Eaton Vance Senior Floating-Rate Trust Report of Earnings
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
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