Eaton Vance raised $680 million in an initial public offering of a new bank-loan fund called Eaton Vance Floating-Rate Income Trust. The fund, listed on the New York Stock Exchange under "EFT," was offered on Friday, the company disclosed in a filing.

Eaton Vance currently offers two other bank loan funds, the Senior Floating-Rate Trust and the Senior Income Trust, with $13.6 billion in total assets under management in bank loans at the end of May.

Bank-Loan Funds
Fund Stats	Nuveen	Eaton Vance
Subadviser	Symphony Asset Management	None
Portfolio Managers	Gunther Stein, Lenny Mason	Scott H. Page, Payson F. Swaffield
Shares Offered	4 Mil	34 Mil
Price Per Share	$15	$20
Exchange Listed	NYSE, JRO	NYSE, EFT
Minimum Investment	100 shares	100 shares
Management Fee~	0.85%	0.75%
Total Annual Net Expenses	0.75%	0.73%
Amount Paid on $1,000 Investment, Year 1	$71	$67
Lead Underwriter	Citigroup Global Markets	UBS Securities
Custodian	State Street	Investors Bank & Trust
Transfer Agent	State Street	PFPC
Source: SEC filings
Notes: Assumes no preferred shares issued, outstanding. Nuveen's management fee lowers by .01% by every additional $500 million in AUM over $500 million.

The fund firm expects to raise approximately $1.1 billion in assets, with a target leverage of 38 percent of total assets.

Nuveen Investments will also launch a bank-loan fund, called Nuveen Floating Rate Income Opportunity Fund, sometime in July.
"We believe many investors are seeking high income strategies that are positioned to perform well in a rising short-term rate environment," said Bill Adams, executive vice president at Nuveen Investments.

While Nuveen's fund will be subadvised by Symphony Investments, Eaton Vance's fund will be managed in-house. Scott Page and Payson Swaffield will co-manage the new Eaton Vance fund; they currently co-manage Eaton Vance's two other bank-loan offerings.

New York Life Management launched an open-ended version of a similar product last month, called the MainStay Floating Rate Fund. 

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