N-CSR 1 d264742dncsr.htm EATON VANCE FLOATING-RATE INCOME TRUST Eaton Vance Floating-Rate Income Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21574

 

 

Eaton Vance Floating-Rate Income Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

May 31

Date of Fiscal Year End

May 31, 2022

Date of Reporting Period

 

 

 

Item 1. Reports to Stockholders

 

Eaton Vance
Floating-Rate Income Trust (EFT)
Annual Report
May 31, 2022

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. 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. The adviser is also registered as 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.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Management’s Discussion of Fund Performance†
Economic and Market Conditions
Amid increasing global concerns about inflation and supply-chain disruptions, and the negative effect of Russia’s invasion of Ukraine on both of those issues, senior loans displayed their value as a portfolio diversifier by outperforming the majority of U.S. fixed-income asset classes during the 12-month period ended May 31, 2022. While returns were nonetheless negative at -0.26% for the S&P/LSTA Leveraged Loan Index (the Index), a broad measure of the asset class, senior loans significantly outperformed corporate bonds, corporate high yield bonds, municipal bonds, and U.S. government bonds during the period.
For senior loan investors, the one-year period appeared to consist of two distinct parts. From the opening of the period on June 1, 2021 through January 2022, the asset class generally rallied — except for pauses in March and July 2021 when returns were flat, and in November 2021 when a new COVID-19 variant caused asset prices to plummet worldwide. In a yield-starved environment, senior loans offered attractive spreads versus other asset classes.
The ongoing rollout of vaccines, the reopening of U.S. businesses, and comparatively low yields in other fixed-income asset classes all provided tailwinds for senior loans during that time. Technical factors also bolstered loan performance as demand outpaced supply and institutional demand for collateralized loan obligations (CLOs) remained strong. Reflecting investors’ increased appetite for risk, lower-rated loans generally outperformed higher-rated issues.
In February 2022, however, the economic impact of Russia’s unprovoked invasion of Ukraine became a tipping point for loan performance. While the U.S. Federal Reserve’s projection of seven rate increases in 2022 was viewed as a positive for floating-rate loans, investors began to worry about the negative effects of supply-chain disruptions, higher commodity and labor expenses, and rising debt service costs on loan issuers.
Manifesting investors’ concerns, higher-quality loans began to outperform lower-quality loans. Loan prices, which had risen earlier in the period, declined each month from February through the end of the period on May 31. Nonetheless, mutual fund inflows for the asset class continued through April. The final month of the period, however, was the worst month for senior loans since the beginning of the pandemic. In May 2022, loan prices fell to $94.60, from $98.08 at the start of the period. Mutual funds experienced outflows for the first time in the period, CLO demand was the lowest in 18 months, and the Index fell 2.56%.
One remaining bright spot, however, was issuer fundamentals. The trailing 12-month default rate plummeted from 1.73% at the beginning of the period to 0.21% at period-end, close to the market’s all-time low of 0.15%.
For the period as a whole, higher quality loans outperformed lower quality issues, with BBB-, BB-, B-, CCC- and D-rated (defaulted) loans in the Index returning 0.28%, 0.09%, -0.29%, -2.22%, and -14.96%, respectively.
Fund Performance
For the 12-month period ended May 31, 2022, Eaton Vance Floating-Rate Income Trust (the Fund) returned -2.81% at net asset value of its common shares (NAV), underperforming the -0.26% return of the S&P/LSTA Leveraged Loan Index (the Index).
Under normal market conditions, the Fund invests at least 80% of its total assets in senior loans of domestic and foreign borrowers that are denominated in U.S. dollars and foreign currencies. The Fund has historically tended to underweight lower-quality loans relative to the Index — a strategy that may help the Fund experience limited credit losses over time, but may detract from relative performance versus the Index during periods when lower-quality issues outperform.
The Fund’s employment of investment leverage detracted from performance versus the Index. The use of leverage has the effect of achieving additional exposure to the loan market, and thus magnifying exposure to the Fund’s underlying investments in both up and down market environments. The use of leverage hurt performance versus the Index, which does not employ leverage, as leverage amplified the price declines of loans in the Fund’s underlying portfolio during the period.
The Fund’s out-of-Index allocation to corporate high yield bonds also detracted from Fund performance versus the Index. Rising interest rates led high yield bonds in general to underperform senior loans during the period.
Loan selections overall detracted from relative performance as well. In particular, loan selections in the radio & television and health care industries hurt Fund returns versus the Index. An overweight position relative to the Index in the automotive industry — where factory production was restricted by a worldwide semiconductor shortage — and an underweight position in the lodgings & casino industry — where business recovered as pandemic restrictions were lifted — also dragged on relative Fund performance.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Management’s Discussion of Fund Performance† — continued
The Fund’s allocation to collateralized loan obligation (CLO) debt was an additional detractor from Fund performance versus the Index, as CLO prices declined amid weakening demand from institutional investors.
In contrast, loan selections in the oil & gas industry, along with the Fund’s modestly overweight position in the industry, contributed to Fund returns versus he Index. The Fund’s small cash position also helped relative performance as the senior loan asset class delivered negative performance during the period.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
3

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Performance
Portfolio Manager(s) Ralph H. Hinckley, CFA, Andrew N. Sveen, CFA, Catherine C. McDermott and Daniel P. McElaney, CFA
% Average Annual Total Returns1,2 Inception Date One Year Five Years Ten Years
Fund at NAV 06/29/2004 (2.81)% 3.22% 4.89%
Fund at Market Price — (8.10) 2.22 3.91
S&P/LSTA Leveraged Loan Index — (0.26)% 3.35% 4.04%
% Premium/Discount to NAV3  
  (7.32)%
Distributions 4  
Total Distributions per share for the period $0.930
Distribution Rate at NAV 7.02%
Distribution Rate at Market Price 7.57
% Total Leverage5  
Borrowings 24.01%
Variable Rate Term Preferred Shares (VRTP Shares) 13.07
Growth of $10,000
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
4

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Fund Profile
Top 10 Issuers (% of total investments)*  
Ultimate Software Group, Inc. (The) 0.9%
Citgo Petroleum Corporation 0.9
Uber Technologies, Inc. 0.9
Virgin Media SFA Finance Limited 0.9
Magenta Buyer, LLC 0.9
Finastra USA, Inc., 0.8
Banff Merger Sub, Inc. 0.8
UPC Broadband Holding B.V. 0.8
Les Schwab Tire Centers 0.7
Mallinckrodt International Finance S.A. 0.7
Total 8.3%
    
* Excludes cash and cash equivalents.
Credit Quality (% of bonds, loans and asset-backed securities)1
1 Credit ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P.
Top 10 Industries (% of total investments)*
Software 17.5%
Health Care Providers & Services 4.9
Machinery 4.7
IT Services 3.8
Commercial Services & Supplies 3.7
Chemicals 3.2
Diversified Telecommunication Services 2.8
Specialty Retail 2.7
Oil, Gas & Consumable Fuels 2.6
Capital Markets 2.6
Total 48.5%
    
* Excludes cash and cash equivalents.
 
5

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
The Fund's Investment Objectives, Principal Strategies and Principal Risks‡
Investment Objectives. The Fund’s investment objective is to provide a high level of current income. As a secondary objective, the Fund seeks preservation of capital to the extent consistent with its primary goal of high current income.
Principal Strategies. The Fund pursues its objectives by investing its assets primarily in senior, secured floating rate loans (“Senior Loans”). Floating-rate loans are loans in which the interest rate paid fluctuates based on a reference rate. Under normal market conditions, at least 80% of the Fund’s total assets will be invested in Senior Loans of domestic and foreign borrowers that are denominated in U.S. dollars, euros, British pounds, Swiss francs, Canadian dollars and Australian dollars (each an “Authorized Foreign Currency”). For the purpose of the 80% test, total assets is defined as net assets plus any borrowings for investment purposes, including any outstanding preferred shares. Senior Loans typically are secured with specific collateral and have a claim on the assets and/or stock that is senior to subordinated debtholders and stockholders of the borrower. Senior Loans are made to corporations, partnerships and other business entities
(“Borrowers”) which operate in various industries and geographical regions, including foreign Borrowers. Senior Loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk, speculative characteristics (sometimes referred to as “junk”).
The Fund may invest up to 20% of its total assets in (i) loan interests which have (a) a second lien on collateral (“Second Lien”), (b) no security interest in the collateral, or (c) lower than a senior claim on collateral; (ii) other income-producing securities, such as investment and non-investment grade corporate debt securities and U.S. government and U.S. dollar-denominated foreign government or supranational debt securities; and (iii) warrants and equity securities issued by a Borrower or its affiliates as part of a package of investments in the Borrower or its affiliates.
Under normal market conditions, Eaton Vance expects the Fund to maintain a duration of less than one year (including the effect of leverage). As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration. Investing in loans involves investment risk.
The Fund may invest in individual Senior Loans and other securities of any credit quality. The Fund may invest up to 15% of net assets in Senior Loans denominated in Authorized Foreign Currencies and may invest in other securities of non-United States issuers. The Fund’s investments may have significant exposure to certain sectors of the economy and thus may react differently to political or economic developments than the market as a whole.
The Fund may purchase or sell derivative instruments (which derive their value from another instrument, security or index) for risk management purposes, such as hedging against fluctuations in Senior Loans and other securities prices or interest rates; diversification purposes; changing the duration of the Fund; or leveraging the Fund. Transactions in derivative instruments may include the purchase or sale of futures contracts on securities, indices and other financial instruments, credit-linked notes, tranches of collateralized loan obligations and/or collateralized debt
obligations, options on futures contracts, exchange-traded and over-the-counter options on securities or indices, forward foreign currency exchange contracts, and interest rate, total return and credit default swaps.
The Fund employs leverage to seek opportunities for additional income. Leverage may amplify the effect on the Fund’s NAV of any increase or decrease in the value of investments held. There can be no assurance that the use of borrowings will be successful. The Fund has issued preferred shares and borrowed to establish leverage. Investments in derivative instruments may result in economic leverage for the Fund.
Principal Risks
Market Discount Risk. As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.
Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.
Credit Risk. Investments in fixed income and other debt obligations, including loans, (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Due to their lower place in the borrower’s capital structure, secured and unsecured subordinated loans, second lien loans and subordinate bridge loans involve a higher degree of overall risk than Senior Loans to the same borrower.
 
See Endnotes and Additional Disclosures in this report.
6

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
The Fund's Investment Objectives, Principal Strategies and Principal Risks‡ — continued
Additional Risks of Loans. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. See also “Market Risk” above. It also may take longer than seven days for transactions in loans to settle. The types of covenants included in loan agreements generally vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly other factors. Loans with fewer covenants that restrict activities of the borrower may provide the borrower with more flexibility to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event of such actions or if covenants are breached. The Fund may experience relatively greater realized or unrealized losses or delays and expense in enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. may have substantially different lender protections and covenants as compared to loans to U.S. entities and may involve greater risks. The Fund may have difficulties and incur expense enforcing its rights with respect to non-U.S. loans and such loans could be subject to bankruptcy laws that are materially different than in the U.S. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments, including credit risk and risks of lower rated investments.
Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.
Interest Rate Risk. In general, the value of debt instruments will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.
LIBOR Risk. The London Interbank Offered Rate or LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. The Fund has exposure to LIBOR-based instruments. Although the transition process away from LIBOR has become increasingly well defined in advance of the anticipated discontinuation, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, such as floating-rate debt obligations. Any effects of the transition away from LIBOR and the adoption of alternative reference rates, as well as other unforeseen effects, could result in losses to the Fund. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects may occur prior to the discontinuation. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.
Leverage Risk. Leverage, including leverage from the issuance of preferred shares and borrowings, creates risks, including the likelihood of greater volatility of NAV and market price of, and distributions from, the common shares and the risk that fluctuations in dividend rates on preferred shares and in the costs of borrowings may affect the return to common shareholders. To the extent the income derived from investments purchased with funds received from leverage exceeds the cost of leverage, the Fund’s distributions will be greater than if leverage had not been used. Conversely, if the income from the investments purchased with such funds is not sufficient to cover the cost of leverage, the amount of income available for distribution to common shareholders will be less than if leverage had not been used. In the latter case, the investment adviser, may nevertheless determine to maintain the Fund’s leveraged position if it deems such action to be appropriate. While the Fund has preferred shares or borrowings outstanding, an increase in short-term rates would also result in an increased cost of leverage, which would adversely affect the Fund’s income available for distribution. In connection with its borrowings and preferred shares, the Fund will be required to maintain specified asset coverage by applicable federal securities laws and (as applicable) the terms of the preferred shares and its credit facility. The Fund may be required to dispose of portfolio investments on unfavorable terms if market fluctuations or other factors cause the required asset coverage to be less than the prescribed amount. There can be no assurance that a leveraging strategy will be successful.
Foreign Investment Risk. Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which U.S. companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States, and as a result, Fund share
 
See Endnotes and Additional Disclosures in this report.
7

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
The Fund's Investment Objectives, Principal Strategies and Principal Risks‡ — continued
values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country.
Emerging Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets.
Currency Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.
Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the reference instrument underlying the investment.
U.S. Government Securities Risk. Although certain U.S. Government sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity.
Equity Securities Risk. The value of equity securities and related instruments may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer and sector-specific considerations; unexpected trading activity among retail investors; or other factors. Market
conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines in value, the value of the Fund’s equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous levels.
Liquidity Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance. These effects may be exacerbated during times of financial or political stress.
Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions.
Recent Market Conditions. An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in a substantial economic downturn. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. For example, a global pandemic or other widespread health crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have led to large portions of the populations of many countries working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The impact of such responses could adversely affect the information technology and operational systems upon which the Fund and the Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service providers to perform critical tasks relating to the Fund. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.
Cybersecurity Risk. With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business
 
See Endnotes and Additional Disclosures in this report.
8

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
The Fund's Investment Objectives, Principal Strategies and Principal Risks‡ — continued
operations potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.
General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Potential Conflicts of Interest
As a diversified global financial services firm, Morgan Stanley, the parent company of the investment adviser, engages in a broad spectrum of activities where Morgan Stanley’s interests or the interests of its clients may conflict with the interests of the Fund. Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with any new or successor Morgan Stanley funds, programs, accounts or businesses, (other than funds, programs, accounts or businesses sponsored, managed, or advised by former direct or indirect subsidiaries of Eaton Vance Corp. (“Eaton Vance Investment Accounts”)), the “MS Investment Accounts,” and, together with the Eaton Vance Investment Accounts, the ‘‘Affiliated Investment Accounts’’) with a wide variety of investment objectives that in some instances may overlap or conflict with a Fund’s investment objectives and present conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and, in fact, they may not be. Conflicts of interest not described below may also exist.
Material Non-Public Information. It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the investment adviser. If such information becomes available, the investment adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or investment opportunity. Morgan Stanley has established certain information barriers and other policies to address the sharing of information between different businesses within Morgan Stanley.
Investments by Morgan Stanley and its Affiliated Investment Accounts. In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the investment adviser and its investment teams, may have obligations to other clients or investors in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of a Fund or its shareholders. A Fund’s investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a result, the members of an investment team may face conflicts in the allocation of investment opportunities among a Fund and other investment funds, programs, accounts and businesses advised by or affiliated with the investment adviser. Certain Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the investment adviser to favor such other accounts. To seek to reduce potential conflicts of interest and to attempt to allocate investment opportunities in a fair and equitable manner the
investment adviser has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of the investment adviser, including the Fund(s), fair access to investment opportunities, consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the investment adviser.
Investments by Separate Investment Departments. The entities and individuals that provide investment-related services for the Fund and certain other Eaton Vance Investment Accounts (the “Eaton Vance Investment Department”) may be different from the entities and individuals that provide investment-related services to MS Investment Accounts (the “MS Investment Department” and, together with the Eaton Vance Investment Department, the “Investment Departments”). Although Morgan Stanley has implemented information barriers between the Investment Departments in accordance with internal policies and procedures, each Investment Department may engage in discussions and share information and resources with the other Investment Department on certain investment-related matters. A MS Investment Account could trade in advance of a Fund (and vice versa), might complete trades more quickly and efficiently than a Fund, and/or achieve different execution than a Fund on the same or similar investments made contemporaneously.
Morgan Stanley Trading and Principal Investing Activities. Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a Fund’s holdings, although these activities could have an adverse impact on the value of one or more of the Fund’s investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from, and potentially adverse to, that of a Fund.
Morgan Stanley’s Investment Banking and Other Commercial Activities. Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment funds that may compete with a Fund and with respect to investments that a Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may involve an action of a different timing or nature than the action taken, by a Fund.
General Process for Potential Conflicts. All of the transactions described above involve the potential for conflicts of interest between the investment adviser, related persons of the investment adviser and/or their clients. The Investment Advisers Act of 1940, as amended (the “Advisers Act”) the Investment Company Act of 1940, as amended (the “1940 Act”), and the Employee Retirement Income Security Act, as amended (“ERISA”) impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. In addition, the investment adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law.
 
See Endnotes and Additional Disclosures in this report.
9

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Endnotes and Additional Disclosures
†  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.
‡  The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are available for purchase and sale only at current market prices in secondary market trading.
   
1 S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® is a registered trademark of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2 Performance results reflect the effects of leverage. Included in the average annual total return at NAV for the ten-year period is the impact of the 2013 tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 98% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance would have been lower.
3 The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.
4 The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance. com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.
5 Leverage represents the liquidation value of the Fund’s VRTP Shares and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus VRTP Shares and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.
  Fund profile subject to change due to active management.
  Important Notice to Shareholders
  Effective July 1, 2022, Sarah Choi was added to the portfolio management team.
 
10

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments
Asset-Backed Securities — 7.4%
Security Principal
Amount
(000's omitted) 		Value
AIG CLO, Ltd., Series 2019-1A, Class ER, 6.959%, (3 mo. SOFR + 6.70%), 4/18/35(1)(2) $     1,000 $     873,915
Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class D, 7.261%, (3 mo. USD LIBOR + 5.85%), 5/15/30(1)(2)       2,000    1,756,696
Ares XXXIV CLO, Ltd., Series 2015-2A, Class ER, 7.894%, (3 mo. USD LIBOR + 6.85%), 4/17/33(1)(2)       1,300    1,189,475
Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, Class E, 8.064%, (3 mo. USD LIBOR + 7.02%), 1/15/33(1)(2)         750      710,845
Benefit Street Partners CLO XVIII, Ltd., Series 2019-18A, Class ER, 7.794%, (3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2)       1,000      915,483
Benefit Street Partners CLO XXII, Ltd., Series 2020-22A, Class ER, 7.247%, (3 mo. SOFR + 6.93%), 4/20/35(1)(2)       1,000      918,005
BlueMountain CLO XXVI, Ltd., Series 2019-26A, Class ER, 8.193%, (3 mo. USD LIBOR + 7.13%), 10/20/34(1)(2)       1,500    1,354,575
Canyon Capital CLO, Ltd.:       
Series 2019-2A, Class ER, 7.794%, (3 mo. USD LIBOR + 6.75%), 10/15/34(1)(2)         400      364,573
Series 2022-1A, Class E, 6.931%, (3 mo. SOFR + 6.40%), 4/15/35(1)(2)       1,250    1,132,750
Carlyle Global Market Strategies CLO, Ltd.:       
Series 2012-3A, Class DR2, 7.538%, (3 mo. USD LIBOR + 6.50%), 1/14/32(1)(2)       1,200    1,005,007
Series 2015-5A, Class DR, 7.763%, (3 mo. USD LIBOR + 6.70%), 1/20/32(1)(2)         500      430,345
Cedar Funding X CLO, Ltd., Series 2019-10A, Class ER, 7.563%, (3 mo. USD LIBOR + 6.50%), 10/20/32(1)(2)       1,000      902,350
Galaxy XV CLO, Ltd., Series 2013-15A, Class ER, 7.689%, (3 mo. USD LIBOR + 6.645%), 10/15/30(1)(2)       1,000      894,070
Galaxy XXI CLO, Ltd., Series 2015-21A, Class ER, 6.313%, (3 mo. USD LIBOR + 5.25%), 4/20/31(1)(2)       1,000      850,167
Galaxy XXV CLO, Ltd., Series 2018-25A, Class E, 7.134%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2)         250      216,122
Golub Capital Partners CLO 23M, Ltd., Series 2015-23A, Class ER, 6.813%, (3 mo. USD LIBOR + 5.75%), 1/20/31(1)(2)       1,200      980,422
Golub Capital Partners CLO 50B-R, Ltd., Series 2020-50A, Class ER, 7.492%, (3 mo. SOFR + 7.10%), 4/20/35(1)(2)       1,000      843,823
Madison Park Funding XXXVI, Ltd., Series 2019-36A, Class ER, 7.901%, (3 mo. SOFR + 7.05%), 4/15/35(1)(2)       1,000      907,676
Neuberger Berman CLO, Ltd., Series 2022-48A, Class E, 7.228%, (3 mo. SOFR + 6.50%), 4/25/36(1)(2)       1,000       905,188
Security Principal
Amount
(000's omitted) 		Value
Palmer Square CLO, Ltd.:       
Series 2013-2A, Class DRR, 6.894%, (3 mo. USD LIBOR + 5.85%), 10/17/31(1)(2) $       900 $      809,336
Series 2014-1A, Class DR2, 6.744%, (3 mo. USD LIBOR + 5.70%), 1/17/31(1)(2)       1,500    1,344,253
Series 2015-1A, Class DR4, 8.005%, (3 mo. USD LIBOR + 6.50%), 5/21/34(1)(2)         500      449,230
Series 2019-1A, Class DR, 7.911%, (3 mo. USD LIBOR + 6.50%), 11/14/34(1)(2)       1,000      937,482
RAD CLO 5, Ltd., Series 2019-5A, Class E, 7.884%, (3 mo. USD LIBOR + 6.70%), 7/24/32(1)(2)       1,000      995,297
RAD CLO 7, Ltd., Series 2020-7A, Class E, 7.544%, (3 mo. USD LIBOR + 6.50%), 4/17/33(1)(2)       1,275    1,187,371
Regatta XIV Funding, Ltd., Series 2018-3A, Class E, 7.134%, (3 mo. USD LIBOR + 5.95%), 10/25/31(1)(2)         700      590,189
Regatta XVI Funding, Ltd., Series 2019-2A, Class E, 8.044%, (3 mo. USD LIBOR + 7.00%), 1/15/33(1)(2)         750      693,144
Vibrant CLO X, Ltd., Series 2018-10A, Class D, 7.253%, (3 mo. USD LIBOR + 6.19%), 10/20/31(1)(2)         850      690,320
Vibrant CLO XI, Ltd., Series 2019-11A, Class D, 7.833%, (3 mo. USD LIBOR + 6.77%), 7/20/32(1)(2)       1,000      857,810
Voya CLO, Ltd., Series 2013-1A, Class DR, 7.524%, (3 mo. USD LIBOR + 6.48%), 10/15/30(1)(2)       2,000    1,661,616
Wellfleet CLO, Ltd., Series 2020-1A, Class D, 8.284%, (3 mo. USD LIBOR + 7.24%), 4/15/33(1)(2)       1,300    1,196,356
Total Asset-Backed Securities
(identified cost $31,629,054) 		    $  28,563,891
    
Closed-End Funds — 2.0%
Security Shares Value
BlackRock Floating Rate Income Strategies Fund, Inc.     111,292 $    1,304,342
Invesco Senior Income Trust     402,161    1,592,558
Nuveen Credit Strategies Income Fund     406,731    2,220,751
Nuveen Floating Rate Income Fund     164,907    1,441,287
Nuveen Floating Rate Income Opportunity Fund     115,017      996,047
Total Closed-End Funds
(identified cost $9,825,290) 		    $   7,554,985
    
Common Stocks — 1.0%
Security Shares Value
Aerospace and Defense — 0.1%
IAP Global Services, LLC(3)(4)(5)          58 $      261,329
      $     261,329
 
11
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Security Shares Value
Electronics/Electrical — 0.1%
Riverbed Technology, Inc.(4)(5)         326 $          449
Skillsoft Corp.(4)(5)      56,469      330,908
      $     331,357
Oil and Gas — 0.3%
Nine Point Energy Holdings, Inc.(3)(4)(6)         758 $            0
QuarterNorth Energy, Inc.(4)(5)      10,477    1,354,152
      $   1,354,152
Radio and Television — 0.3%
Clear Channel Outdoor Holdings, Inc.(4)(5)      86,335 $      136,409
Cumulus Media, Inc., Class A(4)(5)      42,499      512,113
iHeartMedia, Inc., Class A(4)(5)      36,714      433,225
      $   1,081,747
Retailers (Except Food and Drug) — 0.1%
Phillips Pet Holding Corp.(3)(4)(5)         613 $      213,952
      $     213,952
Telecommunications — 0.1%
GEE Acquisition Holdings Corp.(3)(4)(5)      46,236 $      482,704
      $     482,704
Total Common Stocks
(identified cost $3,642,457) 		    $   3,725,241
    
Convertible Preferred Stocks — 0.0%(7)
Security Shares Value
Electronics/Electrical — 0.0%(7)
Riverbed Technology, Inc., Series A, 6.50%, (1.50% cash, 5.00% PIK)(4)(5)         107 $          919
      $         919
Oil and Gas — 0.0%
Nine Point Energy Holdings, Inc., Series A, 12.00%(3)(4)(6)          14 $            0
      $           0
Total Convertible Preferred Stocks
(identified cost $17,197) 		    $         919
    
Corporate Bonds — 4.3%
Security Principal
Amount
(000's omitted) 		Value
Aerospace and Defense — 0.2%
Transdigm, Inc., 4.875%, 5/1/29 $       700 $      629,703
      $     629,703
Building and Development — 0.3%
SRM Escrow Issuer, LLC, 6.00%, 11/1/28(1) $       625 $      584,594
Standard Industries, Inc., 4.75%, 1/15/28(1)         625      593,625
      $   1,178,219
Business Equipment and Services — 0.4%
Prime Security Services Borrower, LLC/Prime Finance, Inc.:       
5.25%, 4/15/24(1) $       750 $      750,918
5.75%, 4/15/26(1)         750      742,684
      $   1,493,602
Consumer Products — 0.1%
Central Garden & Pet Co., 4.125%, 10/15/30 $       625 $      554,728
      $     554,728
Cosmetics/Toiletries — 0.2%
Edgewell Personal Care Co., 5.50%, 6/1/28(1) $       625 $      609,375
      $     609,375
Distribution & Wholesale — 0.2%
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1) $       625 $      569,717
      $     569,717
Diversified Financial Services — 0.1%
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30(1) $       625 $      532,313
      $     532,313
Engineering & Construction — 0.1%
TopBuild Corp., 3.625%, 3/15/29(1) $       625 $      555,273
      $     555,273
Food Service — 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons, LLC, 3.50%, 3/15/29(1) $       625 $      544,878
      $     544,878
 
12
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Security Principal
Amount
(000's omitted) 		Value
Health Care — 0.4%
Centene Corp., 3.375%, 2/15/30 $       625 $      574,431
LifePoint Health, Inc., 5.375%, 1/15/29(1)         625      527,775
US Acute Care Solutions, LLC, 6.375%, 3/1/26(1)         625      594,300
      $   1,696,506
Home Furnishings — 0.1%
Tempur Sealy International, Inc., 4.00%, 4/15/29(1) $       625 $      546,731
      $     546,731
Insurance — 0.2%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(1) $       625 $      604,347
      $     604,347
Leisure Goods/Activities/Movies — 0.1%
Viking Cruises, Ltd., 5.875%, 9/15/27(1) $       625 $      531,250
      $     531,250
Media — 0.7%
Audacy Capital Corp., 6.50%, 5/1/27(1) $       625 $      408,803
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(1)       3,160    1,048,219
iHeartCommunications, Inc.:       
6.375%, 5/1/26         208      204,932
8.375%, 5/1/27         376      353,659
Sirius XM Radio, Inc., 4.00%, 7/15/28(1)         625      580,516
      $   2,596,129
Oil and Gas — 0.3%
Centennial Resource Production, LLC, 5.375%, 1/15/26(1) $       625 $      605,063
PBF Holding Co., LLC/PBF Finance Corp., 9.25%, 5/15/25(1)         625      650,762
      $   1,255,825
Pipelines — 0.1%
EQM Midstream Partners, L.P., 4.75%, 1/15/31(1) $       625 $      543,394
      $     543,394
Real Estate Investment Trusts (REITs) — 0.2%
HAT Holdings I, LLC/HAT Holdings II, LLC, 3.375%, 6/15/26(1) $       625 $      579,094
      $     579,094
Security Principal
Amount
(000's omitted) 		Value
Retail — 0.1%
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30(1) $       625 $      542,706
      $     542,706
Technology — 0.2%
Minerva Merger Sub, Inc., 6.50%, 2/15/30(1) $       625 $      574,544
      $     574,544
Wireless Telecommunication Services — 0.2%
Digicel International Finance, Ltd./Digicel International Holdings, Ltd., 8.75%, 5/25/24(1) $       600 $      571,911
      $     571,911
Total Corporate Bonds
(identified cost $19,185,087) 		    $  16,710,245
    
Senior Floating-Rate Loans — 142.8%(8)
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Aerospace and Defense — 2.7%
Aernnova Aerospace S.A.U.:       
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 2/22/27 EUR       107 $      106,971
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 2/26/27 EUR       418      417,189
AI Convoy (Luxembourg) S.a.r.l.:       
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), 1/18/27 EUR       450      462,415
Term Loan, 5.025%, (USD LIBOR + 3.50%), 1/18/27(9)       1,736    1,688,745
Dynasty Acquisition Co., Inc.:       
Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 4/6/26       1,941    1,852,797
Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 4/6/26       1,044      996,478
IAP Worldwide Services, Inc.:       
Revolving Loan, 0.75%, 7/18/23(10)         325      317,992
Term Loan - Second Lien, 8.00%, (3 mo. USD LIBOR + 6.50%, Floor 1.50%), 7/18/23(3)         414      327,791
Spirit Aerosystems, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 1/15/25         569      555,614
WP CPP Holdings, LLC, Term Loan, 4.99%, (USD LIBOR + 3.75%), 4/30/25(9)       4,278    3,861,172
      $  10,587,164
 
13
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Airlines — 2.3%
AAdvantage Loyalty IP, Ltd., Term Loan, 5.813%, (3 mo. USD LIBOR + 4.75%), 4/20/28       3,050 $    3,042,375
Air Canada, Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 8/11/28       2,000    1,953,750
Mileage Plus Holdings, LLC, Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), 6/21/27         800      813,445
United Airlines, Inc., Term Loan, 4.711%, (1 mo. USD LIBOR + 3.75%), 4/21/28       3,126    3,055,414
      $   8,864,984
Auto Components — 4.0%
Adient US, LLC, Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 4/10/28       2,037 $    1,925,071
Chassix, Inc., Term Loan, 7.329%, (USD LIBOR + 5.50%), 11/15/23(9)       1,436    1,261,506
Clarios Global, L.P.:       
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), 4/30/26 EUR     1,000    1,010,479
Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 4/30/26       3,042    2,928,372
Dayco Products, LLC, Term Loan, 5.825%, (3 mo. USD LIBOR + 4.25%), 5/19/23       1,069      981,024
DexKo Global, Inc.:       
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 10/4/28(10) EUR        74       74,664
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 10/4/28 EUR       461      464,029
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 10/4/28 EUR       240      241,308
Term Loan, 4.717%, (3 mo. USD LIBOR + 3.75%), 10/4/28         112      105,350
Term Loan, 4.717%, (3 mo. USD LIBOR + 3.75%), 10/4/28         588      553,087
Garrett LX I S.a.r.l., Term Loan, 4.49%, (3 mo. USD LIBOR + 3.25%), 4/30/28         771      732,569
LTI Holdings, Inc.:       
Term Loan, 5.81%, (1 mo. USD LIBOR + 4.75%), 7/24/26         372      361,952
Term Loan, 5.81%, (1 mo. USD LIBOR + 4.75%), 7/24/26         225      218,813
Tenneco, Inc., Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 10/1/25       2,985    2,855,245
Truck Hero, Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 1/31/28         837      765,188
Wheel Pros, LLC, Term Loan, 5.428%, (1 mo. USD LIBOR + 4.50%), 5/11/28       1,020      848,196
      $  15,326,853
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Automobiles — 0.7%
MajorDrive Holdings IV, LLC:       
Term Loan, 4.563%, (3 mo. USD LIBOR + 4.00%), 6/1/28         670 $      621,367
Term Loan, 6/1/29(11)       1,500    1,395,000
Thor Industries, Inc., Term Loan, 4.063%, (1 mo. USD LIBOR + 3.00%), 2/1/26         844      829,644
      $   2,846,011
Beverages — 1.1%
Arterra Wines Canada, Inc., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 11/24/27       1,086 $    1,049,136
City Brewing Company, LLC, Term Loan, 4.469%, (3 mo. USD LIBOR + 3.50%), 4/5/28         770      717,412
Triton Water Holdings, Inc., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 3/31/28       2,481    2,304,462
      $   4,071,010
Biotechnology — 0.2%
Alkermes, Inc., Term Loan, 3.544%, (3 mo. USD LIBOR + 2.50%), 3/12/26         389 $      377,981
Alltech, Inc., Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 10/13/28         424      397,441
      $     775,422
Building Products — 3.0%
ACProducts, Inc., Term Loan, 4.75%, (6 mo. USD LIBOR + 4.25%, Floor 0.50%), 5/17/28       2,109 $    1,730,530
Cornerstone Building Brands, Inc., Term Loan, 4.125%, (1 mo. USD LIBOR + 3.25%), 4/12/28       2,433    2,183,584
CP Atlas Buyer, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 11/23/27       1,511    1,378,124
Gardner Denver, Inc., Term Loan, 2.884%, (1 mo. USD LIBOR + 1.75%), 3/1/27       1,277    1,248,093
Ingersoll-Rand Services Company, Term Loan, 2.884%, (1 mo. USD LIBOR + 1.85%), 3/1/27       1,397    1,364,690
LHS Borrower, LLC, Term Loan, 5.884%, (SOFR + 4.75%), 2/16/29       1,225    1,065,750
MI Windows and Doors, LLC, Term Loan, 4.28%, (SOFR + 3.50%), 12/18/27       1,547    1,485,440
Standard Industries, Inc., Term Loan, 3.788%, (6 mo. USD LIBOR + 2.50%), 9/22/28         957      940,283
      $  11,396,494
Capital Markets — 4.1%
Advisor Group, Inc., Term Loan, 5.56%, (1 mo. USD LIBOR + 4.50%), 7/31/26       2,392 $    2,317,457
AllSpring Buyer, LLC, Term Loan, 11/1/28(11)       1,353     1,321,539
 
14
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Capital Markets (continued)
Aretec Group, Inc., Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 10/1/25       3,489 $    3,362,291
Edelman Financial Center, LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 4/7/28       2,533    2,439,945
EIG Management Company, LLC, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 2/22/25         264      258,885
Focus Financial Partners, LLC, Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 6/30/28       1,489    1,445,697
Greenhill & Co., Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 4/12/24         476      473,445
Hudson River Trading, LLC, Term Loan, 4.149%, (SOFR + 3.00%), 3/20/28       1,750    1,679,748
Mariner Wealth Advisors, LLC:       
Term Loan, 0.00%, 8/18/28(10)          39       37,960
Term Loan, 4.496%, (SOFR + 3.25%), 8/18/28         178      171,510
Term Loan, 4.496%, (SOFR + 3.25%), 8/18/28       1,241    1,198,769
Term Loan, 4.623%, (SOFR + 3.25%), 8/18/28         236      227,759
Victory Capital Holdings, Inc., Term Loan, 3.219%, (3 mo. USD LIBOR + 2.25%), 7/1/26         935      911,393
      $  15,846,398
Chemicals — 5.1%
Apergy Corporation, Term Loan, 3.563%, (1 mo. USD LIBOR + 2.50%), 5/9/25         127 $      126,546
Aruba Investments, Inc.:       
Term Loan, 4.00%, (1 mo. EURIBOR + 4.00%), 11/24/27 EUR       520      535,659
Term Loan, 4.974%, (1 mo. USD LIBOR + 4.00%), 11/24/27         792      758,854
Atotech B.V., Term Loan, 2.50%, (1 mo. EURIBOR + 2.50%), 3/18/28 EUR       375      390,504
Charter NEX US, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 12/1/27         494      476,469
Chemours Company (The), Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), 4/3/25 EUR       621      643,795
CPC Acquisition Corp., Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 12/29/27         817      758,897
Flint Group GmbH, Term Loan, 6.00%, (3 mo. USD LIBOR + 5.00%, Floor 1.00%), 5.25% cash, 0.75% PIK, 9/21/23         108      100,430
Flint Group US, LLC, Term Loan, 6.136%, (3 mo. USD LIBOR + 5.00%), 5.386% cash, 0.75% PIK, 9/21/23         651      607,520
Gemini HDPE, LLC, Term Loan, 4.239%, (3 mo. USD LIBOR + 3.00%), 12/31/27         781      766,886
Groupe Solmax, Inc., Term Loan, 5.746%, (3 mo. USD LIBOR + 4.75%), 5/29/28       1,538     1,446,072
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Chemicals (continued)
INEOS Enterprises Holdings II Limited, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 8/31/26 EUR       200 $      206,960
INEOS Enterprises Holdings US Finco, LLC, Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 8/28/26         220      218,148
INEOS Finance PLC:       
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), 4/1/24 EUR         4        3,987
Term Loan, 3.25%, (1 mo. EURIBOR + 2.75%, Floor 0.50%), 11/8/28 EUR       625      645,668
INEOS Styrolution US Holding, LLC, Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 1/29/26       1,985    1,931,653
INEOS US Finance, LLC, Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 11/8/28         525      509,906
Kraton Corporation, Term Loan, 3.99%, (3 mo. USD LIBOR + 3.25%), 3/15/29         400      386,000
Kraton Polymers Holdings B.V., Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 3/15/29 EUR       300      311,598
Lonza Group AG, Term Loan, 5.006%, (3 mo. USD LIBOR + 4.00%), 7/3/28       2,506    2,331,565
LSF11 Skyscraper Holdco S.a.r.l., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 9/29/27         668      648,227
Momentive Performance Materials, Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 5/15/24         462      449,234
Olympus Water US Holding Corporation, Term Loan, 5.298%, (SOFR + 4.50%), 11/9/28         350      337,750
Orion Engineered Carbons GmbH, Term Loan, 3.256%, (3 mo. USD LIBOR + 2.25%), 9/24/28         323      317,110
Rohm Holding GmbH, Term Loan, 5.269%, (6 mo. USD LIBOR + 4.75%), 7/31/26       1,483    1,401,039
Starfruit Finco B.V., Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 10/1/25 EUR       448      458,078
Venator Materials Corporation, Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 8/8/24         406      384,567
W.R. Grace & Co.-Conn., Term Loan, 4.813%, (3 mo. USD LIBOR + 3.75%), 9/22/28       2,469    2,410,948
      $  19,564,070
Commercial Services & Supplies — 5.9%
Allied Universal Holdco, LLC, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 5/12/28       3,541 $    3,360,651
Belfor Holdings, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 4/6/26         559      545,208
EnergySolutions, LLC, Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 5/9/25       1,785    1,718,144
Garda World Security Corporation, Term Loan, 5.26%, (1 mo. USD LIBOR + 4.25%), 10/30/26       2,426    2,286,185
GFL Environmental, Inc., Term Loan, 4.239%, (3 mo. USD LIBOR + 3.00%), 5/30/25          49        48,835
 
15
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Commercial Services & Supplies (continued)
IRI Holdings, Inc., Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 12/1/25       2,630 $    2,620,301
LABL, Inc., Term Loan, 6.06%, (1 mo. USD LIBOR + 5.00%), 10/29/28         623      589,148
Monitronics International, Inc., Term Loan, 8.75%, (1 mo. USD LIBOR + 7.50%, Floor 1.25%), 3/29/24       1,567    1,059,608
PECF USS Intermediate Holding III Corporation, Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 12/15/28         549      518,794
Phoenix Services International, LLC, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 3/1/25         864      712,980
Prime Security Services Borrower, LLC, Term Loan, 3.50%, (USD LIBOR + 2.75%, Floor 0.75%), 9/23/26(9)       2,132    2,080,113
SITEL Worldwide Corporation, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 8/28/28       2,322    2,257,416
Tempo Acquisition, LLC, Term Loan, 4.034%, (SOFR + 3.00%), 8/31/28       1,640    1,608,464
TMS International Corp., Term Loan, 3.93%, (USD LIBOR + 2.75%), 8/14/24(9)         272      259,342
TruGreen Limited Partnership, Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 11/2/27       2,131    2,058,662
Werner FinCo L.P., Term Loan, 5.006%, (3 mo. USD LIBOR + 4.00%), 7/24/24       1,099    1,055,009
      $  22,778,860
Communications Equipment — 0.2%
Digi International, Inc., Term Loan, 5.50%, (3 mo. USD LIBOR + 5.00%, Floor 0.50%), 11/1/28         392 $      384,362
Tiger Acquisition, LLC, Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 6/1/28         596      540,881
      $     925,243
Construction Materials — 0.8%
Oscar AcquisitionCo, LLC, Term Loan, 6.108%, (SOFR + 4.50%), 4/29/29         825 $      757,969
Quikrete Holdings, Inc., Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 6/11/28       2,500    2,411,327
      $   3,169,296
Containers & Packaging — 2.3%
Berlin Packaging, LLC, Term Loan, 4.563%, (USD LIBOR + 3.75%), 3/11/28(9)       1,045 $      999,042
BWAY Holding Company, Term Loan, 4.05%, (1 mo. USD LIBOR + 3.25%), 4/3/24       2,463     2,372,131
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Containers & Packaging (continued)
Clydesdale Acquisition Holdings, Inc., Term Loan, 5.384%, (SOFR + 4.25%), 4/13/29         525 $      495,772
Pregis TopCo Corporation, Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 7/31/26         660      633,420
Pretium PKG Holdings, Inc.:       
Term Loan, 4.883%, (1 mo. USD LIBOR + 4.00%), 10/2/28         524      489,648
Term Loan - Second Lien, 7.633%, (1 mo. USD LIBOR + 6.75%), 10/1/29         300      266,500
Proampac PG Borrower, LLC, Term Loan, 4.957%, (USD LIBOR + 3.75%), 11/3/25(9)         620      592,181
Reynolds Group Holdings, Inc., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 9/24/28       2,338    2,239,604
Trident TPI Holdings, Inc., Term Loan, 4.256%, (3 mo. USD LIBOR + 3.25%), 10/17/24         743      727,815
      $   8,816,113
Distributors — 1.4%
Autokiniton US Holdings, Inc., Term Loan, 5.345%, (1 mo. USD LIBOR + 4.50%), 4/6/28       3,304 $    3,146,864
Phillips Feed Service, Inc., Term Loan, 8.00%, (3 mo. USD LIBOR + 7.00%, Floor 1.00%), 11/13/24(3)         113       90,524
White Cap Buyer, LLC, Term Loan, 4.784%, (SOFR + 3.75%), 10/19/27       2,339    2,241,971
      $   5,479,359
Diversified Consumer Services — 1.0%
Ascend Learning, LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 12/11/28         574 $      547,752
KUEHG Corp.:       
Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 2/21/25       2,678    2,601,546
Term Loan - Second Lien, 9.256%, (3 mo. USD LIBOR + 8.25%), 8/22/25         425      417,562
Sotheby's, Term Loan, 5.544%, (3 mo. USD LIBOR + 4.50%), 1/15/27         461      448,802
      $   4,015,662
Diversified Financial Services — 0.7%
Concorde Midco Ltd., Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), 3/1/28 EUR       575 $      597,615
Sandy BidCo B.V., Term Loan, 6/12/28(11) EUR       950      996,500
Zephyr Bidco Limited, Term Loan, 5.722%, (SONIA + 4.75%), 7/23/25 GBP       775      922,255
      $   2,516,370
 
16
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Diversified Telecommunication Services — 4.4%
Altice France S.A.:       
Term Loan, 4.732%, (3 mo. USD LIBOR + 3.688%), 1/31/26       2,258 $    2,131,068
Term Loan, 5.411%, (3 mo. USD LIBOR + 4.00%), 8/14/26       1,713    1,626,925
GEE Holdings 2, LLC:       
Term Loan, 9.00%, (3 mo. USD LIBOR + 8.00%, Floor 1.00%), 3/24/25         408      405,998
Term Loan - Second Lien, 9.25%, (3 mo. USD LIBOR + 8.25%, Floor 1.00%), 2.50% cash, 6.75% PIK, 3/23/26         841      757,076
Numericable Group S.A., Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), 7/31/25 EUR       475      481,133
UPC Broadband Holding B.V.:       
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), 4/30/29 EUR       775      792,897
Term Loan, 3.125%, (1 mo. USD LIBOR + 2.25%), 4/30/28         900      865,875
UPC Financing Partnership, Term Loan, 3.875%, (1 mo. USD LIBOR + 3.00%), 1/31/29       3,000    2,906,874
Virgin Media Bristol, LLC, Term Loan, 4.125%, (1 mo. USD LIBOR + 3.25%), 1/31/29       5,775    5,679,355
Zayo Group Holdings, Inc., Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 3/9/27 EUR     1,436    1,423,030
      $  17,070,231
Electrical Equipment — 0.7%
AZZ Incorporated, Term Loan, 5.384%, (SOFR + 4.35%), 5/13/29         400 $      387,500
GrafTech Finance, Inc., Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 2/12/25       1,494    1,463,615
II-VI Incorporated, Term Loan, 1/14/28(11)         875      856,771
      $   2,707,886
Electronic Equipment, Instruments & Components — 2.3%
Chamberlain Group, Inc., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 11/3/28       1,347 $    1,245,628
CPI International, Inc., Term Loan, 4.738%, (USD LIBOR + 3.50%), 7/26/24(9)         657      646,171
Creation Technologies, Inc., Term Loan, 6.462%, (3 mo. USD LIBOR + 5.50%), 10/5/28         850      803,250
DG Investment Intermediate Holdings 2, Inc., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 3/31/28         993      956,057
EXC Holdings III Corp., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 12/2/24       1,629    1,596,575
Mirion Technologies, Inc., Term Loan, 3.25%, (6 mo. USD LIBOR + 2.75%, Floor 0.50%), 10/20/28         623       601,715
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Electronic Equipment, Instruments & Components (continued)
Robertshaw US Holding Corp., Term Loan, 4.563%, (1 mo. USD LIBOR + 3.50%), 2/28/25       1,032 $      854,625
Verifone Systems, Inc., Term Loan, 5.524%, (3 mo. USD LIBOR + 4.00%), 8/20/25       1,232    1,107,512
Verisure Holding AB:       
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), 7/20/26 EUR       325      330,877
Term Loan, 3.25%, (6 mo. EURIBOR + 3.25%), 3/27/28 EUR       850      863,850
      $   9,006,260
Energy Equipment & Services — 0.0%(7)
Ameriforge Group, Inc., Term Loan, 12.608%, (1 mo. USD LIBOR + 13.00%), 12/29/23(10)          53 $       26,482
      $      26,482
Engineering & Construction — 2.0%
Aegion Corporation, Term Loan, 5.637%, (1 mo. USD LIBOR + 4.75%), 5/17/28         547 $      527,412
Amentum Government Services Holdings, LLC, Term Loan, 4.647%, (SOFR + 4.00%), 2/15/29         675      656,438
American Residential Services, LLC, Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 10/15/27         617      592,500
Brand Energy & Infrastructure Services, Inc., Term Loan, 5.396%, (3 mo. USD LIBOR + 4.25%), 6/21/24       1,650    1,475,111
Northstar Group Services, Inc., Term Loan, 6.56%, (1 mo. USD LIBOR + 5.50%), 11/12/26       1,553    1,535,967
Pike Corporation, Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 1/21/28         503      487,693
USIC Holdings, Inc., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 5/12/28       2,388    2,308,897
      $   7,584,018
Entertainment — 1.7%
Alchemy Copyrights, LLC, Term Loan, 3.80%, (1 mo. USD LIBOR + 3.00%), 3/10/28         517 $      504,213
City Football Group Limited, Term Loan, 4.598%, (3 mo. USD LIBOR + 3.50%), 7/21/28         998      942,638
Crown Finance US, Inc.:       
Term Loan, 4.00%, (6 mo. USD LIBOR + 2.50%, Floor 1.50%), 2/28/25       2,096    1,500,140
Term Loan, 4.25%, (6 mo. USD LIBOR + 2.75%, Floor 1.50%), 9/30/26       1,515    1,046,172
Term Loan, 15.25%, (7.00% cash, 8.25% PIK), 5/23/24(12)         538      614,723
Renaissance Holding Corp.:       
Term Loan, 5.242%, (SOFR + 4.50%), 3/30/29         150       147,000
 
17
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Entertainment (continued)
Renaissance Holding Corp.: (continued)      
Term Loan - Second Lien, 8.06%, (1 mo. USD LIBOR + 7.00%), 5/29/26         200 $      194,833
UFC Holdings, LLC, Term Loan, 3.50%, (6 mo. USD LIBOR + 2.75%, Floor 0.75%), 4/29/26       1,190    1,156,608
Vue International Bidco PLC, Term Loan, 4.75%, (6 mo. EURIBOR + 4.75%), 7/3/26 EUR       678      575,533
      $   6,681,860
Food Products — 1.0%
8th Avenue Food & Provisions, Inc., Term Loan, 5.81%, (1 mo. USD LIBOR + 4.75%), 10/1/25         498 $      427,021
Badger Buyer Corp., Term Loan, 4.562%, (1 mo. USD LIBOR + 3.50%), 9/30/24         358      323,208
CHG PPC Parent, LLC, Term Loan, 4.063%, (1 mo. USD LIBOR + 3.00%), 12/8/28         400      386,000
Del Monte Foods, Inc., Term Loan, 5.132%, (SOFR + 4.25%), 5/16/29         400      383,000
Monogram Food Solutions, LLC, Term Loan, 5.063%, (1 mo. USD LIBOR + 4.00%), 8/28/28         449      434,286
Shearer's Foods, Inc., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 9/23/27         443      410,019
Sovos Brands Intermediate, Inc., Term Loan, 4.25%, (6 mo. USD LIBOR + 3.50%, Floor 0.75%), 6/8/28         601      579,965
United Petfood Group B.V., Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 4/23/28 EUR       775      782,081
      $   3,725,580
Gas Utilities — 0.8%
CQP Holdco L.P., Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 6/5/28       2,958 $    2,882,981
      $   2,882,981
Health Care Equipment & Supplies — 1.7%
Bayou Intermediate II, LLC, Term Loan, 5.786%, (3 mo. USD LIBOR + 4.50%), 8/2/28         873 $      837,900
CryoLife, Inc., Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 6/1/27         503      472,526
Gloves Buyer, Inc., Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 12/29/27       1,688    1,604,047
Journey Personal Care Corp., Term Loan, 5.256%, (3 mo. USD LIBOR + 4.25%), 3/1/28       1,265    1,081,949
Medline Borrower, L.P., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 10/23/28       2,500    2,412,153
      $   6,408,575
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Health Care Providers & Services — 7.7%
AEA International Holdings (Lux) S.a.r.l., Term Loan, 4.813%, (3 mo. USD LIBOR + 3.75%), 9/7/28         898 $     870,818
Biogroup-LCD, Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), 2/9/28 EUR       250      252,872
BW NHHC Holdco, Inc., Term Loan, 6.455%, (3 mo. USD LIBOR + 5.00%), 5/15/25       2,472    1,833,398
Cano Health, LLC, Term Loan, 4.507%, (SOFR + 4.00%), 11/23/27       2,530    2,387,271
CCRR Parent, Inc., Term Loan, 4.76%, (3 mo. USD LIBOR + 3.75%), 3/6/28         594      573,570
Cerba Healthcare S.A.S.:       
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), 6/30/28 EUR       450      455,621
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 2/15/29 EUR       525      547,645
CHG Healthcare Services, Inc., Term Loan, 4.998%, (USD LIBOR + 3.50%), 9/29/28(9)         945      913,466
Covis Finco S.a.r.l., Term Loan, 7.301%, (SOFR + 6.50%), 2/18/27         850      748,000
Electron BidCo, Inc., Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 11/1/28         700      677,907
Envision Healthcare Corporation, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 10/10/25       3,003    1,198,569
Hanger, Inc., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 3/6/25       1,104    1,078,240
IVC Acquisition, Ltd., Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 2/13/26 EUR     1,350    1,406,901
LSCS Holdings, Inc., Term Loan, 5.56%, (1 mo. USD LIBOR + 4.50%), 12/16/28         648      628,924
MDVIP, Inc., Term Loan, 4.678%, (1 mo. USD LIBOR + 3.75%), 10/16/28         250      242,083
Medical Solutions Holdings, Inc.:       
Term Loan, 3.50%, 11/1/28(10)         204      195,330
Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 11/1/28       1,071    1,025,483
Midwest Physician Administrative Services, LLC, Term Loan, 4.256%, (3 mo. USD LIBOR + 3.25%), 3/12/28         569      530,683
National Mentor Holdings, Inc.:       
Term Loan, 4.76%, (3 mo. USD LIBOR + 3.75%), 3/2/28          65       58,832
Term Loan, 4.782%, (USD LIBOR + 3.75%), 3/2/28(9)       2,263    2,033,269
Option Care Health, Inc., Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 10/27/28         374      366,932
Pacific Dental Services, LLC, Term Loan, 4.125%, (1 mo. USD LIBOR + 3.25%), 5/5/28         596      573,913
Pearl Intermediate Parent, LLC, Term Loan - Second Lien, 7.31%, (1 mo. USD LIBOR + 6.25%), 2/13/26         175       172,083
 
18
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Health Care Providers & Services (continued)
Pediatric Associates Holding Company, LLC:       
Term Loan, 3.836%, (6 mo. USD LIBOR + 3.25%), 12/29/28(10)          66 $       62,993
Term Loan, 5.076%, (6 mo. USD LIBOR + 3.25%), 12/29/28         434      415,757
PetVet Care Centers, LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 2/14/25         347      335,435
Phoenix Guarantor, Inc.:       
Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 3/5/26       2,977    2,869,235
Term Loan, 4.461%, (1 mo. USD LIBOR + 3.50%), 3/5/26       1,538    1,482,581
Radiology Partners, Inc., Term Loan, 5.196%, (1 mo. USD LIBOR + 4.25%), 7/9/25       1,305    1,217,042
Sound Inpatient Physicians, Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 6/27/25         481      455,157
Surgery Center Holdings, Inc., Term Loan, 4.60%, (1 mo. USD LIBOR + 3.75%), 8/31/26       2,506    2,407,514
Synlab Bondco PLC, Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), 7/1/27 EUR       325      333,203
U.S. Anesthesia Partners, Inc., Term Loan, 5.05%, (1 mo. USD LIBOR + 4.25%), 10/1/28         970      931,185
WP CityMD Bidco, LLC, Term Loan, 3.75%, (6 mo. USD LIBOR + 3.25%, Floor 0.50%), 12/22/28         575      556,456
      $  29,838,368
Health Care Technology — 3.0%
Bracket Intermediate Holding Corp., Term Loan, 5.219%, (3 mo. USD LIBOR + 4.25%), 9/5/25         917 $      893,258
Certara L.P., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 8/15/26         955      933,385
eResearchTechnology, Inc., Term Loan, 5.56%, (1 mo. USD LIBOR + 4.50%), 2/4/27         346      334,636
GHX Ultimate Parent Corporation, Term Loan, 4.256%, (3 mo. USD LIBOR + 3.25%), 6/28/24         955      928,648
Imprivata, Inc.:       
Term Loan, 4.75%, (SOFR + 4.25%, Floor 0.50%), 12/1/27         200      196,625
Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 12/1/27         995      968,857
MedAssets Software Intermediate Holdings, Inc.:       
Term Loan, 4.50%, (6 mo. USD LIBOR + 4.00%, Floor 0.50%), 12/18/28         975      940,875
Term Loan - Second Lien, 7.25%, (6 mo. USD LIBOR + 6.75%, Floor 0.50%), 12/17/29         625      598,437
Navicure, Inc., Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 10/22/26       1,568    1,536,640
PointClickCare Technologies, Inc., Term Loan, 3.75%, (3 mo. USD LIBOR + 3.00%, Floor 0.75%), 12/29/27         668       643,191
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Health Care Technology (continued)
Project Ruby Ultimate Parent Corp., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 3/3/28       1,238 $    1,192,254
Symplr Software, Inc., Term Loan, 5.251%, (3 mo. USD LIBOR + 4.50%), 12/22/27       1,041    1,011,211
Verscend Holding Corp., Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 8/27/25       1,579    1,551,615
      $  11,729,632
Hotels, Restaurants & Leisure — 3.6%
Carnival Corporation:       
Term Loan, 3.75%, (3 mo. USD LIBOR + 3.00%, Floor 0.75%), 6/30/25       1,376 $    1,331,370
Term Loan, 4.00%, (3 mo. USD LIBOR + 3.25%, Floor 0.75%), 10/18/28       2,344    2,251,337
ClubCorp Holdings, Inc., Term Loan, 3.756%, (3 mo. USD LIBOR + 2.75%), 9/18/24       1,488    1,407,571
IRB Holding Corp., Term Loan, 3.892%, (SOFR + 3.15%), 12/15/27       2,323    2,254,150
Oravel Stays Singapore Pte, Ltd., Term Loan, 9.21%, (3 mo. USD LIBOR + 8.25%), 6/23/26         645      599,966
Playa Resorts Holding B.V., Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 4/29/24       1,088    1,053,132
Raptor Acquisition Corp., Term Loan, 4.934%, (3 mo. USD LIBOR + 4.00%), 11/1/26       1,525    1,490,688
SeaWorld Parks & Entertainment, Inc., Term Loan, 4.063%, (1 mo. USD LIBOR + 3.00%), 8/25/28         771      749,630
SMG US Midco 2, Inc., Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 1/23/25         240      230,945
Travel Leaders Group, LLC, Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 1/25/24       1,699    1,543,759
Twin River Worldwide Holdings, Inc., Term Loan, 4.05%, (1 mo. USD LIBOR + 3.25%), 10/2/28         998      958,847
      $  13,871,395
Household Durables — 1.0%
Libbey Glass, Inc., Term Loan, 9.021%, (3 mo. USD LIBOR + 8.00%), 11/13/25         823 $      835,835
Serta Simmons Bedding, LLC:       
Term Loan, 8.50%, (1 mo. USD LIBOR + 7.50%), 8/10/23       1,156    1,140,213
Term Loan - Second Lien, 8.50%, (1 mo. USD LIBOR + 7.50%, Floor 1.00%), 8/10/23       2,673    1,977,976
      $   3,954,024
Household Products — 0.4%
Kronos Acquisition Holdings, Inc.:       
Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 12/22/26       1,407 $    1,304,287
 
19
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Household Products (continued)
Kronos Acquisition Holdings, Inc.: (continued)      
Term Loan, 7.00%, (SOFR + 6.00%, Floor 1.00%), 12/22/26         349 $      346,288
      $   1,650,575
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Construction Finance Company L.P., Term Loan, 3.06%, (1 mo. USD LIBOR + 2.00%), 1/15/25         927 $      899,384
      $     899,384
Industrial Conglomerates — 0.3%
SPX Flow, Inc., Term Loan, 5.634%, (SOFR + 4.50%), 4/5/29       1,225 $    1,156,094
      $   1,156,094
Insurance — 2.9%
AssuredPartners, Inc.:       
Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 2/12/27       1,389 $    1,326,240
Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 2/12/27       1,390    1,332,183
Financiere CEP SAS, Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 6/18/27 EUR       550      570,156
Hub International Limited, Term Loan, 4.348%, (3 mo. USD LIBOR + 3.25%), 4/25/25       2,977    2,882,018
NFP Corp., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 2/15/27       2,183    2,075,491
Ryan Specialty Group, LLC, Term Loan, 4.134%, (SOFR + 3.00%), 9/1/27       2,977    2,925,227
      $  11,111,315
Interactive Media & Services — 1.8%
Buzz Merger Sub, Ltd.:       
Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 1/29/27         588 $      571,830
Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 1/29/27          67       65,928
Camelot U.S. Acquisition 1 Co., Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 10/30/26       2,698    2,616,755
Foundational Education Group, Inc., Term Loan, 5.399%, (SOFR + 4.25%), 8/31/28       1,471    1,427,173
Getty Images, Inc., Term Loan, 6.124%, (USD LIBOR + 4.50%), 2/19/26(9)       1,699    1,660,322
Match Group, Inc., Term Loan, 3.194%, (3 mo. USD LIBOR + 1.75%), 2/13/27         775      746,906
      $   7,088,914
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Internet & Direct Marketing Retail — 1.1%
Adevinta ASA:       
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 6/26/28 EUR     1,250 $    1,295,089
Term Loan, 3.756%, (3 mo. USD LIBOR + 2.75%), 6/26/28         323      314,297
CNT Holdings I Corp., Term Loan, 4.345%, (1 mo. USD LIBOR + 3.50%), 11/8/27       1,588    1,547,608
Hoya Midco, LLC, Term Loan, 3.75%, (SOFR + 3.25%, Floor 0.50%), 2/3/29         987      962,688
      $   4,119,682
IT Services — 6.0%
Asurion, LLC:       
Term Loan, 4.185%, (1 mo. USD LIBOR + 3.125%), 11/3/23       1,236 $    1,210,104
Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 12/23/26       1,323    1,256,426
Term Loan - Second Lien, 6.31%, (1 mo. USD LIBOR + 5.25%), 1/31/28       2,070    1,868,821
Endure Digital, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 2/10/28       3,325    3,112,914
EP Purchaser, LLC, Term Loan, 4.506%, (3 mo. USD LIBOR + 3.50%), 11/6/28         350      341,775
Gainwell Acquisition Corp., Term Loan, 5.006%, (3 mo. USD LIBOR + 4.00%), 10/1/27       4,283    4,197,221
Indy US Bidco, LLC:       
Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), 3/6/28 EUR       620      645,384
Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 3/5/28         792      770,239
Informatica, LLC, Term Loan, 3.813%, (1 mo. USD LIBOR + 2.75%), 10/27/28       2,325    2,266,875
Intrado Corporation, Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 10/10/24         568      510,683
NAB Holdings, LLC, Term Loan, 3.801%, (SOFR + 3.00%), 11/23/28         973      927,278
Rackspace Technology Global, Inc., Term Loan, 3.50%, (3 mo. USD LIBOR + 2.75%, Floor 0.75%), 2/15/28       2,985    2,854,334
Sedgwick Claims Management Services, Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 12/31/25       1,240    1,190,769
Skopima Merger Sub, Inc., Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 5/12/28       1,567    1,492,687
Syniverse Holdings, Inc., Term Loan, 8.286%, (SOFR + 7.00%), 5/13/27         350      318,500
West Corporation, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 10/10/24         297      266,014
      $  23,230,024
 
20
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Leisure Products — 0.6%
Amer Sports Oyj, Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), 3/30/26 EUR     1,813 $    1,872,841
Fender Musical Instruments Corporation, Term Loan, 4.895%, (SOFR + 4.00%), 12/1/28         274      260,368
      $   2,133,209
Life Sciences Tools & Services — 1.5%
Cambrex Corporation, Term Loan, 4.634%, (SOFR + 3.50%), 12/4/26         313 $      303,703
Curia Global, Inc., Term Loan, 4.988%, (USD LIBOR + 3.75%), 8/30/26(9)       1,977    1,908,505
IQVIA, Inc., Term Loan, 2.81%, (1 mo. USD LIBOR + 1.75%), 3/7/24         524      519,688
LGC Group Holdings, Ltd., Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), 4/21/27 EUR       500      502,220
Loire Finco Luxembourg S.a.r.l., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 4/21/27         368      350,984
Packaging Coordinators Midco, Inc., Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 11/30/27       1,486    1,436,392
Sotera Health Holdings, LLC, Term Loan, 3.81%, (1 mo. USD LIBOR + 2.75%), 12/11/26         675      656,859
      $   5,678,351
Machinery — 7.4%
AI Aqua Merger Sub, Inc., Term Loan, 4.545%, (SOFR + 3.75%), 7/31/28       2,200 $    2,097,333
Albion Financing 3 S.a.r.l., Term Loan, 6.434%, (3 mo. USD LIBOR + 5.25%), 8/17/26       1,372    1,344,989
Alliance Laundry Systems, LLC, Term Loan, 4.52%, (USD LIBOR + 3.50%), 10/8/27(9)       2,189    2,120,538
American Trailer World Corp., Term Loan, 4.634%, (SOFR + 3.50%), 3/3/28       1,894    1,709,557
Apex Tool Group, LLC, Term Loan, 5.75%, (SOFR + 5.25%, Floor 0.50%), 2/8/29       2,272    2,054,648
Conair Holdings, LLC, Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 5/17/28       2,189    2,013,880
Delachaux Group S.A., Term Loan, 5.738%, (3 mo. USD LIBOR + 4.50%), 4/16/26         444      419,698
Engineered Machinery Holdings, Inc., Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 5/19/28       2,808    2,695,502
Filtration Group Corporation:       
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 3/29/25 EUR       385      396,298
Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 10/21/28         647       622,497
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Machinery (continued)
Gates Global, LLC, Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 3/31/27       2,630 $    2,530,302
Granite Holdings US Acquisition Co., Term Loan, 5.021%, (3 mo. USD LIBOR + 4.00%), 9/30/26       1,410    1,361,074
Icebox Holdco III, Inc.:       
Term Loan, 3.75%, 12/22/28(10)         124      118,563
Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 12/22/28         601      573,056
Illuminate Buyer, LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 6/30/27       1,794    1,703,960
Madison IAQ, LLC, Term Loan, 4.524%, (6 mo. USD LIBOR + 3.25%), 6/21/28       2,481    2,362,356
Penn Engineering & Manufacturing Corp., Term Loan, 3.506%, (3 mo. USD LIBOR + 2.50%), 6/27/24         182      178,762
Titan Acquisition Limited, Term Loan, 5.376%, (3 mo. USD LIBOR + 4.37%), 3/28/25       1,990    1,907,565
TK Elevator Topco GmbH, Term Loan, 3.625%, (6 mo. EURIBOR + 3.625%), 7/29/27 EUR       525      537,828
Vertical US Newco, Inc., Term Loan, 4.019%, (6 mo. USD LIBOR + 3.50%), 7/30/27       1,330    1,285,990
Zephyr German BidCo GmbH, Term Loan, 3.40%, (3 mo. EURIBOR + 3.40%), 3/10/28 EUR       650      661,027
      $  28,695,423
Media — 2.6%
Diamond Sports Group, LLC, Term Loan, 9.00%, (SOFR + 8.00%, Floor 1.00%), 5/26/26         531 $      536,745
Gray Television, Inc.:       
Term Loan, 3.30%, (1 mo. USD LIBOR + 2.50%), 2/7/24         255      252,255
Term Loan, 3.30%, (1 mo. USD LIBOR + 2.50%), 1/2/26         637      619,708
Term Loan, 3.80%, (1 mo. USD LIBOR + 3.00%), 12/1/28         848      828,193
Hubbard Radio, LLC, Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 3/28/25         707      691,180
Magnite, Inc., Term Loan, 5.872%, (USD LIBOR + 5.00%), 4/28/28(9)         769      749,958
MJH Healthcare Holdings, LLC, Term Loan, 4.464%, (SOFR + 3.60%), 1/28/29         250      238,750
Nexstar Broadcasting, Inc., Term Loan, 3.30%, (1 mo. USD LIBOR + 2.50%), 9/18/26         453      448,223
Recorded Books, Inc., Term Loan, 4.875%, (1 mo. USD LIBOR + 4.00%), 8/29/25       2,520    2,471,399
Sinclair Television Group, Inc.:       
Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 9/30/26         658      625,630
Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 4/1/28         449       426,103
 
21
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Media (continued)
Univision Communications, Inc., Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 3/15/26       2,184 $    2,126,183
      $  10,014,327
Metals/Mining — 0.5%
Dynacast International, LLC, Term Loan, 10.506%, (3 mo. USD LIBOR + 9.00%), 10/22/25         368 $      349,379
WireCo WorldGroup, Inc., Term Loan, 5.688%, (3 mo. USD LIBOR + 4.25%), 11/13/28         446      436,081
Zekelman Industries, Inc., Term Loan, 2.927%, (1 mo. USD LIBOR + 2.00%), 1/24/27       1,040    1,013,917
      $   1,799,377
Oil, Gas & Consumable Fuels — 4.1%
Centurion Pipeline Company, LLC:       
Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 9/29/25         266 $      260,658
Term Loan, 5.06%, (1 mo. USD LIBOR + 4.00%), 9/28/25         247      240,703
CITGO Holding, Inc., Term Loan, 8.06%, (1 mo. USD LIBOR + 7.00%), 8/1/23       2,046    2,011,982
CITGO Petroleum Corporation, Term Loan, 7.31%, (1 mo. USD LIBOR + 6.25%), 3/28/24       4,093    4,030,448
Delek US Holdings, Inc., Term Loan, 6.523%, (1 mo. USD LIBOR + 5.50%), 3/31/25         588      585,060
Freeport LNG Investments, LLLP, Term Loan, 4.563%, (3 mo. USD LIBOR + 3.50%), 12/21/28         594      578,272
Matador Bidco S.a.r.l., Term Loan, 5.56%, (3 mo. USD LIBOR + 4.50%), 10/15/26       4,023    4,004,463
Oryx Midstream Services Permian Basin, LLC, Term Loan, 4.705%, (3 mo. USD LIBOR + 3.25%), 10/5/28         723      701,750
Oxbow Carbon, LLC, Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 10/17/25         717      701,821
QuarterNorth Energy Holding, Inc., Term Loan - Second Lien, 9.06%, (1 mo. USD LIBOR + 8.00%), 8/27/26         783      787,307
UGI Energy Services, LLC, Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 8/13/26       1,985    1,964,228
      $  15,866,692
Personal Products — 0.5%
HLF Financing S.a.r.l., Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 8/18/25         727 $      694,665
Sunshine Luxembourg VII S.a.r.l., Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 10/1/26       1,238    1,189,769
      $   1,884,434
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Pharmaceuticals — 3.1%
Akorn, Inc., Term Loan, 8.50%, (3 mo. USD LIBOR + 7.50%, Floor 1.00%), 10/1/25         398 $      396,371
Amneal Pharmaceuticals, LLC, Term Loan, 4.563%, (1 mo. USD LIBOR + 3.50%), 5/4/25       1,827    1,728,591
Bausch Health Companies, Inc., Term Loan, 6.04%, (SOFR + 5.25%), 2/1/27       1,715    1,575,702
Elanco Animal Health Incorporated, Term Loan, 2.55%, (1 mo. USD LIBOR + 1.75%), 8/1/27         619      599,993
Jazz Financing Lux S.a.r.l., Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 5/5/28       2,481    2,431,846
Mallinckrodt International Finance S.A.:       
Term Loan, 6.246%, (3 mo. USD LIBOR + 5.25%), 9/24/24       2,115    1,845,731
Term Loan, 6.911%, (3 mo. USD LIBOR + 5.50%), 2/24/25       3,037    2,631,077
Nidda Healthcare Holding AG, Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 8/21/26 EUR       625      622,323
PharmaZell GmbH, Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 5/12/27 EUR       125      129,665
      $  11,961,299
Professional Services — 3.4%
AlixPartners, LLP, Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), 2/4/28 EUR       520 $      541,238
APFS Staffing Holdings, Inc., Term Loan, 5.034%, (SOFR + 4.00%), 12/29/28         250      240,625
Blitz 20-487 GmbH, Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), 4/28/28 EUR       825      847,484
Brown Group Holding, LLC, Term Loan, 3.506%, (3 mo. USD LIBOR + 2.50%), 6/7/28       2,209    2,105,146
CoreLogic, Inc., Term Loan, 4.563%, (1 mo. USD LIBOR + 3.50%), 6/2/28       3,122    2,882,994
Deerfield Dakota Holding, LLC, Term Loan, 4.784%, (SOFR + 3.75%), 4/9/27       2,311    2,230,896
Employbridge, LLC, Term Loan, 5.756%, (3 mo. USD LIBOR + 4.75%), 7/14/28       1,542    1,465,138
Techem Verwaltungsgesellschaft 675 mbH, Term Loan, 2.625%, (6 mo. EURIBOR + 2.625%), 7/15/25 EUR       801      825,028
Trans Union, LLC, Term Loan, 3.31%, (1 mo. USD LIBOR + 2.25%), 12/1/28       1,563    1,530,414
Vaco Holdings, LLC, Term Loan, 5.801%, (SOFR + 5.00%), 1/21/29         249      243,608
      $  12,912,571
Road & Rail — 3.7%
Grab Holdings, Inc., Term Loan, 5.50%, (6 mo. USD LIBOR + 4.50%, Floor 1.00%), 1/29/26       2,500 $    2,321,123
 
22
See Notes to Financial Statements.

Eaton Vance
Floating-Rate Income Trust
May 31, 2022
Portfolio of Investments — continued
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Road & Rail (continued)
Kenan Advantage Group, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 3/24/26       2,617 $    2,494,753
PODS, LLC, Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 3/31/28       3,476    3,335,043
Uber Technologies, Inc.:       
Term Loan, 5.075%, (3 mo. USD LIBOR + 3.50%), 4/4/25       6,092    5,945,870
Term Loan, 5.075%, (3 mo. USD LIBOR + 3.50%), 2/25/27           5        5,125
      $  14,101,914
Semiconductors & Semiconductor Equipment — 1.1%
Altar Bidco, Inc.:       
Term Loan, 4.116%, (SOFR + 3.35%), 2/1/29       1,100 $    1,059,438
Term Loan - Second Lien, 6.342%, (1 mo. USD LIBOR + 5.60%), 2/1/30         475      450,458
Bright Bidco B.V., Term Loan, 4.774%, (6 mo. USD LIBOR + 3.50%), 6/30/24       1,621      730,364
Cohu, Inc., Term Loan, 3.519%, (6 mo. USD LIBOR + 3.00%), 10/1/25         249      245,091
MKS Instruments, Inc., Term Loan, 4/11/29(11) EUR       350      370,106
Ultra Clean Holdings, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 8/27/25       1,243    1,228,434
      $   4,083,891
Software — 27.8%
Applied Systems, Inc., Term Loan - Second Lien, 6.506%, (3 mo. USD LIBOR + 5.50%), 9/19/25       2,634 $    2,592,526
AppLovin Corporation:       
Term Loan, 4.06%, (1 mo. USD LIBOR + 3.00%), 10/25/28       1,297    1,267,573
Term Loan, 4.31%, (1 mo. USD LIBOR + 3.25%), 8/15/25       2,183    2,141,463
Aptean, Inc., Term Loan, 5.31%, (1 mo. USD LIBOR + 4.25%), 4/23/26       2,089    2,057,892
AQA Acquisition Holding, Inc., Term Loan, 5.256%, (3 mo. USD LIBOR + 4.25%), 3/3/28         968      950,753
Astra Acquisition Corp.:       
Term Loan, 6.31%, (1 mo. USD LIBOR + 5.25%), 10/25/28       1,571    1,461,088
Term Loan - Second Lien, 9.935%, (1 mo. USD LIBOR + 8.875%), 10/22/29       1,450    1,392,000
Avaya, Inc., Term Loan, 4.875%, (1 mo. USD LIBOR + 4.00%), 12/15/27         225      171,141
Banff Merger Sub, Inc.:       
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), 10/2/25 EUR       291      299,287
Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 10/2/25       3,726     3,585,315
Borrower/Description Principal
Amount*
(000's omitted) 		Value
Software (continued)
Banff Merger Sub, Inc.: (continued)      
Term Loan - Second Lien, 6.56%, (1 mo. USD LIBOR + 5.50%), 2/27/26         775 $     748,521
Barracuda Networks, Inc., Term Loan - Second Lien, 7.989%, (3 mo. USD LIBOR + 6.75%), 10/30/28         370      371,481
CentralSquare Technologies, LLC, Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 8/29/25         895      820,786
Ceridian HCM Holding, Inc., Term Loan, 3.56%, (1 mo. USD LIBOR + 2.50%), 4/30/25       1,031    1,005,099
Cloudera, Inc.:       
Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 10/8/28       2,394    2,272,804
Term Loan - Second Lien, 7.06%, (1 mo. USD LIBOR + 6.00%), 10/8/29         650      607,750
ConnectWise, LLC, Term Loan, 4.56%, (1 mo. USD LIBOR + 3.50%), 9/29/28       1,995    1,914,203
Constant Contact, Inc., Term Loan, 5.011%, (3 mo. USD LIBOR + 4.00%), 2/10/28       2,038    1,950,421
Cornerstone OnDemand, Inc., Term Loan, 4.81%, (1 mo. USD LIBOR + 3.75%), 10/16/28       1,175    1,119,188
Delta TopCo, Inc.:       
Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 12/1/27       1,551    1,463,522
Term Loan - Second Lien, 8.00%, (6 mo. USD LIBOR + 7.25%, Floor 0.75%), 12/1/28       2,250    2,145,937
E2open, LLC, Term Loan, 4.835%, (3 mo. USD LIBOR + 3.50%), 2/4/28         965      937,748
ECI Macola Max Holding, LLC, Term Loan, 4.756%, (3 mo. USD LIBOR + 3.75%), 11/9/27       1,408    1,366,815
Epicor Software Corporation: