Eaton Vance Senior Floating-Rate Trust Report of Earnings
BOSTON, Jan. 20, 2012 /PRNewswire/ -- Eaton Vance Senior Floating-Rate Trust (NYSE: EFR) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three months and the year ended October 31, 2011. The Trust's fiscal year ended on October 31, 2011.
For the three months ended October 31, 2011, the Trust had net investment income of $8,515,952 ($0.252 per common share). From this amount, the Trust paid dividends on preferred shares of $54,881 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $8,461,071 or $0.250 per common share. For the year ended October 31, 2011, the Trust had net investment income of $34,231,038 ($1.014 per common share). From this amount, the Trust paid dividends on preferred shares of $291,157 (equal to $0.009 for each common share), resulting in net investment income after the preferred dividends of $33,939,881 or $1.005 per common share. In comparison, for the three months ended October 31, 2010, the Trust had net investment income of $8,470,394 ($0.252 per common share). From this amount, the Trust paid dividends on preferred shares of $107,299 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $8,363,095 or $0.249 per common share. For the year ended October 31, 2010, the Trust had net investment income of $34,509,000 ($1.025 per common share). From this amount, the Trust paid dividends on preferred shares of $384,607 (equal to $0.011 for each common share), resulting in net investment income after the preferred dividends of $34,124,393 or $1.014 per common share.
Net realized and unrealized losses for the three months ended October 31, 2011 were $14,016,650 ($0.407 per common share) and net realized and unrealized losses for the year ended October 31, 2011 were $731,888 ($0.013 per common share). In comparison, net realized and unrealized gains for the three months ended October 31, 2010 were $18,165,943 ($0.535 per common share) and net realized and unrealized gains for the year ended October 31, 2010 were $46,425,293 ($1.374 per common share).
On October 31, 2011, net assets of the Trust were $503,382,546. The net asset value per common share on October 31, 2011 was $14.91 based on 33,767,691 common shares outstanding. In comparison, on October 31, 2010, net assets of the Trust were $505,197,371. The net asset value per common share on October 31, 2010 was $14.98 based on 33,715,864 common shares outstanding.
The Trust periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Fund portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.
The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $184.5 billion in assets as of December 31, 2011 offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
| EATON VANCE SENIOR FLOATING-RATE TRUST |
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| SUMMARY OF RESULTS OF OPERATIONS |
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| (in thousands, except per share amounts) |
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Three Months Ended |
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Year Ended |
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October 31, |
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October 31, |
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2011 |
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2010 |
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2011 |
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2010 |
| Gross investment income |
$ 10,735 |
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$ 10,578 |
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$ 43,110 |
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$ 42,824 |
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| Operating expenses |
(1,655) |
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(1,158) |
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(6,624) |
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(5,938) |
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| Interest expense |
(564) |
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(949) |
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(2,255) |
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(2,377) |
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Net investment income |
$ 8,516 |
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$ 8,471 |
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$ 34,231 |
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$ 34,509 |
| Net realized and unrealized gains (losses) |
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| on investments |
$ (14,017) |
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$ 18,166 |
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$ (732) |
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$ 46,425 |
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| Preferred dividends paid from net investment income |
(55) |
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(108) |
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(291) |
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(385) |
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Net increase (decrease) in net assets |
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from operations |
$ (5,556) |
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$ 26,529 |
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$ 33,208 |
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$ 80,549 |
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| Earnings per Common Share Outstanding |
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| Gross investment income |
$ 0.318 |
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$ 0.314 |
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$ 1.277 |
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$ 1.272 |
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| Operating expenses |
(0.049) |
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(0.033) |
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(0.196) |
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(0.176) |
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| Interest expense |
(0.017) |
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(0.029) |
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(0.067) |
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(0.071) |
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Net investment income |
$ 0.252 |
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$ 0.252 |
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$ 1.014 |
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$ 1.025 |
| Net realized and unrealized gains (losses) |
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| on investments |
$ (0.407) |
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$ 0.535 |
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$ (0.013) |
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$ 1.374 |
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| Preferred dividends paid from net investment income |
(0.002) |
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(0.003) |
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(0.009) |
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(0.011) |
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Net increase (decrease) in net assets |
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from operations |
$ (0.157) |
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$ 0.784 |
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$ 0.992 |
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$ 2.388 |
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| Net investment income |
$ 0.252 |
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$ 0.252 |
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$ 1.014 |
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$ 1.025 |
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| Preferred dividends paid from net investment income |
(0.002) |
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(0.003) |
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(0.009) |
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(0.011) |
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| Net investment income after preferred dividends |
$ 0.250 |
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$ 0.249 |
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$ 1.005 |
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$ 1.014 |
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| Net Asset Value at October 31 (Common Shares) |
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Net assets |
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$ 503,383 |
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$ 505,197 |
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Shares outstanding |
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33,768 |
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33,716 |
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Net asset value per share outstanding |
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$ 14.91 |
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$ 14.98 |
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| Market Value Summary (Common Shares) |
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Market price on NYSE at October 31 |
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$ 14.55 |
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$ 15.64 |
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High market price (period ended October 31) |
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$ 18.38 |
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$ 16.78 |
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Low market price (period ended October 31) |
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$ 13.43 |
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$ 13.12 |
SOURCE Eaton Vance Management
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