHG Corp.

Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025			3,261		3,250,556

Term Loan - Second Lien, 10.85%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025			425		427,922


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

Monitronics International, Inc.

Term Loan, 10.10%, (3 mo. USD LIBOR + 7.50%), Maturing September 30, 2022		1,900	$	1,818,203

PGX Holdings, Inc.

Term Loan, 7.69%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020		1,340		1,273,093

Ping Identity Corporation

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing January 24, 2025		372		372,653

Pre-Paid Legal Services, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025		482		481,487

Prime Security Services Borrower, LLC

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022		2,410		2,394,723

Red Ventures, LLC

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing November 8, 2024		1,057		1,058,286

SMG Holdings, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing January 23, 2025		248		246,185

Solera, LLC

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023		2,377		2,366,394

Spin Holdco, Inc.

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022		3,807		3,743,296

Tempo Acquisition, LLC

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024		1,921		1,914,089

Trans Union, LLC

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing June 19, 2025		447		446,113

Vestcom Parent Holdings, Inc.

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023		554		529,407

WASH Multifamily Laundry Systems, LLC

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022		266		261,535

West Corporation

Term Loan, 6.02%, (USD LIBOR + 3.50%), Maturing October 10, 2024⁽⁴⁾		347		323,059

Term Loan, 6.52%, (USD LIBOR + 4.00%), Maturing October 10, 2024⁽⁴⁾		1,160		1,088,760

Worldpay, LLC

Term Loan, 4.17%, (USD LIBOR + 1.75%), Maturing August 9, 2024⁽⁴⁾		1,906		1,907,418


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Business Equipment and Services (continued)

ZPG PLC

Term Loan, 5.23%, (1 mo. GBP LIBOR + 4.50%), Maturing June 30, 2025	GBP		775	$	968,648

				$	80,960,666

Cable and Satellite Television — 6.1%

Altice France S.A.

Term Loan, 6.13%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026			794	$	766,308

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026			1,255		1,225,585

Charter Communications Operating, LLC

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2025			3,802		3,798,419

CSC Holdings, LLC

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025			3,743		3,683,725

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			1,097		1,089,706

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026			1,361		1,349,907

Numericable Group S.A.

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025	EUR		490		529,461

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025			1,985		1,892,717

Radiate Holdco, LLC

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing February 1, 2024			2,043		2,016,879

Telenet Financing USD, LLC

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026			2,750		2,722,500

Unitymedia Finance, LLC

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026			1,050		1,044,641

Unitymedia Hessen GmbH & Co. KG

Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing January 15, 2027	EUR		1,000		1,118,927

UPC Financing Partnership

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026			2,166		2,163,636

Virgin Media Bristol, LLC

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026			7,400		7,348,614

Ziggo Secured Finance B.V.

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing April 15, 2025	EUR		2,425		2,700,162


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Cable and Satellite Television (continued)

Ziggo Secured Finance Partnership

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025			3,825	$	3,740,797

				$	37,191,984

Chemicals and Plastics — 6.5%

Alpha 3 B.V.

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024			1,341	$	1,326,353

Aruba Investments, Inc.

Term Loan, 5.68%, (1 mo. USD LIBOR + 3.25%), Maturing February 2, 2022			989		987,391

Ashland, Inc.

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing May 17, 2024			614		611,568

Axalta Coating Systems US Holdings, Inc.

Term Loan, 4.35%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024			2,685		2,645,155

Chemours Company (The)

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 21, 2025	EUR		641		720,052

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025			339		331,639

Emerald Performance Materials, LLC

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021			544		543,595

Term Loan - Second Lien, 10.19%, (1 mo. USD LIBOR + 7.75%), Maturing August 1, 2022			625		614,062

Ferro Corporation

Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			355		353,167

Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			363		360,845

Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024			441		438,748

Flint Group GmbH

Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			159		143,267

Flint Group US, LLC

Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021			963		866,646

Gemini HDPE, LLC

Term Loan, 5.09%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024			2,294		2,287,947

H.B. Fuller Company

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024			1,916		1,890,194


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Chemicals and Plastics (continued)

Hexion, Inc.

DIP Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing October 1, 2020			300	$	300,375

Ineos Finance PLC

Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 31, 2024	EUR		3,234		3,590,803

Ineos US Finance, LLC

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing March 31, 2024			99		97,565

Invictus U.S., LLC

Term Loan, 5.52%, (3 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			520		508,056

Kraton Polymers, LLC

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025			1,015		1,012,496

Messer Industries GmbH

Term Loan, 5.10%, (3 mo. USD LIBOR + 2.50%), Maturing March 1, 2026			1,550		1,529,171

Minerals Technologies, Inc.

Term Loan, 4.72%, (USD LIBOR + 2.25%), Maturing February 14, 2024⁽⁴⁾			928		927,949

Momentive Performance Materials, Inc.

Term Loan, 5.65%, (1 week USD LIBOR + 3.25%), Maturing April 16, 2024			475		473,961

Orion Engineered Carbons GmbH

Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing July 25, 2024			1,150		1,143,765

Term Loan, 2.25%, (3 mo. EURIBOR + 2.25%), Maturing July 31, 2024	EUR		823		923,473

Platform Specialty Products Corporation

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing January 30, 2026			698		696,796

PMHC II, Inc.

Term Loan, 6.15%, (USD LIBOR + 3.50%), Maturing March 31, 2025⁽⁴⁾			396		364,320

Polar US Borrower, LLC

Term Loan, 7.35%, (3 mo. USD LIBOR + 4.75%), Maturing October 15, 2025			997		975,056

PQ Corporation

Term Loan, 5.08%, (3 mo. USD LIBOR + 2.50%), Maturing February 8, 2025			2,869		2,860,894

Spectrum Holdings III Corp.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025			360		342,792

Starfruit Finco B.V.

Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing October 1, 2025	EUR		475		533,465


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Chemicals and Plastics (continued)

Starfruit Finco B.V. (continued)

Term Loan, 5.72%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			3,050	$	3,031,871

Tronox Finance, LLC

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing September 23, 2024			3,318		3,284,469

Univar, Inc.

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024			2,222		2,215,430

Venator Materials Corporation

Term Loan, 5.52%, (3 mo. USD LIBOR + 3.00%), Maturing August 8, 2024			419		417,055

				$	39,350,391

Conglomerates — 0.3%

Kronos Acquisition Holdings, Inc.

Term Loan, 9.43%, (1 mo. USD LIBOR + 7.00%), Maturing May 15, 2023			1,500	$	1,492,500

Penn Engineering & Manufacturing Corp.

Term Loan, 5.18%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2024			262		260,738

				$	1,753,238

Containers and Glass Products — 3.9%

Berlin Packaging, LLC

Term Loan, 5.48%, (USD LIBOR + 3.00%), Maturing November 7, 2025⁽⁴⁾			273	$	265,773

Berry Global, Inc.

Term Loan, 4.45%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022			873		871,761

Term Loan, Maturing May 15, 2026⁽⁵⁾	EUR		325		364,306

Term Loan, Maturing May 15, 2026⁽⁵⁾			1,025		1,021,028

BWAY Holding Company

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024			2,541		2,481,359

Consolidated Container Company, LLC

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024			419		416,231

Flex Acquisition Company, Inc.

Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023			3,424		3,302,056

Term Loan, 5.88%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025			1,525		1,470,869

Libbey Glass, Inc.

Term Loan, 5.46%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021			1,104		911,015


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Containers and Glass Products (continued)

Pelican Products, Inc.

Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025			645	$	635,045

Reynolds Group Holdings, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023			5,741		5,708,184

Ring Container Technologies Group, LLC

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing October 31, 2024			914		909,231

Trident TPI Holdings, Inc.

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing October 17, 2024	EUR		1,358		1,447,357

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing October 17, 2024			766		740,559

Verallia Packaging S.A.S.

Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing October 29, 2022	EUR		1,493		1,668,687

Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing August 1, 2025	EUR		1,525		1,704,052

				$	23,917,513

Cosmetics / Toiletries — 0.3%

KIK Custom Products, Inc.

Term Loan, 6.43%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023			2,019	$	1,913,288

				$	1,913,288

Drugs — 5.6%

Albany Molecular Research, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing August 30, 2024			837	$	817,365

Term Loan - Second Lien, 9.44%, (1 mo. USD LIBOR + 7.00%), Maturing August 30, 2025			500		499,063

Alkermes, Inc.

Term Loan, 4.71%, (1 mo. USD LIBOR + 2.25%), Maturing March 23, 2023			400		398,910

Amneal Pharmaceuticals, LLC

Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025			3,771		3,750,592

Arbor Pharmaceuticals, Inc.

Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023			2,385		2,202,702

Bausch Health Companies, Inc.

Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025			6,335		6,313,462


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Drugs (continued)

Catalent Pharma Solutions, Inc.

Term Loan, 4.68%, (1 mo. USD LIBOR + 2.25%), Maturing May 18, 2026		875	$	875,000

Endo Luxembourg Finance Company I S.a.r.l.

Term Loan, 6.75%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024		6,603		6,398,897

Horizon Pharma, Inc.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing May 22, 2026		2,721		2,724,876

Jaguar Holding Company II

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022		7,000		6,929,758

Mallinckrodt International Finance S.A.

Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024		2,955		2,608,343

Term Loan, 5.53%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025		625		541,713

			$	34,060,681

Ecological Services and Equipment — 1.1%

Advanced Disposal Services, Inc.

Term Loan, 4.64%, (1 week USD LIBOR + 2.25%), Maturing November 10, 2023		2,168	$	2,165,165

EnergySolutions, LLC

Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025		1,990		1,888,250

GFL Environmental, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing May 30, 2025		2,581		2,531,204

Patriot Container Corp.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing March 20, 2025		149		148,871

			$	6,733,490

Electronics / Electrical — 19.2%

Almonde, Inc.

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing June 13, 2024		3,775	$	3,706,754

Applied Systems, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing September 19, 2024		3,060		3,050,166

Term Loan - Second Lien, 9.44%, (1 mo. USD LIBOR + 7.00%), Maturing September 19, 2025		2,200		2,219,250

Aptean, Inc.

Term Loan, 6.69%, (1 mo. USD LIBOR + 4.25%), Maturing March 29, 2026		550		551,375


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Aptean, Inc. (continued)

Term Loan - Second Lien, 10.94%, (1 mo. USD LIBOR + 8.50%), Maturing March 29, 2027			1,525	$	1,509,750

Avast Software B.V.

Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing September 30, 2023			781		780,994

Barracuda Networks, Inc.

Term Loan, 5.77%, (3 mo. USD LIBOR + 3.25%), Maturing February 12, 2025			2,531		2,528,081

Blackhawk Network Holdings, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing June 15, 2025			844		836,506

BMC Software Finance, Inc.

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025	EUR		299		337,053

Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing October 2, 2025			3,441		3,394,056

Canyon Valor Companies, Inc.

Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing June 16, 2023			1,594		1,586,515

Carbonite, Inc.

Term Loan, 6.18%, (1 mo. USD LIBOR + 3.75%), Maturing March 26, 2026			450		452,438

Celestica, Inc.

Term Loan, 4.93%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025			374		366,581

Cohu, Inc.

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing September 20, 2025			821		804,457

CommScope, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026			1,850		1,847,303

CPI International, Inc.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024			714		713,827

Cypress Semiconductor Corporation

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing July 5, 2021			1,038		1,037,712

Datto, Inc.

Term Loan, 6.69%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026			375		378,125

DigiCert, Inc.

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing October 31, 2024			4,995		4,990,467

Electro Rent Corporation

Term Loan, 7.58%, (3 mo. USD LIBOR + 5.00%), Maturing January 31, 2024			1,344		1,352,463


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Energizer Holdings, Inc.

Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing December 17, 2025			574	$	571,397

Epicor Software Corporation

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022			4,590		4,581,570

Exact Merger Sub, LLC

Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024			665		667,646

EXC Holdings III Corp.

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024			518		518,437

Financial & Risk US Holdings, Inc.

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing October 1, 2025			1,222		1,194,335

Flexera Software, LLC

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing February 26, 2025			272		272,440

GlobalLogic Holdings, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing August 1, 2025			457		457,364

Go Daddy Operating Company, LLC

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing February 15, 2024			5,741		5,739,553

GTCR Valor Companies, Inc.

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing June 16, 2023	EUR		493		551,114

Hyland Software, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing July 1, 2024			4,005		4,005,601

Term Loan - Second Lien, 9.44%, (1 mo. USD LIBOR + 7.00%), Maturing July 7, 2025			3,125		3,146,094

Infoblox, Inc.

Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023			2,062		2,065,337

Infor (US), Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing February 1, 2022			7,120		7,099,558

Informatica, LLC

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 5, 2022	EUR		346		388,117

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022			4,595		4,599,826

MA FinanceCo., LLC

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021			2,843		2,811,013

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024			506		499,711


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

MACOM Technology Solutions Holdings, Inc.

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024		1,284	$	1,195,034

Microchip Technology Incorporated

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025		1,595		1,593,330

Mirion Technologies, Inc.

Term Loan, 6.59%, (3 mo. USD LIBOR + 4.00%), Maturing March 6, 2026		400		402,375

MKS Instruments, Inc.

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing February 2, 2026		375		375,797

MTS Systems Corporation

Term Loan, 5.68%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023		1,205		1,205,414

Prometric Holdings, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing January 29, 2025		322		320,745

Renaissance Holding Corp.

Term Loan, 5.73%, (2 mo. USD LIBOR + 3.25%), Maturing May 30, 2025		1,290		1,268,961

Term Loan - Second Lien, 9.48%, (2 mo. USD LIBOR + 7.00%), Maturing May 29, 2026		200		195,000

Seattle Spinco, Inc.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024		3,415		3,374,674

SGS Cayman L.P.

Term Loan, 7.98%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		399		398,750

SkillSoft Corporation

Term Loan, 7.18%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021		5,020		4,268,518

SolarWinds Holdings, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024		3,464		3,449,080

SS&C Technologies Holdings Europe S.a.r.l.

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025		1,323		1,316,049

SS&C Technologies, Inc.

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025		1,886		1,876,168

SurveyMonkey, Inc.

Term Loan, 6.15%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025		1,058		1,055,372

Sutherland Global Services, Inc.

Term Loan, 7.98%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021		1,713		1,713,012


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Electronics / Electrical (continued)

Switch, Ltd.

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing June 27, 2024			270	$	269,737

Tibco Software, Inc.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing December 4, 2020			539		538,601

TriTech Software Systems

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025			923		913,845

TTM Technologies, Inc.

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024			297		292,060

Uber Technologies

Term Loan, 5.93%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023			4,294		4,292,326

Term Loan, 6.45%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025			2,608		2,610,734

Ultimate Software Group, Inc. (The)

Term Loan, 6.27%, (3 mo. USD LIBOR + 3.75%), Maturing May 4, 2026			1,775		1,779,991

Ultra Clean Holdings, Inc.

Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025			938		907,636

Verifone Systems, Inc.

Term Loan, 6.52%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025			995		982,873

Term Loan, Maturing August 20, 2025⁽⁵⁾			275		272,193

Veritas Bermuda, Ltd.

Term Loan, 6.97%, (USD LIBOR + 4.50%), Maturing January 27, 2023⁽⁴⁾			2,409		2,202,055

Vero Parent, Inc.

Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing August 16, 2024			2,586		2,583,062

Wall Street Systems Delaware, Inc.

Term Loan, 4.00%, (3 mo. EURIBOR + 3.00%, Floor 1.00%), Maturing November 21, 2024	EUR		615		684,545

Term Loan, 5.65%, (6 mo. USD LIBOR + 3.00%), Maturing November 21, 2024			726		703,543

Western Digital Corporation

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023			1,685		1,632,547

				$	116,287,013

Equipment Leasing — 0.6%

Avolon TLB Borrower 1 (US), LLC

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing January 15, 2025			2,840	$	2,837,245


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Equipment Leasing (continued)

IBC Capital Limited

Term Loan, 6.36%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023			619	$	608,695

				$	3,445,940

Financial Intermediaries — 4.1%

Apollo Commercial Real Estate Finance, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing May 15, 2026			475	$	470,832

Aretec Group, Inc.

Term Loan, 6.69%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025			2,394		2,357,025

Blackstone Mortgage Trust, Inc.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing April 23, 2026			400		401,000

Citco Funding, LLC

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			2,820		2,809,655

Clipper Acquisitions Corp.

Term Loan, 4.22%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024			1,259		1,254,341

Ditech Holding Corporation

Term Loan, 0.00%, Maturing June 30, 2022⁽⁶⁾			3,222		1,804,372

Donnelley Financial Solutions, Inc.

Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing October 2, 2023			124		123,820

EIG Management Company, LLC

Term Loan, 6.18%, (1 mo. USD LIBOR + 3.75%), Maturing February 22, 2025			272		273,271

Evergood 4 ApS

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025	EUR		750		841,586

Focus Financial Partners, LLC

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024			1,985		1,985,000

Fortress Investment Group, LLC

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022			937		938,112

Franklin Square Holdings L.P.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 1, 2025			572		573,555

Greenhill & Co., Inc.

Term Loan, 5.70%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024			1,175		1,167,656

GreenSky Holdings, LLC

Term Loan, 5.75%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025			1,485		1,483,144


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Financial Intermediaries (continued)

Guggenheim Partners, LLC

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023			1,127	$	1,129,682

Harbourvest Partners, LLC

Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing March 1, 2025			1,110		1,105,567

LPL Holdings, Inc.

Term Loan, 4.68%, (1 mo. USD LIBOR + 2.25%), Maturing September 23, 2024			1,474		1,471,952

MIP Delaware, LLC

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing March 9, 2020			109		109,191

Ocwen Loan Servicing, LLC

Term Loan, 7.43%, (1 mo. USD LIBOR + 5.00%), Maturing December 4, 2020			305		305,345

Sesac Holdco II, LLC

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing February 23, 2024			588		580,650

StepStone Group L.P.

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing March 14, 2025			644		644,304

Victory Capital Holdings, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing February 12, 2025			292		292,031

Virtus Investment Partners, Inc.

Term Loan, 4.87%, (3 mo. USD LIBOR + 2.25%), Maturing June 1, 2024			651		649,182

Walker & Dunlop, Inc.

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing October 31, 2025			2,294		2,291,382

				$	25,062,655

Food Products — 4.4%

Alphabet Holding Company, Inc.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024			2,561	$	2,462,829

Badger Buyer Corp.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024			369		359,217

CHG PPC Parent, LLC

Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), Maturing March 30, 2025	EUR		3,125		3,526,004

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025			521		518,457

Del Monte Foods, Inc.

Term Loan, 5.78%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021			2,299		1,694,436


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Food Products (continued)

Dole Food Company, Inc.

Term Loan, 5.22%, (USD LIBOR + 2.75%), Maturing April 6, 2024⁽⁴⁾			1,817	$	1,772,362

Froneri International, Ltd.

Term Loan, 2.13%, (6 mo. EURIBOR + 2.13%), Maturing January 31, 2025	EUR		2,825		3,147,664

Hearthside Food Solutions, LLC

Term Loan, 6.13%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025			1,767		1,729,684

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025			499		494,137

High Liner Foods Incorporated

Term Loan, 5.85%, (USD LIBOR + 3.25%), Maturing April 24, 2021⁽⁴⁾			814		757,065

HLF Financing S.a.r.l.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2025			1,119		1,122,374

Jacobs Douwe Egberts International B.V.

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing November 1, 2025	EUR		285		320,418

Term Loan, 4.50%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025			1,737		1,731,277

JBS USA Lux S.A.

Term Loan, 5.03%, (2 mo. USD LIBOR + 2.50%), Maturing May 1, 2026			4,450		4,450,396

Nomad Foods Europe Midco Limited

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024			1,280		1,271,560

Post Holdings, Inc.

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024			1,071		1,069,974

Restaurant Technologies, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025			224		224,438

				$	26,652,292

Food Service — 2.6%

1011778 B.C. Unlimited Liability Company

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing February 16, 2024			6,310	$	6,254,942

Aramark Services, Inc.

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing March 11, 2025			909		906,339

Del Frisco’s Restaurant Group, Inc.

Term Loan, 8.50%, (1 mo. USD LIBOR + 6.00%), Maturing June 27, 2025			645		621,739


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Food Service (continued)

Dhanani Group, Inc.

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing July 20, 2025			1,443	$	1,399,821

IRB Holding Corp.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2025			2,289		2,273,489

KFC Holding Co.

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025			1,048		1,048,059

NPC International, Inc.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing April 19, 2024			933		733,477

US Foods, Inc.

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing June 27, 2023			891		884,381

Welbilt, Inc.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025			1,684		1,671,117

				$	15,793,364

Food / Drug Retailers — 1.3%

Albertsons, LLC

Term Loan, 5.61%, (3 mo. USD LIBOR + 3.00%), Maturing December 21, 2022			1,466	$	1,463,030

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing June 22, 2023			3,963		3,951,375

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing November 17, 2025			1,122		1,115,587

Diplomat Pharmacy, Inc.

Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024			502		463,945

Holland & Barrett International

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024	EUR		450		426,815

Term Loan, 6.09%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024	GBP		450		472,757

				$	7,893,509

Health Care — 12.8%

Acadia Healthcare Company, Inc.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing February 11, 2022			257	$	256,522

ADMI Corp.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025			1,836		1,812,026


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Health Care (continued)

Agiliti Health, Inc.

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing January 4, 2026		475	$	474,394

Akorn, Inc.

Term Loan, 9.44%, (1 mo. USD LIBOR + 7.00%), Maturing April 16, 2021		1,935		1,814,468

Alliance Healthcare Services, Inc.

Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023		848		848,716

Term Loan - Second Lien, 12.44%, (1 mo. USD LIBOR + 10.00%), Maturing April 24, 2024		525		521,063

Argon Medical Devices, Inc.

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing January 23, 2025		817		817,388

athenahealth, Inc.

Term Loan, 7.04%, (USD LIBOR + 4.50%), Maturing February 11, 2026⁽⁴⁾		2,025		2,027,531

Athletico Management, LLC

Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025		574		575,355

Avantor, Inc.

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing November 21, 2024		549		550,533

BioClinica, Inc.

Term Loan, 6.81%, (3 mo. USD LIBOR + 4.25%), Maturing October 20, 2023		1,517		1,433,645

BW NHHC Holdco, Inc.

Term Loan, 7.43%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025		1,067		992,252

Carestream Dental Equipment, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing September 1, 2024		1,379		1,362,624

Certara L.P.

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing August 15, 2024		985		982,537

CHG Healthcare Services, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023		3,477		3,474,279

Concentra, Inc.

Term Loan, 5.22%, (1 mo. USD LIBOR + 2.75%), Maturing June 1, 2022		593		593,237

Convatec, Inc.

Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing October 31, 2023		637		637,000

CPI Holdco, LLC

Term Loan, 6.08%, (3 mo. USD LIBOR + 3.50%), Maturing March 21, 2024		835		835,596


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Health Care (continued)

CryoLife, Inc.

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024			518	$	520,165

CTC AcquiCo GmbH

Term Loan, 2.50%, (3 mo. EURIBOR + 2.50%), Maturing March 7, 2025	EUR		903		996,907

DaVita, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing June 24, 2021			1,925		1,926,121

Envision Healthcare Corporation

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			4,913		4,470,546

Equian, LLC

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing May 20, 2024			662		658,619

Gentiva Health Services, Inc.

Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025			2,164		2,166,438

GHX Ultimate Parent Corporation

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing June 28, 2024			985		973,530

Greatbatch Ltd.

Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing October 27, 2022			1,618		1,622,553

Grifols Worldwide Operations USA, Inc.

Term Loan, 4.64%, (1 week USD LIBOR + 2.25%), Maturing January 31, 2025			3,651		3,639,921

Hanger, Inc.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025			1,139		1,141,821

Inovalon Holdings, Inc.

Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025			1,340		1,342,387

IQVIA, Inc.

Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2024			551		550,198

Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing January 17, 2025			985		984,179

Kinetic Concepts, Inc.

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024			2,898		2,905,322

Medical Solutions, LLC

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing June 9, 2024			765		764,421

MPH Acquisition Holdings, LLC

Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023			3,314		3,248,630


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Health Care (continued)

National Mentor Holdings, Inc.

Term Loan, 6.69%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026		29	$	29,349

Term Loan, 6.69%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026		471		472,526

Navicure, Inc.

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing November 1, 2024		840		835,517

One Call Corporation

Term Loan, 7.69%, (1 mo. USD LIBOR + 5.25%), Maturing November 25, 2022		2,099		1,776,028

Ortho-Clinical Diagnostics SA

Term Loan, 5.70%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025		5,075		4,913,998

Parexel International Corporation

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024		2,669		2,545,783

Phoenix Guarantor, Inc.

Term Loan, 6.96%, (USD LIBOR + 4.50%), Maturing March 5, 2026⁽⁴⁾		1,975		1,973,025

Press Ganey Holdings, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing October 23, 2023		806		802,154

Prospect Medical Holdings, Inc.

Term Loan, 8.00%, (1 mo. USD LIBOR + 5.50%), Maturing February 22, 2024		1,262		1,199,137

R1 RCM, Inc.

Term Loan, 7.69%, (1 mo. USD LIBOR + 5.25%), Maturing May 8, 2025		620		620,313

Radiology Partners Holdings, LLC

Term Loan, 7.36%, (USD LIBOR + 4.75%), Maturing July 9, 2025⁽⁴⁾		624		626,086

RadNet, Inc.

Term Loan, 6.14%, (3 mo. USD LIBOR + 3.50%), Maturing June 30, 2023		1,733		1,731,588

Select Medical Corporation

Term Loan, 4.93%, (1 mo. USD LIBOR + 2.50%), Maturing March 6, 2025		1,613		1,612,736

Sotera Health Holdings, LLC

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing May 15, 2022		896		893,047

Sound Inpatient Physicians

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2025		496		496,663

Surgery Center Holdings, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing September 2, 2024		1,059		1,041,668


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Health Care (continued)

Team Health Holdings, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024		3,026	$	2,738,360

Tecomet, Inc.

Term Loan, 5.95%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2024		835		837,213

U.S. Anesthesia Partners, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024		1,702		1,699,049

Verscend Holding Corp.

Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025		1,617		1,621,918

Viant Medical Holdings, Inc.

Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025		498		497,086

Wink Holdco, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024		494		485,418

			$	77,369,586

Home Furnishings — 0.8%

Bright Bidco B.V.

Term Loan, 6.05%, (USD LIBOR + 3.50%), Maturing June 30, 2024⁽⁴⁾		1,672	$	1,277,502

Serta Simmons Bedding, LLC

Term Loan, 5.96%, (1 mo. USD LIBOR + 3.50%), Maturing November 8, 2023		5,314		3,768,088

			$	5,045,590

Industrial Equipment — 6.3%

AI Alpine AT Bidco GmbH

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing October 31, 2025		249	$	246,258

Altra Industrial Motion Corp.

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025		767		761,084

Apex Tool Group, LLC

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2022		2,567		2,496,590

Carlisle Foodservice Products, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing March 20, 2025		273		265,476

Clark Equipment Company

Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing May 18, 2024		1,745		1,734,862


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Industrial Equipment (continued)

Coherent Holding GmbH

Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing November 7, 2023	EUR		742	$	833,169

CPM Holdings, Inc.

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing November 15, 2025			324		321,351

Delachaux Group S.A.

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing March 28, 2026	EUR		400		451,468

Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing March 28, 2026			475		473,813

DexKo Global, Inc.

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		326		364,488

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024	EUR		816		911,220

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024			907		907,288

DXP Enterprises, Inc.

Term Loan, 7.19%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023			542		543,104

Engineered Machinery Holdings, Inc.

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing July 19, 2024			1,829		1,789,880

Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024			324		324,458

EWT Holdings III Corp.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024			2,130		2,124,829

Filtration Group Corporation

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025	EUR		396		445,064

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025			1,757		1,755,602

Gardner Denver, Inc.

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 30, 2024	EUR		427		478,196

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024			1,028		1,029,599

Gates Global, LLC

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024	EUR		931		1,036,246

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024			4,627		4,607,710

Hayward Industries, Inc.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024			493		482,496


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Industrial Equipment (continued)

LTI Holdings, Inc.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025			498	$	475,579

Milacron, LLC

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023			2,703		2,649,171

Pro Mach Group, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2025			248		240,539

Quimper AB

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		88		98,674

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing February 13, 2026	EUR		1,812		2,037,934

Rexnord, LLC

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing August 21, 2024			2,287		2,287,166

Robertshaw US Holding Corp.

Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing February 28, 2025			1,064		989,753

Shape Technologies Group, Inc.

Term Loan, 5.49%, (3 mo. USD LIBOR + 3.00%), Maturing April 21, 2025			248		240,061

Tank Holding Corp.

Term Loan, 6.68%, (USD LIBOR + 4.00%), Maturing March 26, 2026⁽⁴⁾			500		502,084

Thermon Industries, Inc.

Term Loan, 6.24%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2024			329		331,459

Titan Acquisition Limited

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025			3,143		3,030,093

Wittur GmbH

Term Loan, 5.00%, (3 mo. EURIBOR + 4.00%, Floor 1.00%), Maturing March 31, 2022	EUR		1,000		1,127,902

				$	38,394,666

Insurance — 5.3%

Alliant Holdings I, Inc.

Term Loan, 5.43%, (1 mo. USD LIBOR + 3.00%), Maturing May 9, 2025			2,563	$	2,508,615

Alliant Holdings Intermediate, LLC

Term Loan, 5.70%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025			475		469,656

AmWINS Group, Inc.

Term Loan, 5.20%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024			3,066		3,046,690


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Insurance (continued)

Asurion, LLC

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022			4,718	$	4,707,134

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023			2,300		2,294,914

Term Loan - Second Lien, 8.94%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025			4,200		4,273,500

Financiere CEP SAS

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing January 16, 2025	EUR		550		615,680

FrontDoor, Inc.

Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing August 14, 2025			498		497,500

Hub International, Ltd.

Term Loan, 5.59%, (USD LIBOR + 3.00%), Maturing April 25, 2025⁽⁴⁾			5,260		5,136,634

NFP Corp.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024			3,741		3,648,601

Sedgwick Claims Management Services, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing December 31, 2025			1,272		1,258,300

USI, Inc.

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024			3,652		3,561,595

				$	32,018,819

Leisure Goods / Activities / Movies — 6.2%

AMC Entertainment Holdings, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing April 22, 2026			1,950	$	1,945,369

Amer Sports Oyj

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing February 26, 2026	EUR		3,625		4,077,870

Ancestry.com Operations, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing October 19, 2023			3,369		3,363,958

Bombardier Recreational Products, Inc.

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025			4,766		4,720,616

CDS U.S. Intermediate Holdings, Inc.

Term Loan, 6.26%, (USD LIBOR + 3.75%), Maturing July 8, 2022⁽⁴⁾			1,255		1,225,813

ClubCorp Holdings, Inc.

Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024			2,410		2,324,486


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Leisure Goods / Activities / Movies (continued)

Crown Finance US, Inc.

Term Loan, 2.38%, (1 mo. EURIBOR + 2.38%), Maturing February 28, 2025	EUR		916	$	1,022,604

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing February 28, 2025			1,793		1,769,615

Delta 2 (LUX) S.a.r.l.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024			1,780		1,746,321

Emerald Expositions Holding, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024			1,184		1,166,119

Etraveli Holding AB

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 2, 2024	EUR		850		952,664

Lindblad Expeditions, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing March 21, 2025			344		345,784

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing March 21, 2025			1,376		1,383,137

Live Nation Entertainment, Inc.

Term Loan, 4.25%, (1 mo. USD LIBOR + 1.75%), Maturing October 31, 2023			2,777		2,774,076

Match Group, Inc.

Term Loan, 5.04%, (2 mo. USD LIBOR + 2.50%), Maturing November 16, 2022			558		559,207

Sabre GLBL, Inc.

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024			1,037		1,032,101

SeaWorld Parks & Entertainment, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2024			1,939		1,939,849

SRAM, LLC

Term Loan, 5.33%, (2 mo. USD LIBOR + 2.75%), Maturing March 15, 2024			1,528		1,526,076

Steinway Musical Instruments, Inc.

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing February 13, 2025			916		902,014

Travel Leaders Group, LLC

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024			993		991,259

UFC Holdings, LLC

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing April 30, 2026			1,886		1,887,039

				$	37,655,977


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Lodging and Casinos — 6.1%

Aimbridge Acquisition Co., Inc.

Term Loan, 6.24%, (1 mo. USD LIBOR + 3.75%), Maturing February 2, 2026			275	$	276,719

Aristocrat Technologies, Inc.

Term Loan, 4.34%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024			1,125		1,113,224

Azelis Finance S.A.

Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), Maturing November 7, 2025	EUR		2,000		2,252,686

Boyd Gaming Corporation

Term Loan, 4.64%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023			984		980,535

CityCenter Holdings, LLC

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024			2,681		2,659,610

Eldorado Resorts, LLC

Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing April 17, 2024			891		889,832

ESH Hospitality, Inc.

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing August 30, 2023			1,265		1,261,801

Four Seasons Hotels Limited

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023			1,002		998,806

Golden Nugget, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing October 4, 2023			4,355		4,340,066

GVC Holdings PLC

Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing March 29, 2024	EUR		1,350		1,512,461

Term Loan, 4.53%, (6 mo. GBP LIBOR + 3.50%), Maturing March 29, 2024	GBP		700		886,397

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing March 29, 2024			1,188		1,187,505

Hanjin International Corp.

Term Loan, 4.93%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020			550		545,875

Hilton Worldwide Finance, LLC

Term Loan, 4.18%, (1 mo. USD LIBOR + 1.75%), Maturing October 25, 2023			3,719		3,715,380

Las Vegas Sands, LLC

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing March 27, 2025			1,114		1,102,812

MGM Growth Properties Operating Partnership L.P.

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025			2,037		2,023,951


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Lodging and Casinos (continued)

Playa Resorts Holding B.V.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024			2,609	$	2,568,155

Stars Group Holdings B.V. (The)

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		1,000		1,126,576

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025			3,892		3,897,338

VICI Properties 1, LLC

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024			2,315		2,302,477

Wyndham Hotels & Resorts, Inc.

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing May 30, 2025			1,393		1,389,268

				$	37,031,474

Nonferrous Metals / Minerals — 1.2%

CD&R Hydra Buyer, Inc.

Term Loan, 7.50%, (0.00% cash, 7.50% PIK), Maturing August 15, 2021⁽³⁾⁽⁷⁾			145	$	120,464

Dynacast International, LLC

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022			1,308		1,280,677

Global Brass & Copper, Inc.

Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing May 29, 2025			902		902,439

Murray Energy Corporation

Term Loan, 9.77%, (3 mo. USD LIBOR + 7.25%), Maturing October 17, 2022			2,073		1,606,726

Noranda Aluminum Acquisition Corporation

Term Loan, 0.00%, Maturing February 28, 2020⁽⁶⁾			942		4,121

Oxbow Carbon, LLC

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023			1,451		1,455,991

Term Loan - Second Lien, 9.94%, (1 mo. USD LIBOR + 7.50%), Maturing January 4, 2024			800		802,000

Rain Carbon GmbH

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 16, 2025	EUR		1,025		1,100,229

				$	7,272,647

Oil and Gas — 3.3%

Ameriforge Group, Inc.

Term Loan, 9.60%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022			764	$	760,043


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Oil and Gas (continued)

Apergy Corporation

Term Loan, 5.03%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025		312	$	311,260

Centurion Pipeline Company, LLC

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing September 29, 2025		274		275,170

CITGO Petroleum Corporation

Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing July 29, 2021		1,051		1,049,843

Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing March 22, 2024		3,275		3,277,728

Delek US Holdings, Inc.

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025		596		591,530

Equitrans Midstream Corporation

Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing January 31, 2024		2,020		2,040,137

Fieldwood Energy, LLC

Term Loan, 7.69%, (1 mo. USD LIBOR + 5.25%), Maturing April 11, 2022		2,775		2,606,011

McDermott Technology Americas, Inc.

Term Loan, 7.44%, (1 mo. USD LIBOR + 5.00%), Maturing May 10, 2025		1,312		1,278,000

MEG Energy Corp.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing December 31, 2023		1,574		1,571,647

Prairie ECI Acquiror L.P.

Term Loan, 7.37%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026		2,500		2,523,438

PSC Industrial Holdings Corp.

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing October 3, 2024		765		764,356

Sheridan Investment Partners II L.P.

Term Loan, 6.02%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020		736		459,932

Term Loan, 8.00%, (3 mo. USD Prime + 2.50%), Maturing December 16, 2020		38		23,861

Term Loan, 8.00%, (3 mo. USD Prime + 2.50%), Maturing December 16, 2020		102		63,980

Sheridan Production Partners I, LLC

Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019		122		88,664

Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019		200		145,158

Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019		1,511		1,095,468


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Oil and Gas (continued)

Ultra Resources, Inc.

Term Loan, 6.43%, (6.18% cash (1 mo. USD LIBOR + 3.75%), 0.25% PIK), Maturing April 12, 2024		1,551	$	1,298,684

			$	20,224,910

Publishing — 1.3%

Ascend Learning, LLC

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024		1,207	$	1,197,387

Getty Images, Inc.

Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026		1,771		1,766,678

Harland Clarke Holdings Corp.

Term Loan, 7.35%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023		907		760,084

Lamar Media Corporation

Term Loan, 4.25%, (1 mo. USD LIBOR + 1.75%), Maturing March 14, 2025		569		570,851

LSC Communications, Inc.

Term Loan, 7.90%, (1 week USD LIBOR + 5.50%), Maturing September 30, 2022		897		895,463

Multi Color Corporation

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2024		346		345,337

ProQuest, LLC

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing October 24, 2021		1,922		1,921,932

Tweddle Group, Inc.

Term Loan, 6.93%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, 2023		235		225,155

			$	7,682,887

Radio and Television — 3.3%

ALM Media Holdings, Inc.

Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing July 31, 2020		414	$	388,446

Cumulus Media New Holdings, Inc.

Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing May 15, 2022		3,283		3,273,765

E.W. Scripps Company (The)

Term Loan, 5.24%, (1 mo. USD LIBOR + 2.75%), Maturing April 3, 2026		325		324,847

Entercom Media Corp.

Term Loan, 5.18%, (1 mo. USD LIBOR + 2.75%), Maturing November 18, 2024		1,066		1,065,700


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Radio and Television (continued)

Entravision Communications Corporation

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024		962	$	926,686

Gray Television, Inc.

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2024		255		253,663

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026		748		746,255

Hubbard Radio, LLC

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing March 28, 2025		863		862,684

iHeartCommunications, Inc.

Term Loan, 6.58%, (3 mo. USD LIBOR + 4.00%), Maturing May 1, 2026		1,558		1,561,959

Mission Broadcasting, Inc.

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		360		356,933

Nexstar Broadcasting, Inc.

Term Loan, 4.68%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024		1,883		1,865,751

Sinclair Television Group, Inc.

Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024		541		539,837

Univision Communications, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024		8,343		7,931,218

			$	20,097,744

Retailers (Except Food and Drug) — 3.6%

Ascena Retail Group, Inc.

Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022		2,070	$	1,754,390

Bass Pro Group, LLC

Term Loan, 7.44%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024		1,404		1,370,718

BJ’s Wholesale Club, Inc.

Term Loan, 5.45%, (1 mo. USD LIBOR + 3.00%), Maturing February 3, 2024		989		991,020

CDW, LLC

Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing August 17, 2023		3,928		3,927,963

Coinamatic Canada, Inc.

Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022		47		45,802

David’s Bridal, Inc.

Term Loan, 9.95%, (1 mo. USD LIBOR + 7.50%), Maturing July 17, 2023		269		273,497


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Retailers (Except Food and Drug) (continued)

David’s Bridal, Inc. (continued)

Term Loan, 10.45%, (1 mo. USD LIBOR + 8.00%), Maturing January 18, 2024		1,024	$	829,348

Global Appliance, Inc.

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024		998		994,202

Harbor Freight Tools USA, Inc.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2023		564		550,551

Hoya Midco, LLC

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024		2,072		2,041,951

J. Crew Group, Inc.

Term Loan, 5.51%, (USD LIBOR + 3.00%), Maturing March 5, 2021⁽³⁾⁽⁴⁾		3,119		2,343,983

LSF9 Atlantis Holdings, LLC

Term Loan, 8.47%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023		1,052		994,022

PetSmart, Inc.

Term Loan, 6.72%, (1 mo. USD LIBOR + 4.25%), Maturing March 11, 2022		4,329		4,188,720

PFS Holding Corporation

Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing January 31, 2021		2,351		916,725

Pier 1 Imports (U.S.), Inc.

Term Loan, 6.38%, (6 mo. USD LIBOR + 3.50%), Maturing April 30, 2021		548		224,552

Radio Systems Corporation

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2024		442		438,809

			$	21,886,253

Steel — 1.2%

Atkore International, Inc.

Term Loan, 5.36%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023		1,382	$	1,374,876

GrafTech Finance, Inc.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025		2,781		2,763,867

Neenah Foundry Company

Term Loan, 9.01%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022		767		759,663

Phoenix Services International, LLC

Term Loan, 6.20%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025		891		892,114


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Steel (continued)

Zekelman Industries, Inc.

Term Loan, 4.68%, (1 mo. USD LIBOR + 2.25%), Maturing June 14, 2021			1,211	$	1,207,630

				$	6,998,150

Surface Transport — 0.9%

1199169 B.C. Unlimited Liability Company

Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026			288	$	289,744

Agro Merchants NAI Holdings, LLC

Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024			395		393,657

Hertz Corporation (The)

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing June 30, 2023			1,101		1,094,243

Kenan Advantage Group, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022			118		116,916

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022			390		384,469

PODS, LLC

Term Loan, 5.20%, (1 mo. USD LIBOR + 2.75%), Maturing December 6, 2024			665		657,675

Stena International S.a.r.l.

Term Loan, 5.61%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021			1,663		1,630,635

XPO Logistics, Inc.

Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025			650		645,464

				$	5,212,803

Telecommunications — 5.9%

CenturyLink, Inc.

Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025			5,505	$	5,364,811

Colorado Buyer, Inc.

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing May 1, 2024			1,674		1,593,001

Digicel International Finance Limited

Term Loan, 5.78%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024			1,798		1,617,867

eircom Finco S.a.r.l.

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing April 19, 2024	EUR		2,217		2,477,158

Term Loan, Maturing April 23, 2026⁽⁵⁾	EUR		575		643,014


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value

Telecommunications (continued)

Frontier Communications Corp.

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing June 15, 2024			2,039	$	2,005,559

Gamma Infrastructure III B.V.

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025	EUR		1,650		1,822,560

Global Eagle Entertainment, Inc.

Term Loan, 10.35%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023			2,197		2,114,637

Intelsat Jackson Holdings S.A.

Term Loan, 6.18%, (1 mo. USD LIBOR + 3.75%), Maturing November 27, 2023			2,400		2,371,200

Term Loan, 6.93%, (1 mo. USD LIBOR + 4.50%), Maturing January 2, 2024			1,600		1,605,501

IPC Corp.

Term Loan, 7.09%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021			1,230		1,045,748

Onvoy, LLC

Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024			1,764		1,455,300

Plantronics, Inc.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025			1,356		1,350,331

Sprint Communications, Inc.

Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024			3,724		3,640,180

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing February 2, 2024			823		815,213

Syniverse Holdings, Inc.

Term Loan, 7.44%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023			1,040		971,933

Telesat Canada

Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, 2023			5,014		4,963,819

				$	35,857,832

Utilities — 3.1%

Brookfield WEC Holdings, Inc.

Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2025			2,419	$	2,418,333

Calpine Construction Finance Company L.P.

Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025			956		949,268

Calpine Corporation

Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024			3,393		3,367,367

Term Loan, 5.34%, (3 mo. USD LIBOR + 2.75%), Maturing April 5, 2026			950		948,516


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value

Utilities (continued)

Dayton Power & Light Company (The)

Term Loan, 4.43%, (1 mo. USD LIBOR + 2.00%), Maturing August 24, 2022		611	$	612,465

Granite Acquisition, Inc.

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021		2,642		2,649,542

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021		120		119,939

Lightstone Holdco, LLC

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024		86		85,063

Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024		1,524		1,508,174

Longview Power, LLC

Term Loan, 8.59%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021		3,176		2,842,744

Talen Energy Supply, LLC

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing July 15, 2023		896		896,448

Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing April 15, 2024		779		779,200

USIC Holdings, Inc.

Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing December 8, 2023		198		195,895

Vistra Operations Company, LLC

Term Loan, 4.43%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2025		1,141		1,138,886

			$	18,511,840

Total Senior Floating-Rate Loans (identified cost $883,389,920)			$	858,133,723

Corporate Bonds & Notes — 5.1%
Security	Principal Amount* (000’s omitted)		Value

Aerospace and Defense — 0.1%

Huntington Ingalls Industries, Inc.

5.00%, 11/15/25⁽⁸⁾		10	$	10,325

TransDigm, Inc.

6.50%, 7/15/24		80		80,008

6.25%, 3/15/26⁽⁸⁾		400		409,000

7.50%, 3/15/27⁽⁸⁾		85		85,850

			$	585,183


Security	Principal Amount* (000’s omitted)		Value

Building and Development — 0.1%

Builders FirstSource, Inc.

5.625%, 9/1/24⁽⁸⁾		6	$	6,015

Hillman Group, Inc. (The)

6.375%, 7/15/22⁽⁸⁾		53		48,495

Reliance Intermediate Holdings, L.P.

6.50%, 4/1/23⁽⁸⁾		120		123,300

Standard Industries, Inc.

6.00%, 10/15/25⁽⁸⁾		50		51,812

TRI Pointe Group, Inc./TRI Pointe Homes, Inc.

4.375%, 6/15/19		45		44,719

5.875%, 6/15/24		8		7,961

			$	282,302

Business Equipment and Services — 0.3%

First Data Corp.

5.00%, 1/15/24⁽⁸⁾		20	$	20,437

Prime Security Services Borrower, LLC/Prime Finance, Inc.

5.25%, 4/15/24⁽⁸⁾		750		737,835

5.75%, 4/15/26⁽⁸⁾		750		742,500

ServiceMaster Co., LLC (The)

7.45%, 8/15/27		45		47,925

Solera, LLC/Solera Finance, Inc.

10.50%, 3/1/24⁽⁸⁾		15		16,218

			$	1,564,915

Cable and Satellite Television — 0.0%⁽⁹⁾

Cablevision Systems Corp.

5.875%, 9/15/22		15	$	15,558

CCO Holdings, LLC/CCO Holdings Capital Corp.

5.25%, 9/30/22		26		26,379

5.75%, 1/15/24		10		10,200

5.375%, 5/1/25⁽⁸⁾		95		97,228

5.75%, 2/15/26⁽⁸⁾		45		46,800

CSC Holdings, LLC

5.25%, 6/1/24		10		10,103

DISH DBS Corp.

6.75%, 6/1/21		20		20,700

5.875%, 7/15/22		25		24,664

5.875%, 11/15/24		5		4,506

			$	256,138

Chemicals and Plastics — 0.3%

Hexion, Inc.

6.625%, 4/15/20⁽⁶⁾		2,000	$	1,610,000


Security	Principal Amount* (000’s omitted)		Value

Chemicals and Plastics (continued)

W.R. Grace & Co.

5.125%, 10/1/21⁽⁸⁾		30	$	30,516

5.625%, 10/1/24⁽⁸⁾		15		15,750

			$	1,656,266

Conglomerates — 0.0%⁽⁹⁾

Spectrum Brands, Inc.

6.625%, 11/15/22		17	$	17,383

5.75%, 7/15/25		75		76,496

			$	93,879

Consumer Products — 0.0%⁽⁹⁾

Central Garden & Pet Co.

6.125%, 11/15/23		25	$	25,938

			$	25,938

Containers and Glass Products — 0.9%

Berry Global, Inc.

6.00%, 10/15/22		25	$	25,500

Owens-Brockway Glass Container, Inc.

5.875%, 8/15/23⁽⁸⁾		35		36,709

6.375%, 8/15/25⁽⁸⁾		15		15,750

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC

5.75%, 10/15/20		4,216		4,227,422

6.097%, (3 mo. USD LIBOR + 3.50%), 7/15/21^(8)(10)		1,050		1,056,563

			$	5,361,944

Drugs — 0.7%

Bausch Health Companies, Inc.

6.50%, 3/15/22⁽⁸⁾		887	$	918,231

7.00%, 3/15/24⁽⁸⁾		1,153		1,207,047

5.50%, 11/1/25⁽⁸⁾		1,875		1,889,062

Jaguar Holding Co. II/Pharmaceutical Product Development, LLC

6.375%, 8/1/23⁽⁸⁾		75		76,328

			$	4,090,668

Ecological Services and Equipment — 0.0%⁽⁹⁾

Clean Harbors, Inc.

5.125%, 6/1/21		25	$	25,094

Covanta Holding Corp.

5.875%, 3/1/24		25		25,687

			$	50,781


Security		Principal Amount* (000’s omitted)		Value

Electronics / Electrical — 0.0%⁽⁹⁾

Infor (US), Inc.

6.50%, 5/15/22			50	$	50,697

				$	50,697

Financial Intermediaries — 0.0%⁽⁹⁾

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.

6.25%, 2/1/22			40	$	40,850

JPMorgan Chase & Co.

Series S, 6.75% to 2/1/24^(11)(12)			80		87,949

Navient Corp.

5.00%, 10/26/20			30		30,412

				$	159,211

Food Products — 0.1%

Iceland Bondco PLC

5.071%, (3 mo. GBP LIBOR + 4.25%), 7/15/20^(8)(10)	GBP		210	$	265,689

Post Holdings, Inc.

8.00%, 7/15/25⁽⁸⁾			20		21,300

				$	286,989

Food Service — 0.0%⁽⁹⁾

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.

4.625%, 1/15/22⁽⁸⁾			65	$	65,163

				$	65,163

Food / Drug Retailers — 0.2%

Fresh Market, Inc. (The)

9.75%, 5/1/23⁽⁸⁾			1,300	$	968,500

				$	968,500

Health Care — 1.0%

Avantor, Inc.

6.00%, 10/1/24⁽⁸⁾			1,425	$	1,483,425

Centene Corp.

4.75%, 5/15/22			20		20,269

CHS/Community Health Systems, Inc.

6.25%, 3/31/23			1,650		1,577,317

HCA Healthcare, Inc.

6.25%, 2/15/21			90		94,050

HCA, Inc.

6.50%, 2/15/20			20		20,476

5.875%, 2/15/26			25		26,563


Security	Principal Amount* (000’s omitted)		Value

Health Care (continued)

Hologic, Inc.

4.375%, 10/15/25⁽⁸⁾		30	$	29,813

RegionalCare Hospital Partners Holdings, Inc.

8.25%, 5/1/23⁽⁸⁾		1,850		1,965,625

Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.

7.50%, 10/1/24⁽⁸⁾		27		28,215

Teleflex, Inc.

5.25%, 6/15/24		20		20,600

Tenet Healthcare Corp.

6.00%, 10/1/20		60		61,863

4.375%, 10/1/21		675		683,573

8.125%, 4/1/22		45		47,068

6.75%, 6/15/23		10		9,999

			$	6,068,856

Insurance — 0.0%⁽⁹⁾

Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer

8.25%, 8/1/23⁽⁸⁾		40	$	41,000

			$	41,000

Internet Software & Services — 0.0%⁽⁹⁾

Netflix, Inc.

5.50%, 2/15/22		45	$	47,025

5.875%, 2/15/25		55		58,486

Riverbed Technology, Inc.

8.875%, 3/1/23⁽⁸⁾		40		26,400

			$	131,911

Leisure Goods / Activities / Movies — 0.2%

National CineMedia, LLC

6.00%, 4/15/22		775	$	783,719

Sabre GLBL, Inc.

5.375%, 4/15/23⁽⁸⁾		25		25,317

5.25%, 11/15/23⁽⁸⁾		40		40,400

Viking Cruises, Ltd.

6.25%, 5/15/25⁽⁸⁾		45		46,012

			$	895,448

Lodging and Casinos — 0.0%⁽⁹⁾

ESH Hospitality, Inc.

5.25%, 5/1/25⁽⁸⁾		35	$	35,088

GLP Capital, L.P./GLP Financing II, Inc.

4.875%, 11/1/20		75		76,304


Security	Principal Amount* (000’s omitted)		Value

Lodging and Casinos (continued)

MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc.

5.625%, 5/1/24		15	$	15,544

MGM Resorts International

6.625%, 12/15/21		90		96,106

7.75%, 3/15/22		25		27,625

RHP Hotel Properties, L.P./RHP Finance Corp.

5.00%, 4/15/23		30		30,300

			$	280,967

Nonferrous Metals / Minerals — 0.0%⁽⁹⁾

Eldorado Gold Corp.

6.125%, 12/15/20⁽⁸⁾		91	$	91,073

New Gold, Inc.

6.25%, 11/15/22⁽⁸⁾		12		10,260

			$	101,333

Oil and Gas — 0.2%

Antero Resources Corp.

5.375%, 11/1/21		100	$	100,027

5.625%, 6/1/23		5		4,962

CITGO Petroleum Corp.

6.25%, 8/15/22⁽⁸⁾		775		775,969

CVR Refining, LLC/Coffeyville Finance, Inc.

6.50%, 11/1/22		130		131,137

Energy Transfer Operating, L.P.

5.875%, 1/15/24		35		38,267

Gulfport Energy Corp.

6.625%, 5/1/23		35		32,375

Newfield Exploration Co.

5.625%, 7/1/24		130		142,771

Parsley Energy, LLC/Parsley Finance Corp.

5.25%, 8/15/25⁽⁸⁾		15		14,775

PBF Logistics, L.P./PBF Logistics Finance Corp.

6.875%, 5/15/23		50		50,750

Seven Generations Energy, Ltd.

6.75%, 5/1/23⁽⁸⁾		65		65,650

6.875%, 6/30/23⁽⁸⁾		30		30,375

Williams Cos., Inc. (The)

4.55%, 6/24/24		5		5,308

			$	1,392,366


Security	Principal Amount* (000’s omitted)		Value

Publishing — 0.0%⁽⁹⁾

Tribune Media Co.

5.875%, 7/15/22		35	$	35,558

			$	35,558

Radio and Television — 0.2%

Clear Channel Worldwide Holdings, Inc.

Series A, 6.50%, 11/15/22		50	$	51,235

Series B, 6.50%, 11/15/22		100		102,500

iHeartCommunications, Inc.

6.375%, 5/1/26		208		216,715

8.375%, 5/1/27		376		395,620

Nielsen Co. Luxembourg S.a.r.l. (The)

5.50%, 10/1/21⁽⁸⁾		35		35,000

Sirius XM Radio, Inc.

6.00%, 7/15/24⁽⁸⁾		95		97,988

Univision Communications, Inc.

6.75%, 9/15/22⁽⁸⁾		270		274,050

			$	1,173,108

Retailers (Except Food and Drug) — 0.0%⁽⁹⁾

Murphy Oil USA, Inc.

6.00%, 8/15/23		140	$	142,625

Party City Holdings, Inc.

6.125%, 8/15/23⁽⁸⁾		60		60,900

			$	203,525

Road & Rail — 0.0%⁽⁹⁾

Watco Cos., LLC/Watco Finance Corp.

6.375%, 4/1/23⁽⁸⁾		45	$	45,675

			$	45,675

Software and Services — 0.0%⁽⁹⁾

IHS Markit, Ltd.

5.00%, 11/1/22⁽⁸⁾		60	$	63,468

			$	63,468

Surface Transport — 0.0%⁽⁹⁾

XPO Logistics, Inc.

6.50%, 6/15/22⁽⁸⁾		56	$	57,008

			$	57,008


Security		Principal Amount* (000’s omitted)		Value

Telecommunications — 0.6%

CenturyLink, Inc.

6.75%, 12/1/23			40	$	41,962

CommScope Technologies, LLC

6.00%, 6/15/25⁽⁸⁾			50		45,625

5.00%, 3/15/27⁽⁸⁾			5		4,275

CommScope, Inc.

6.00%, 3/1/26⁽⁸⁾			1,000		1,005,000

Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd.

8.75%, 5/25/24⁽⁸⁾			600		594,000

Frontier Communications Corp.

7.625%, 4/15/24			30		17,550

6.875%, 1/15/25			50		28,625

Intelsat Jackson Holdings SA

5.50%, 8/1/23			25		22,563

Level 3 Financing, Inc.

5.375%, 1/15/24			25		25,125

Sprint Communications, Inc.

7.00%, 8/15/20			149		154,588

6.00%, 11/15/22			5		5,125

Sprint Corp.

7.25%, 9/15/21			230		242,362

7.875%, 9/15/23			571		614,779

7.625%, 2/15/25			35		37,100

T-Mobile USA, Inc.

6.375%, 3/1/25			35		36,304

6.50%, 1/15/26			110		116,325

Wind Tre SpA

2.75%, (3 mo. EURIBOR + 2.75%), 1/20/24^(8)(10)	EUR		650		710,263

				$	3,701,571

Utilities — 0.2%

Calpine Corp.

5.25%, 6/1/26⁽⁸⁾			1,150	$	1,129,956

Vistra Energy Corp.

7.625%, 11/1/24			35		36,906

8.125%, 1/30/26⁽⁸⁾			25		26,906

				$	1,193,768

Total Corporate Bonds & Notes (identified cost $31,523,653)				$	30,884,136


Asset-Backed Securities — 2.8%
Security	Principal Amount (000’s omitted)		Value

Ares XXXIIR CLO, Ltd.

Series 2014-32RA, Class D, 8.368%, (3 mo. USD LIBOR + 5.85%), 5/15/30^(8)(10)	$	2,000	$	1,909,365

Ares XXXIV CLO, Ltd.

Series 2015-2A, Class E2, 7.782%, (3 mo. USD LIBOR + 5.20%), 7/29/26^(8)(10)		1,000		996,850

BlueMountain CLO XXV, Ltd.

Series 2019-25A, Class E, (3 mo. USD LIBOR + 6.70%), 7/15/32^(8)(13)		1,000		1,001,250

Carlyle Global Market Strategies CLO, Ltd.

Series 2012-3A, Class DR2, 9.097%, (3 mo. USD LIBOR + 6.50%), 1/14/32^(8)(10)		1,200		1,188,218

Series 2015-5A, Class DR, 9.292%, (3 mo. USD LIBOR + 6.70%), 1/20/32^(8)(10)		500		501,484

Dryden 40 Senior Loan Fund

Series 2015-40A, Class ER, 8.268%, (3 mo. USD LIBOR + 5.75%), 8/15/31^(8)(10)		1,000		960,268

Galaxy XV CLO, Ltd.

Series 2013-15A, Class ER, 9.242%, (3 mo. USD LIBOR + 6.65%), 10/15/30^(8)(10)		1,000		974,987

Galaxy XXI CLO, Ltd.

Series 2015-21A, Class ER, 7.842%, (3 mo. USD LIBOR + 5.25%), 4/20/31^(8)(10)		1,000		925,759

Golub Capital Partners CLO, Ltd.

Series 2015-23A, Class ER, 8.342%, (3 mo. USD LIBOR + 5.75%), 1/20/31^(8)(10)		1,200		1,128,152

Madison Park Funding XXXVII, Ltd.

Series 2019-37A, Class E, (3 mo. USD LIBOR + 6.55%), 7/15/32^(8)(13)		1,000		1,001,250

Neuberger Berman Loan Adviser CLO, Ltd.

Series 2019-31A, Class E, 9.333%, (3 mo. USD LIBOR + 6.75%), 4/20/31^(8)(10)		600		603,946

Palmer Square CLO, Ltd.

Series 2015-2A, Class DR, 9.092%, (3 mo. USD LIBOR + 6.50%), 7/20/30^(8)(10)		1,200		1,199,600

Recette CLO, Ltd.

Series 2015-1A, Class E, 8.292%, (3 mo. USD LIBOR + 5.70%), 10/20/27^(8)(10)		1,000		999,743

Voya CLO, Ltd.

Series 2013-1A, Class DR, 9.077%, (3 mo. USD LIBOR + 6.48%), 10/15/30^(8)(10)		2,000		1,932,723

Westcott Park CLO, Ltd.

Series 2016-1A, Class E, 9.792%, (3 mo. USD LIBOR + 7.20%), 7/20/28^(8)(10)		1,600		1,600,604

Total Asset-Backed Securities (identified cost $16,981,883)			$	16,924,199


Common Stocks — 1.7%
Security	Shares		Value

Aerospace and Defense — 0.1%

IAP Global Services, LLC^(3)(14)(15)		58	$	744,379

			$	744,379

Automotive — 0.1%

Dayco Products, LLC^(14)(15)		20,780	$	766,262

			$	766,262

Electronics / Electrical — 0.1%

Answers Corp.^(3)(14)(15)		96,908	$	192,847

			$	192,847

Health Care — 0.0%⁽⁹⁾

New Millennium Holdco, Inc.^(14)(15)		68,551	$	5,484

			$	5,484

Nonferrous Metals / Minerals — 0.0%

ASP United/GHX Holding, LLC^(3)(14)(15)		76,163	$	0

			$	0

Oil and Gas — 0.6%

AFG Holdings, Inc.^(3)(14)(15)		30,640	$	2,002,324

Fieldwood Energy, Inc.^(14)(15)		19,189		614,048

Nine Point Energy Holdings, Inc.^(3)(15)(16)		758		841

Samson Resources II, LLC, Class A^(14)(15)		46,484		1,092,374

Southcross Holdings Group, LLC^(3)(14)(15)		67		0

Southcross Holdings L.P., Class A^(14)(15)		67		36,013

			$	3,745,600

Publishing — 0.5%

ION Media Networks, Inc.^(3)(14)		4,429	$	3,183,698

Tweddle Group, Inc.^(3)(14)(15)		1,944		5,190

			$	3,188,888

Radio and Television — 0.3%

Clear Channel Outdoor Holdings, Inc.^(14)(15)		86,335	$	438,582

Cumulus Media, Inc.^(14)(15)		42,499		679,984

iHeartMedia, Inc., Class A^(14)(15)		36,714		601,192

			$	1,719,758


Security	Shares		Value

Retailers (Except Food and Drug) — 0.0%⁽⁹⁾

David’s Bridal, Inc.^(14)(15)		19,732	$	98,660

			$	98,660

Total Common Stocks (identified cost $5,910,742)			$	10,461,878

Convertible Preferred Stocks — 0.0%⁽⁹⁾
Security	Shares		Value

Oil and Gas — 0.0%⁽⁹⁾

Nine Point Energy Holdings, Inc., Series A, 12.00%^(3)(15)(16)		14	$	20,552

Total Convertible Preferred Stocks (identified cost $14,000)			$	20,552

Closed-End Funds — 1.9%
Security	Shares		Value

BlackRock Floating Rate Income Strategies Fund, Inc.		111,292	$	1,430,102

Invesco Senior Income Trust		538,147		2,238,691

Nuveen Credit Strategies Income Fund		406,731		3,135,896

Nuveen Floating Rate Income Fund		164,907		1,594,651

Nuveen Floating Rate Income Opportunity Fund		115,017		1,101,863

Voya Prime Rate Trust		441,753		2,089,492

Total Closed-End Funds (identified cost $13,551,541)			$	11,590,695

Miscellaneous — 0.0%⁽⁹⁾
Security	Principal Amount/ Shares		Value

Oil and Gas — 0.0%

Paragon Offshore Finance Company, Class A^(14)(15)		1,707	$	1,600

Paragon Offshore Finance Company, Class B^(14)(15)		854		29,890

			$	31,490

Telecommunications — 0.0%

Avaya, Inc., Escrow Certificates^(3)(15)	$	25,000	$	0

			$	0

Total Miscellaneous (identified cost $18,573)			$	31,490


Short-Term Investments — 1.3%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 2.53%⁽¹⁷⁾		7,948,260	$	7,948,260

Total Short-Term Investments (identified cost $7,948,219)			$	7,948,260

Total Investments — 154.3% (identified cost $959,338,531)			$	935,994,933

Less Unfunded Loan Commitments — (0.0)%⁽⁹⁾			$	(292,720	)

Net Investments — 154.3% (identified cost $959,045,811)			$	935,702,213

Notes Payable — (40.9)%			$	(248,000,000	)

Variable Rate Term Preferred Shares, at Liquidation Value (net of unamortized deferred debt issuance costs) — (13.2)%			$	(79,865,374	)

Other Assets, Less Liabilities — (0.2)%			$	(1,429,318	)

Net Assets Applicable to Common Shares — 100.0%			$	606,407,521

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

In U.S. dollars unless otherwise indicated.

⁽¹⁾

Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽²⁾

Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description.

⁽³⁾

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 12).

⁽⁴⁾

The stated interest rate represents the weighted average interest rate at May 31, 2019 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽⁵⁾

This Senior Loan will settle after May 31, 2019, at which time the interest rate will be determined.

⁽⁶⁾

Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽⁷⁾

Fixed-rate loan.

⁽⁸⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2019, the aggregate value of these securities is $34,746,133 or 5.7% of the Trust’s net assets applicable to common shares.

⁽⁹⁾

Amount is less than 0.05% or (0.05%), as applicable.

⁽¹⁰⁾	Variable rate security. The stated interest rate represents the rate in effect at May 31, 2019.

⁽¹¹⁾	Security converts to floating rate after the indicated fixed-rate coupon period.

⁽¹²⁾	Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽¹³⁾	When-issued, variable rate security whose interest rate will be determined after May 31, 2019.

⁽¹⁴⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁵⁾	Non-income producing security.

⁽¹⁶⁾	Restricted security (see Note 7).

⁽¹⁷⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of May 31, 2019.

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

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 Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and 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.

Affiliated Fund. The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that 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 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, 2019, 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, 2019, 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.

J When-Issued Securities and Delayed Delivery Transactions — The Trust may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trust maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K New Accounting Pronouncement — During the year ended May 31, 2019, the Trust adopted the FASB’s Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230) — Restricted Cash” (ASU 2016-18), which became effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Pursuant to the new standard, the Trust is required to include amounts described as restricted cash and

restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-year and end-of-year total amounts shown on the Statement of Cash Flows. Prior to the change, such amounts were disclosed separately within the Statement of Cash Flows. This change in accounting had no impact on the Trust’s net assets.

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.

Variable rate term preferred shares are a form of preferred shares that represent stock of the Trust. They have a par value of $0.01 per share and a liquidation preference of $100,000 per share. The Series C-1 VRTP Shares also had an original mandatory redemption date of December 18, 2015 that had been extended on various dates through April 7, 2017 upon consent of the holders of the Series C-1 VRTP Shares and approval of the Trust’s Board of Trustees.

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% (1.85% prior to April 17, 2019) 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 $38,080 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, 2019 is presented as a deduction of the liability for variable rate term preferred shares on the Statement of Assets and Liabilities.

The carrying amount of the Series L-2 VRTP Shares at May 31, 2019 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 12) at May 31, 2019. The average liquidation preference of the Series L-2 VRTP Shares during the year ended May 31, 2019 was $80,000,000.

The Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding variable rate term preferred shares. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years). Distributions to common shareholders are recorded on 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, 2019 was 4.34%. The amount of dividends accrued and the average annual dividend rate of the Series L-2 VRTP Shares during the year ended May 31, 2019 were $3,419,042 and 4.27%, 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, 2019 and May 31, 2018 was as follows:

During the year ended May 31, 2019, accumulated loss was decreased by $11,756,776 and paid-in capital was decreased by $11,756,776 due to expired capital loss carryforwards and differences between book and tax accounting, primarily for non-deductible expenses and investments in partnerships. These reclassifications had no effect on the net assets or net asset value per share of the Trust.

As of May 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

During the year ended May 31, 2019, capital loss carryforwards of $5,239,338 were utilized to offset net realized gains by the Trust.

At May 31, 2019, the Trust had a net capital loss of $3,055,653 attributable to security transactions incurred after October 31, 2018 that it has elected to defer. This net capital loss is treated as arising on the first day of the Trust’s taxable year ending May 31, 2020.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Trust at May 31, 2019, as determined on a federal income tax basis, were as follows:

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.75% of the Trust’s average daily gross assets and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. For the year ended May 31, 2019, the Trust’s investment adviser fee amounted to $7,070,253. The Trust invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Trust, but receives no compensation.

Trustees and officers of the Trust who are members of EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended May 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $222,214,496 and $237,353,840, respectively, for the year ended May 31, 2019.

The Trust may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Trust for the years ended May 31, 2019 and May 31, 2018.

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, 2019 and May 31, 2018.

Pursuant to a registration statement filed with the SEC, the Trust is authorized to issue up to an additional 5,495,789 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trust’s net asset value per common share. During the years ended May 31, 2019 and May 31, 2018, there were no shares sold by the Trust pursuant to its shelf offering.

At May 31, 2019, the Trust owned the following securities (representing less than 0.01% of net assets applicable to common shares) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Trust has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

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, 2019 is included in the Portfolio of Investments. At May 31, 2019, 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, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $37,613. At May 31, 2019, 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, 2019 was as follows:

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, 2019.

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, 2019 was as follows:

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, 2019, which is indicative of the volume of this derivative type, was approximately $58,370,000.

The Trust has entered into a Revolving Credit and Security Agreement, as amended (the Agreement) with conduit lenders and a bank to borrow up to $290 million. Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the conduits’ commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, in effect through March 9, 2020, the Trust also pays a program fee of 0.85% (0.67% prior to March 11, 2019) 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. Prior to March 11, 2019, the liquidity fee was 0.15% on the total commitment (used or unused) or 0.25% if the outstanding loan amount was less than or equal to 60% of the total commitment. Program and liquidity fees for the year ended May 31, 2019 totaled $2,140,454 and are included in interest expense and fees on the Statement of Operations. The Trust also paid an upfront fee of $290,000, which is being amortized to interest expense over a period of one year through March 2020. The unamortized balance at May 31, 2019 is approximately $228,000 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. The Trust is required to maintain certain net asset levels during the term of the Agreement. At May 31, 2019, the Trust had borrowings outstanding under the Agreement of $248,000,000 at an interest rate of 2.55%. 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, 2019 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 12) at May 31, 2019. For the year ended May 31, 2019, the average borrowings under the Agreement and the average interest rate (excluding fees) were $247,780,822 and 2.49%, respectively.

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Trust, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

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.

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.

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, 2019, the hierarchy of inputs used in valuing the Trust’s investments and open derivative instruments, which are carried at value, were as follows:

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, 2019 is not presented.

In May 2015, the Trust was served with an amended complaint filed in an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York. The adversary proceeding was filed by the Motors Liquidation Company Avoidance Action Trust (“AAT”) against the former holders of a $1.5 billion term loan issued by General Motors Corp. (“GM”) in 2006 (the “Term Loan Lenders”) who received a full repayment of the term loan pursuant to a court order in the GM bankruptcy proceeding. The court order was made with the understanding that the term loan was fully secured at the time of GM’s bankruptcy filing in June 2009. The AAT is seeking (1) a determination from the Bankruptcy Court that the security interest held by the Term Loan Lenders was not perfected at the time GM filed for Chapter 11 Bankruptcy protection and thus the Term Loan Lenders should have been treated in the same manner as GM’s unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GM’s filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Trust is approximately $4,166,000 (equal to 0.69% of net assets applicable to common shares at May 31, 2019). In April 2019, the parties to the litigation reached a settlement agreement in principle, subject to Court approval. In May 2019, the court preliminarily approved the settlement agreement reached by the parties to the litigation. The Trust does not anticipate that it will suffer any loss to the Trust’s net asset value as a result of the settlement. The attorneys’ fees and costs related to these actions are expensed by the Trust as incurred.

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, 2019, 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, 2019, 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.

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, 2019, 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.

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trust.

The Fund held its Annual Meeting of Shareholders on March 21, 2019. The following action was taken by the shareholders:

Item 1: The election of Mark R. Fetting, Helen Frame Peters and Marcus L. Smith as Class III Trustees of the Fund for a three-year term expiring in 2022. Ms. Mosley was elected solely by VRTP Shareholders.

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.

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 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:

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds.

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Floating-Rate Income Trust (the “Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

In considering whether to approve the investment advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing factors such as the special considerations relevant to investing in senior floating rate loans. The Board considered the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Fund and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also considered the fact that the Fund is not continuously offered in the same manner as an open-end fund and that, notwithstanding that the Fund is authorized to issue additional common shares through a shelf offering, the Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board concluded that the implementation of breakpoints in the advisory fee schedule is not warranted at this time.

Fund Management. The Trustees of Eaton Vance Floating-Rate Income Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Trust’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 169 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three-year term. Each officer serves until his or her successor is elected.

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial advisor.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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 “Individual Investors — Closed-End Funds”.

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 15^th Avenue

Brooklyn, NY 11219

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended May 31, 2018 and May 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended May 31, 2018 and May 31, 2019; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. George J. Gorman (Chair), Valerie A. Mosley, William H. Park and Scott E. Wennerholm are the members of the registrant’s audit committee.

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Eaton Vance Management (“EVM” or “Eaton Vance”) is the investment adviser of the Trust. Ralph H. Hinckley, Jr., William E. Holt, Catherine C. McDermott, Daniel P. McElaney, Scott H. Page and Andrew N. Sveen comprise the investment team responsible for the overall and day-to-day management of the Trust’s investments.

Mr. Hinckley is a Vice President of EVM and has been a portfolio manager of the Trust since January 2008. Messrs. Holt, McElaney and Sveen and Ms. McDermott are Vice Presidents of EVM and have been portfolio managers of the Trust since March 2019. Mr. Page is a Vice President of EVM and has been a portfolio manager of the Trust since June 2004. Messrs. Hinckley, Page and Sveen and Ms. McDermott have managed other Eaton Vance portfolios for more than five years. This information is provided as of the date of filing this report.

The following table shows, as of the Trust’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.

The following table shows the dollar range of Trust shares beneficially owned by each portfolio manager as of the Trust’s most recent fiscal year end.

Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.

Compensation of EVM’s portfolio managers and other investment professionals has the following primary components: (1) a base salary, (2) an annual cash bonus, (3) annual non-cash compensation consisting of options to purchase shares of EVC nonvoting common stock and/or restricted shares of EVC nonvoting common stock that generally are subject to a vesting schedule and (4) (for equity portfolio managers) a Deferred Alpha Incentive Plan, which pays a deferred cash award tied to future excess returns in certain equity strategy portfolios. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio (Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper

Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. A portion of the compensation payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts managed by such manager to achieve a specified target average annual gross return over a three year period in excess of the account benchmark. The cash award to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return.

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and al compensation.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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.

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.


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		06/29/2004		3.77	%		5.19	%		9.72	%
Fund at Market Price		—		–3.32			3.87			9.46
S&P/LSTA Leveraged Loan Index		—		3.83	%		3.74	%		6.60	%


% Premium/Discount to NAV⁴
										–11.37	%


Distributions⁵
Total Distributions per share for the period									$	0.874
Distribution Rate at NAV										6.00	%
Distribution Rate at Market Price										6.77


% Total Leverage⁶
Borrowings										26.54	%
Variable Rate Term Preferred Shares (VRTP Shares)										8.56


Management’s Discussion of Fund Performance			2

Performance			3

Fund Profile			4

Endnotes and Additional Disclosures			5

Financial Statements			6

Report of Independent Registered Public Accounting Firm			45

Federal Tax Information			46

Annual Meeting of Shareholders			47

Dividend Reinvestment Plan			48

Board of Trustees’ Contract Approval			50

Management and Organization			53

Important Notices			56



Credit Quality (% of bonds, loans and asset-backed securities)⁸


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	4,043,969	EUR	3,588,750	HSBC Bank USA, N.A.		6/28/19	$	26,631	$	—

USD	18,942,049	EUR	16,711,852	HSBC Bank USA, N.A.		6/28/19		234,381		—

USD	3,528,850	EUR	3,125,000	State Street Bank and Trust Company		6/28/19		30,646		—

USD	12,590,234	EUR	11,201,226	Goldman Sachs International		7/31/19		16,978		—

USD	2,136,757	EUR	1,890,500	HSBC Bank USA, N.A.		7/31/19		14,691		—

USD	449,088	EUR	400,000	State Street Bank and Trust Company		7/31/19		92		—

USD	1,694,556	EUR	1,503,750	State Street Bank and Trust Company		7/31/19		6,613		—

USD	2,677,647	GBP	2,062,648	State Street Bank and Trust Company		7/31/19		62,451		—

USD	701,517	CAD	945,945	HSBC Bank USA, N.A.		8/30/19		223		—

USD	11,990,344	EUR	10,689,468	State Street Bank and Trust Company		8/30/19		—		(37,613	)

							$	392,706	$	(37,613	)



CIDOR	–	Canada Three Month Interbank Rate

DIP	–	Debtor In Possession

EURIBOR	–	Euro Interbank Offered Rate

LIBOR	–	London Interbank Offered Rate

PIK	–	Payment In Kind



CAD	–	Canadian Dollar

EUR	–	Euro

GBP	–	British Pound Sterling

USD	–	United States Dollar


Assets	May 31, 2019

Unaffiliated investments, at value (identified cost, $951,097,592)	$	927,753,953

Affiliated investment, at value (identified cost, $7,948,219)		7,948,260

Cash		3,793,421

Foreign currency, at value (identified cost, $747,510)		749,371

Interest and dividends receivable		3,239,085

Dividends receivable from affiliated investment		16,268

Receivable for investments sold		1,470,841

Receivable for open forward foreign currency exchange contracts		392,706

Prepaid upfront fees on variable rate term preferred shares		51,477

Prepaid upfront fees on notes payable		228,050

Prepaid expenses		72,127

Total assets	$	945,715,559

Liabilities

Notes payable	$	248,000,000

Variable rate term preferred shares, at liquidation value (net of unamortized deferred debt issuance costs of $134,626)		79,865,374

Payable for investments purchased		7,368,855

Payable for when-issued securities		2,000,000

Payable for open forward foreign currency exchange contracts		37,613

Payable to affiliates:

Investment adviser fee		595,816

Trustees’ fees		8,483

Interest expense and fees payable		1,292,038

Accrued expenses		139,859

Total liabilities	$	339,308,038

Commitments and contingencies (Note 13)

Net assets applicable to common shares	$	606,407,521

Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized, 39,863,690 shares issued and outstanding	$	398,637

Additional paid-in capital		624,404,210

Accumulated loss		(18,395,326	)

Net assets applicable to common shares	$	606,407,521

Net Asset Value Per Common Share

($606,407,521 ÷ 39,863,690 common shares issued and outstanding)	$	15.21


Investment Income	Year Ended May 31, 2019

Interest and other income	$	52,288,823

Dividends		1,370,976

Dividends from affiliated investment		295,558

Total investment income	$	53,955,357

Expenses

Investment adviser fee	$	7,070,253

Trustees’ fees and expenses		48,660

Custodian fee		346,629

Transfer and dividend disbursing agent fees		19,026

Legal and accounting services		201,906

Printing and postage		81,348

Interest expense and fees		12,313,678

Miscellaneous		92,859

Total expenses	$	20,174,359

Net investment income	$	33,780,998

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	2,042,186

Investment transactions — affiliated investment		2,115

Foreign currency transactions		92,405

Forward foreign currency exchange contracts		5,858,221

Net realized gain	$	7,994,927

Change in unrealized appreciation (depreciation) —

Investments	$	(21,262,032	)

Investments — affiliated investment		(819	)

Foreign currency		41,059

Forward foreign currency exchange contracts		(1,547,173	)

Net change in unrealized appreciation (depreciation)	$	(22,768,965	)

Net realized and unrealized loss	$	(14,774,038	)

Net increase in net assets from operations	$	19,006,960


	Year Ended May 31,
Increase (Decrease) in Net Assets	2019			2018

From operations —

Net investment income	$	33,780,998		$	31,565,651

Net realized gain		7,994,927			2,717,912

Net change in unrealized appreciation (depreciation)		(22,768,965	)		193,031

Net increase in net assets from operations	$	19,006,960		$	34,476,594

Distributions to common shareholders⁽¹⁾	$	(34,840,865	)	$	(33,007,135	)

Net increase (decrease) in net assets	$	(15,833,905	)	$	1,469,459

Net Assets Applicable to Common Shares

At beginning of year	$	622,241,426		$	620,771,967

At end of year	$	606,407,521		$	622,241,426	⁽²⁾


Cash Flows From Operating Activities	Year Ended May 31, 2019

Net increase in net assets from operations	$	19,006,960

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

Investments purchased		(240,662,689	)

Investments sold and principal repayments		239,252,970

Decrease in short-term investments, net		1,672,598

Net amortization/accretion of premium (discount)		(547,461	)

Amortization of prepaid upfront fees on variable rate term preferred shares		125,763

Amortization of deferred debt issuance costs on variable rate term preferred shares		107,686

Amortization of prepaid upfront fees on notes payable		289,738

Decrease in interest and dividends receivable		536,641

Increase in dividends receivable from affiliated investment		(748	)

Decrease in receivable for open forward foreign currency exchange contracts		1,684,078

Increase in prepaid expenses		(17,663	)

Decrease in cash collateral due to brokers		(1,210,000	)

Decrease in payable for open forward foreign currency exchange contracts		(136,905	)

Decrease in payable to affiliate for investment adviser fee		(14,438	)

Increase in payable to affiliate for Trustees’ fees		1,940

Decrease in interest expense and fees payable		(27,800	)

Decrease in accrued expenses		(180,743	)

Decrease in unfunded loan commitments		(1,349,418	)

Net change in unrealized (appreciation) depreciation from investments		21,262,851

Net realized gain from investments		(2,044,301	)

Net cash provided by operating activities	$	37,749,059

Cash Flows From Financing Activities

Cash distributions paid to common shareholders	$	(34,840,865	)

Proceeds from notes payable		17,000,000

Repayments of notes payable		(23,000,000	)

Payment of deferred debt issuance costs on variable rate term preferred shares		(38,080	)

Payment of upfront fees on notes payable		(290,000	)

Net cash used in financing activities	$	(41,168,945	)

Net decrease in cash and restricted cash	$	(3,419,886	)

Cash and restricted cash at beginning of year (including foreign currency)	$	7,962,678

Cash and restricted cash at end of year (including foreign currency)	$	4,542,792

Supplemental disclosure of cash flow information:

Cash paid for interest and fees on borrowings and variable rate term preferred shares	$	12,146,371


	May 31, 2019		May 31, 2018

Cash	$	3,793,421	$	5,788,413

Deposits for derivatives collateral — forward foreign currency exchange contracts		—		1,210,000

Foreign currency		749,371		964,265

Total cash and restricted cash as shown on the Statement of Cash Flows	$	4,542,792	$	7,962,678


		6		See Notes to Financial Statements.


		7		See Notes to Financial Statements.


		8		See Notes to Financial Statements.


		9		See Notes to Financial Statements.


	Year Ended May 31,
Ratios/Supplemental Data	2019			2018			2017			2016			2015

Net assets applicable to common shares, end of year (000’s omitted)	$	606,408		$	622,241		$	620,772		$	585,101		$	623,439

Ratios (as a percentage of average daily net assets applicable to common shares):^†

Expenses excluding interest and fees⁽³⁾		1.28	%		1.28	%		1.32	%		1.36	%		1.37	%

Interest and fee expense⁽⁴⁾		2.00	%		1.52	%		1.16	%		0.93	%		0.80	%

Total expenses⁽³⁾		3.28	%		2.80	%		2.48	%		2.29	%		2.17	%

Net investment income		5.49	%		5.09	%		5.68	%		6.22	%		5.60	%

Portfolio Turnover		24	%		34	%		47	%		29	%		32	%

Senior Securities:

Total notes payable outstanding (in 000’s)	$	248,000		$	254,000		$	246,000		$	232,000		$	290,000

Asset coverage per $1,000 of notes payable⁽⁵⁾	$	3,768		$	3,765		$	3,849		$	3,867		$	3,426

Total preferred shares outstanding		800			800			800			800			800

Asset coverage per preferred share⁽⁶⁾	$	284,880		$	286,300		$	290,421		$	287,532		$	268,497

Involuntary liquidation preference per preferred share⁽⁷⁾	$	100,000		$	100,000		$	100,000		$	100,000		$	100,000

Approximate market value per preferred share⁽⁷⁾	$	100,000		$	100,000		$	100,000		$	100,000		$	100,000



Undistributed ordinary income	$	6,958,808

Post October capital losses	$	(3,055,653	)

Net unrealized depreciation	$	(21,728,930	)

Distributions payable	$	(569,551	)



Aggregate cost	$	957,326,229

Gross unrealized appreciation	$	8,540,998

Gross unrealized depreciation		(30,165,014	)

Net unrealized depreciation	$	(21,624,016	)


Description	Date of Acquisition		Shares		Cost		Value

Common Stocks

Nine Point Energy Holdings, Inc.		7/15/14,		758	$	34,722	$	841

		10/21/14

Convertible Preferred Stocks

Nine Point Energy Holdings, Inc., Series A, 12.00%		5/26/17		14	$	14,000	$	20,552

Total Restricted Securities					$	48,722	$	21,393


	Fair Value
Derivative	Asset Derivative⁽¹⁾		Liability Derivative⁽²⁾

Forward foreign currency exchange contracts	$	392,706	$	(37,613	)


Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received^(a)			Cash Collateral Received^(a)		Net Amount of Derivative Assets^(b)

Goldman Sachs International	$	16,978		$	—		$	—		$	—	$	16,978

HSBC Bank USA, N.A.		275,926			—			(275,926	)		—		—

State Street Bank and Trust Company		99,802			(37,613	)		(62,189	)		—		—

	$	392,706		$	(37,613	)	$	(338,115	)	$	—	$	16,978

Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged^(a)			Cash Collateral Pledged^(a)		Net Amount of Derivative Liabilities^(c)

State Street Bank and Trust Company	$	(37,613	)	$	37,613		$	—		$	—	$	—


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	$	5,858,221	$	(1,547,173	)


Asset Description	Level 1		Level 2			Level 3*		Total

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)	$	—	$	854,947,612		$	2,893,391	$	857,841,003

Corporate Bonds & Notes		—		30,884,136			—		30,884,136

Asset-Backed Securities		—		16,924,199			—		16,924,199

Common Stocks		1,118,566		3,214,033			6,129,279		10,461,878

Convertible Preferred Stocks		—		—			20,552		20,552

Closed-End Funds		11,590,695		—			—		11,590,695

Miscellaneous		—		31,490			0		31,490

Short-Term Investments		—		7,948,260			—		7,948,260

Total Investments	$	12,709,261	$	913,949,730		$	9,043,222	$	935,702,213

Forward Foreign Currency Exchange Contracts	$	—	$	392,706		$	—	$	392,706

Total	$	12,709,261	$	914,342,436		$	9,043,222	$	936,094,919

Liability Description

Forward Foreign Currency Exchange Contracts	$	—	$	(37,613	)	$	—	$	(37,613	)

Total	$	—	$	(37,613	)	$	—	$	(37,613	)


Nominee for Trustee Elected by All Shareholders	Number of Shares
Nominee for Trustee Elected by All Shareholders	For		Withheld

Mark R. Fetting		36,029,126		1,028,398

Helen Frame Peters		36,001,299		1,056,225

Marcus L. Smith		36,015,050		1,042,474

Nominee for Trustee Elected by VRTP Shareholders	Number of Shares
Nominee for Trustee Elected by VRTP Shareholders	For		Withheld

Valerie A. Mosley		800		0


Name and Year of Birth	Position(s) with the Trust	Term Expiring. Trustee Since⁽¹⁾	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 2020. Trustee since 2007.	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 169 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years.⁽²⁾ Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Class III Trustee	Until 2022. Trustee 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 in the Last Five Years. None.

Cynthia E. Frost 1961	Class I Trustee	Until 2020. Trustee 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 in the Last Five Years. None.

George J. Gorman 1952	Class II Trustee⁽³⁾	Until 2021. 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 in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Class III Trustee⁽³⁾	Until 2022. Trustee since 2014.	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years.⁽²⁾ Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).


Name and Year of Birth	Position(s) with the Trust	Officer Since⁽⁵⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM since 2016.


Fiscal Years Ended	5/31/18		5/31/19
Audit Fees	$	109,212	$	109,500
Audit-Related Fees⁽¹⁾	$	18,000	$	0
Tax Fees⁽²⁾	$	22,006	$	22,006
All Other Fees⁽³⁾	$	0	$	0

Total	$	149,218	$	131,506


	Number of All Accounts		Total Assets of All Accounts		Number of Accounts Paying a Performance Fee		Total Assets of Accounts Paying a Performance Fee
Ralph H. Hinckley, Jr.
Registered Investment Companies		1	$	946.1		0	$	0
Other Pooled Investment Vehicles		3	$	6,127.2		0	$	0
Other Accounts		2	$	1,098.8		0	$	0
William E. Holt
Registered Investment Companies		5	$	2,785.8		0	$	0
Other Pooled Investment Vehicles		0	$	0		0	$	0
Other Accounts		0	$	0		0	$	0
Catherine C. McDermott
Registered Investment Companies		8	$	5,734.0		0	$	0
Other Pooled Investment Vehicles		0	$	0		0	$	0
Other Accounts		0	$	0		0	$	0
Daniel P. McElaney
Registered Investment Companies		5	$	2,785.8		0	$	0
Other Pooled Investment Vehicles		0	$	0		0	$	0
Other Accounts		0	$	0		0	$	0
Scott H. Page
Registered Investment Companies		13	$	27,700.6		0	$	0
Other Pooled Investment Vehicles		10	$	8,382.5		0	$	0
Other Accounts		5	$	5,082.8		0	$	0
Andrew N. Sveen
Registered Investment Companies		10	$	24,752.4		0	$	0
Other Pooled Investment Vehicles		0	$	0		0	$	0
Other Accounts		0	$	0		0	$	0


Portfolio Manager	Dollar Range of Equity Securities Beneficially Owned in the Trust
Ralph H. Hinckley, Jr.	$	50,001 – $100,000
William E. Holt		None
Catherine C. McDermott		None
Daniel P. McElaney		None
Scott H. Page	$	100,001 – $500,000
Andrew N. Sveen		None



(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.


Eaton Vance Floating-Rate Income Trust

By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		July 24, 2019


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		July 24, 2019

By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		July 24, 2019