Eaton Vance Senior Floating-Rate Trust Report of Earnings
08 October 2009 - 2:04AM
PR Newswire (US)
BOSTON, Oct. 7 /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 for the nine months ended July 31,
2009. The Trust's fiscal year ends on October 31, 2009. 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. In comparison, for the three months ended
July 31, 2008, the Trust had net investment income of $11,769,562
($0.350 per common share). From this amount, the Trust paid
dividends on preferred shares of $1,532,518 (equal to $0.045 for
each common share), resulting in net investment income after the
preferred dividends of $10,237,044 or $0.305 per common share. For
the nine months ended July 31, 2008, the Trust had net investment
income of $45,028,796 ($1.340 per common share). From this amount,
the Trust paid dividends on preferred shares of $11,001,679 (equal
to $0.327 for each common share), resulting in net investment
income after the preferred dividends of $34,027,117 or $1.013 per
common share. 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). In
comparison, net realized and unrealized losses for the three months
ended July 31, 2008 were $8,545,620 ($0.263 per common share). The
Trust's net realized and unrealized losses for the nine months
ended July 31, 2008 were $74,078,132 ($2.205 per common share). On
July 31, 2009, net assets of the Trust applicable to common shares
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. In
comparison, on July 31, 2008, net assets of the Trust applicable to
common shares were $525,540,232. The net asset value per common
share on July 31, 2008 was $15.64 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
$147.7 billion in assets as of August 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
http://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,
-------- -------- 2009 2008 2009 2008 ---- ---- ---- ---- Gross
investment income $9,758 $15,245 $31,394 $51,956 Interest expense
(395) (2,148) (3,605) (2,229) Operating expenses (1,102) (1,327)
(3,031) (4,698) ------ ------ ------ ------ Net investment income
$8,261 $11,770 $24,758 $45,029 Net realized and unrealized gains
(losses) on investments $79,494 ($5,428) $76,909 ($74,078)
Preferred dividends paid from net investment income ($141) ($1,533)
($849) ($11,002) Net increase (decrease) in net assets from
operations $87,614 $4,809 $100,818 ($40,051) ======= ======
======== ======== Earnings per Common Share Outstanding
------------------------------------- Gross investment income
$0.290 $0.453 $0.934 $1.546 Interest expense (0.012) (0.064)
(0.108) (0.066) Operating expenses (0.033) (0.039) (0.090) (0.140)
------ ------ ------ ------ Net investment income $0.245 $0.350
$0.736 $1.340 Net realized and unrealized gains (losses) on
investments $2.364 ($0.263) $2.288 ($2.205) Preferred dividends
paid from net investment income (0.004) (0.045) (0.025) (0.327)
------ ------ ------ ------ Net increase (decrease) in net assets
from operations $2.605 $0.042 $2.999 ($1.192) ====== ====== ======
======= Net investment income $0.245 $0.350 $0.736 $1.340 Preferred
dividends paid from net investment income (0.004) (0.045) (0.025)
(0.327) ------ ------ ------ ------ Net investment income after
preferred dividends $0.241 $0.305 $0.711 $1.013 ====== ======
====== ====== Net Asset Value at July 31 (Common Shares )
-------------------------- Net assets (000) $421,731 $525,540
Shares outstanding (000) 33,630 33,601 Net asset value per share
outstanding $12.54 $15.64 Market Value Summary (Common Shares)
----------------------------------- Market price on NYSE at July 31
$12.20 $13.67 High market price (nine months ended July 31) $12.20
$16.07 Low market price (nine months ended July 31) $6.79 $13.30
DATASOURCE: Eaton Vance Management CONTACT: Investor Contact:
+1-800-262-1122 Web Site: http://www.eatonvance.com/
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