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Filed pursuant to Rule 424(b)(3)
File No. 333-266343

EATON VANCE SENIOR FLOATING-RATE TRUST
Supplement to Prospectus dated March 31, 2023

The following replaces the Financial Highlights contained in the Prospectus:

Selected data for a Common Share outstanding during the periods stated.

  Year Ended October 31,
  2023 2022 2021 2020 2019
Net asset value - Beginning of year (Common shares) $12.280 $14.300 $13.500 $14.510 $15.370
Income (Loss) From Operations          
Net investment income(1) $  1.448 $  0.917 $  0.721 $  0.816 $  0.987
Net realized and unrealized gain (loss) 0.441 (1.934) 0.907 (0.874) (0.796)
Distributions to preferred shareholders From net investment income(1) (0.203) (0.045) (0.003) (0.028) (0.072)
Total income (loss) from operations $  1.686 $(1.062) $  1.625 $(0.086) $  0.119
Less Distributions to Common Shareholders          
From net investment income $(1.196) $(0.875) $(0.806) $(0.924) $(0.979)
Tax return on capital — (0.100) (0.056) — —
Total distributions to common shareholders $(1.196) $(0.975) $(0.862) $(0.924) $(0.979)
Premium from common shares sold through shelf offering(1) $        — $   0.017 $  0.001 $        — $        —
Discount on tender offer(1) $        — $        — $  0.036 $        — $        —
Net asset value — End of year (Common shares) $ 12.770 $ 12.280 $ 14.300 $ 13.500 $ 14.510
Market value — End of year (Common shares) $ 11.640 $ 11.170 $ 14.900 $ 11.900 $ 12.910
Total Investment Return on Net Asset Value(2) 15.09% (7.26)% 12.69% 0.42% 1.69%
Total Investment Return on Market Value(2) 15.34% (19.10)% 33.21% (0.52)% 3.55%
Ratios/Supplemental Data          
Net assets applicable to common shares, end of year (000’s omitted) $372,481 $358,405 $403,589 $497,341 $534,714
Ratios (as a percentage of average daily net assets applicable to common shares):(5)†          
Expenses excluding interest and fees 1.34% 1.37% 1.33% 1.32% 1.28%
Interest and fee expense(7) 1.95% 0.81% 0.46% 0.78% 1.40%
Total expenses 3.29%(8) 2.18%(8) 1.79% 2.10% 2.68%
Net investment income 11.37% 6.83% 5.05% 6.03% 6.64%
Portfolio Turnover 24% 12% 66% 30% 28%
Senior Securities:          
Total notes payable outstanding (in 000’s) $110,000 $133,000 $120,000 $223,000 $218,000
Asset coverage per $1,000 of notes payable(9) $    5,076 $    4,265 $    4,995 $    3,570 $    3,801
Total preferred shares outstanding 3,032 3,032 3,032 3,032 3,032
Asset coverage per preferred share(10) $  75,134 $  67,924 $  76,531 $  66,612 $  70,501
Involuntary liquidation preference per preferred share(11) $  25,000 $  25,000 $  25,000 $  25,000 $  25,000
Approximate market value per preferred share(11) $  25,000 $  25,000 $  25,000 $  25,000 $  25,000

(See related footnotes.)

 

 

Financial Highlights (continued)
  Year Ended October 31,
  2018 2017 2016 2015 2014
Net asset value -  Beginning of year (Common shares) $15.210 $14.860 $14.350 $15.330 $15.810
Income (Loss) From Operations          
Net investment income(1) $  0.885 $  0.898 $  0.963 $  0.943 $  0.925
Net realized and unrealized gain (loss) 0.153 0.359 0.459 (0.979) (0.414)
Distributions to preferred shareholders
From net investment income(1)		 (0.066) (0.034) (0.019) (0.006) (0.004)
Discount on redemption and repurchase of auction preferred shares(1) 0.044 — 0.048 — —
Total income (loss) from operations $  1.016 $  1.223 $  1.451 $(0.042) $  0.507
Less Distributions to Common Shareholders          
From net investment income $(0.856) $(0.873) $(0.941) $(0.938) $(0.987)
Total distributions to common shareholders $(0.856) $(0.873) $(0.941) $(0.938) $(0.987)
Premium from common shares sold through shelf offering(1) $        — $        — $        — $        — $        —
Net asset value — End of year (Common shares) $ 15.370 $ 15.210 $ 14.860 $ 14.350 $ 15.330
Market value — End of year (Common shares) $ 13.430 $ 14.550 $ 14.150 $ 12.970 $ 14.050
Total Investment Return on Net Asset Value(2) 7.25%(3) 8.54% 11.31%(4) 0.15% 3.60%
Total Investment Return on Market Value(2) (2.04)% 9.04% 17.27% (1.24)% (4.99)%
Ratios/Supplemental Data          
Net assets applicable to common shares, end of year (000’s omitted) $566,490 $560,431 $547,620 $528,561 $564,827
Ratios (as a percentage of average daily net assets applicable to common shares):(5)†          
Expenses excluding interest and fees(6) 1.31% 1.34% 1.38% 1.39% 1.36%
Interest and fee expense(7) 1.06% 0.75% 0.49% 0.42% 0.40%
Total expenses 2.37% 2.09% 1.87% 1.81% 1.76%
Net investment income 5.78% 5.93% 6.84% 6.27% 5.89%
Portfolio Turnover 32% 42% 35% 32% 35%
Senior Securities:          
Total notes payable outstanding (in 000’s) $222,000 $199,000 $198,000 $208,000 $210,000
Asset coverage per $1,000 of notes payable(9) $    3,893 $    4,298 $    4,250 $    4,172 $    4,315
Total preferred shares outstanding 3,032 3,836 3,836 5,252 5,252
Asset coverage per preferred share(10) $  72,558 $  72,511 $  71,584 $  63,946 $  66,374
Involuntary liquidation preference per preferred share(11) $  25,000 $  25,000 $  25,000 $  25,000 $  25,000
Approximate market value per preferred share(11) $  25,000 $  25,000 $  25,000 $  25,000 $  25,000

(See related footnotes.)

 

 
(1)Computed using average shares outstanding.
(2)Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.
(3)The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 92% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 6.94%.
(4)The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 10.95%.
(5)Ratios do not reflect the effect of dividend payments to preferred shareholders.
(6)Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.
(7)Interest and fee expense relates to the notes payable incurred to partially redeem the Trust’s APS.
(8)Includes a reduction by the investment adviser of a portion of its adviser fee due to the Trust’s investment in the Morgan Stanley Institutional Liquidity Funds – Government Portfolio (equal to less than 0.005% of average daily net assets for the years ended October 31, 2023 and 2022).
(9)Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands.
(10)Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 301%, 272%, 306%, 266%, 282%, 290%, 290%, 286%, 256% and 265% at October 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014, respectively.
(11)Plus accumulated and unpaid dividends.
†Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any.

  Year Ended October 31,
  2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Expenses excluding interest and fees 0.89% 0.88% 0.87% 0.84% 0.82% 0.85% 0.87% 0.88% 0.86% 0.86%
Interest and fee expense 1.28% 0.52% 0.31% 0.50% 0.91% 0.69% 0.49% 0.31% 0.26% 0.25%
Total expenses 2.17% 1.40% 1.18% 1.34% 1.73% 1.54% 1.36% 1.19% 1.12% 1.11%
Net investment income 7.47% 4.39% 3.34% 3.86% 4.29% 3.76% 3.85% 4.34% 3.90% 3.70%

January 17, 2024

 

v3.23.4
N-2 - USD ($)
 12 Months Ended
Mar. 31, 2023
Oct. 31, 2023
Oct. 31, 2022
Oct. 31, 2021
Oct. 31, 2020
Oct. 31, 2019
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Cover [Abstract]                      
Entity Central Index Key 0001258623                    
Amendment Flag false                    
Document Type 424B3                    
Entity Registrant Name EATON VANCE SENIOR FLOATING RATE TRUST                    
Financial Highlights [Abstract]                      
Senior Securities [Table Text Block]

  Year Ended October 31,
  2023 2022 2021 2020 2019
Net asset value - Beginning of year (Common shares) $12.280 $14.300 $13.500 $14.510 $15.370
Income (Loss) From Operations          
Net investment income(1) $  1.448 $  0.917 $  0.721 $  0.816 $  0.987
Net realized and unrealized gain (loss) 0.441 (1.934) 0.907 (0.874) (0.796)
Distributions to preferred shareholders From net investment income(1) (0.203) (0.045) (0.003) (0.028) (0.072)
Total income (loss) from operations $  1.686 $(1.062) $  1.625 $(0.086) $  0.119
Less Distributions to Common Shareholders          
From net investment income $(1.196) $(0.875) $(0.806) $(0.924) $(0.979)
Tax return on capital — (0.100) (0.056) — —
Total distributions to common shareholders $(1.196) $(0.975) $(0.862) $(0.924) $(0.979)
Premium from common shares sold through shelf offering(1) $        — $   0.017 $  0.001 $        — $        —
Discount on tender offer(1) $        — $        — $  0.036 $        — $        —
Net asset value — End of year (Common shares) $ 12.770 $ 12.280 $ 14.300 $ 13.500 $ 14.510
Market value — End of year (Common shares) $ 11.640 $ 11.170 $ 14.900 $ 11.900 $ 12.910
Total Investment Return on Net Asset Value(2) 15.09% (7.26)% 12.69% 0.42% 1.69%
Total Investment Return on Market Value(2) 15.34% (19.10)% 33.21% (0.52)% 3.55%
Ratios/Supplemental Data          
Net assets applicable to common shares, end of year (000’s omitted) $372,481 $358,405 $403,589 $497,341 $534,714
Ratios (as a percentage of average daily net assets applicable to common shares):(5)†          
Expenses excluding interest and fees 1.34% 1.37% 1.33% 1.32% 1.28%
Interest and fee expense(7) 1.95% 0.81% 0.46% 0.78% 1.40%
Total expenses 3.29%(8) 2.18%(8) 1.79% 2.10% 2.68%
Net investment income 11.37% 6.83% 5.05% 6.03% 6.64%
Portfolio Turnover 24% 12% 66% 30% 28%
Senior Securities:          
Total notes payable outstanding (in 000’s) $110,000 $133,000 $120,000 $223,000 $218,000
Asset coverage per $1,000 of notes payable(9) $    5,076 $    4,265 $    4,995 $    3,570 $    3,801
Total preferred shares outstanding 3,032 3,032 3,032 3,032 3,032
Asset coverage per preferred share(10) $  75,134 $  67,924 $  76,531 $  66,612 $  70,501
Involuntary liquidation preference per preferred share(11) $  25,000 $  25,000 $  25,000 $  25,000 $  25,000
Approximate market value per preferred share(11) $  25,000 $  25,000 $  25,000 $  25,000 $  25,000
  Year Ended October 31,
  2018 2017 2016 2015 2014
Net asset value -  Beginning of year (Common shares) $15.210 $14.860 $14.350 $15.330 $15.810
Income (Loss) From Operations          
Net investment income(1) $  0.885 $  0.898 $  0.963 $  0.943 $  0.925
Net realized and unrealized gain (loss) 0.153 0.359 0.459 (0.979) (0.414)
Distributions to preferred shareholders
From net investment income(1)		 (0.066) (0.034) (0.019) (0.006) (0.004)
Discount on redemption and repurchase of auction preferred shares(1) 0.044 — 0.048 — —
Total income (loss) from operations $  1.016 $  1.223 $  1.451 $(0.042) $  0.507
Less Distributions to Common Shareholders          
From net investment income $(0.856) $(0.873) $(0.941) $(0.938) $(0.987)
Total distributions to common shareholders $(0.856) $(0.873) $(0.941) $(0.938) $(0.987)
Premium from common shares sold through shelf offering(1) $        — $        — $        — $        — $        —
Net asset value — End of year (Common shares) $ 15.370 $ 15.210 $ 14.860 $ 14.350 $ 15.330
Market value — End of year (Common shares) $ 13.430 $ 14.550 $ 14.150 $ 12.970 $ 14.050
Total Investment Return on Net Asset Value(2) 7.25%(3) 8.54% 11.31%(4) 0.15% 3.60%
Total Investment Return on Market Value(2) (2.04)% 9.04% 17.27% (1.24)% (4.99)%
Ratios/Supplemental Data          
Net assets applicable to common shares, end of year (000’s omitted) $566,490 $560,431 $547,620 $528,561 $564,827
Ratios (as a percentage of average daily net assets applicable to common shares):(5)†          
Expenses excluding interest and fees(6) 1.31% 1.34% 1.38% 1.39% 1.36%
Interest and fee expense(7) 1.06% 0.75% 0.49% 0.42% 0.40%
Total expenses 2.37% 2.09% 1.87% 1.81% 1.76%
Net investment income 5.78% 5.93% 6.84% 6.27% 5.89%
Portfolio Turnover 32% 42% 35% 32% 35%
Senior Securities:          
Total notes payable outstanding (in 000’s) $222,000 $199,000 $198,000 $208,000 $210,000
Asset coverage per $1,000 of notes payable(9) $    3,893 $    4,298 $    4,250 $    4,172 $    4,315
Total preferred shares outstanding 3,032 3,836 3,836 5,252 5,252
Asset coverage per preferred share(10) $  72,558 $  72,511 $  71,584 $  63,946 $  66,374
Involuntary liquidation preference per preferred share(11) $  25,000 $  25,000 $  25,000 $  25,000 $  25,000
Approximate market value per preferred share(11) $  25,000 $  25,000 $  25,000 $  25,000 $  25,000
(1)Computed using average shares outstanding.
(2)Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.
(3)The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 92% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 6.94%.
(4)The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 10.95%.
(5)Ratios do not reflect the effect of dividend payments to preferred shareholders.
(6)Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.
(7)Interest and fee expense relates to the notes payable incurred to partially redeem the Trust’s APS.
(8)Includes a reduction by the investment adviser of a portion of its adviser fee due to the Trust’s investment in the Morgan Stanley Institutional Liquidity Funds – Government Portfolio (equal to less than 0.005% of average daily net assets for the years ended October 31, 2023 and 2022).
(9)Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands.
(10)Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 301%, 272%, 306%, 266%, 282%, 290%, 290%, 286%, 256% and 265% at October 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014, respectively.
(11)Plus accumulated and unpaid dividends.
†Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any.
                    
Senior Securities Amount   $ 110,000 $ 133,000 $ 120,000 $ 223,000 $ 218,000 $ 222,000 $ 199,000 $ 198,000 $ 208,000 $ 210,000
Senior Securities Coverage per Unit [1]   $ 5,076 $ 4,265 $ 4,995 $ 3,570 $ 3,801 $ 3,893 $ 4,298 $ 4,250 $ 4,172 $ 4,315
Preferred Stock Liquidating Preference [2]   25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Senior Securities Average Market Value per Unit [2]   $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000
[1] Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands.
[2] Plus accumulated and unpaid dividends.
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