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) | $ | $ | $ | $ | $ | |||||||||||||||
| Asset coverage per $1,000 of notes payable(5) | $ | $ | $ | $ | $ | |||||||||||||||
| 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) | $ | $ | $ | $ | $ | |||||||||||||||
| Approximate market value per preferred share(7) | $ | $ | $ | $ | $ | |||||||||||||||
(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) | $ | $ | $ | $ | $ | |||||||||||||||
| Asset coverage per $1,000 of notes payable(5) | $ | $ | $ | $ | $ | |||||||||||||||
| 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) | $ | $ | $ | $ | $ | |||||||||||||||
| Approximate market value per preferred share(7) | $ | $ | $ | $ | $ | |||||||||||||||
| (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) | |
| (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) | |
| (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