N-2 - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Nov. 30, 2023 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 |
Cover [Abstract] | | | | | | | |
Entity Central Index Key | | 0001288992 | | | | | |
Amendment Flag | | false | | | | | |
Document Type | | N-CSRS | | | | | |
Entity Registrant Name | | Eaton Vance Floating-Rate Income Trust | | | | | |
Financial Highlights [Abstract] | | | | | | | |
Senior Securities [Table Text Block] | | Six Months Ended Year Ended May 31, 2023 2022 2021 2020 2019 Ratios/Supplemental Data Net assets applicable to common shares, end of period (000’s omitted) $344,797 $369,557 $385,295 $580,590 $519,465 $606,408 Ratios (as a percentage of average daily net † Expenses excluding interest and fees 1.31% (4)(5) 1.32% (4) 1.25% 1.33% 1.26% 1.28% Interest and fee expense (6) 3.67% (5) 2.89% 0.92% 0.91% 1.79% 2.00% Total expenses 4.98% (4)(5) 4.21% (4) 2.17% 2.24% 3.05% 3.28% Net investment income 10.75% (5) 8.98% 4.91% 5.08% 5.85% 5.49% Portfolio Turnover 15% (3) 16% 53% 32% 34% 24% Senior Securities: Total notes payable outstanding (in 000’s) $120,000 $118,000 $147,000 $250,000 $190,000 $248,000 Asset coverage per $1,000 of notes payable (7) $ $ $ $ $ $ Total preferred shares outstanding 800 800 800 800 800 800 Asset coverage per preferred share (8) $272,399 $286,645 $269,734 $275,936 $292,394 $284,880 Involuntary liquidation preference per preferred share (9) $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Approximate market value per preferred share (9) $100,000 $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) Not annualized. (4) 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, 2023 and the year ended May 31, 2023). (5) Annualized. (6) Interest and fee expense relates to variable rate term preferred shares (see Note 2) and the notes payable (see Note 8). (7) 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. (8) 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 272%, 287%, 270%, 276%, 292% and 285% at November 30, 2023 and May 31, 2023, 2022, 2021, 2020 and 2019, respectively. (9) Plus accumulated and unpaid dividends. † Ratios based on net assets applicable to common shares plus preferred shares and borrowings are Six Months Ended Year Ended May 31, 2023 2022 2021 2020 2019 Expenses excluding interest and fees 0.86% 0.85% 0.84% 0.85% 0.81% 0.83% Interest and fee expense 2.40% 1.85% 0.62% 0.58% 1.16% 1.31% Total expenses 3.26% 2.70% 1.46% 1.43% 1.97% 2.14% Net investment income 7.05% 5.75% 3.32% 3.25% 3.79% 3.58% | | | | | |
Senior Securities Coverage per Unit | [1] | $ 4,540 | $ 4,810 | $ 4,165 | $ 3,642 | $ 4,155 | $ 3,768 |
Preferred Stock Liquidating Preference | [2] | 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 |
General Description of Registrant [Abstract] | | | | | | | |
Investment Objectives and Practices [Text Block] | | 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. | | | | | |
Risk Factors [Table Text Block] | | 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. 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. | | | | | |
Risks Associated with Foreign Investments [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | 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. 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 Risks [Member] | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | |
Risk [Text Block] | | 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. | | | | | |
Notes Payable [Member] | | | | | | | |
Financial Highlights [Abstract] | | | | | | | |
Senior Securities Coverage per Unit | [1] | $ 4,540 | $ 4,810 | $ 4,165 | $ 3,642 | $ 4,155 | $ 3,768 |
Preferred Shares [Member] | | | | | | | |
Financial Highlights [Abstract] | | | | | | | |
Senior Securities Amount | | $ 120,000 | $ 118,000 | $ 147,000 | $ 250,000 | $ 190,000 | $ 248,000 |
Senior Securities Coverage per Unit | [3] | $ 272,399 | $ 286,645 | $ 269,734 | $ 275,936 | $ 292,394 | $ 284,880 |
Common Shares [Member] | | | | | | | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | | | | | | | |
Security Title [Text Block] | | Common Shares | | | | | |
Outstanding Security, Held [Shares] | | 26,181,373 | | | | | |
| |
[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.[3]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 272%, 287%, 270%, 276%, 292% and 285% at November 30, 2023 and May 31, 2023, 2022, 2021, 2020 and 2019, respectively. | |