Eaton Vance Senior Floating-Rate Trust Report of Earnings

Jul 09, 2013, 14:05 ET from Eaton Vance Management

BOSTON, July 9, 2013 /PRNewswire/ -- Eaton Vance Senior Floating-Rate Trust (NYSE: EFR) (the "Trust"), a diversified closed-end management investment company, today announced the earnings of the Trust for the three months and six months ended April 30, 2013. The Trust's fiscal year ends on October 31, 2013.

For the three months ended April 30, 2013, the Trust had net investment income of $8,924,401 ($0.252 per common share). From this amount, the Trust paid dividends on preferred shares of $51,696 (equal to $0.001 for each common share), resulting in net investment income after the preferred dividends of $8,872,705 or $0.251 per common share. For the six months ended April 30, 2013, the Trust had net investment income of $18,277,804 ($0.528 per common share). From this amount, the Trust paid dividends on preferred shares of $115,191 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $18,162,613 or $0.525 per common share. In comparison, for the three months ended April 30, 2012, the Trust had net investment income of $10,081,721 ($0.299 per common share). From this amount, the Trust paid dividends on preferred shares of $57,982 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $10,023,739 or $0.297 per common share. For the six months ended April 30, 2012, the Trust had net investment income of $17,742,129 ($0.525 per common share). From this amount, the Trust paid dividends on preferred shares of $99,808 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $17,642,321 or $0.522 per common share. 

Net realized and unrealized gains for the three months ended April 30, 2013 were $4,588,700 ($0.125 per common share) and net realized and unrealized gains for the six months ended April 30, 2013 were $11,673,103 ($0.334 per common share). In comparison, net realized and unrealized gains for the three months ended April 30, 2012 were $7,770,133 ($0.231 per common share) and net realized and unrealized gains for the six months ended April 30, 2012 were $16,558,740 ($0.491 per common share). 

On April 30, 2013, net assets of the Trust were $577,298,948. The net asset value per common share on April 30, 2013 was $16.00 based on 36,074,786 common shares outstanding. In comparison, on April 30, 2012, net assets of the Trust were $520,421,550. The net asset value per common share on April 30, 2012 was $15.41 based on 33,778,557 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").  Trust portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-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 $260.3 billion in assets as of April 30, 2013 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

SUMMARY OF RESULTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended

Six Months Ended

April 30,

April 30,

2013

2012

2013

2012

Gross investment income

$           11,308

$         12,337

$        23,052

$           22,314

Operating expenses

(1,866)

(1,740)

(3,711)

(3,485)

Interest expense

(517)

(515)

(1,063)

(1,087)

Net investment income

$             8,925

$         10,082

$        18,278

$           17,742

Net realized and unrealized gains (losses)

  on investments

$             4,589

$           7,770

$        11,673

$           16,559

Preferred dividends paid from net investment income  

(52)

(58)

(115)

(100)

Net increase (decrease) in net assets

  from operations

$           13,462

$         17,794

$        29,836

$           34,201

Earnings per Common Share Outstanding

Gross investment income

$             0.320

$           0.365

$           0.666

$             0.660

Operating expenses

(0.053)

(0.051)

(0.107)

(0.103)

Interest expense

(0.015)

(0.015)

(0.031)

(0.032)

Net investment income 

$             0.252

$           0.299

$           0.528

$             0.525

Net realized and unrealized gains (losses)

  on investments

$             0.125

$           0.231

$           0.334

$             0.491

Preferred dividends paid from net investment income

(0.001)

(0.002)

(0.003)

(0.003)

Net increase (decrease) in net assets

  from operations

$             0.376

$           0.528

$           0.859

$             1.013

Net investment income 

$             0.252

$           0.299

$           0.528

$             0.525

Preferred dividends paid from net investment income

(0.001)

(0.002)

(0.003)

(0.003)

Net investment income after preferred dividends

$             0.251

$           0.297

$           0.525

$             0.522

Net Asset Value at April 30 (Common Shares)

Net assets 

$      577,299

$        520,422

Shares outstanding 

36,075

33,779

Net asset value per share outstanding

$           16.00

$             15.41

Market Value Summary (Common Shares)

Market price on NYSE at April 30

$           17.37

$             15.64

High market price (period ended April 30)

$           17.62

$             15.80

Low market price (period ended April 30)

$           15.66

$             13.67

 

SOURCE Eaton Vance Management



RELATED LINKS

http://www.eatonvance.com