EATON VANCE CORP. 
By BOSTON, Jan. 21, 2014 /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, 2013. The Fund's fiscal year ends on May 31, 2014.
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 Variable Rate Term Preferred Shares (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. In comparison, for the three months ended November 30, 2012, the Fund had net investment income of $10,980,511 ($0.293 per common share). From this amount, the Fund paid dividends on Auction Preferred Shares (APS) of $443,810 (equal to $0.012 for each common share), resulting in net investment income after the preferred dividends of $10,536,701 or $0.281 per common share. For the six months ended November 30, 2012, the Fund had net investment income of $21,128,016 ($0.563 per common share). From this amount, the Fund paid dividends on APS of $818,061 (equal to $0.022 for each common share), resulting in net investment income after the preferred dividends of $20,309,955 or $0.541 per common share. The Fund redeemed and repurchased its APS on or prior to January 4, 2013.
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). In comparison, net realized and unrealized gains for the three months ended November 30, 2012 were $6,128,606 ($0.168 per common share). The Fund's net realized and unrealized gains for the six months ended November 30, 2012 were $16,160,571 ($0.435 per common share).
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. In comparison, on November 30, 2012, net assets of the Fund applicable to common shares were $599,275,764. The net asset value per common share on November 30, 2012 was $15.96 based on 37,546,741 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 $283.3 billion in assets as of December 31, 2013 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 Six Months
Ended Ended
November 30, November 30,
------------ ------------
2013 2012 2013 2012
---- ---- ---- ----
Gross
investment
income $12,365 $13,864 $25,012 $26,920
Operating
expenses (2,190) (2,045) (4,403) (4,059)
Interest
expense
on VRTP
Shares* (334) - (677) -
Other
interest
expense (908) (838) (1,839) (1,733)
---- ---- ------ ------
Net
investment
income $8,933 $10,981 $18,093 $21,128
$4,542 $6,129 ($2,867) $16,161
Net
realized
and
unrealized
gains
(losses)
on
investments
- (444) - (818)
Dividends
on APS
paid from
net
investment
income
$13,475 $16,666 $15,226 $36,471
Net
increase
(decrease)
in net
assets
from
operations
Earnings
per
Common
Share
Outstanding
------------
Gross
investment
income $0.310 $0.369 $0.628 $0.717
Operating
expenses (0.055) (0.054) (0.111) (0.108)
Interest
expense
on VRTP
Shares* (0.008) - (0.017) -
Other
interest
expense (0.023) (0.022) (0.046) (0.046)
------ ------ ------ ------
Net
investment
income $0.224 $0.293 $0.454 $0.563
$0.120 $0.168 ($0.066) $0.435
Net
realized
and
unrealized
gains
(losses)
on
investments
- (0.012) - (0.022)
Dividends
on APS
paid from
net
investment
income
Net
increase
(decrease)
in net
assets
from
operations
$0.344 $0.449 $0.388 $0.976
====== ====== ====== ======
Net
investment
income $0.224 $0.293 $0.454 $0.563
- (0.012) - (0.022)
Dividends
on APS
paid from
net
investment
income
Net
investment
income
after
preferred
dividends $0.224 $0.281 $0.454 $0.541
====== ====== ====== ======
Net Asset
Value at
November
30
(Common
Share)
---------
Net
assets
(000) $646,491 $599,276
Shares
outstanding
(000) 39,864 37,547
Net asset
value
per
share
outstanding $16.22 $15.96
Market
Value
Summary
(Common
Share)
--------
Market
price on
NYSE at
November
30 $15.35 $16.42
High
market
price
(six
months
ended
November
30) $16.78 $17.13
Low
market
price
(six
months
ended
November
30) $15.19 $14.87
* 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. The
Fund's
leverage
amount did not
change
materially as
a result of
the VRTP Share
issuance and
the redemption
of the auction
preferred
shares.
SOURCE Eaton Vance Management
