UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21574
Eaton Vance Floating-Rate Income Trust
(Exact Name of Registrant as Specified in Charter)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
May 31
Date of Fiscal Year End
November 30, 2025
Date of Reporting Period
Item 1. Reports to Stockholders
| (a) |
Eaton Vance
Floating-Rate Income Trust (EFT)
Semi-Annual Report
November 30, 2025
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a
prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion
from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC
regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or
other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Performance
Portfolio Manager(s) Peter M.
Campo, CFA, Catherine C. McDermott and Daniel P. McElaney, CFA
| % Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
| Fund at NAV | 06/29/2004 | 2.53% | 4.18% | 6.51% | 6.42% |
| Fund at Market Price | — | (2.68) | (6.97) | 6.11 | 6.38 |
|
| |||||
| Morningstar® LSTA® US Leveraged Loan IndexSM | — | 3.18% | 5.83% | 6.57% | 5.64% |
| % Premium/Discount to NAV3 | |
| As of period end | (9.08)% |
| Distributions 4 | |
| Total Distributions per share for the period | $0.54 |
| Distribution Rate at NAV | 8.22% |
| Distribution Rate at Market Price | 9.04 |
| % Total Leverage5 | |
| Borrowings | 18.67% |
| Variable Rate Term Preferred Shares (VRTP Shares) | 15.72 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results.
Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s
Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to
variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and
distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for
periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end,
please refer to eatonvance.com.
2
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Fund Profile
| Credit Quality (% of total investments)1,2 |
Footnotes:
| 1 | Excludes cash and cash equivalents. |
| 2 | Credit ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P. |
3
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited)
5
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
6
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
7
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
8
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
9
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
10
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
11
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
12
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
13
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
14
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
15
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
16
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
17
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
18
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
19
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Portfolio of
Investments (Unaudited) — continued
| Forward Foreign Currency Exchange Contracts (OTC) | |||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) | ||
| USD | 10,421,412 | EUR | 9,015,019 | Standard Chartered Bank | 12/2/25 | $ — | $ (36,010) |
| USD | 3,554,259 | EUR | 3,010,089 | Deutsche Bank AG | 12/31/25 | 56,923 | — |
| USD | 3,529,887 | EUR | 2,993,985 | Deutsche Bank AG | 12/31/25 | 51,263 | — |
| USD | 2,961,121 | EUR | 2,508,407 | State Street Bank and Trust Company | 12/31/25 | 46,675 | — |
| USD | 740,285 | EUR | 638,668 | The Toronto-Dominion Bank | 12/31/25 | — | (1,765) |
| USD | 10,481,822 | EUR | 9,015,019 | Standard Chartered Bank | 1/5/26 | 4,779 | — |
| EUR | 4,000,000 | USD | 4,656,492 | Standard Chartered Bank | 1/30/26 | — | (1,924) |
| USD | 3,941,147 | EUR | 3,387,889 | HSBC Bank USA, N.A. | 2/27/26 | — | (6,523) |
| USD | 4,518,035 | EUR | 3,881,771 | Standard Chartered Bank | 2/27/26 | — | (5,122) |
| USD | 1,627,603 | GBP | 1,234,271 | Standard Chartered Bank | 2/27/26 | — | (7,101) |
| $159,640 | $(58,445) | ||||||
| Abbreviations: | |
| DIP | – Debtor In Possession |
| EURIBOR | – Euro Interbank Offered Rate |
| OTC | – Over-the-counter |
| PCL | – Public Company Limited |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Interbank Average |
| Currency Abbreviations: | |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – United States Dollar |
20
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Statement of Assets
and Liabilities (Unaudited)
| November 30, 2025 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $524,294,351) | $ 508,150,037 |
| Affiliated investments, at value (identified cost $9,074,433) | 9,074,433 |
| Cash | 938,172 |
| Foreign currency, at value (identified cost $1,580,615) | 1,579,908 |
| Interest receivable | 3,432,852 |
| Dividends receivable from affiliated investments | 33,287 |
| Receivable for investments sold | 4,591,406 |
| Receivable for open forward foreign currency exchange contracts | 159,640 |
| Trustees' deferred compensation plan | 172,831 |
| Prepaid upfront fees on notes payable | 33,138 |
| Prepaid expenses | 1,324 |
| Total assets | $ 528,167,028 |
| Liabilities | |
| Notes payable | $ 95,000,000 |
| Variable rate term preferred shares, at liquidation value | 80,000,000 |
| Payable for investments purchased | 15,684,008 |
| Payable for when-issued securities | 1,500,000 |
| Payable for open forward foreign currency exchange contracts | 58,445 |
| Payable to affiliates: | |
| Investment adviser fee | 313,679 |
| Trustees' fees | 5,844 |
| Trustees' deferred compensation plan | 172,831 |
| Interest expense and fees payable | 1,078,351 |
| Accrued expenses | 443,550 |
| Total liabilities | $ 194,256,708 |
| Commitments and contingencies (see Note 12) | |
| Net assets applicable to common shares | $ 333,910,320 |
| Sources of Net Assets | |
| Common shares, $0.01 par value, unlimited number of shares authorized | $ 265,781 |
| Additional paid-in capital | 434,966,091 |
| Accumulated loss | (101,321,552) |
| Net assets applicable to common shares | $ 333,910,320 |
| Common Shares Issued and Outstanding | 26,578,058 |
| Net Asset Value Per Common Share | |
| Net assets ÷ common shares issued and outstanding | $ 12.56 |
21
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Statement of
Operations (Unaudited)
| Six Months Ended | |
| November 30, 2025 | |
| Investment Income | |
| Dividend income from affiliated investments | $ 196,808 |
| Interest income | 21,009,542 |
| Other income | 142,797 |
| Total investment income | $21,349,147 |
| Expenses | |
| Investment adviser fee | $ 1,957,556 |
| Trustees’ fees and expenses | 17,562 |
| Custodian fee | 82,108 |
| Transfer and dividend disbursing agent fees | 7,667 |
| Legal and accounting services | 159,095 |
| Printing and postage | 41,605 |
| Interest expense and fees | 5,587,674 |
| Miscellaneous | 28,091 |
| Total expenses | $ 7,881,358 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 6,818 |
| Total expense reductions | $ 6,818 |
| Net expenses | $ 7,874,540 |
| Net investment income | $13,474,607 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (6,661,246) |
| Foreign currency transactions | (76,903) |
| Forward foreign currency exchange contracts | (714,049) |
| Net realized loss | $ (7,452,198) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ 1,199,770 |
| Foreign currency | 62,508 |
| Forward foreign currency exchange contracts | 479,649 |
| Net change in unrealized appreciation (depreciation) | $ 1,741,927 |
| Net realized and unrealized loss | $ (5,710,271) |
| Net increase in net assets from operations | $ 7,764,336 |
22
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Statements of Changes
in Net Assets
| Six
Months Ended November 30, 2025 (Unaudited) |
Year
Ended May 31, 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 13,474,607 | $ 31,982,353 |
| Net realized loss | (7,452,198) | (5,093,706) |
| Net change in unrealized appreciation (depreciation) | 1,741,927 | (7,256,755) |
| Net increase in net assets from operations | $ 7,764,336 | $ 19,631,892 |
| Distributions to common shareholders | $ (14,245,839) | $ (33,165,965) |
| Capital share transactions: | ||
| Proceeds from shelf offering, net of offering costs (see Note 6) | $ — | $ 4,142,163 |
| Reinvestment of distributions to common shareholders | — | 794,595 |
| Net increase in net assets from capital share transactions | $ — | $ 4,936,758 |
| Net decrease in net assets | $ (6,481,503) | $ (8,597,315) |
| Net Assets Applicable to Common Shares | ||
| At beginning of period | $ 340,391,823 | $ 348,989,138 |
| At end of period | $333,910,320 | $340,391,823 |
23
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Statement of Cash
Flows (Unaudited)
| Six Months Ended | |
| November 30, 2025 | |
| Cash Flows From Operating Activities | |
| Net increase in net assets from operations | $ 7,764,336 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
| Investments purchased | (110,741,176) |
| Investments sold and principal repayments | 142,828,266 |
| Increase in short-term investments, net | (6,890,084) |
| Net amortization/accretion of premium (discount) | (933,304) |
| Amortization of prepaid upfront fees on notes payable | 40,728 |
| Decrease in interest receivable | 489,468 |
| Increase in dividends receivable from affiliated investments | (22,540) |
| Increase in Trustees’ deferred compensation plan | (9,367) |
| Decrease in prepaid expenses | 2,627 |
| Decrease in payable to affiliates for investment adviser fee | (27,883) |
| Decrease in interest expense and fees payable | (332,025) |
| Increase in payable to affiliates for Trustees' deferred compensation plan | 9,367 |
| Increase in accrued expenses | 8,170 |
| Decrease in unfunded loan commitments | (197,035) |
| Net change in unrealized (appreciation) depreciation from investments | (1,199,770) |
| Net change in unrealized (appreciation) depreciation from forward foreign currency exchange contracts (OTC) | (479,649) |
| Net realized loss from investments | 6,661,246 |
| Net cash provided by operating activities | $ 36,971,375 |
| Cash Flows From Financing Activities | |
| Cash distributions paid to common shareholders | $ (14,245,839) |
| Proceeds from notes payable | 8,000,000 |
| Repayments of notes payable | (32,000,000) |
| Net cash used in financing activities | $ (38,245,839) |
| Net decrease in cash and restricted cash* | $ (1,274,464) |
| Cash and restricted cash at beginning of period (including foreign currency) | $ 3,792,544 |
| Cash at end of period (including foreign currency) | $ 2,518,080 |
| Supplemental disclosure of cash flow information: | |
| Cash paid for interest and fees on borrowings | $ 5,878,971 |
| * | Includes net change in unrealized (appreciation) depreciation on foreign currency of $813. |
24
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Financial
Highlights
Selected data for a
common share outstanding during the periods stated
| Six
Months Ended November 30, 2025 (Unaudited) |
Year Ended May 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period (Common shares) | $ 12.81 | $ 13.32 | $ 12.70 | $ 13.24 | $ 14.56 | $ 13.03 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.51 | $ 1.21 | $ 1.40 | $ 1.15 | $ 0.71 | $ 0.72 |
| Net realized and unrealized gain (loss) | (0.22) | (0.47) | 0.62 | (0.64) | (1.16) | 1.54 |
| Total income (loss) from operations | $ 0.29 | $ 0.74 | $ 2.02 | $ 0.51 | $ (0.45) | $ 2.26 |
| Less Distributions to Common Shareholders | ||||||
| From net investment income | $ (0.54) | $ (1.25) | $ (1.43) | $ (1.05) | $ (0.80) | $ (0.73) |
| Tax return of capital | — | — | — | — | (0.13) | — |
| Total distributions to common shareholders | $ (0.54) | $ (1.25) | $ (1.43) | $ (1.05) | $ (0.93) | $ (0.73) |
| Premium from common shares sold through shelf offering (see Note 6)(1) | $ — | $ 0.00(2) | $ — | $ — | $ 0.01 | $ — |
| Discount on tender offer (see Note 6)(1) | $ — | $ — | $ 0.03 | $ — | $ 0.05 | $ — |
| Net asset value — End of period (Common shares) | $12.56 | $12.81 | $13.32 | $12.70 | $13.24 | $14.56 |
| Market value — End of period (Common shares) | $11.42 | $12.27 | $13.38 | $11.24 | $12.28 | $14.28 |
| Total Investment Return on Net Asset Value(3) | 2.53% (4) | 5.96% | 17.42% | 4.87% | (2.81)% | 18.25% |
| Total Investment Return on Market Value(3) | (2.68)% (4) | 1.04% | 33.26% | 0.14% | (8.10)% | 34.36% |
25
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Financial
Highlights — continued
Selected data for a
common share outstanding during the periods stated
| Six
Months Ended November 30, 2025 (Unaudited) |
Year Ended May 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Ratios/Supplemental Data | ||||||
| Net assets applicable to common shares, end of period (000’s omitted) | $333,910 | $340,392 | $348,989 | $369,557 | $385,295 | $580,590 |
| Ratios (as a percentage of average daily net assets applicable to common shares):† | ||||||
| Expenses excluding interest and fees | 1.35% (5)(6) | 1.38% (5) | 1.39% (5) | 1.32% (5) | 1.25% | 1.33% |
| Interest and fee expense(7) | 3.30% (6) | 3.71% | 3.87% | 2.89% | 0.92% | 0.91% |
| Total expenses | 4.65% (5)(6) | 5.09% (5) | 5.26% (5) | 4.21% (5) | 2.17% | 2.24% |
| Net expenses | 4.65% (5)(6) | 5.09% (5) | 5.26% (5) | 4.21% (5) | 2.17% | 2.24% |
| Net investment income | 7.95% (6) | 9.25% | 10.57% | 8.98% | 4.91% | 5.08% |
| Portfolio Turnover | 22% (4) | 23% | 29% | 16% | 53% | 32% |
| Senior Securities: | ||||||
| Total notes payable outstanding (in 000’s) | $ 95,000 | $119,000 | $112,000 | $118,000 | $147,000 | $250,000 |
| Asset coverage per $1,000 of notes payable(8) | $ 5,357 | $ 4,533 | $ 4,830 | $ 4,810 | $ 4,165 | $ 3,642 |
| Total preferred shares outstanding | 800 | 800 | 800 | 800 | 800 | 800 |
| Asset coverage per preferred share(9) | $290,806 | $271,051 | $281,765 | $286,645 | $269,734 | $275,936 |
| Involuntary liquidation preference per preferred share(10) | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 |
| Approximate market value per preferred share(10) | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 |
| (1) | Computed using average common shares outstanding. |
| (2) | Amount is less than $0.005. |
| (3) | 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. |
| (4) | Not annualized. |
| (5) | 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 six months ended November 30, 2025 and the years ended May 31, 2025, 2024 and 2023). |
| (6) | Annualized. |
| (7) | Interest and fee expense relates to variable rate term preferred shares (see Note 2) and the notes payable (see Note 8). |
| (8) | 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. |
| (9) | 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 291%, 271%, 282%, 287%, 270% and 276% at November 30, 2025 and May 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| (10) | Plus accumulated and unpaid dividends. |
| † | Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. |
| Six
Months Ended November 30, 2025 (Unaudited) |
Year Ended May 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Expenses excluding interest and fees | 0.88% | 0.89% | 0.90% | 0.85% | 0.84% | 0.85% |
| Interest and fee expense | 2.14% | 2.37% | 2.50% | 1.85% | 0.62% | 0.58% |
| Total expenses | 3.02% | 3.26% | 3.40% | 2.70% | 1.46% | 1.43% |
| Net investment income | 5.17% | 5.92% | 6.82% | 5.75% | 3.32% | 3.25% |
26
See Notes to Financial Statements.
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Notes to Financial
Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Floating-Rate Income Trust (the Trust) is a
Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income.
The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income.
The following is a summary of significant accounting policies
of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting
Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment
Valuation—The following methodologies are used to determine the market value or fair value of
investments.
Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Senior Loans, for which a valuation is not available
or deemed unreliable, are fair valued by the investment adviser utilizing one or more of the valuation techniques described below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan. If the
investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan relative to yields on other Senior
Loans issued by companies of comparable credit quality. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to:
(i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be
liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are
likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Junior Loans (i.e.,
subordinated loans and second lien loans) are valued in the same manner as Senior Loans.
Debt Obligations. Debt
obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and
ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The
pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or
less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Equity Securities. Equity
securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such
securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available
are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that
consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic
events.
Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such
third party pricing service valuations are supplied for specific settlement periods and the Trust’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period
reported by the third party pricing service.
Foreign
Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a
proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.
Other. Investments in
management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection
with Rule 2a-5 of the 1940 Act, the Trustees have designated the Trust’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the
investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Trust might reasonably expect to receive for the security upon its current
sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the
existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from
broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an
evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
27
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Notes to Financial
Statements (Unaudited) — continued
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized
gains and losses on investments sold are determined on the basis of identified cost.
C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees in connection
with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the
ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal
Taxes—The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable
to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax
is necessary.
As of November 30, 2025, the Trust
had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the
Internal Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency
exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized
gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Unfunded Loan Commitments—The Trust may enter into certain loan agreements all or a portion of which may be unfunded. The Trust is
obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments. At November 30, 2025, the Trust had sufficient cash and/or securities to cover these
commitments.
G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those
estimates.
H Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain
liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal
liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder,
the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense
arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as
this would involve future claims that may be made against the Trust that have not yet occurred.
I Forward Foreign Currency Exchange Contracts—The Trust may enter into forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the
contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S.
dollar.
J Segment Reporting—FASB Accounting Standards Update No. 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), requires incremental disclosures related to a public
entity’s reportable segments. The Trust operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Trust’s President acts as the Trust's Chief
Operating Decision Maker (CODM), who is responsible for assessing the performance of the Trust's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the
Trust’s financial statements.
K Interim Financial Statements—The interim financial statements relating to November 30, 2025 and for the six months then ended have not
been audited by an independent registered public accounting firm, but in the opinion of the Trust’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial
statements.
28
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Notes to Financial
Statements (Unaudited) — continued
2 Variable Rate Term Preferred Shares
In 2012, the Trust issued 800 shares of a series of variable
rate term preferred shares in a private offering and used the net proceeds from the issuance to enter into a series of transactions which resulted in a redemption and/or repurchase of its Auction Preferred Shares.
At November 30, 2025, the Trust had 800 shares of Series L-2
Variable Rate Term Preferred Shares (Series L-2 VRTP Shares) outstanding, with a liquidation preference of $100,000 per share, a par value of $0.01 per share and a mandatory redemption date of January 25, 2027. Effective July 14, 2025, the Trust's
Board of Trustees approved an amendment to the Trust's amended and restated By-Laws to extend the mandatory redemption date of the Series L-2 VRTP Shares from January 24, 2026. The Series L-2 VRTP Shares are redeemable at the option of the Trust at
a redemption price equal to $100,000 per share, plus accumulated and unpaid dividends, on any business day and solely for the purpose of reducing the leverage of the Trust. The Series L-2 VRTP Shares are also subject to mandatory redemption at a
redemption price equal to $100,000 per share, plus accumulated and unpaid dividends, if the Trust is in default for an extended period on its asset maintenance or leverage ratio requirements with respect to the Series L-2 VRTP Shares. Six months
prior to the mandatory redemption date, the Trust is required to segregate in a liquidity account with its custodian investments equal to 110% of the Series L-2 VRTP Shares' redemption price, and over the six-month period execute a series of
liquidation transactions to assure sufficient liquidity to redeem the Series L-2 VRTP Shares. The holders of the Series L-2 VRTP Shares, voting as a class, are entitled to elect two Trustees of the Trust. If the dividends on the Series L-2 VRTP
Shares remain unpaid in an amount equal to two full years' dividends, the holders of the Series L-2 VRTP Shares as a class have the right to elect a majority of the Board of Trustees. Dividends on the Series L-2 VRTP Shares are determined each
day based on a spread of 2.55% to three-month SOFR based on the Series L-2 VRTP’s current credit rating, which is provided by Moody’s Investors Service.
For financial reporting purposes, the liquidation value of the
Series L-2 VRTP Shares is presented as a liability on the Statement of Assets and Liabilities. Dividends accrued on Series L-2 VRTP Shares are treated as interest payments for financial reporting purposes and are included in interest expense and
fees on the Statement of Operations. Unpaid dividends are included in interest expense and fees payable on the Statement of Assets and Liabilities.
The carrying amount of the Series L-2 VRTP Shares at November
30, 2025 represents its liquidation value, which approximates fair value. If measured at fair value, the Series L-2 VRTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 10) at November 30, 2025. The average
liquidation preference of the Series L-2 VRTP Shares during the six months ended November 30, 2025 was $80,000,000.
3 Distributions to Shareholders and Income Tax
Information
The Trust intends to make monthly
distributions of net investment income to common shareholders, after payment of any dividends on any outstanding Series L-2 VRTP Shares. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized
capital gains. Distributions to common shareholders are recorded on the ex-dividend date. Dividends on the Series L-2 VRTP Shares are accrued daily and payable quarterly. The dividend rate on the Series L-2 VRTP Shares at November 30, 2025 was
6.42%. The amount of dividends accrued and the average annual dividend rate of the Series L-2 VRTP Shares during the six months ended November 30, 2025 were $2,725,650 and 6.70%, respectively.
Distributions to shareholders are determined in accordance with
income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and
tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
At May 31, 2025, the Trust, for federal income tax purposes,
had deferred capital losses of $78,851,770 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of
distributions to shareholders, which would otherwise be necessary to relieve the Trust of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Trust’s next taxable year, can
be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at May 31, 2025, $3,418,493 are short-term and $75,433,277 are long-term.
The cost and unrealized appreciation (depreciation) of
investments, including open derivative contracts, of the Trust at November 30, 2025, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $ 534,317,267 |
| Gross unrealized appreciation | $ 5,583,469 |
| Gross unrealized depreciation | (22,575,070) |
| Net unrealized depreciation | $ (16,991,601) |
29
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Notes to Financial
Statements (Unaudited) — continued
4 Investment Adviser Fee and Other Transactions
with Affiliates
The investment adviser fee is earned by
Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Trust. The investment adviser fee is computed at an annual rate of 0.75% of the Trust’s
average daily gross assets and is payable monthly. Gross assets, as defined in the Trust’s investment advisory agreement, means total assets of the Trust, including any form of investment leverage, minus all accrued expenses incurred in the
normal course of operations, but not excluding any liabilities or obligations attributable to investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of
debt securities), (ii) the issuance of preferred stock or other similar preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the Trust’s investment objectives and policies, and/or (iv)
any other means. Accrued expenses includes other liabilities other than indebtedness attributable to leverage. For the six months ended November 30, 2025, the Trust’s investment adviser fee amounted to $1,957,556.
The Trust may invest in a money market fund, the Institutional
Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan
Stanley. The investment adviser fee paid by the Trust is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Trust due to its investment in the Liquidity Fund. For the six months ended November 30,
2025, the investment adviser fee paid was reduced by $6,818 relating to the Trust’s investment in the Liquidity Fund. EVM also serves as administrator of the Trust, but receives no compensation.
Trustees and officers of the Trust who are members of
EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in
accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Trust are officers of EVM.
5 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term
obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $113,035,414 and $140,951,900, respectively, for the six months ended November 30, 2025.
6 Common Shares of Beneficial Interest and Shelf
Offering
The Trust may issue common shares pursuant to
its dividend reinvestment plan. There were no common shares issued by the Trust for the six months ended November 30, 2025. Common shares issued by the Trust pursuant to its dividend reinvestment plan for the year ended May 31, 2025 were
60,381.
On May 12, 2021, the Trust announced that it will
conduct cash tender offers in the fourth quarter of each of 2022, 2023 and 2024 (each, a “Conditional Tender Offer”) for up to 10% of the Trust’s then-outstanding common shares if, from January to August of the relevant year, the
Trust’s shares trade at an average daily discount to NAV of more than 10%, based upon the Trust’s volume-weighted average market price and NAV on each business day during the period. If triggered, common shares tendered and accepted in a
Conditional Tender Offer would be repurchased at a price per share equal to 98% of the Trust’s NAV as of the close of regular trading on the New York Stock Exchange on the date such Conditional Tender Offer expires. The condition to trigger a
tender offer by the Trust in the fourth quarter of 2024 was not met.
Pursuant to a registration statement filed with the SEC, the
Trust is authorized to issue up to an additional 4,741,359 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital
from time to time and in varying amounts and offering methods at a net price at or above the Trust’s net asset value per common share. During the six months ended November 30, 2025, there were no shares sold by the Trust pursuant to its shelf
offering. During the year ended May 31, 2025, the Trust sold 309,984 common shares and received proceeds (net of offering costs) of $4,142,163 through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were
$49,489 for the year ended May 31, 2025. Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, is the
distributor of the Trust’s shares and is entitled to receive a sales commission from the Trust of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Trust was informed that the sales commissions
retained by EVD during the year ended May 31, 2025 was $8,368.
In November 2013, the Board of Trustees initially approved a
share repurchase program for the Trust. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of
the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Trust to purchase a specific amount of shares. There were no repurchases of common shares by the
Trust for the six months ended November 30, 2025 and for the year ended May 31, 2025.
30
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Notes to Financial
Statements (Unaudited) — continued
7 Financial Instruments
The Trust may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial
statement purposes. The notional or contractual amounts of these instruments represent the investment the Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at November 30, 2025 is included in the Portfolio
of Investments. At November 30, 2025, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
The Trust is subject to foreign exchange risk in the normal
course of pursuing its investment objectives. Because the Trust holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates.
To hedge against this risk, the Trust enters into forward foreign currency exchange contracts.
The Trust enters into forward foreign currency exchange
contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Trust’s net assets below a certain level over a certain period of time, which
would trigger a payment by the Trust for those derivatives in a liability position. At November 30, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $58,445. At November 30, 2025, there were
no assets pledged as collateral by the Trust for such liability.
The over-the-counter (OTC) derivatives in which the Trust
invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Trust has entered into an International Swaps and Derivatives Association, Inc. Master Agreement
(“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Trust and a counterparty that governs certain OTC derivatives and
typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Trust may, under certain circumstances, offset
with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment
in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or
insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trust’s net assets decline by a stated percentage or the Trust fails to meet the terms of
its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Trust of any net liability owed to it.
The collateral requirements for derivatives traded under an
ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an
ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty.
Collateral pledged for the benefit of the Trust and/or counterparty is held in segregated accounts by the Trust’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing
cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Trust, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Trust
as collateral, if any, are identified as such in the Portfolio of Investments.
The fair value of open derivative instruments (not considered
to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at November 30, 2025 was as follows:
| Fair Value | ||
| Derivative | Asset Derivative(1) | Liability Derivative(2) |
| Forward foreign currency exchange contracts | $ 159,640 | $ (58,445) |
| Total Derivatives subject to master netting or similar agreements | $159,640 | $(58,445) |
| (1) | Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts. |
| (2) | Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts. |
31
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Notes to Financial
Statements (Unaudited) — continued
The
Trust’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Trust’s derivative assets and
liabilities by counterparty, net of amounts available for offset under a master netting agreement as of November 30, 2025.
| Counterparty | Derivative
Assets Subject to Master Netting Agreement |
Derivatives
Available for Offset |
Non-cash
Collateral Received(a) |
Cash
Collateral Received(a) |
Net
Amount of Derivative Assets(b) |
| Deutsche Bank AG | $ 108,186 | $ — | $ — | $ — | $ 108,186 |
| Standard Chartered Bank | 4,779 | (4,779) | — | — | — |
| State Street Bank and Trust Company | 46,675 | — | — | — | 46,675 |
| $159,640 | $(4,779) | $ — | $ — | $154,861 |
| Counterparty | Derivative
Liabilities Subject to Master Netting Agreement |
Derivatives
Available for Offset |
Non-cash
Collateral Pledged(a) |
Cash
Collateral Pledged(a) |
Net
Amount of Derivative Liabilities(c) |
| HSBC Bank USA, N.A. | $ (6,523) | $ — | $ — | $ — | $ (6,523) |
| Standard Chartered Bank | (50,157) | 4,779 | — | — | (45,378) |
| The Toronto-Dominion Bank | (1,765) | — | — | — | (1,765) |
| $(58,445) | $4,779 | $ — | $ — | $(53,666) |
| (a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
| (b) | Net amount represents the net amount due from the counterparty in the event of default. |
| (c) | Net amount represents the net amount payable to the counterparty in the event of default. |
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended November 30, 2025 was as follows:
| Derivative | Realized
Gain (Loss) on Derivatives Recognized in Income(1) |
Change
in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
| Forward foreign currency exchange contracts | $(714,049) | $479,649 |
| (1) | Statement of Operations location: Net realized gain (loss): Forward foreign currency exchange contracts. |
| (2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Forward foreign currency exchange contracts. |
The average notional amount of forward foreign currency
exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended November 30, 2025, which is indicative of the volume of this derivative type, was approximately
$39,824,000.
32
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Notes to Financial
Statements (Unaudited) — continued
8 Revolving Credit and Security Agreement
The Trust has entered into a Credit Agreement, as amended, (the
Agreement) with a bank to borrow up to a limit of $160 million pursuant to a revolving line of credit. Borrowings under the Agreement are secured by the assets of the Trust. Interest is generally charged at a rate above the Secured Overnight
Financing Rate (SOFR) and is payable monthly. Under the terms of the Agreement, in effect through April 30, 2026, the Trust pays a facility fee of 0.15% on the borrowing limit. In connection with the renewal of the Agreement on May 1, 2025, the
Trust also paid upfront fees of $80,000, which are being amortized to interest expense through April 30, 2026. The unamortized balance at November 30, 2025, is approximately $33,000 and is included in prepaid upfront fees on notes payable on the
Statement of Assets and Liabilities. The Trust is required to maintain certain net asset levels during the term of the Agreement. At November 30, 2025, the Trust had borrowings outstanding under the Agreement of $95,000,000 at an annual interest
rate of 4.88%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at November 30, 2025, approximated its fair value. If measured at fair value, borrowings under
the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 10) at November 30, 2025. For the six months ended November 30, 2025, the average borrowings under the Agreement and the average annual interest rate
(excluding fees) were $102,240,437 and 5.19%, respectively.
9 Affiliated Investments
At November 30, 2025, the value of the Trust's investment in
funds that may be deemed to be affiliated was $9,074,433, which represents 2.7% of the Trust's net assets applicable to common shares. Transactions in such investments by the Trust for the six months ended November 30, 2025 were as follows:
| Name | Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Dividend
income |
Shares,
end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $2,184,349 | $85,791,651 | $(78,901,567) | $ — | $ — | $9,074,433 | $196,808 | 9,074,433 |
10 Fair Value
Measurements
Under generally accepted accounting
principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels
listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in
different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing in those securities.
At November 30, 2025, the hierarchy of inputs used in valuing
the Trust's investments and open derivative instruments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3* | Total |
| Asset-Backed Securities | $ — | $ 23,479,511 | $ — | $ 23,479,511 |
| Common Stocks | 28,202 | 5,326,157 | 1,060,328 | 6,414,687 |
| Corporate Bonds | — | 18,976,498 | — | 18,976,498 |
| Preferred Stocks | — | 343,272 | 584,352 | 927,624 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | — | 457,090,093 | 1,261,624 | 458,351,717 |
| Warrants | — | — | 0 | 0 |
| Short-Term Investments | 9,074,433 | — | — | 9,074,433 |
| Total Investments | $ 9,102,635 | $ 505,215,531 | $ 2,906,304 | $ 517,224,470 |
33
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Notes to Financial
Statements (Unaudited) — continued
| Asset Description (continued) | Level 1 | Level 2 | Level 3* | Total |
| Forward Foreign Currency Exchange Contracts | $ — | $ 159,640 | $ — | $ 159,640 |
| Total | $ 9,102,635 | $ 505,375,171 | $ 2,906,304 | $ 517,384,110 |
| Liability Description | ||||
| Forward Foreign Currency Exchange Contracts | $ — | $ (58,445) | $ — | $ (58,445) |
| Total | $ — | $ (58,445) | $ — | $ (58,445) |
| * | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust. |
Level 3 investments at the beginning and/or end of the period
in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended November 30, 2025 is not presented.
11 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political,
economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers
because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United
States. Trading in foreign markets typically involves higher expense than trading in the United States. The Trust may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in
currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Credit Risk
The Trust invests primarily in below investment grade
floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and
interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt
obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or
become illiquid, which would adversely affect the loan’s value.
12 Commitments and Contingencies
In connection with the Serta Chapter 11 bankruptcy proceeding,
on December 31, 2024, the U.S. Fifth Circuit Court of Appeals reversed a bankruptcy court’s ruling that held permissible an “uptier” agreement (the “2020 Agreement”) entered into by Serta with certain participating
lenders, including the Trust. The 2020 Agreement had the effect of subordinating the existing debt of certain non-participating lenders to that of the participating lenders. The non-participating lenders brought claims for breach of contract,
arguing that the participating lenders had breached an earlier agreement by entering into the 2020 Agreement. The appellate court found that the bankruptcy court had erred in determining that the 2020 Agreement was permitted by the terms of the
earlier agreement and remanded the breach of contract claims for further consideration by the bankruptcy court. The appellate court further held that indemnification of the participating lenders in the 2020 Agreement was impermissible under the U.S.
Bankruptcy Code.
A request by the Trust and the other
participating lenders for a rehearing of this matter before the Fifth Circuit en banc was denied. The matter has been remanded to the bankruptcy court to determine whether the participating lenders are liable for the breach of contract claims. A
trial is scheduled to begin in March 2026. At this time, the Trust cannot reliably predict the outcome of these proceedings or the effect, if any, on the Trust’s net asset value.
34
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Board of
Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940
Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s
board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 12, 2025, the Boards of
Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a
majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory
agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee,
which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including
information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract
Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation
of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory
agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds,
which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a “fund”). (For funds that invest through one or more underlying
portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent
data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent
data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent
data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data
regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent
Trustees);
• Comparative
information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or
substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;
• Profitability analyses on a
fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;
Information about Portfolio Management and Trading
• Descriptions of the investment
management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes
used by the adviser to determine the value of fund assets, including, when necessary, the determination of “fair value” by the adviser in its role as each fund’s valuation designee and actions taken to monitor and test the
effectiveness of such procedures and processes;
• Information about the policies
and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the
allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client
commission arrangements and policies with respect to “soft dollars”;
• Data relating to the portfolio
turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-Adviser
• Reports regarding the
financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;
• Information regarding the
individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities
with respect to managing other funds and investment accounts, as applicable;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to
“sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are
referred to collectively as the “adviser.”
35
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Board of
Trustees’ Contract Approval — continued
• Information regarding the
adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;
• Information regarding the
adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;
• The personal trading codes of
ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures
relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the
handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the
resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;
• Information concerning the
business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;
• A description of the
adviser’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;
Other Relevant Information
• Information regarding
ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan
Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;
• Information concerning the
nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;
• Information concerning
oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts
to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule),
and Rule 2a-5 (the Fair Valuation Rule);
• For the Eaton Vance Fund
structured as an interval fund, information regarding the interval fund’s periodic repurchase offers under Rule 23c-3 and related policies and procedures;
• For each Eaton Vance Fund
structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net
asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;
• The risks that the adviser
and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such
risks, if any); and
• The
terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees
over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and
performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection
with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in
reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive
sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
Each of the Contract Review Committee and the Board was advised
throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their
own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each
investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying
emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other
terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds..
36
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Board of
Trustees’ Contract Approval — continued
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other
information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Floating-Rate Income Trust (the
“Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the
Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory
agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management
capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund. In particular, the Board considered the abilities
and experience of the Adviser’s investment professionals in analyzing factors such as the special considerations relevant to investing in senior floating rate loans. The Board considered the Adviser’s large group of bank loan investment
professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the
Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to
the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of
administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund. The Board considered the deep experience of the Adviser and its affiliates with
managing and operating funds organized as exchange-listed closed-end funds, such as the Fund. In this regard, the Board considered, among other things, the Adviser’s and its affiliates’ experience with implementing leverage arrangements,
monitoring and assessing trading price discounts and premiums and adhering to the requirements of securities exchanges.
The Board considered the compliance programs of the Adviser and
relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio
valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the
Financial Industry Regulatory Authority.
The Board
considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of
a large fund complex offering exposure to a variety of asset classes and investment disciplines.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to
that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a customized peer group of similarly managed funds. The Board’s review included comparative performance data
with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer
group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund
for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31,
2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to
comparable funds.
After considering the foregoing
information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
37
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Board of
Trustees’ Contract Approval — continued
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the
Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other
payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.
The Board also considered direct or indirect fall-out benefits
received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund
and other investment advisory clients.
Economies of
Scale
In reviewing management fees and profitability, the
Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the
difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board
received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized
by the Adviser. The Board also considered the fact that the Fund is not continuously offered in the same manner as an open-end fund and that, notwithstanding that the Fund is authorized to issue additional common shares through a shelf offering, the
Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board did not find that the implementation of breakpoints in the advisory fee schedule is warranted at this time.
38
Eaton Vance
Floating-Rate Income Trust
November 30, 2025
Officers and
Trustees
| Officers | |
| Kenneth
A. Topping President |
Nicholas
S. Di Lorenzo Secretary |
| Deidre
E. Walsh Vice President and Chief Legal Officer |
Laura T.
Donovan Chief Compliance Officer |
| James
F. Kirchner Treasurer |
|
| Trustees |
39
Eaton Vance Funds
| U.S. Customer Privacy Notice | March 2024 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account information and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does
Eaton Vance share? |
Can
you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
| For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
| For our affiliates to market to you | Yes | Yes* |
| For nonaffiliates to market to you | No | We don’t share |
| To
limit our sharing |
Call toll-free 1-800-262-1122 or email: [email protected]Please note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-262-1122 or email: [email protected] |
40
Eaton Vance Funds
| U.S. Customer Privacy Notice — continued | March 2024 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see Affiliates definition below.) |
| What we do | |
| How
does Eaton Vance protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How
does Eaton Vance collect my personal information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
| What
happens when I limit sharing for an account I hold jointly with someone else? |
Your choices will apply to everyone on your account. |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance does not jointly market. |
| Other important information | |
41
Eaton Vance Funds
| U.S. Customer Privacy Notice — continued | March 2024 |
Page 3
| *PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
42
Eaton Vance Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and
shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Equiniti Trust Company, LLC (“EQ”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you
instruct EQ, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact EQ or your financial intermediary. Your
instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by EQ or your financial intermediary.
Portfolio
Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the
SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy
Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying
Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or
Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov. You may also access
proxy voting information for the Eaton Vance Funds or their underlying Portfolios at www.eatonvance.com/
proxyvoting.
proxyvoting.
Share Repurchase
Program. The Fund's Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding
as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund's repurchase activity, including the
number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund's annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or
rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly
after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted
to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts.”
43
| (b) | Not applicable. |
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
| (a) | Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 1 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.
Item 16. Controls and Procedures
| (a) | It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
| (b) | There have been no changes in the registrant’s internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant’s most recent fiscal year end.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
| (a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
| (a)(2)(i) | Principal Financial Officer’s Section 302 certification. | |
| (a)(2)(ii) | Principal Executive Officer’s Section 302 certification. | |
| (b) | Combined Section 906 certification. | |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Eaton Vance Floating-Rate Income Trust | ||
| By: | /s/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
| Date: | January 23, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Principal Financial Officer | ||
| Date: January 23, 2026 | ||
| By: | /s/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
| Date: January 23, 2026 | ||