EATON VANCE CORP. BOSTON, Jan. 20, 2015 /PRNewswire/ -- Eaton Vance Floating-Rate Income Trust (NYSE: EFT) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months and the six months ended November 30, 2014. The Fund's fiscal year ends on May 31, 2015.
For the three months ended November 30, 2014, the Fund had net investment income of $8,849,024 ($0.222 per common share). The net investment income includes a deduction of $335,587 ($0.009 per common share) representing interest expense paid on Variable Rate Term Preferred Shares (VRTP Shares). For the six months ended November 30, 2014, the Fund had net investment income of $17,450,499 ($0.438 per common share). The net investment income includes a deduction of $671,658 ($0.017 per common share) representing interest expense paid on VRTP Shares. In comparison, for the three months ended November 30, 2013, the Fund had net investment income of $8,933,511 ($0.224 per common share). The net investment income includes a deduction of $334,363 ($0.008 per common share) representing interest expense paid on VRTP Shares. For the six months ended November 30, 2013, the Fund had net investment income of $18,093,034 ($0.454 per common share). The net investment income includes a deduction of $676,578 ($0.017 per common share) representing interest expense paid on VRTP Shares.
Net realized and unrealized losses for the three months ended November 30, 2014 were $11,374,709 ($0.285 per common share). The Fund's net realized and unrealized losses for the six months ended November 30, 2014 were $15,049,457 ($0.377 per common share). In comparison, net realized and unrealized gains for the three months ended November 30, 2013 were $4,542,395 ($0.120 per common share). The Fund's net realized and unrealized losses for the six months ended November 30, 2013 were $2,867,172 ($0.066 per common share).
On November 30, 2014, net assets of the Fund applicable to common shares were $625,900,236. The net asset value per common share on November 30, 2014 was $15.70 based on 39,863,690 common shares outstanding. In comparison, on November 30, 2013, net assets of the Fund applicable to common shares were $646,490,901. The net asset value per common share on November 30, 2013 was $16.22 based on 39,863,690 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. (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 $297.7 billion in assets as of October 31, 2014 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 FLOATING-RATE INCOME TRUST
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
November 30, November 30,
------------ ------------
2014 2013 2014 2013
---- ---- ---- ----
Gross investment income $12,247 $12,365 $24,288 $25,012
Operating expenses (2,152) (2,190) (4,344) (4,403)
Interest expense on VRTP Shares* (336) (334) (672) (677)
Other interest expense (910) (908) (1,822) (1,839)
---- ---- ------ ------
Net investment income $8,849 $8,933 $17,450 $18,093
Net realized and unrealized gains (losses)
on investments ($11,374) $4,542 ($15,049) ($2,867)
Net increase (decrease) in net assets
from operations ($2,525) $13,475 $2,401 $15,226
Earnings per Common Share Outstanding
-------------------------------------
Gross investment income $0.308 $0.310 $0.610 $0.628
Operating expenses (0.054) (0.055) (0.109) (0.111)
Interest expense on VRTP Shares* (0.009) (0.008) (0.017) (0.017)
Other interest expense (0.023) (0.023) (0.046) (0.046)
------ ------ ------ ------
Net investment income $0.222 $0.224 $0.438 $0.454
Net realized and unrealized gains (losses)
on investments ($0.285) $0.120 ($0.377) ($0.066)
Net increase (decrease) in net assets
from operations ($0.063) $0.344 $0.061 $0.388
Net Asset Value at November 30 (Common Share)
--------------------------------------------
Net assets (000) $625,900 $646,491
Shares outstanding (000) 39,864 39,864
Net asset value per share outstanding $15.70 $16.22
Market Value Summary (Common Share)
----------------------------------
Market price on NYSE at November 30 $14.24 $15.35
High market price (six months ended November
30) $15.16 $16.78
Low market price (six months ended November
30) $13.94 $15.19
* 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. 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
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
VRTP Shares
were issued
to a
commercial
paper conduit
sponsored by
a large
financial
institution
(the
Conduit).
Dividends on
the VRTP
Shares are
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
