Eaton Vance Senior Floating-Rate Trust Report of Earnings

Oct 08, 2010, 12:18 ET from Eaton Vance Management

BOSTON, Oct. 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 and nine-month periods ended July 31, 2010.  The Trust's fiscal year ends on October 31, 2010.

For the three months ended July 31, 2010, the Trust had net investment income of $8,761,014 ($0.260 per common share).  From this amount, the Trust paid dividends on preferred shares of $125,357 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $8,635,657 or $0.257 per common share.  For the nine months ended July 31, 2010, the Trust had net investment income of $26,038,606 ($0.773 per common share).  From this amount, the Trust paid dividends on preferred shares of $277,308 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $25,761,298 or $0.765 per common share.  In comparison, for the three months ended July 31, 2009, the Trust had net investment income of $8,260,852 ($0.245 per common share).  From this amount, the Trust paid dividends on preferred shares of $140,912 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $8,119,940 or $0.241 per common share.  For the nine months ended July 31, 2009, the Trust had net investment income of $24,758,385 ($0.736 per common share).  From this amount, the Trust paid dividends on preferred shares of $848,577 (equal to $0.025 for each common share), resulting in net investment income after the preferred dividends of $23,909,808 or $0.711 per common share.  

Net realized and unrealized losses for the three months ended July 31, 2010 were $18,872,044 ($0.557 per common share) and net realized and unrealized gains for the nine months ended July 31, 2010 were $28,259,350 ($0.839 per common share).  In comparison, net realized and unrealized gains for the three months ended July 31, 2009 were $79,493,613 ($2.364 per common share) and net realized and unrealized gains for the nine months ended July 31, 2009 were $76,909,335 ($2.288 per common share).  

On July 31, 2010, net assets of the Trust were $487,227,299.  The net asset value per common share on July 31, 2010 was $14.46 based on 33,696,545 common shares outstanding.  In comparison, on July 31, 2009, net assets of the Trust were $421,731,332.  The net asset value per common share on July 31, 2009 was $12.54 based on 33,629,955 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 $173.3 billion in assets as of July 31, 2010, 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 

 Nine Months Ended 

 July 31, 

 July 31, 

2010

2009

2010

2009

Gross investment income

$                       10,886

$                      9,758

$                   32,246

$                      31,394

Operating expenses

(1,846)

(1,102)

(4,780)

(3,031)

Interest expense

(280)

(395)

(1,428)

(3,605)

Net investment income

$                         8,760

$                      8,261

$                   26,038

$                      24,758

Net realized and unrealized gains (losses)

 on investments

$                     (18,872)

$                    79,494

$                   28,259

$                      76,909

Preferred dividends paid from net investment income

(125)

(141)

(277)

(849)

Net increase (decrease) in net assets

 from operations

$                     (10,237)

$                    87,614

$                   54,020

$                    100,818

Earnings per Common Share Outstanding

Gross investment income

$                         0.323

$                      0.290

$                     0.958

$                        0.934

Operating expenses

(0.055)

(0.033)

(0.143)

(0.090)

Interest expense

(0.008)

(0.012)

(0.042)

(0.108)

Net investment income

$                         0.260

$                      0.245

$                     0.773

$                        0.736

Net realized and unrealized gains (losses)

 on investments

$                       (0.557)

$                      2.364

$                     0.839

$                        2.288

Preferred dividends paid from net investment income

(0.003)

(0.004)

(0.008)

(0.025)

Net increase (decrease) in net assets

 from operations

$                       (0.300)

$                      2.605

$                     1.604

$                        2.999

Net investment income

$                         0.260

$                      0.245

$                     0.773

$                        0.736

Preferred dividends paid from net investment income

(0.003)

(0.004)

(0.008)

(0.025)

Net investment income after preferred dividends

$                         0.257

$                      0.241

$                     0.765

$                        0.711

Net Asset Value at July 31 (Common Shares)

Net assets

$                 487,227

$                    421,731

Shares outstanding

33,697

33,630

Net asset value per share outstanding

$                     14.46

$                        12.54

Market Value Summary (Common Shares)

Market price on NYSE at July 31

$                     15.60

$                        12.20

High market price (period ended July 31)

$                     16.78

$                        12.20

Low market price (period ended July 31)

$                     13.12

$                          6.79

SOURCE Eaton Vance Management



RELATED LINKS

http://www.eatonvance.com