Report Of Earnings
BOSTON, Oct. 15, 2014 /PRNewswire/ -- Eaton Vance Floating-Rate Income Trust EFT (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months ended August 31, 2014. The Fund's fiscal year ends on May 31, 2015.
For the three months ended August 31, 2014, the Fund had net investment income of $8,601,475 ($0.216 per common share). The net investment income includes a deduction of $336,071 ($0.008 per common share) representing interest expense paid on Variable Rate Term Preferred Shares (VRTP Shares). In comparison, for the three months ended August 31, 2013, the Fund had net investment income of $9,159,523 ($0.230 per common share). The net investment income includes a deduction of $342,215 ($0.009 per common share) representing interest expense paid on VRTP Shares.
Net realized and unrealized losses for the three months ended August 31, 2014 were $3,674,748 ($0.092 per common share). In comparison, net realized and unrealized losses for the three months ended August 31, 2013 were $7,409,567 ($0.186 per common share).
On August 31, 2014, net assets of the Fund applicable to common shares were $637,355,386. The net asset value per common share on August 31, 2014 was $15.99 based on 39,863,690 common shares outstanding. In comparison, on August 31, 2013, net assets of the Fund applicable to common shares were $642,072,823. The net asset value per common share on August 31, 2013 was $16.11 based on 39,856,811 common shares outstanding.
The Fund periodically makes performance data and certain information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Fund portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-end.
The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. 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 $293.6 billion in assets as of September 30, 2014, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service, timely innovation 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.
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EATON VANCE FLOATING-RATE INCOME TRUST |
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SUMMARY OF RESULTS OF OPERATIONS |
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(in thousands, except per share amounts) |
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Three Months Ended |
Three Months Ended |
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August 31, |
August 31, |
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2014 |
2013 |
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Gross investment income |
$12,041 |
$12,647 |
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Operating expenses |
(2,192) |
(2,213) |
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Interest expense on VRTP Shares* |
(336) |
(342) |
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Other interest expense |
(912) |
(932) |
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Net investment income |
$8,601 |
$9,160 |
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Net realized and unrealized gains (losses) |
($3,675) |
($7,410) |
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Net increase (decrease) in net assets |
$4,926 |
$1,750 |
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Earnings per Common Share Outstanding |
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Gross investment income |
$0.302 |
$0.318 |
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Operating expenses |
(0.055) |
(0.056) |
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Interest expense on VRTP Shares* |
(0.008) |
(0.009) |
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Other interest expense |
(0.023) |
(0.023) |
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Net investment income |
$0.216 |
$0.230 |
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Net realized and unrealized gains (losses) |
($0.092) |
($0.186) |
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Net increase (decrease) in net assets |
$0.124 |
$0.044 |
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Net Asset Value at August 31 (Common Share) |
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Net assets (000) |
$637,355 |
$642,073 |
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Shares outstanding (000) |
39,864 |
39,857 |
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Net asset value per share outstanding |
$15.99 |
$16.11 |
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Market Value Summary (Common Share) |
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Market price on NYSE at August 31 |
$14.94 |
$16.36 |
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High market price (three months ended August 31) |
$15.16 |
$16.78 |
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Low market price (three months ended August 31) |
$14.68 |
$15.62 |
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* On December 18, 2012, the Fund issued 800 Series C-1 Variable Rate Term Preferred Shares (VRTP Shares), with a par value of $80 million. |
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The Fund used the net proceeds of the offering to redeem and repurchase all of its outstanding auction preferred shares which it completed on or prior | |||||||||||
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to January 4, 2013. The VRTP Shares are a form of preferred shares with a mandatory redemption date of December 18, 2015, unless extended. The | |||||||||||
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VRTP Shares were issued to a commercial paper conduit sponsored by a large financial institution (the Conduit). Dividends on the VRTP Shares are | |||||||||||
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determined each day based on a spread to the Conduit's current cost of funding and are included in interest expense. |
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SOURCE Eaton Vance Management
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