Form N-CEN - Annual Report for Registered Investment Companies
August 09 2024 - 10:34AM
Edgar (US Regulatory)
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and
Shareholders of Eaton Vance Floating-Rate Income Trust:
In planning and
performing our audit of the financial statements of Eaton Vance Floating-Rate
Income Trust (the "Trust") as of and for the year ended May 31, 2024,
in accordance with the standards of the Public Company Accounting Oversight
Board (United States) (PCAOB), we considered the Trust's internal control over
financial reporting, including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-CEN, but not for the purpose of expressing an opinion on the effectiveness of
the Trust's internal control over financial reporting. Accordingly, we express
no such opinion.
The management of the Trust
is responsible for establishing and maintaining effective internal control over
financial reporting. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs of
controls. A trust's internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A trust's internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the trust; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the trust are being made only in accordance with authorizations of management
and trustees of the trust; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of a trust's assets that could have a material effect on the financial
statements.
Because of its inherent
limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in
internal control over financial reporting exists when the design or operation
of a control does not allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the trust's annual or interim
financial statements will not be prevented or detected on a timely basis.
Our consideration of
the Trust's internal control over financial reporting was for the limited
purpose described in the first paragraph and would not necessarily disclose all
deficiencies in internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no deficiencies in the Trust's
internal control over financial reporting and its operation, including controls
for safeguarding securities, that we consider to be a material weakness, as
defined above, as of May 31, 2024.
This report is intended
solely for the information and use of management and the Trustees of Eaton Vance
Floating-Rate Income Trust and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified
parties.
/s/ Deloitte &
Touche LLP
Boston, Massachusetts
July 19, 2024
SABA
LEGAL PROCEEDINGS
On July 15, 2020, after its Board of Trustees received a demand
letter from counsel to Saba Capital Management, L.P. and a hedge fund it
advises (together "Saba"), Eaton Vance Senior Income Trust
("EVF") filed a complaint against Saba in Suffolk County Superior Court
in Massachusetts seeking a declaratory judgment as to the validity of an
amendment to its by-laws requiring trustee nominees in contested elections to obtain
affirmative votes of a majority of eligible shares in order to be elected. Saba
subsequently answered this complaint and asserted counterclaims for breach of contract
and fiduciary duty against EVF and certain affiliates of EVF, including Eaton
Vance Senior Floating-Rate Trust ("EFR"), Eaton Vance Floating-Rate
Income Trust ("EFT"), Eaton Vance Limited Duration Income Trust
("EVV") and Eaton Vance Management, as well as the Board as of the
date of the complaint. The answer and counterclaims seek, with respect to each
registered fund named as a counterclaim defendant, rescission of the
above-referenced by-law provision, other by-law provisions related to
"control share" acquisitions and related relief. On March 31, 2021,
the court allowed in part and denied in part a motion to dismiss Saba's counterclaims.
On April 26, 2021, EFR, EFT and EVV filed counterclaims against Saba seeking
declaratory judgment as to the validity of the above-referenced by-law
amendments. The case number is 2084-cv-01533-BLS2.
Eaton Vance Floating Rat... (NYSE:EFT)
Historical Stock Chart
From Sep 2024 to Oct 2024
Eaton Vance Floating Rat... (NYSE:EFT)
Historical Stock Chart
From Oct 2023 to Oct 2024