If You Invested in Eaton Vance Floating-Rate Income Trust (EFT)

Eaton Vance Floating-Rate Income Trust (NYSE: EFT) is a closed-end management investment company in the financial services sector. According to available information, the Fund’s stated primary investment objective is to provide a high level of current income, with a secondary objective of capital appreciation. EFT is part of the asset management industry and its common shares of beneficial interest are listed on the New York Stock Exchange under the trading symbol EFT.

The Fund is organized as a Massachusetts entity and is overseen by a Board of Trustees. SEC filings indicate that its common shares of beneficial interest have a par value of $0.01 and are registered under Section 12(b) of the Securities Exchange Act, with the NYSE as the listing exchange. The Fund operates under the regulatory framework applicable to closed-end funds, including periodic reporting and disclosure of material events through filings such as Form 8-K.

Relationship with Eaton Vance and Morgan Stanley Investment Management

EFT is associated with Eaton Vance, which applies in-depth fundamental analysis to the active management of equity, income, alternative and multi-asset strategies. Eaton Vance’s investment teams follow stated principles that emphasize ongoing risk management, tax management where applicable, and the pursuit of consistent long-term returns. The firm’s investment capabilities encompass the global capital markets. Eaton Vance is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

As described in public communications, Eaton Vance serves as the investment adviser to the Fund through Eaton Vance Management. Shareholders of EFT have previously voted on a new investment advisory agreement with Eaton Vance Management, reflecting the Fund’s governance processes and the role of shareholders in approving advisory arrangements.

Closed-End Fund Structure and Trading Characteristics

Eaton Vance Floating-Rate Income Trust is structured as a closed-end fund. Except for sales of shares pursuant to a tender offer, common shares of the Fund are available for purchase or sale only through secondary market trading at their current market price. Public disclosures note that shares of closed-end funds such as EFT often trade at a discount from their net asset value (NAV). The market price of Fund shares may vary from NAV based on factors affecting the supply and demand for shares, such as:

• Fund distribution rates relative to similar investments
• Investors’ expectations for future distribution changes
• The clarity of the Fund’s investment strategy and future return expectations
• Investors’ confidence in the underlying markets in which the Fund invests

Fund shares are subject to investment risk, including possible loss of principal invested. Shares of the Fund are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Public materials also state that the Fund is not a complete investment program and that an investment in the Fund may not be appropriate for all investors. Prospective investors are encouraged in those materials to consider carefully the Fund’s investment objective, strategies, risks, charges and expenses before investing.

Investment Objectives

Based on the available description, EFT’s primary objective is to provide a high level of current income. Its secondary objective is capital appreciation. These objectives frame how the Fund is managed and evaluated over time. While specific portfolio holdings and strategies are not detailed in the provided materials, the Fund’s name and stated objectives indicate a focus on income generation, with an additional emphasis on potential growth in value.

Tender Offers and Shareholder Liquidity Events

Eaton Vance Floating-Rate Income Trust has conducted and announced multiple cash tender offers for its common shares. These tender offers have been used as a mechanism to provide liquidity to shareholders and address trading discounts relative to NAV. For example, the Fund has announced tender offers to purchase up to a specified percentage of its outstanding common shares at a price per share equal to a stated percentage of its NAV per share as of the close of regular trading on the NYSE on the date the tender offer expires.

In certain years, the Fund’s Board authorized conditional tender offers for up to a defined percentage of outstanding common shares if, over a specified measurement period, the Fund’s common shares traded at an average discount to NAV of more than 10%, based on the Fund’s volume-weighted average market price and NAV on business days during that period. If triggered, common shares tendered and accepted in such conditional tender offers would be repurchased at a price per share equal to a set percentage of the Fund’s NAV as of the close of regular trading on the NYSE on the date the tender offer expires.

Public announcements explain that if the number of shares tendered in a tender offer exceeds the maximum amount of the offer, the Fund purchases shares from tendering shareholders on a pro rata basis, disregarding fractional shares. As a result, there is no assurance that the Fund will purchase all of a shareholder’s tendered common shares in a tender offer. The Fund may determine not to accept shares tendered under various circumstances described in its offering materials.

Governance and Board Developments

SEC Form 8-K filings describe certain governance-related events for Eaton Vance Floating-Rate Income Trust. One filing reports that the Chairperson of the Board of Trustees unexpectedly passed away, and that an acting Chairperson was appointed. The same filing notes that the size of the Board was reduced from ten to nine members. A subsequent filing reports that, effective on a specified date, the Board appointed a new Chairperson of the Board for a term of four years, replacing the acting Chairperson. These events illustrate the Fund’s process for Board succession and oversight.

Risk Considerations and Disclosures

Public communications about EFT emphasize that fund shares are subject to investment risk, including possible loss of principal invested. They also state that shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Materials highlight that the Fund is not a complete investment program and that investors may lose money investing in the Fund. Distributions may include amounts from sources other than net investment income, and distributions in any period may be more or less than the net return earned by the Fund on investments. Distributions in excess of returns will cause the Fund’s net assets and NAV per share to decline.

These disclosures are intended to help investors understand the nature of the Fund’s distributions, the potential for discounts to NAV, and the risks associated with investing in a closed-end fund focused on income and capital appreciation.

Regulatory Filings and Transparency

As a registered closed-end fund, Eaton Vance Floating-Rate Income Trust files reports and disclosures with the U.S. Securities and Exchange Commission. These include current reports on Form 8-K describing material events, as well as tender offer statements on Schedule TO for its cash tender offers. The Fund’s offering materials, including offers to purchase and letters of transmittal related to tender offers, are made available to shareholders and filed with the SEC. Public announcements encourage shareholders to read these documents carefully, as they contain important information about the terms and conditions of tender offers and other matters relevant to the Fund.

Summary

In summary, Eaton Vance Floating-Rate Income Trust (EFT) is a NYSE-listed closed-end management investment company in the asset management industry. Its primary objective is to provide a high level of current income, with capital appreciation as a secondary goal. The Fund is advised by Eaton Vance Management, part of Eaton Vance and Morgan Stanley Investment Management, and operates under a closed-end structure in which shares trade on the secondary market and may trade at a discount or premium to NAV. The Fund has used tender offers as a tool to manage its capital structure and address trading discounts, and it provides investors with detailed risk and regulatory disclosures through public communications and SEC filings.