Two Eaton Vance trusts to sell stock, invest in floating-rate loans

By Toni Weeks

San Diego, Dec. 7 - The Eaton Vance Senior Income Trust and the Eaton Vance Senior Floating-Rate Trust announced plans to offer common shares, according to separate 497 filings with the Securities and Exchange Commission.

The diversified closed-end management investment companies both seek to provide a high level of current income, consistent with the preservation of capital, by investing primarily in senior secured floating-rate loans that are normally accessible only to financial institutions and large corporate and institutional investors and not widely available to individual investors.

The Eaton Vance Senior Income Trust plans to sell up to 1,838,575 shares. Its common shares are listed on the New York Stock Exchange under the symbol "EVF." The last reported sale price was $7.65 as of Dec. 4.

The Eaton Vance Senior Floating-Rate Trust plans to sell up to 1,690,275 shares. Its common shares are listed on the New York Stock Exchange under the symbol "EFR." The last reported sale price was $16.29 as of Dec. 4. The sales load is 1% for either trust.

The investment advisory fee for the Senior Income Trust will be 1.31%, and total annual expenses, including dividends on preferred shares, are expected to run 2.28%.

The investment advisory fee for the Floating-Rate Trust will be 1.19%. Total expenses, including dividends on preferred shares, are expected to be 1.85%.

Boston-based Eaton Vance is the trusts' investment adviser.

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