false EATON VANCE FLOATING-RATE INCOME TRUST 424B3 0001288992 0001288992 2022-09-27 2022-09-27 0001288992 2024-05-31 0001288992 2023-05-31 0001288992 2022-05-31 0001288992 2021-05-31 0001288992 2020-05-31 0001288992 2023-06-01 2024-05-31 0001288992 2022-06-01 2023-05-31 0001288992 2021-06-01 2022-05-31 0001288992 2020-06-01 2021-05-31 0001288992 2019-06-01 2020-05-31 0001288992 2019-05-31 0001288992 2018-05-31 0001288992 2017-05-31 0001288992 2016-05-31 0001288992 2015-05-31 0001288992 2018-06-01 2019-05-31 0001288992 2017-06-01 2018-05-31 0001288992 2016-06-01 2017-05-31 0001288992 2015-06-01 2016-05-31 0001288992 2014-06-01 2015-05-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure

Filed pursuant to Rule 424(b)(3)
File No. 333-265889

EATON VANCE FLOATING-RATE INCOME TRUST
Supplement to Prospectus dated September 27, 2022

The following replaces the Financial Highlights contained in the Prospectus:

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

 

   Year Ended May 31,
   2024  2023  2022  2021  2020
Net asset value – Beginning of year (Common shares)  $12.70   $13.24   $14.56   $13.03   $15.21 
Income (Loss) From Operations                         
Net investment income(1)  $1.40   $1.15   $0.71   $0.72   $0.84 
Net realized and unrealized gain (loss)   0.62    (0.64)   (1.16)   1.54    (2.01)
Total income (loss) from operations  $2.02   $0.51   $(0.45)  $2.26   $(1.17)
Less Distributions to Common Shareholders                         
From net investment income  $(1.43)  $(1.05)  $(0.80)  $(0.73)  $(1.01)
Tax return of capital   —      —      (0.13)   —      —   
Total distributions to common shareholders  $(1.43)  $(1.05)  $(0.93)  $(0.73)  $(1.01)
Premium from common shares sold through shelf offering(1)  $—     $—     $0.01   $—     $—   
Discount on tender offer(1)  $0.03   $—     $0.05   $—     $—   
Net asset value – End of year (Common shares)  $13.32   $12.70   $13.24   $14.56   $13.03 
Market value – End of year (Common shares)  $13.38   $11.24   $12.28   $14.28   $11.24 
Total Investment Return on Net Asset Value(2)   17.42%   4.87%   (2.81)%   18.25%   (7.36)%
Total Investment Return on Market Value(2)   33.26%   0.14%   (8.10)%   34.36%   (9.83)%
Ratios/Supplemental Data                         
Net assets applicable to common shares, end of year (000’s omitted)  $348,989   $369,557   $385,295   $580,590   $519,465 
Ratios (as a percentage of average daily net assets applicable to common shares):†                         
Expenses excluding interest and fees   1.39%(3)   1.32%(3)   1.25%   1.33%   1.26%
Interest and fee expense(4)   3.87%   2.89%   0.92%   0.91%   1.79%
Total expenses   5.26%(3)   4.21%(3)   2.17%   2.24%   3.05%
Net investment income   10.57%   8.98%   4.91%   5.08%   5.85%
Portfolio Turnover   29%   16%   53%   32%   34%
Senior Securities:                         
Total notes payable outstanding (in 000’s)  $112,000   $118,000   $147,000   $250,000   $190,000 
Asset coverage per $1,000 of notes payable(5)  $4,830   $4,810   $4,165   $3,642   $4,155 
Total preferred shares outstanding   800    800    800    800    800 
Asset coverage per preferred share(6)  $281,765   $286,645   $269,734   $275,936   $292,394 
Involuntary liquidation preference per preferred share(7)  $100,000   $100,000   $100,000   $100,000   $100,000 
Approximate market value per preferred share(7)  $100,000   $100,000   $100,000   $100,000   $100,000 

(See related footnotes.)

 

 

Financial Highlights (continued)

 

   Year Ended May 31,
   2019  2018  2017  2016  2015
Net asset value – Beginning of year (Common shares)  $15.61   $15.57   $14.68   $15.64   $16.08 
Income (Loss) From Operations                         
Net investment income(1)  $0.85   $0.79   $0.86   $0.91   $0.88 
Net realized and unrealized gain (loss)   (0.37)   0.08    0.90    (0.96)   (0.43)
Total income (loss) from operations  $0.47   $0.87   $1.76   $(0.06)  $0.45 
Less Distributions to Common Shareholders                         
From net investment income  $(0.87)  $(0.83)  $(0.87)  $(0.90)  $(0.89)
Total distributions to common shareholders  $(0.87)  $(0.83)  $(0.87)  $(0.90)  $(0.89)
Net asset value – End of year (Common shares)  $15.21   $15.61   $15.57   $14.68   $15.64 
Market value – End of year (Common shares)  $13.48   $14.85   $15.15   $13.56   $14.36 
Total Investment Return on Net Asset Value(2)   3.77%   6.03%   12.65%   0.46%   3.43%
Total Investment Return on Market Value(2)   (3.32)%   3.67%   18.58%   1.14%   0.59%
Ratios/Supplemental Data                         
Net assets applicable to common shares, end of year (000’s omitted)  $606,408   $622,241   $620,772   $585,101   $623,439 
Ratios (as a percentage of average daily net assets applicable to common shares):†                         
Expenses excluding interest and fees(8)   1.28%   1.28%   1.32%   1.36%   1.37%
Interest and fee expense(4)   2.00%   1.52%   1.16%   0.93%   0.80%
Total expenses   3.28%   2.80%   2.48%   2.29%   2.17%
Net investment income   5.49%   5.09%   5.68%   6.22%   5.60%
Portfolio Turnover   24%   34%   47%   29%   32%
Senior Securities:                         
Total notes payable outstanding (in 000’s)  $248,000   $254,000   $246,000   $232,000   $290,000 
Asset coverage per $1,000 of notes payable(5)  $3,768   $3,765   $3,849   $3,867   $3,426 
Total preferred shares outstanding   800    800    800    800    800 
Asset coverage per preferred share(6)  $284,880   $286,300   $290,421   $287,532   $268,497 
Involuntary liquidation preference per preferred share(7)  $100,000   $100,000   $100,000   $100,000   $100,000 
Approximate market value per preferred share(7)  $100,000   $100,000   $100,000   $100,000   $100,000 

 

 
(1)Computed using average common 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)Includes a reduction by the investment adviser of a portion of its adviser fee due to the Trust’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended May 31, 2024 and 2023).
(4)Interest and fee expense relates to variable rate term preferred shares and the notes payable.
(5)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.
(6)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 the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 282%, 287%, 270%, 276%, 292%, 285%, 286%, 290%, 288% and 268% at May 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015, respectively.
(7)Plus accumulated and unpaid dividends.
(8)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.
†Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below.
  Year Ended May 31,
  2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Expenses excluding interest and fees 0.90% 0.85% 0.84% 0.85% 0.81% 0.83% 0.83% 0.86% 0.86% 0.85%
Interest and fee expense 2.50% 1.85% 0.62% 0.58% 1.16% 1.31% 1.00% 0.76% 0.58% 0.50%
Total expenses 3.40% 2.70% 1.46% 1.43% 1.97% 2.14% 1.83% 1.62% 1.44% 1.35%
Net investment income 6.82% 5.75% 3.32% 3.25% 3.79% 3.58% 3.33% 3.72% 3.90% 3.50%

 

August 13, 2024

 

v3.24.2.u1
N-2 - USD ($)
 12 Months Ended
Sep. 27, 2022
May 31, 2024
May 31, 2023
May 31, 2022
May 31, 2021
May 31, 2020
May 31, 2019
May 31, 2018
May 31, 2017
May 31, 2016
May 31, 2015
Cover [Abstract]                      
Entity Central Index Key 0001288992                    
Amendment Flag false                    
Document Type 424B3                    
Entity Registrant Name EATON VANCE FLOATING-RATE INCOME TRUST                    
Financial Highlights [Abstract]                      
Senior Securities [Table Text Block]

 

   Year Ended May 31,
   2024  2023  2022  2021  2020
Net asset value – Beginning of year (Common shares)  $12.70   $13.24   $14.56   $13.03   $15.21 
Income (Loss) From Operations                         
Net investment income(1)  $1.40   $1.15   $0.71   $0.72   $0.84 
Net realized and unrealized gain (loss)   0.62    (0.64)   (1.16)   1.54    (2.01)
Total income (loss) from operations  $2.02   $0.51   $(0.45)  $2.26   $(1.17)
Less Distributions to Common Shareholders                         
From net investment income  $(1.43)  $(1.05)  $(0.80)  $(0.73)  $(1.01)
Tax return of capital   —      —      (0.13)   —      —   
Total distributions to common shareholders  $(1.43)  $(1.05)  $(0.93)  $(0.73)  $(1.01)
Premium from common shares sold through shelf offering(1)  $—     $—     $0.01   $—     $—   
Discount on tender offer(1)  $0.03   $—     $0.05   $—     $—   
Net asset value – End of year (Common shares)  $13.32   $12.70   $13.24   $14.56   $13.03 
Market value – End of year (Common shares)  $13.38   $11.24   $12.28   $14.28   $11.24 
Total Investment Return on Net Asset Value(2)   17.42%   4.87%   (2.81)%   18.25%   (7.36)%
Total Investment Return on Market Value(2)   33.26%   0.14%   (8.10)%   34.36%   (9.83)%
Ratios/Supplemental Data                         
Net assets applicable to common shares, end of year (000’s omitted)  $348,989   $369,557   $385,295   $580,590   $519,465 
Ratios (as a percentage of average daily net assets applicable to common shares):†                         
Expenses excluding interest and fees   1.39%(3)   1.32%(3)   1.25%   1.33%   1.26%
Interest and fee expense(4)   3.87%   2.89%   0.92%   0.91%   1.79%
Total expenses   5.26%(3)   4.21%(3)   2.17%   2.24%   3.05%
Net investment income   10.57%   8.98%   4.91%   5.08%   5.85%
Portfolio Turnover   29%   16%   53%   32%   34%
Senior Securities:                         
Total notes payable outstanding (in 000’s)  $112,000   $118,000   $147,000   $250,000   $190,000 
Asset coverage per $1,000 of notes payable(5)  $4,830   $4,810   $4,165   $3,642   $4,155 
Total preferred shares outstanding   800    800    800    800    800 
Asset coverage per preferred share(6)  $281,765   $286,645   $269,734   $275,936   $292,394 
Involuntary liquidation preference per preferred share(7)  $100,000   $100,000   $100,000   $100,000   $100,000 
Approximate market value per preferred share(7)  $100,000   $100,000   $100,000   $100,000   $100,000 

 

   Year Ended May 31,
   2019  2018  2017  2016  2015
Net asset value – Beginning of year (Common shares)  $15.61   $15.57   $14.68   $15.64   $16.08 
Income (Loss) From Operations                         
Net investment income(1)  $0.85   $0.79   $0.86   $0.91   $0.88 
Net realized and unrealized gain (loss)   (0.37)   0.08    0.90    (0.96)   (0.43)
Total income (loss) from operations  $0.47   $0.87   $1.76   $(0.06)  $0.45 
Less Distributions to Common Shareholders                         
From net investment income  $(0.87)  $(0.83)  $(0.87)  $(0.90)  $(0.89)
Total distributions to common shareholders  $(0.87)  $(0.83)  $(0.87)  $(0.90)  $(0.89)
Net asset value – End of year (Common shares)  $15.21   $15.61   $15.57   $14.68   $15.64 
Market value – End of year (Common shares)  $13.48   $14.85   $15.15   $13.56   $14.36 
Total Investment Return on Net Asset Value(2)   3.77%   6.03%   12.65%   0.46%   3.43%
Total Investment Return on Market Value(2)   (3.32)%   3.67%   18.58%   1.14%   0.59%
Ratios/Supplemental Data                         
Net assets applicable to common shares, end of year (000’s omitted)  $606,408   $622,241   $620,772   $585,101   $623,439 
Ratios (as a percentage of average daily net assets applicable to common shares):†                         
Expenses excluding interest and fees(8)   1.28%   1.28%   1.32%   1.36%   1.37%
Interest and fee expense(4)   2.00%   1.52%   1.16%   0.93%   0.80%
Total expenses   3.28%   2.80%   2.48%   2.29%   2.17%
Net investment income   5.49%   5.09%   5.68%   6.22%   5.60%
Portfolio Turnover   24%   34%   47%   29%   32%
Senior Securities:                         
Total notes payable outstanding (in 000’s)  $248,000   $254,000   $246,000   $232,000   $290,000 
Asset coverage per $1,000 of notes payable(5)  $3,768   $3,765   $3,849   $3,867   $3,426 
Total preferred shares outstanding   800    800    800    800    800 
Asset coverage per preferred share(6)  $284,880   $286,300   $290,421   $287,532   $268,497 
Involuntary liquidation preference per preferred share(7)  $100,000   $100,000   $100,000   $100,000   $100,000 
Approximate market value per preferred share(7)  $100,000   $100,000   $100,000   $100,000   $100,000 
(1)Computed using average common 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)Includes a reduction by the investment adviser of a portion of its adviser fee due to the Trust’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended May 31, 2024 and 2023).
(4)Interest and fee expense relates to variable rate term preferred shares and the notes payable.
(5)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.
(6)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 the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 282%, 287%, 270%, 276%, 292%, 285%, 286%, 290%, 288% and 268% at May 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015, respectively.
(7)Plus accumulated and unpaid dividends.
(8)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.
†Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below.
                    
Senior Securities Amount   $ 112,000 $ 118,000 $ 147,000 $ 250,000 $ 190,000 $ 248,000 $ 254,000 $ 246,000 $ 232,000 $ 290,000
Senior Securities Coverage per Unit [1]   $ 4,830 $ 4,810 $ 4,165 $ 3,642 $ 4,155 $ 3,768 $ 3,765 $ 3,849 $ 3,867 $ 3,426
Preferred Stock Liquidating Preference [2]   100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Senior Securities Average Market Value per Unit [2]   $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000
[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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