<SEC-DOCUMENT>0000940394-19-001311.txt : 20191003
<SEC-HEADER>0000940394-19-001311.hdr.sgml : 20191003
<ACCEPTANCE-DATETIME>20191003150933
ACCESSION NUMBER:		0000940394-19-001311
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191003
DATE AS OF CHANGE:		20191003
EFFECTIVENESS DATE:		20191003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EATON VANCE SENIOR FLOATING RATE TRUST
		CENTRAL INDEX KEY:			0001258623
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-229695
		FILM NUMBER:		191135349

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EATON VANCE SENIOR FLOATING RATE FUND
		DATE OF NAME CHANGE:	20030806
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>evsfrtsupp.htm
<DESCRIPTION>EATON VANCE SENIOR FLOATING-RATE TRUST SUPPLEMENT DTD 10-3-2019
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 0 0 15pt; text-align: center">EATON VANCE SENIOR FLOATING-RATE TRUST<BR>
Supplement to Prospectus Supplement dated August 8, 2019 and Prospectus dated August 8, 2019</P>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; text-align: justify; margin-right: 0; margin-left: 0">1. The following replaces
&#8220;Summary of Trust Expenses&#8221; in the Trust&#8217;s Prospectus Supplement:</P>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; text-align: justify; margin-right: 0; margin-left: 0">Summary of Trust Expenses</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 6pt 0 12pt">The purpose of the table below is to help you understand all
fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The table reflects the issuance of preferred
shares in an amount equal to 8.9% of the Trust&#8217;s total assets and borrowings in an amount equal to 25.8% of the Trust&#8217;s
total assets (including the proceeds of all such leverage) and shows Trust expenses as a percentage of net assets attributable
to Common Shares for the six months ended April 30, 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt NewsGoth XCn BT; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt"><U>Common Shareholder transaction expenses</U></TD>
    <TD STYLE="width: 34%; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">Sales load paid by you (as a percentage of offering price)</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">1%<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">Offering expenses (as a percentage of offering price)</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">None<SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">Dividend reinvestment plan fees</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$5.00<SUP>(3)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt"><U>Annual expenses</U></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt">
        <P STYLE="font: 9pt/10pt NewsGoth XCn BT; margin: 3pt 0 0; text-align: center">Percentage of net assets</P>
        <P STYLE="font: 9pt/10pt NewsGoth XCn BT; margin: 0 0 3pt; text-align: center"><U>attributable to Common Shares<SUP>(4)</SUP></U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">Investment advisory fee</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">1.16%<SUP>(5)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">Interest payments on borrowed funds</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">1.42%<SUP>(6)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">Other expenses</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">0.14%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">Acquired Fund Fees and Expenses</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt"><U>0.04%<SUP>(</SUP></U><SUP>7)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 12.75pt; line-height: 10pt">Total annual Trust operating expenses</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">2.76%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 12.75pt; line-height: 10pt">Dividends on preferred shares</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt"><U>0.50%<SUP>(</SUP></U><SUP>6)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 12.75pt; line-height: 10pt">Total annual Trust operating expenses and dividends on preferred shares</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">3.26%</TD></TR>
</TABLE>
<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">EXAMPLE</P>

<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 0 0 12pt">The following example illustrates the expenses that Common Shareholders
would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses of 3.26% of net assets attributable to Common
Shares in years 1 through 10; (ii) a sales load of 1.00%; (iii) a 5% annual return; and (iv) all distributions are reinvested at
NAV:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt NewsGoth XCn BT; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">1 Year</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3 Years</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5 Years</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10 Years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$43</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$109</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$179</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$362</TD></TR>
</TABLE>
<P STYLE="font: 10pt NewsGoth Lt BT,sans-serif; margin: 12pt 0 6pt">The above table and example and the assumption in the example
of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual
return is not a prediction of, and does not represent, the projected or actual performance of the Trust&#8217;s Common Shares.
For more complete descriptions of certain of the Trust&#8217;s costs and expenses, see &#8220;Management of the Trust.&#8221; In
addition, while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Trust&#8217;s dividend
reinvestment plan may receive Common Shares purchased or issued at a price or value different from NAV. See &#8220;Distributions&#8221;
and &#8220;Dividend Reinvestment Plan.&#8221; The example does not include estimated offering costs, which would cause the expenses
shown in the example to increase.</P>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 6pt 0">The example should not be considered a representation of past or
future expenses, and the Trust&#8217;s actual expenses may be greater or less than those shown. Moreover, the Trust&#8217;s actual
rate of return may be greater or less than the hypothetical 5% return shown in the example.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt NewsGoth XCn BT,sans-serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(1)</SUP></TD><TD>Represents the estimated commission with respect to the Trust&#8217;s Common Shares being sold in this Offering. There is no
guarantee that there will be any sales of the Trust&#8217;s Common Shares pursuant to this Prospectus Supplement and the accompanying
Prospectus. Actual sales of the Trust&#8217;s Common Shares under this Prospectus Supplement and the accompanying Prospectus, if
any, may be less than as set forth under &#8220;Capitalization&#8221; above. In addition, the price per share of any such sale
may be greater or less than the price set forth under &#8220;Capitalization&#8221; above, depending on market price of the Trust&#8217;s
Common Shares at the time of any such sale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt NewsGoth XCn BT,sans-serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(2)</SUP></TD><TD>Eaton Vance will pay the expenses of the Offering (other than the applicable commissions); therefore, Offering expenses
                                                                       are not included in the Summary of Trust Expenses. Offering expenses generally include, but are not limited to, the
                                                                       preparation, review and filing with the SEC of the Trust&#8217;s registration statement (including this Prospectus and the
                                                                       SAI), the preparation, review and filing of any associated marketing
or similar materials, costs associated with the printing, mailing or other distribution of the Prospectus, SAI and/or marketing
materials, associated filing fees, NYSE listing fees, and legal and auditing fees associated with the Offering.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 3pt 13.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt NewsGoth XCn BT; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(3)</SUP></TD><TD>You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your Common Shares
held in a dividend reinvestment account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt NewsGoth XCn BT,sans-serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(4)</SUP></TD><TD>Stated as percentage of average net assets attributable to Common Shares for the six months ended April 30, 2019.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt NewsGoth XCn BT,sans-serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(5)</SUP></TD><TD>The advisory fee paid by the Trust to the Adviser is based on the average weekly gross assets of the Trust, including all assets
attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment
leverage in the future, the advisory fee will increase as a percentage of net assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt NewsGoth XCn BT,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(6)</SUP></TD><TD>As of April 30, 2019 the outstanding borrowings and APS represented approximately 34.7% leverage.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt NewsGoth XCn BT,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(7)</SUP></TD><TD>Stated as a percentage of average net assets as of the Trust&#8217;s most recent fiscal year-end October 31, 2018.</TD></TR></TABLE>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; text-align: justify; margin-right: 0; margin-left: 0">2. The following replaces
&#8220;Summary of Trust Expenses&#8221; in the Trust&#8217;s Prospectus:</P>

<P STYLE="font: 10pt NewsGoth Dm BT,sans-serif; margin: 3pt 0">Summary of Trust Expenses<BR>
<BR>
</P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0">The purpose of the table below is to help you understand all fees and expenses
that you, as a holder of Common Shares (&#8220;Common Shareholder&#8221;), would bear directly or indirectly. The table reflects
the issuance of preferred shares in an amount equal to 8.9% of the Trust&#8217;s total assets and borrowings in an amount equal
25.8% of the Trust&#8217;s total assets (including the proceeds of all such leverage) and shows Trust expenses as a percentage
of net assets attributable to Common Shares for the six months ended April 30, 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt NewsGoth XCn BT; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 71%; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt"><U>Common Shareholder transaction expenses</U></TD>
    <TD STYLE="width: 29%; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Sales load paid by you (as a percentage of offering price)</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">--%<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Offering expenses (as a percentage of offering price)</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">None<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Dividend reinvestment plan fees</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$5.00<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(3)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 2pt/3pt NewsGoth Lt BT; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt NewsGoth XCn BT; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt"><U>Annual expenses</U></TD>
    <TD STYLE="width: 29%; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">Percentage of net assets<BR>
<U>attributable to Common Shares</U><SUP>(4)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">1.16%<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Interest payments on borrowed funds</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">1.42%<FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(6)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Other expenses</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">0.14%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 13.7pt; line-height: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt"><U>0.04%</U><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(7)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 4.5pt; line-height: 10pt">Total annual Trust operating expenses</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">2.76%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Dividends on preferred shares</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt"><U>0.50%</U><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(6)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Total annual Trust operating expenses and dividends on preferred shares</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">3.26%</TD></TR>
</TABLE>
<P STYLE="font: 10pt NewsGoth Dm BT; margin: 12pt 0 3pt">EXAMPLE</P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0">The following example illustrates the expenses that Common Shareholders would
pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses of 3.26% of net assets attributable to Common Shares
in years 1 through 10; (ii) a 5% annual return; and (iii) all distributions are reinvested at NAV:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt NewsGoth XCn BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">1 Year</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">3 Years</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">5 Years</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">10 Years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$33</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$100</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$170</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$356</TD></TR>
</TABLE>
<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0">The above table and example and the assumption in the example of a 5% annual
return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual return is
not a prediction of, and does not represent, the projected or actual performance of the Trust&#8217;s Common Shares. For more complete
descriptions of certain of the Trust&#8217;s costs and expenses, see &#8220;Management of the Trust.&#8221; In addition, while
the example assumes reinvestment of all dividends and distributions at NAV, participants in the Trust&#8217;s dividend reinvestment
plan may receive Common Shares purchased or issued at a price or value different from NAV. See &#8220;Distributions&#8221; and
&#8220;Dividend Reinvestment Plan.&#8221; The example does not include sales load or estimated offering costs, which would cause
the expenses shown in the example to increase.</P>

<P STYLE="font: 10pt NewsGoth Dm BT; margin: 3pt 0">The example should not be considered a representation of past or future expenses,
and the Trust&#8217;s actual expenses may be greater or less than those shown. Moreover, the Trust&#8217;s actual rate of return
may be greater or less than the hypothetical 5% return shown in the example.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt NewsGoth XCn BT; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(1)</SUP></FONT></TD><TD>If Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt NewsGoth XCn BT; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(2)</SUP></FONT></TD><TD>The Adviser will pay the expenses of the Offering (other than the applicable commissions); therefore, Offering expenses are
not included in the Summary of Trust Expenses. Offering expenses generally include, but are not limited to, the preparation, review
and filing with the SEC of the Trust&#8217;s registration statement (including this Prospectus and the Statement of Additional Information), the preparation, review
and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution
of this Prospectus, the Statement of Additional Information and/or marketing materials, associated filing fees, NYSE listing fees,
and legal and auditing fees associated with the Offering.</TD></TR></TABLE>


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<P STYLE="font: 9pt/10pt NewsGoth XCn BT; margin: 3pt 0 3pt 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt NewsGoth XCn BT; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(3)</SUP></FONT></TD><TD>You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your Common Shares
held in a dividend reinvestment account.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(4)</SUP></TD><TD><FONT STYLE="vertical-align: baseline">Stated as a percentage of average net assets attributed to Common Shares for the six
months ended April 30, 2019.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(5)</SUP></FONT></TD><TD>The advisory fee paid by the Trust to the Adviser is based on the average daily gross assets of the Trust, including all assets
attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment
leverage in the future, the advisory fee will increase as a percentage of net assets.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(6)</SUP></FONT></TD><TD>As of April 30, 2019, the outstanding borrowings and APS represented approximately 34.7% leverage.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: NewsGoth XCn BT,sans-serif"><SUP>(7)</SUP></FONT></TD><TD>Stated as a percentage of average net assets as of the Trust&#8217;s most recent fiscal year-end October 31, 2018.</TD></TR></TABLE>

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    <TD STYLE="width: 48%; padding-top: 4.5pt; padding-bottom: 4.5pt; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
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