N-2
N-2 - USD ($) | 12 Months Ended | |||||||||||
Sep. 27, 2022 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | May 31, 2017 | May 31, 2016 | May 31, 2015 | May 31, 2014 | ||
Cover [Abstract] | ||||||||||||
Entity Central Index Key | 0001288992 | |||||||||||
Amendment Flag | false | |||||||||||
Document Type | 424B3 | |||||||||||
Entity Registrant Name | EATON VANCE FLOATING-RATE INCOME TRUST | |||||||||||
Financial Highlights [Abstract] | ||||||||||||
Senior Securities [Table Text Block] | Year Ended May 31, 2023 2022 2021 2020 2019 Net asset value – Beginning of year (Common shares) $ 13.240 $ 14.560 $ 13.030 $ 15.210 $ 15.610 Income (Loss) From Operations Net investment income (1) $ 1.154 $ 0.705 $ 0.718 $ 0.843 $ 0.847 Net realized and unrealized gain (loss) (0.640) (1.159) 1.545 (2.016) (0.373) Total income (loss) from operations $ 0.514 $ (0.454) $ 2.263 $ (1.173) $ 0.474 Less Distributions to Common Shareholders From net investment income $ (1.054) $ (0.804) $ (0.733) $ (1.007) $ (0.874) Tax return of capital — (0.126) — — — Total distributions to common shareholders $ (1.054) $ (0.930) $ (0.733) $ (1.007) $ (0.874) Premium from common shares sold through shelf offering (1) $ — $ 0.009 $ — $ — $ — Discount on tender offer (1) $ — $ 0.055 $ — $ — $ — Net asset value – End of year (Common shares) $ 12.700 $ 13.240 $ 14.560 $ 13.030 $ 15.210 Market value – End of year (Common shares) $ 11.240 $ 12.280 $ 14.280 $ 11.240 $ 13.480 Total Investment Return on Net Asset Value (2) 4.87% (2.81)% 18.25% (7.36)% 3.77% Total Investment Return on Market Value (2) 0.14% (8.10)% 34.36% (9.83)% (3.32)% Ratios/Supplemental Data Net assets applicable to common shares, end of year (000’s omitted) $ 369,557 $ 385,295 $ 580,590 $ 519,465 $ 606,408 Ratios (as a percentage of average daily net assets applicable to common shares): † Expenses excluding interest and fees 1.32% (3) 1.25% 1.33% 1.26% 1.28% Interest and fee expense (4) 2.89% 0.92% 0.91% 1.79% 2.00% Total expenses 4.21% (3) 2.17% 2.24% 3.05% 3.28% Net investment income 8.98% 4.91% 5.08% 5.85% 5.49% Portfolio Turnover 16% 53% 32% 34% 24% Senior Securities: Total notes payable outstanding (in 000’s) $ 118,000 $ 147,000 $ 250,000 $ 190,000 $ 248,000 Asset coverage per $1,000 of notes payable (5) $ 4,810 $ 4,165 $ 3,642 $ 4,155 $ 3,768 Total preferred shares outstanding 800 800 800 800 800 Asset coverage per preferred share (6) $ 286,645 $ 269,734 $ 275,936 $ 292,394 $ 284,880 Involuntary liquidation preference per preferred share (7) $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 Approximate market value per preferred share (7) $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 Year Ended May 31, 2018 2017 2016 2015 2014 Net asset value – Beginning of year (Common shares) $ 15.570 $ 14.680 $ 15.640 $ 16.080 $ 16.300 Income (Loss) From Operations Net investment income (1) $ 0.792 $ 0.864 $ 0.908 $ 0.882 $ 0.889 Net realized and unrealized gain (loss) 0.076 0.899 (0.964) (0.431) (0.145) Total income (loss) from operations $ 0.868 $ 1.763 $ (0.056) $ 0.451 $ 0.744 Less Distributions to Common Shareholders From net investment income $ (0.828) $ (0.873) $ (0.904) $ (0.891) $ (0.966) Total distributions to common shareholders $ (0.828) $ (0.873) $ (0.904) $ (0.891) $ (0.966) Premium from common shares sold through shelf offering (1) $ — $ — $ — $ — $ 0.002 Net asset value – End of year (Common shares) $ 15.610 $ 15.570 $ 14.680 $ 15.640 $ 16.080 Market value – End of year (Common shares) $ 14.850 $ 15.150 $ 13.560 $ 14.360 $ 15.180 Total Investment Return on Net Asset Value (2) 6.03 12.65% 0.46% 3.43% 4.87% Total Investment Return on Market Value (2) 3.67% 18.58% 1.14% 0.59% (3.19)% Ratios/Supplemental Data Net assets applicable to common shares, end of year (000’s omitted) $ 622,241 $ 620,772 $ 585,101 $ 623,439 $ 641,079 Ratios (as a percentage of average daily net assets applicable to common shares): † Expenses excluding interest and fees (8) 1.28% 1.32% 1.36% 1.37% 1.36% Interest and fee expense (4) 1.52% 1.16% 0.93% 0.80% 0.77% Total expenses 2.80% 2.48% 2.29% 2.17% 2.13% Net investment income 5.09% 5.68% 6.22% 5.60% 5.50% Portfolio Turnover 34% 47% 29% 32% 35% Senior Securities: Total notes payable outstanding (in 000’s) $ 254,000 $ 246,000 $ 232,000 $ 290,000 $ 300,000 Asset coverage per $1,000 of notes payable (5) $ 3,765 $ 3,849 $ 3,867 $ 3,426 $ 3,404 Total preferred shares outstanding 800 800 800 800 800 Asset coverage per preferred share (6) $ 286,300 $ 290,421 $ 287,532 $ 268,497 $ 268,705 Involuntary liquidation preference per preferred share (7) $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 Approximate market value per preferred share (7) $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 (1) Computed using average common shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. (3) Includes a reduction by the investment adviser of a portion of its adviser fee due to the Trust’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended May 31, 2023). (4) Interest and fee expense relates to variable rate term preferred shares and the notes payable. (5) Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands. (6) Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, dividing the result by the sum of the value of the notes payable and liquidation value of the preferred shares, and multiplying the result by the liquidation value of one preferred share. Such amount equates to 287%, 270%, 276%, 292%, 285%, 286%, 290%, 288%, 268% and 269% at May 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014, respectively. (7) Plus accumulated and unpaid dividends. (8) Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. † Ratios based on net assets applicable to common shares plus preferred shares (variable rate term preferred shares and APS, as applicable) and borrowings are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude the effect of custody fee credits, if any. | |||||||||||
Senior Securities Amount | $ 118,000 | $ 147,000 | $ 250,000 | $ 190,000 | $ 248,000 | $ 254,000 | $ 246,000 | $ 232,000 | $ 290,000 | $ 300,000 | ||
Senior Securities Coverage per Unit | [1] | $ 4,810 | $ 4,165 | $ 3,642 | $ 4,155 | $ 3,768 | $ 3,765 | $ 3,849 | $ 3,867 | $ 3,426 | $ 3,404 | |
Preferred Stock Liquidating Preference | [2] | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |
Senior Securities Average Market Value per Unit | [2] | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |
[1]Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s total assets, and dividing the result by the notes payable balance in thousands.[2]Plus accumulated and unpaid dividends. |