BOSTON, Oct. 15, 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 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. (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 $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.
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
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Three Months
Ended
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August
31,
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August
31,
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2014
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2013
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Gross investment
income
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$12,041
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$12,647
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Operating
expenses
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(2,192)
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(2,213)
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Interest expense on
VRTP Shares*
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(336)
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(342)
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Other interest
expense
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(912)
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(932)
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Net investment
income
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$8,601
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$9,160
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Net realized and
unrealized gains (losses)
on investments
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($3,675)
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($7,410)
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Net increase
(decrease) in net assets
from operations
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$4,926
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$1,750
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Earnings per Common
Share Outstanding
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Gross investment
income
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$0.302
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$0.318
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Operating
expenses
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(0.055)
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(0.056)
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Interest expense on
VRTP Shares*
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(0.008)
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(0.009)
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Other interest
expense
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(0.023)
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(0.023)
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Net investment
income
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$0.216
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$0.230
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Net realized and
unrealized gains (losses)
on investments
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($0.092)
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($0.186)
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Net increase
(decrease) in net assets
from operations
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$0.124
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$0.044
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Net Asset Value at
August 31 (Common Share)
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Net assets
(000)
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$637,355
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$642,073
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Shares outstanding
(000)
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39,864
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39,857
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Net asset value per
share outstanding
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$15.99
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$16.11
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Market Value Summary
(Common Share)
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Market price on NYSE
at August 31
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$14.94
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$16.36
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High market price
(three months ended August 31)
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$15.16
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$16.78
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Low market price
(three months ended August 31)
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$14.68
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$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