Eaton Vance Senior Floating-Rate Trust Report of Earnings
BOSTON, Jan. 8 /PRNewswire-FirstCall/ -- 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 year ended October 31, 2009. The Trust's fiscal year ends on October 31, 2009.
For the three months ended October 31, 2009, the Trust had net investment income of $8,127,687 ($0.242 per common share). From this amount, the Trust paid dividends on preferred shares of $98,523 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $8,029,164 or $0.239 per common share. For the year ended October 31, 2009, the Trust had net investment income of $32,886,072 ($0.978 per common share). From this amount, the Trust paid dividends on preferred shares of $947,100 (equal to $0.028 for each common share), resulting in net investment income after the preferred dividends of $31,938,972 or $0.950 per common share. In comparison, for the three months ended October 31, 2008, the Trust had net investment income of $10,911,955 ($0.325 per common share). From this amount, the Trust paid dividends on preferred shares of $1,331,382 (equal to $0.040 for each common share), resulting in net investment income after the preferred dividends of $9,580,573 or $0.285 per common share. For the year ended October 31, 2008, the Trust had net investment income of $55,940,751 ($1.665 per common share). From this amount, the Trust paid dividends on preferred shares of $12,333,061 (equal to $0.367 for each common share), resulting in net investment income after the preferred dividends of $43,607,690 or $1.298 per common share.
Net realized and unrealized gains for the three months ended October 31, 2009 were $38,169,773 ($1.135 per common share) and net realized and unrealized gains for the year ended October 31, 2009 were $115,079,108 ($3.423 per common share). In comparison, net realized and unrealized losses for the three months ended October 31, 2008 were $182,915,323 ($5.442 per common share). The Trust's net realized and unrealized losses for the year ended October 31, 2008 were $256,993,455 ($7.647 per common share).
On October 31, 2009, net assets of the Trust applicable to common shares were $460,699,828. The net asset value per common share on October 31, 2009 was $13.70 based on 33,629,955 common shares outstanding. In comparison, on October 31, 2008, net assets of the Trust applicable to common shares were $342,457,200. The net asset value per common share on October 31, 2008 was $10.19 based on 33,600,821 common shares outstanding.
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 $154.9 billion in assets as of October 31,
2009, offering individuals and institutions a broad array of investment products 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
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Year Ended
October 31, October 31,
----------- -----------
2009 2008 2009 2008
---- ---- ---- ----
Gross investment
income $9,929 $15,332 $41,323 $67,288
Operating
expenses (1,313) (1,461) (4,344) (6,159)
Interest
expense (488) (2,959) (4,093) (5,188)
---- ------ ------ ------
Net investment
income $8,128 $10,912 $32,886 $55,941
Net realized and
unrealized gains
(losses)
on investments $38,170 $(182,915) $115,079 $(256,994)
Preferred
dividends paid (98) (1,331) (947) (12,333)
--- ------ ---- -------
Net increase
(decrease) in net
assets
from operations $46,200 $(173,334) $147,018 $(213,386)
======= ========= ======== =========
Earnings per Common
Share Outstanding
-------------------
Gross investment
income $0.295 $0.457 $1.229 $2.003
Operating
expenses (0.021) (0.043) (0.129) (0.184)
Interest
expense (0.032) (0.089) (0.122) (0.154)
------ ------ ------ ------
Net investment
income $0.242 $0.325 $0.978 $1.665
Net realized and
unrealized gains
(losses)
on investments $1.135 $(5.442) $3.423 $(7.647)
Preferred
dividends paid (0.003) (0.040) (0.028) (0.367)
------ ------ ------ ------
Net increase
(decrease) in net
assets
from operations $1.374 $(5.157) $4.373 $(6.349)
====== ======= ====== =======
Net investment
income $0.242 $0.325 $0.978 $1.665
Preferred
dividends paid (0.003) (0.040) (0.028) (0.367)
------ ------ ------ ------
Net investment income
after preferred
dividends $0.239 $0.285 $0.950 $1.298
====== ====== ====== ======
Net Asset Value at
October 31 (Common
Shares )
-------------------
Net assets $460,700 $342,457
Shares outstanding 33,630 33,601
Net asset value per
share outstanding $13.70 $10.19
Market Value Summary
(Common Shares )
--------------------
Market price on NYSE
at October 31 $12.98 $9.48
High market price
(period ended
October 31) $14.01 $16.07
Low market price
(period ended
October 31) $6.79 $8.88
SOURCE Eaton Vance Management
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