<SEC-DOCUMENT>0000940394-18-001612.txt : 20180927
<SEC-HEADER>0000940394-18-001612.hdr.sgml : 20180927
<ACCEPTANCE-DATETIME>20180927161737
ACCESSION NUMBER:		0000940394-18-001612
CONFORMED SUBMISSION TYPE:	486BPOS
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20180927
DATE AS OF CHANGE:		20180927
EFFECTIVENESS DATE:		20180927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Floating-Rate Income Trust
		CENTRAL INDEX KEY:			0001288992
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		486BPOS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-208995
		FILM NUMBER:		181091162

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Floating-Rate Income Trust
		CENTRAL INDEX KEY:			0001288992
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		486BPOS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21574
		FILM NUMBER:		181091161

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>486BPOS
<SEQUENCE>1
<FILENAME>fritpea3final.htm
<DESCRIPTION>EATON VANCE FLOATING-RATE INCOME TRUST PEA #3-18 DTD 9-27-2018
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center">As filed with the Securities and Exchange
Commission on September 27, 2018</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: right">1933 Act File No. 333-208995</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">1940 Act File No. 811-21574</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt NewsGoth Dm BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: Black 4.5pt double; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>WASHINGTON, D.C. 20549</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 17pt; font-size: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FORM N-2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REGISTRATION STATEMENT</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>UNDER</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE SECURITIES ACT of 1933</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>&uml;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PRE-EFFECTIVE AMENDMENT NO. </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>&uml;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>POST-EFFECTIVE AMENDMENT NO. 3</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>and/or</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REGISTRATION STATEMENT</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>UNDER</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE INVESTMENT COMPANY ACT OF 1940</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>o</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AMENDMENT NO. 18</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 17pt; font-size: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>EATON VANCE FLOATING-RATE INCOME TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Exact Name of Registrant as Specified in Charter)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Two International Place, Boston, Massachusetts 02110</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Address of Principal Executive Offices)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(617) 482-8260</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Registrant&#8217;s Telephone Number)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Frederick S. Marius</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Two International Place, Boston, Massachusetts 02110</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Name and Address of Agent for Service)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 0 0 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If any of the securities
being registered on this form are to be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act
of 1933, as amended, other than securities offered in connection with a dividend reinvestment plan, check the following box. </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">It is proposed that this filing will become effective (check
appropriate box):</P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When
declared effective pursuant to Section 8(c)</FONT></P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0"><FONT STYLE="font-family: Wingdings">x</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Immediately
upon filing pursuant to no-action relief granted to Registrant on June 26, 2013</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">BASE PROSPECTUS<BR>
<BR>
<BR>
<BR>
</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Up to 5,495,789 Shares</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Floating-Rate Income Trust</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Common Shares</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
objectives and policies.&nbsp;</B></FONT>Eaton Vance Floating-Rate Income Trust (the &ldquo;Trust&rdquo;) is a diversified, closed-end
management investment company, which commenced operations on June 29, 2004. The Trust&rsquo;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 Trust will seek to achieve its investment objectives by investing primarily in
senior, secured floating-rate loans (&ldquo;Senior Loans&rdquo;). Floating-rate loans are loans in which the interest rate paid
fluctuates based on a reference rate. Under normal market conditions, Eaton Vance Management, the Trust's investment adviser, expects
the Trust to maintain an average duration of less than one year (including the effect of leverage).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Adviser.</B></FONT> The Trust&rsquo;s investment adviser is Eaton Vance Management (&ldquo;Eaton Vance&rdquo; or the &ldquo;Adviser&rdquo;).
As of July 31, 2018, Eaton Vance and its affiliates managed approximately $453.2 billion of fund and separate account assets on
behalf of clients, including approximately $43.0 billion in floating-rate income assets. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Offering.</B></FONT> The Trust may offer, from time to time, in one or more offerings (each, an &ldquo;Offering&rdquo;), the Trust&rsquo;s
common shares of beneficial interest, $0.01 par value (&ldquo;Common Shares&rdquo;). Common Shares may be offered at prices and
on terms to be set forth in one or more supplements to this Prospectus (each, a &ldquo;Prospectus Supplement&rdquo;). You should
read this Prospectus and the applicable Prospectus Supplement carefully before you invest in Common Shares. Common Shares may be
offered directly to one or more purchasers, through agents designated from time to time by us, or to or through underwriters or
dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved in the offer
or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount arrangement
between the Trust and its agents or underwriters, or among its underwriters, or the basis upon which such amount may be calculated,
net proceeds and use of proceeds, and the terms of any sale. The Trust may not sell any Common Shares through agents, underwriters
or dealers without delivery of a Prospectus Supplement describing the method and terms of the particular Offering of the Common
Shares. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(continued on inside cover page)</I></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Common Shares have traded both at a premium and a discount
to net asset value (&ldquo;NAV&rdquo;). The Trust cannot predict whether Common Shares will trade in the future at a premium or
discount to NAV. The provisions of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) generally require
that the public offering price of common shares (less any underwriting commissions and discounts) must equal or exceed the NAV
per share of a company&rsquo;s common stock (calculated within 48 hours of pricing). The Trust&rsquo;s issuance of Common Shares
may have an adverse effect on prices in the secondary market for the Trust&rsquo;s Common Shares by increasing the number of Common
Shares available, which may put downward pressure on the market price for the Trust&rsquo;s Common Shares. Shares of common stock
of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&rsquo; risk of loss.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Investing in shares involves certain risks, including
that the Trust will invest substantial portions of its assets in below investment grade quality securities with speculative characteristics.
See &ldquo;Investment Objectives, Policies and Risks&rdquo; beginning at page 19. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Neither the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>(continued from previous page)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
contents.</B></FONT> The Trust will pursue its objectives by investing its assets primarily in Senior Loans. Under normal market
conditions, the Trust will invest at least 80% of its total assets in Senior Loans of domestic and foreign borrowers that are denominated
in U.S. dollars, euros, British pounds, Swiss francs, Canadian dollars and Australian dollars (each, an &ldquo;Authorized Foreign
Currency&rdquo;). For the purposes of the 80% test, total assets is defined as net assets plus any borrowings for investment purposes,
including any outstanding preferred shares. Senior Loans are made to corporations, partnerships and other business entities (&ldquo;Borrowers&rdquo;)
that operate in various industries and geographical regions, including foreign Borrowers. Senior Loans pay interest at rates that
are reset periodically on the basis of a floating base lending rate plus a premium. Senior Loans typically are of below investment
grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk, speculative
characteristics (sometimes referred to as &ldquo;junk&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Leverage.</B></FONT>
The Trust currently uses leverage created by issuing preferred shares as well as by loans acquired with borrowings. On September
16, 2004, the Trust issued 3,480 Series A Auction Rate Preferred Shares (&ldquo;APS&rdquo;), 3,480 Series B APS, 3,480 Series C
APS, 3,480 Series D APS and 3,480 Series E APS, with a liquidation preference per share of $25,000 plus accumulated but unpaid
dividends. In December 2012, the Trust entered into a financing transaction pursuant to which it offered 800 shares of a series
of Variable Rate Term Preferred Shares, par value $0.01 per share, with a liquidation preference of $100,000 per share (the &ldquo;VRTP
Shares&rdquo;; the VRTP Shares and other series of VRTP Shares from time to time issued by the Trust are collectively referred
to herein as the &ldquo;VRTP Shares&rdquo;). The Trust used the net proceeds from the sale of VRTP Shares to enter into a series
of transactions which ultimately resulted in a redemption and/or repurchase of its outstanding APS and to maintain the Trust&rsquo;s
leveraged capital structure. In addition, the Trust has entered into a revolving credit and security agreement, as amended (the
&ldquo;Agreement&rdquo;) with conduit lenders and a bank to borrow up to $290 million ($295 million prior to March 12, 2018). The
Trust is required to maintain certain net asset levels during the term of the Agreement. As of May 31, 2018, the Trust had $254
million in outstanding borrowings, at an interest rate of 2.24%, in addition to outstanding preferred shares. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Adviser anticipates that the use of leverage (from the
issuance of VRTP Shares and any borrowings) will result in higher income to holders of Common Shares (&ldquo;Common Shareholders&rdquo;)
over time. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks.
There can be no assurance that a leveraging strategy will be successful. The fee paid to Eaton Vance will be calculated on the
basis of the Trust&rsquo;s gross assets, including proceeds from the issuance of VRTP Shares and borrowings, so the fees will be
higher when leverage is utilized. In this regard, holders of debt or preferred securities do not bear the investment advisory fee.
Rather, Common Shareholders bear the portion of the investment advisory fee attributable to the assets purchased with the proceeds,
which means that Common Shareholders effectively bear the entire advisory fee. See &ldquo;Investment Objectives, Policies and Risks
- Use of Leverage and Related Risks&rdquo; at page 31, &ldquo;Investment Objectives, Policies and Risks - Additional Risk Considerations&rdquo;
at page 33 and &ldquo;Description of Capital Structure&rdquo; at page 43. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exchange
Listing.</B></FONT> As of September 25, 2018, the Trust had 39,863,690 Common Shares outstanding. The Trust&rsquo;s Common Shares
are traded on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;EFT.&rdquo; As of September 25, 2018, the
last reported sales price of a Common Share of the Trust on the NYSE was $14.58. Common Shares offered and sold pursuant to this
Registration Statement will also be listed on the NYSE and trade under this symbol. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> This Prospectus, together with any applicable Prospectus Supplement,
sets forth concisely information you should know before investing in the shares of the Trust. Please read and retain this Prospectus
for future reference. A Statement of Additional Information dated September 27, 2018, has been filed with the SEC. The Statement
of Additional Information, annual and semi-annual reports to shareholders when available and other information about the Trust
can be obtained without charge by calling 1-800-262-1122 or by writing to the Trust at the address below or from the Trust&rsquo;s
website (http://www.eatonvance.com). A table of contents to the Statement of Additional Information is located at page 48 of this
Prospectus. This Prospectus incorporates by reference the entire Statement of Additional Information. The Statement of Additional
Information is available along with other Trust-related materials: at the SEC's public reference room in Washington, DC (call 1-202-551-8090
for information on the operation of the public reference room); the EDGAR database on the SEC's internet site (http://www.sec.gov);
upon payment of copying fees by writing to the SEC's Public Reference Section, 100 F Street, NE, Washington, DC 20549-1520; or
by electronic mail at publicinfo@sec.gov. The Trust&rsquo;s principal office is located at Two International Place, Boston, MA
02110, and its telephone number is 1-800-262-1122. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust's shares do not represent a deposit or obligation of,
and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal
Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">You should rely only on the information contained or incorporated
by reference in this Prospectus. The Trust has not authorized anyone to provide you with different information. The Trust is not
making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information
contained in this Prospectus is accurate as of any date other than the date on the front of this Prospectus.</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; padding: 3pt 5.5pt">Prospectus Summary&#9;</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.5pt; text-align: center">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Summary of Trust Expenses&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 15 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Financial Highlights and Investment Performance&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 16 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">The Trust&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 19 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Use of Proceeds&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 19 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Portfolio Composition&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 19 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Investment Objectives, Policies and Risks&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 19 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Management of the Trust&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 38 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Plan of Distribution&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 39 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Distributions&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 40 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Federal Income Tax Matters&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 40 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Dividend Reinvestment Plan&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 43 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Description of Capital Structure&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 43 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Custodian and Transfer Agent&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 46 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Legal Opinions&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 46 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Reports to Shareholders&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 46 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Independent Registered Public Accounting Firm&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 46 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Additional Information&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 47 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Table of Contents for the Statement of Additional Information&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 48 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">The Trust's Privacy Policy&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 49 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Prospectus, any accompanying Prospectus Supplement and the
Statement of Additional Information contain &ldquo;forward-looking statements.&rdquo; Forward-looking statements can be identified
by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo;
&ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; and similar terms and the negative of such terms. Such forward-looking statements
may be contained in this Prospectus as well as in any accompanying Prospectus Supplement. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking
statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities
we hold, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings with
the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements.
Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and
are subject to inherent risks and uncertainties, such as those disclosed in the &ldquo;Investment Objectives, Policies and Risks&rdquo;
section of this Prospectus. All forward-looking statements contained or incorporated by reference in this Prospectus or any accompanying
Prospectus Supplement are made as of the date of this Prospectus or the accompanying Prospectus Supplement, as the case may be.
Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update
any forward-looking statement. The forward-looking statements contained in this Prospectus, any accompanying Prospectus Supplement
and the Statement of Additional Information are excluded from the safe harbor protection provided by section 27A of the Securities
Act of 1933, as amended (the &ldquo;1933 Act&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Currently known risk factors that could cause actual results
to differ materially from our expectations include, but are not limited to, the factors described in the &ldquo;Investment Objectives,
Policies and Risks&rdquo; section of this Prospectus. We urge you to review carefully that section for a more detailed discussion
of the risks of an investment in our securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: center"> Prospectus dated September 27, 2018 </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Prospectus Summary</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The following summary is qualified in its entirety by
reference to the more detailed information included elsewhere in this Prospectus, in any related Prospectus Supplement, and in
the Statement of Additional Information.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE TRUST</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance Floating-Rate Income Trust (the &ldquo;Trust&rdquo;)
is a diversified, closed-end management investment company, which commenced operations on June 29, 2004. The Trust offers investors
the opportunity to receive a high level of current income, through a professionally managed portfolio investing primarily in senior,
secured floating-rate loans (&ldquo;Senior Loans&rdquo;), which are normally accessible only to financial institutions and large
corporate and institutional investors, and are not widely available to individual investors. To the extent consistent with this
objective, the Trust may also offer an opportunity for preservation of capital. Investments are based on Eaton Vance Management's
(&ldquo;Eaton Vance&rdquo; or the &ldquo;Adviser&rdquo;) internal research and ongoing credit analysis, which is generally not
available to individual investors. An investment in the Trust may not be appropriate for all investors. There is no assurance that
the Trust will achieve its investment objectives.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE OFFERING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may offer, from time to time, in one or more offerings
(each, an &ldquo;Offering&rdquo;), up to 5,495,789 of the Trust&rsquo;s common shares of beneficial interest, $0.01 par value (&ldquo;Common
Shares&rdquo;), on terms to be determined at the time of the Offering. The Common Shares may be offered at prices and on terms
to be set forth in one or more prospectus supplements. You should read this Prospectus and the applicable Prospectus Supplement
carefully before you invest in Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated
from time to time by the Trust, or to or through underwriters or dealers. The Prospectus Supplement relating to the Offering will
identify any agents, underwriters or dealers involved in the offer or sale of Common Shares, and will set forth any applicable
offering price, sales load, fee, commission or discount arrangement between the Trust and its agents or underwriters, or among
its underwriters, or the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any
sale. See &ldquo;Plan of Distribution.&rdquo; The Trust may not sell any of Common Shares through agents, underwriters or dealers
without delivery of a Prospectus Supplement describing the method and terms of the particular Offering of Common Shares.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT OBJECTIVES, POLICIES AND RISKS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;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. Under normal market conditions, Eaton Vance expects the Trust to maintain a duration of less
than one year (including the effect of leverage). In comparison to maturity (which is the date on which a debt instrument ceases
and the issuer is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument
as a result of changes in market rates of interest, based on the weighted average timing of the instrument&rsquo;s expected principal
and interest payments. Duration differs from maturity in that it considers a security&rsquo;s yield, coupon payments, principal
payments and call features in addition to the amount of time until the security finally matures. The Trust pursues its objectives
by investing primarily in Senior Loans. Senior Loans are loans in which the interest rate paid fluctuates based on a reference
rate. Senior Loans are made to corporations, partnerships and other business entities (&ldquo;Borrowers&rdquo;) which operate in
various industries and geographical regions. Senior Loans pay interest at rates that are reset periodically by reference to a base
lending rate, primarily the London Interbank Offered Rate (&ldquo;LIBOR&rdquo;), plus a premium. Under normal market conditions,
the Trust will invest at least 80% of its total assets in Senior Loans of domestic and foreign borrowers that are denominated in
U.S. dollars, euros, British pounds, Swiss francs, Canadian dollars and Australian dollars (each, an &ldquo;Authorized Foreign
Currency&rdquo;). For the purposes of the 80% test, total assets will be defined as net assets plus any borrowings for investment
purposes, including any outstanding preferred shares. It is anticipated that the proceeds of the Senior Loans in which the Trust
will acquire interests primarily will be used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases,
refinancing, and internal growth and for other corporate purposes of Borrowers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Trust may invest up to 20% of its total assets in (i)
loan interests which have (a) a second lien on collateral (&ldquo;Second Lien&rdquo;), (b) no security interest in the collateral,
or (c) lower than a senior claim on collateral; (ii) other income-producing securities, such as investment and non-investment grade
corporate debt securities and U.S. government and U.S. dollar-denominated foreign government or supranational debt securities;
and (iii) warrants and equity securities issued by a Borrower or its affiliates as part of a package of investments in the Borrower
or its affiliates . The Adviser anticipates that most of the Trust&rsquo;s investments, including investments in Senior Loans,
will be of below investment grade quality. The Trust may invest up to 20% of its total assets in corporate bonds of below investment
grade quality (&ldquo;Non-Investment Grade Bonds&rdquo;), commonly referred to as &ldquo;junk bonds,&rdquo; which are bonds that
are rated below investment grade by each of the nationally recognized statistical rating agencies (&ldquo;Rating Agencies&rdquo;)
who cover the security, or, if unrated, are determined to be of comparable quality by the Adviser. S&amp;P Global Ratings (&ldquo;S&amp;P&rdquo;)
and Fitch Ratings (&ldquo;Fitch&rdquo;) consider securities rated below BBB- to be below investment grade and Moody&rsquo;s Investors
Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;) considers </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">securities rated below Baa3 to be below investment grade. The
Trust&rsquo;s credit quality policies apply only at the time a security is purchased, and the Trust is not required to dispose
of a security in the event of a downgrade of an assessment of credit quality or the withdrawal of a rating. Securities rated in
the lowest investment grade rating (BBB- or Baa3) may have certain speculative characteristics. Below investment grade quality
securities are considered to be predominantly speculative because of the credit risk of the issuers. See &ldquo;Investment Objectives,
Policies and Risks - Risk Considerations - Non-Investment Grade Bonds Risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Trust expects to maintain
an average duration of less than one year (including the effect of leverage). As the value of a security changes over time, so
will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities
with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest
rate changes than a portfolio with a shorter duration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Investing in loans involves investment risk. Some Borrowers
default on their loan payments. The Trust attempts to manage this credit risk through portfolio diversification and ongoing analysis
and monitoring of Borrowers. The Trust also is subject to market, liquidity, interest rate and other risks. See &ldquo;Investment
Objectives, Policies and Risks.&rdquo; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Scott H. Page and Ralph H. Hinckley, Jr. are the portfolio managers
of the Trust. Mr. Page is a Vice President of Eaton Vance, is Co-Director of Eaton Vance&rsquo;s Floating Rate Loan Group and has
been a portfolio manager of the Trust since June 2004. Mr.&nbsp;Hinckley is a Vice President of Eaton Vance and has been a portfolio
manager of the Trust since January 2008.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;s investments are actively managed, and Senior
Loans and other securities may be bought or sold on a daily basis. The Adviser&rsquo;s staff monitors the credit quality and price
of Senior Loans and other securities held by the Trust, as well as other securities that are available to the Trust. The Trust
may invest in individual Senior Loans and other securities of any credit quality. Although the Adviser considers ratings when making
investment decisions, it generally performs its own credit and investment analysis and does not rely primarily on the ratings assigned
by the Rating Agencies. In evaluating the quality of particular Senior Loans or other securities, whether rated or unrated, the
Adviser will normally take into consideration, among other things, the issuer&rsquo;s financial resources and operating history,
its sensitivity to economic conditions and trends, the ability of its management, its debt maturity schedules and borrowing requirements,
and relative values based on anticipated cash flow, interest and asset coverage, and earnings prospects.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest up to 15% of net assets in Senior Loans
denominated in Authorized Foreign Currencies and may invest in other securities of non-United States issuers. The Trust&rsquo;s
investments may have significant exposure to certain sectors of the economy and thus may react differently to political or economic
developments than the market as a whole. The Trust may accept equity securities in connection with a debt restructuring or reorganization
of a Borrower either inside or outside of bankruptcy. The Trust may hold equity securities issued in exchange for a Senior Loan
or issued in connection with the debt restructuring or reorganization of a Borrower. The Trust may also acquire additional equity
securities of such Borrower or its affiliates if, in the judgment of the Adviser, such an investment may enhance the value of a
Senior Loan held or would otherwise be consistent with the Trust&rsquo;s investment policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may purchase or sell derivative instruments (which
derive their value from another instrument, security or index) for risk management purposes, such as hedging against fluctuations
in Senior Loans and other securities prices or interest rates; diversification purposes; changing the duration of the Trust; or
leveraging the Trust. Transactions in derivative instruments may include the purchase or sale of futures contracts on securities,
indices and other financial instruments, credit-linked notes, tranches of collateralized loan obligations and/or collateralized
debt obligations, options on futures contracts, and exchange-traded and over-the-counter options on securities or indices, and
interest rate, total return and credit default swaps. Guidelines of any rating organization that rates any preferred shares issued
by the Trust, including VRTP Shares (as defined below), may limit the Trust&rsquo;s ability to engage in such transactions. Subject
to the Trust&rsquo;s policy of investing at least 80% of its total assets in Senior Loans and subject to the thresholds on the
use of futures contracts and related options imposed by Rule 4.5 under the Commodity Exchange Act, as amended (the &ldquo;CEA&rdquo;)
as promulgated by the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;), the Trust may invest, without limitation, in the
foregoing derivative instruments for the purposes stated herein.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LISTING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As of September 25, 2018, the Trust had 39,863,690 Common
Shares outstanding. The Trust&rsquo;s Common Shares are traded on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol
&ldquo;EFT.&rdquo; As of September 25, 2018, the last reported sales price of a Common Share of the Trust on the NYSE was $14.58.
Common Shares offered and sold pursuant to this Registration Statement will also be listed on the NYSE and trade under this symbol. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LEVERAGE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Generally, leverage involves the use of proceeds from the
issuance of preferred shares, borrowed funds or various financial instruments (such as derivatives) to seek to increase a trust&rsquo;s
potential returns. The Trust currently uses leverage </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> created by issuing preferred shares as well as by loans acquired
with borrowings. On September 16, 2004, the Trust issued 3,480 Series A Auction Rate Preferred Shares (&ldquo;APS&rdquo;), 3,480
Series B APS, 3,480 Series C APS, 3,480 Series D APS and 3,480 Series E APS, with a liquidation preference per share of $25,000
plus accumulated but unpaid dividends. In December 2012, the Trust entered into a financing transaction pursuant to which it offered
800 shares of a series of Variable Rate Term Preferred Shares, par value $0.01 per share, with a liquidation preference of $100,000
per share (the &ldquo;VRTP Shares&rdquo;; the VRTP Shares and other series of VRTP Shares from time to time issued by the Trust
are collectively referred to herein as the &ldquo;VRTP Shares&rdquo;). The Trust used the net proceeds from the sale of VRTP Shares
to enter into a series of transactions which ultimately resulted in a redemption and/or repurchase of its outstanding APS and to
maintain the Trust&rsquo;s leveraged capital structure. As of January 4, 2013, all APS had been redeemed and/or repurchased. The
VRTP Shares have seniority over the Common Shares. In addition, the Trust has entered into a Revolving Credit and Security Agreement,
as amended (the &ldquo;Agreement&rdquo;) with conduit lenders and a bank to borrow up to $290 million ($295 million prior to March
12, 2018). Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the conduits&rsquo;
commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, in effect through March 11, 2019, the
Trust also pays a program fee of 0.67% per annum on its outstanding borrowings to administer the facility and a liquidity fee of
0.15% (0.25% if the outstanding loan amount is less than or equal to 60% of the total facility size) per annum on the borrowing
limit under the Agreement. Program and liquidity fees for the year ended May 31, 2018 totaled $2,129,218. The Trust also paid an
upfront fee of $290,000, which is being amortized to interest expense over a period of one year through March 2019. The Trust is
required to maintain certain net asset levels during the term of the Agreement. As of May 31, 2018, the Trust had $254,000,000
in outstanding borrowings, at an interest rate of 2.24%, in addition to outstanding preferred shares. The Adviser anticipates that
the use of leverage (from such issuance of VRTP Shares and any borrowings) may result in higher income to holders of Common Shares
(&ldquo;Common Shareholders&rdquo;) over time. Use of financial leverage creates an opportunity for increased income but, at the
same time, creates special risks. There can be no assurance that a leveraging strategy will be successful. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The costs of the financial leverage program (from any issuance
of preferred shares and any borrowings) are borne by Common Shareholders and consequently result in a reduction of the NAV of Common
Shares. During periods in which the Trust is using leverage, the fees paid to Eaton Vance for investment advisory services will
be higher than if the Trust did not use leverage because the fees paid will be calculated on the basis of the Trust&rsquo;s gross
assets, which include proceeds from the issuance of preferred shares and any borrowings. In this regard, holders of debt or preferred
securities do not bear the investment advisory fee. Rather, Common Shareholders bear the portion of the investment advisory fee
attributable to the assets purchased with the proceeds, which means that Common Shareholders effectively bear the entire advisory
fee. See &ldquo;Investment Objectives, Policies and Risks - Use of Leverage and Related Risks&rdquo; and &ldquo;Management of the
Trust - The Adviser.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Trust&rsquo;s use of derivative instruments exposes the Trust to special risks. See &ldquo;Investment
Objectives, Policies and Risks - Additional Investment Practices&rdquo; and &ldquo;Investment Objectives, Policies and Risks -
Additional Risk Considerations.&rdquo;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT ADVISER AND ADMINISTRATOR</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Eaton Vance, a wholly-owned subsidiary of Eaton Vance Corp.,
is the Trust's investment adviser and administrator. As of July 31, 2018, Eaton Vance and its affiliates managed approximately
$453.2 billion of fund and separate account assets on behalf of clients, including approximately $43.0 billion in floating-rate
income assets. See &ldquo;Management of the Trust.&rdquo; </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may sell the Common Shares being offered under this
Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount
arrangement between the Trust and its agents or underwriters, or among its underwriters, or the basis upon which such amount may
be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may distribute Common Shares from time to time in one
or more transactions at: (i) a fixed price or prices that may be changed; (ii) market prices prevailing at the time of sale; (iii)
prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price
per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust from time to time may offer its Common Shares through
or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may directly solicit offers to purchase Common Shares,
or the Trust may designate agents to solicit such offers. The Trust will, in a Prospectus Supplement relating to such Offering,
name any agent that could be viewed as an underwriter under the 1933 Act, and describe any commissions the Trust must pay to such
agent(s). Any such agent will</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">be acting on a reasonable best efforts basis for the period of
its appointment or, if indicated in the applicable Prospectus Supplement or other offering materials, on a firm commitment basis.
Agents, dealers and underwriters may be customers of, engage in transactions with, or perform services for the Trust in the ordinary
course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If any underwriters or agents are used in the sale of Common
Shares in respect of which this Prospectus is delivered, the Trust will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Trust will set forth in the Prospectus Supplement relating to such Offering their
names and the terms of the Trust&rsquo;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a dealer is utilized in the sale of Common Shares in respect
of which this Prospectus is delivered, the Trust will sell such Common Shares to the dealer, as principal. The dealer may then
resell such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may engage in at-the-market offerings to or through
a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the 1933
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Agents, underwriters and dealers may be entitled under agreements
which they may enter into with the Trust to indemnification by the Trust against certain civil liabilities, including liabilities
under the 1933 Act, and may be customers of, engage in transactions with or perform services for the Trust in the ordinary course
of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to facilitate the Offering of Common Shares, any underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares the
prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the Offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the
price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such
other Common Shares in the open market. Finally, in any Offering of Common Shares through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing Common Shares in the Offering
if the syndicate repurchases previously distributed Common Shares in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of Common Shares above independent
market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any
time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may enter into derivative transactions with third parties,
or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable Prospectus
Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares covered by this Prospectus
and the applicable Prospectus Supplement or other offering materials, including in short sale transactions. If so, the third parties
may use Common Shares pledged by the Trust or borrowed from the Trust or others to settle those sales or to close out any related
open borrowings of securities, and may use Common Shares received from the Trust in settlement of those derivatives to close out
any related open borrowings of securities. The third parties in such sale transactions will be underwriters and, if not identified
in this Prospectus, will be identified in the applicable Prospectus Supplement or other offering materials (or a post-effective
amendment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum amount of compensation to be received by any member
of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any security
being sold with respect to each particular Offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any underwriter, agent or dealer utilized in the initial Offering
of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DISTRIBUTIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust intends to make monthly distributions of net investment
income to Common Shareholders, after payment of any dividends on any outstanding preferred shares. The amount of each monthly distribution
will vary depending on a number of factors, including dividends payable on the Trust's preferred shares or other costs of financial
leverage. As portfolio and market conditions change, the rate of dividends on the Common Shares and the Trust's dividend policy
could change. Over time, the Trust will distribute all of its net investment income (after it pays accrued dividends on any outstanding
preferred shares) or other costs of financial leverage. In addition, at least annually, the Trust intends to distribute all or
substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years, if any).
Distributions to Common Shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded
daily and are payable at the end of each dividend period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Beginning February&nbsp;13, 2008 and consistent with the patterns
in the broader market for auction-rate securities, the Trust&rsquo;s APS auctions were unsuccessful in clearing due to an imbalance
of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In December 2012, the Trust entered into a financing transaction
pursuant to which it offered 800 VRTP Shares. The Trust used the net proceeds from the sale of VRTP Shares to enter into a series
of transactions which ultimately resulted in a redemption and/or repurchase of its outstanding APS and to maintain the Trust&rsquo;s
leveraged capital structure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust distinguishes between distributions on a tax basis
and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions
in excess of tax basis earnings and profits be 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders may elect automatically to reinvest some
or all of their distributions in additional Common Shares under the Trust's dividend reinvestment plan. See &ldquo;Distributions&rdquo;
and &ldquo;Dividend Reinvestment Plan.&rdquo;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DIVIDEND REINVESTMENT PLAN</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust has established a dividend reinvestment plan (the &ldquo;Plan&rdquo;).
Under the Plan, a Common Shareholder may elect to have all dividend and capital gain distributions automatically reinvested in
additional Common Shares either purchased in the open market, or newly issued by the Trust if the Common Shares are trading at
or above their net asset value. Common Shareholders may elect to participate in the Plan by completing the dividend reinvestment
plan application form. Common Shareholders who do not elect to participate in the Plan will receive all distributions in cash paid
by check mailed directly to them by American Stock Transfer &amp; Trust Company, LLC, as dividend paying agent. Common Shareholders
who intend to hold their Common Shares through a broker or nominee should contact such broker or nominee to determine whether or
how they may participate in the Plan. See &ldquo;Dividend Reinvestment Plan.&rdquo;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CLOSED-END STRUCTURE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Closed-end funds differ from open-end management investment companies
(commonly referred to as mutual funds) in that closed-end funds generally list their shares for trading on a securities exchange
and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities redeemable at NAV
at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous
asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested
in securities consistent with the closed-end fund's investment objective(s) and policies. In addition, in comparison to open-end
funds, closed-end funds have greater flexibility in the employment of financial leverage and in the ability to make certain types
of investments, including investments in illiquid securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">However, shares of closed-end funds frequently trade at a discount
from their net asset value. Since inception, the market price of the Common Shares has fluctuated and at times traded below the
Trust&rsquo;s NAV, and at times has traded above NAV. In recognition of the possibility that the Common Shares might trade at a
discount to net asset value and that any such discount may not be in the interest of Common Shareholders, the Trust's Board of
Trustees (the &ldquo;Board&rdquo;), in consultation with Eaton Vance, from time to time may review possible actions to reduce any
such discount. The Board might consider open market repurchases or tender offers for Common Shares at net asset value. There can
be no assurance that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result
in the Common Shares trading at a price equal to or close to net asset value per Common Share. The Board might also consider the
conversion of the Trust to an open-end management investment company. The Board believes, however, that the closed-end structure
is desirable, given the Trust's investment objectives and policies. Investors should assume, therefore, that it is highly unlikely
that the Board would vote to convert the Trust to an open-end management investment company. Investors should note that the Trust&rsquo;s
preferred shares could make a conversion to open-end form more difficult because of the voting rights of preferred shareholders,
the costs of redeeming preferred shares and other factors. See &ldquo;Description of Capital Structure.&rdquo;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">SPECIAL RISK CONSIDERATIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may receive little or no return on your investment or even that you
may lose part or all of your investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Discount
From or Premium to NAV.</B></FONT> The Offering will be conducted only when Common Shares of the Trust are trading at a price equal
to or above the Trust&rsquo;s NAV per Common Share plus the per Common Share amount of commissions. As with any security, the market
value of the Common Shares may increase or decrease from the amount initially paid for the Common Shares. The Trust&rsquo;s Common
Shares have traded both at a premium and at a discount relative to net asset value. The shares of closed-end management investment
companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Trust&rsquo;s
NAV may decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Secondary
Market for the Common Shares.</B></FONT> The issuance of Common Shares through the Offering may have an adverse effect on the secondary
market for the Common Shares. The increase in the amount of the Trust&rsquo;s outstanding Common Shares resulting from the Offering
may put downward pressure on the market price for the Common Shares of</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">the Trust. Common Shares will not be issued pursuant to the Offering
at any time when Common Shares are trading at a price lower than a price equal to the Trust&rsquo;s NAV per Common Share plus the
per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust also issues Common Shares of the Trust through its
dividend reinvestment plan. See &ldquo;Dividend Reinvestment Plan.&rdquo; Common Shares may be issued under the plan at a discount
to the market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Common Shares are trading at a premium, the Trust may
also issue Common Shares of the Trust that are sold through transactions effected on the NYSE. The increase in the amount of the
Trust&rsquo;s outstanding Common Shares resulting from that offering may also put downward pressure on the market price for the
Common Shares of the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The voting power of current shareholders will be diluted to the
extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient shares
to maintain their percentage interest. In addition, if the Adviser is unable to invest the proceeds of such offering as intended,
the Trust&rsquo;s per share distribution may decrease (or may consist of return of capital) and the Trust may not participate in
market advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Income
Risk.</B></FONT> The income investors receive from the Trust is based primarily on the interest it earns from its investments,
which can vary widely over the short and long-term. If prevailing market interest rates drop, investors&rsquo; income from the
Trust could drop as well. The Trust&rsquo;s income could also be affected adversely when prevailing short-term interest rates increase
and the Trust is utilizing leverage, although this risk is mitigated by the Trust&rsquo;s investment in Senior Loans, which pay
floating-rates of interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Risk</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> The value of investments held by the Trust
may increase or decrease in response to economic, political and financial events (whether real, expected or perceived) in the
U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other
investments held by the Trust may experience increased volatility, illiquidity, or other potentially adverse effects in reaction
to changing market conditions.&nbsp; Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize
economic growth, such as decreases or increases in short-term interest rates, could cause high volatility in markets. No active
trading market may exist for certain investments, which may impair the ability of the Trust to sell or to realize the current
valuation of such investments in the event of the need to liquidate such assets.&nbsp; Fixed-income markets may experience periods
of relatively high volatility in an environment where U.S. treasury yields are rising. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Senior
Loans Risk.</B></FONT> The risks associated with Senior Loans are similar to the risks of Non-Investment Grade Bonds (discussed
below), although Senior Loans are typically senior and secured in contrast to Non-Investment Grade Bonds, which are often subordinated
and unsecured. Senior Loans&rsquo; higher standing has historically resulted in generally higher recoveries in the event of a corporate
reorganization or other restructuring. In addition, because their interest rates are adjusted for changes in short-term interest
rates, Senior Loans generally have less interest rate risk than Non-Investment Grade Bonds, which are typically fixed rate. The
Trust&rsquo;s investments in Senior Loans are typically below investment grade and are considered speculative because of the credit
risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Trust,
and such defaults could reduce the Trust&rsquo;s net asset value and income distributions. An economic downturn generally leads
to a higher non-payment rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific
collateral used to secure a loan may decline in value or lose all its value or become illiquid, which would adversely affect the
loan&rsquo;s value. Junior Loans are secured and unsecured subordinated loans, second lien loans and subordinate bridge loans.
Senior Loans and Junior Loans are referred to together herein as &ldquo;loans.&rdquo; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Loans and other debt securities are also subject to the risk
of price declines and to increases in prevailing interest rates, although floating-rate debt instruments are less exposed to this
risk than fixed-rate debt instruments. Interest rate changes may also increase prepayments of debt obligations and require the
Trust to invest assets at lower yields. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Loans are traded in a private, unregulated inter-dealer or
inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought
or sold. These restrictions may impede the Trust&rsquo;s ability to buy or sell loans (thus affecting their liquidity) and may
negatively impact the transaction price. See also &ldquo;Market Risk&rdquo; above. It also may take longer than seven days for
transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Trust may hold cash, sell investments
or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are
not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection
of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income
investments as described herein. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Credit
Risk</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> Investments in loans and other debt obligations
(referred to below as &ldquo;debt instruments&rdquo;) are subject to the risk of non-payment of scheduled principal and interest.
Changes in economic conditions or other circumstances may </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> reduce the capacity of the party obligated to make principal
and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Trust
shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer&rsquo;s ability
to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition
of the party obligated to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer
of a debt instrument, the Trust could experience delays or limitations with respect to its ability to realize the benefits of any
collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation,
the Trust may be required to retain legal or similar counsel, which may increase the Trust&rsquo;s operating expenses and adversely
affect net asset value. Due to their lower place in the borrower&rsquo;s capital structure, Junior Loans involve a higher degree
of overall risk than Senior Loans of the same borrower. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Rating agencies are private services that provide ratings
of the credit quality of certain investments. In evaluating creditworthiness, the investment adviser considers ratings assigned
by rating agencies and generally performs additional credit and investment analysis. Credit ratings issued by rating agencies are
based on a number of factors including, but not limited to, the issuer&rsquo;s financial condition and the rating agency&rsquo;s
credit analysis, if applicable, at the time of rating. The ratings assigned are not absolute standards of credit quality and do
not evaluate market risks or necessarily reflect the issuer&rsquo;s current financial condition or the volatility or liquidity
of the security. An issuer&rsquo;s current financial condition may be better or worse than the current rating indicates. A credit
rating may have a modifier (such as plus, minus or a numerical modifier) to denote its relative status within the rating. The presence
of a modifier does not change the security credit rating (for example, BBB- and Baa3 are within the investment grade rating) for
purposes of the Trust&rsquo;s investment limitations. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-Investment
Grade Bonds Risk.</B></FONT> The Trust&rsquo;s investments in Non-Investment Grade Bonds, commonly referred to as &ldquo;junk bonds,&rdquo;
are predominantly speculative because of the credit risk of their issuers. While offering a greater potential opportunity for capital
appreciation and higher yields, Non-Investment Grade Bonds typically entail greater potential price volatility and may be less
liquid than higher-rated securities. Issuers of Non-Investment Grade Bonds are more likely to default on their payments of interest
and principal owed to the Trust, and such defaults will reduce the Trust&rsquo;s net asset value and income distributions. The
prices of these lower rated obligations are more sensitive to negative developments than higher rated securities. Adverse business
conditions, such as a decline in the issuer&rsquo;s revenues or an economic downturn, generally lead to a higher non-payment rate.
In addition, a security may lose significant value before a default occurs as the market adjusts to expected higher non-payment
rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Lower
Rated Investments Risk.</B></FONT> Investments rated below investment grade and comparable unrated investments (sometimes referred
to as &ldquo;junk&rdquo;) have speculative characteristics because of the credit risk associated with their issuers. Changes in
economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments
to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads
to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments
typically are subject to greater price volatility and illiquidity than higher rated investments. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Prepayment
Risk.</B></FONT> During periods of declining interest rates or for other purposes, Borrowers may exercise their option to prepay
principal earlier than scheduled. For fixed-income securities, such payments often occur during periods of declining interest rates,
forcing the Trust to reinvest in lower yielding securities. This is known as call or prepayment risk. Non-Investment Grade Bonds
frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified
price (typically greater than par) only if certain prescribed conditions are met (&ldquo;call protection&rdquo;). An issuer may
redeem a Non-Investment Grade Bond if, for example, the issuer can refinance the debt at a lower cost due to declining interest
rates or an improvement in the credit standing of the issuer. Senior Loans typically have no such call protection. For premium
bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Trust, prepayment risk may be enhanced. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>Issuer Risk.</B> <FONT STYLE="font-weight: normal">The
value of corporate income-producing securities held by the Trust may decline for a number of reasons, which directly relate to
the issuer, such as management performance, financial leverage and reduced demand for the issuer&rsquo;s goods and services.</FONT> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivatives
Risk.</B></FONT> The Trust&rsquo;s exposure to derivatives involves risks different from, or possibly greater than, the risks associated
with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements
in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due
to tax or regulatory constraints. Derivatives may create leverage in the Trust, which represents a non-cash exposure to the underlying
asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Trust. Derivatives risk may be
more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely
to hedge the risk of a position held by the Trust. Use of derivatives involves the exercise of specialized skill and judgment,
and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value
of a derivative (including one used for hedging) may not </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> correlate perfectly with the underlying asset, rate, index
or instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be
subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative&rsquo;s counterparty
is unable to honor its commitments, the value of Trust shares may decline and the Trust could experience delays in the return
of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial
investment, particularly when there is no stated limit on the Trust&rsquo;s use of derivatives. A derivative investment also involves
the risks relating to the asset, index, rate or instrument underlying the investment. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Leverage
Risk.</B></FONT> Certain fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset,
index, rate or instrument. Leverage can increase both the risk and return potential of the Trust. The Trust is required to segregate
liquid assets or otherwise cover the Trust&rsquo;s obligation created by a transaction that may give rise to leverage. The use
of leverage may cause the Trust to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations
or to meet segregation requirements. Leverage may cause the Trust&rsquo;s share price to be more volatile than if it had not been
leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Trust&rsquo;s
portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As discussed above, the Trust currently uses leverage created
by issuing preferred shares as well as by loans acquired with borrowings. On September 16, 2004, the Trust issued 3,480 Series
A APS, 3,480 Series B APS, 3,480 Series C APS, 3,480 Series D APS and 3,480 Series E APS, with a liquidation preference per share
of $25,000 plus accumulated but unpaid dividends. In December 2012, the Trust entered into a financing transaction pursuant to
which it offered 800 VRTP Shares. The Trust used the net proceeds from the sale of VRTP Shares to enter into a series of transactions
which ultimately resulted in a redemption and/or repurchase of its outstanding APS and to maintain the Trust&rsquo;s leveraged
capital structure. As of January 4, 2013, all APS had been redeemed and/or repurchased. In addition, the Trust has entered into
an Agreement with conduit lenders and a bank to borrow up to $290 million ($295 million prior March 12, 2018). The Trust is required
to maintain certain net asset levels during the term of the Agreement. As of May 31, 2018, the Trust had $254,000,000 in outstanding
borrowings, at an interest rate of 2.24%, in addition to outstanding preferred shares. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser anticipates that the use of leverage (from the issuance
of VRTP Shares and any borrowings) may result in higher income to Common Shareholders over time. Leverage creates risks for Common
Shareholders, including the likelihood of greater volatility of NAV and market price of the Common Shares and the risk that fluctuations
in dividend rates on VRTP Shares and costs of borrowings may affect the return to Common Shareholders. To the extent the income
derived from investments purchased with funds received from leverage exceeds the cost of leverage, the Trust&rsquo;s distributions
will be greater than if leverage had not been used. Conversely, if the income from the investments purchased with such funds is
not sufficient to cover the cost of leverage, the amount available for distribution to Common Shareholders will be less than if
leverage had not been used. In the latter case, Eaton Vance, in its best judgment, may nevertheless determine to maintain the Trust&rsquo;s
leveraged position if it deems such action to be appropriate. While the Trust has preferred shares outstanding, an increase in
short-term rates would also result in an increased cost of leverage, which would adversely affect the Trust&rsquo;s income available
for distribution. There can be no assurance that a leveraging strategy will be successful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, under current federal income tax law, the Trust
is required to allocate a portion of any net realized capital gains or other taxable income to holders of VRTP Shares. The terms
of the Trust&rsquo;s preferred shares require the Trust to pay to any holders of such preferred shares additional dividends intended
to compensate such holders for taxes payable on any capital gains or other taxable income allocated to such holders. Any such additional
dividends will reduce the amount available for distribution to Common Shareholders. As discussed under &ldquo;Management of the
Trust,&rdquo; the fee paid to Eaton Vance is calculated on the basis of the Trust&rsquo;s gross assets, including proceeds from
the issuance of preferred shares and borrowings, so the fees will be higher when leverage is utilized. In this regard, holders
of VRTP Shares do not bear the investment advisory fee. Rather, Common Shareholders bear the portion of the investment advisory
fee attributable to the assets purchased with the proceeds, which means that Common Shareholders effectively bear the entire advisory
fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The VRTP Shares have been rated A1 by Moody's. The Trust currently
intends to seek to maintain this rating or an equivalent credit rating on the VRTP Shares or any preferred shares it issues. The
Rating Agencies which rate the preferred shares and any bank lender in connection with a credit facility or commercial paper program
may also impose specific restrictions as a condition to borrowing. Such restrictions may include asset coverage or portfolio composition
requirements that are more stringent than those imposed on the Trust by the 1940 Act. These covenants or guidelines do not currently
and are not expected to impede Eaton Vance in managing the Trust&rsquo;s portfolio in accordance with its investment objectives
and policies and it is not anticipated that they will so impede Eaton Vance in the future. See &ldquo;Description of Capital Structure
- Preferred Shares.&rdquo;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Trust&rsquo;s use of derivative instruments exposes the Trust to special risks. See &ldquo;Investment
Objectives, Policies and Risks - Additional Investment Practices&rdquo; and &ldquo;Investment Objectives, Policies, and Risks -
Additional Risk Considerations.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Interest
Rate Risk</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> In general, the value of income securities
will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall
and decline when interest rates rise. Generally, securities with longer durations are more sensitive to changes in interest rates
than shorter duration securities, causing them to be more volatile. Conversely, fixed income securities with shorter durations
will be less volatile but may provide lower returns than fixed income securities with longer durations. The impact of interest
rate changes on the value of floating rate instruments is typically reduced by periodic interest rate resets. In a rising interest
rate environment, the durations of income securities that have the ability to be prepaid or called by the issuer may be extended.
In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower
interest rate. Because floating or variable rates on loans only reset periodically, changes in prevailing interest rates may cause
some fluctuations in the Trust&rsquo;s net asset value. Similarly, a sudden and significant increase in market interest rates may
cause a decline in the Trust&rsquo;s net asset value. A material decline in the Trust&rsquo;s net asset value may impair the Trust&rsquo;s
ability to maintain required levels of asset coverage. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Investment Risk.</B></FONT> Investments in foreign issuers could be affected by factors not present in the United States, including
expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing standards, less publicly available
financial and other information, and potential difficulties in enforcing contractual obligations. Because foreign issuers may not
be subject to uniform accounting, auditing and financial reporting standard practices and requirements and regulatory measures
comparable to those in the United States, there may be less publicly available information about such foreign issuers. Settlements
of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than
in the United States, which could affect the liquidity of the Trust&rsquo;s assets. Evidence of ownership of certain foreign investments
may be held outside the United States, and the Trust may be subject to the risks associated with the holding of such property overseas. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Foreign issuers may become subject to sanctions imposed by
the United States or another country, which could result in the immediate freeze of the foreign issuers&rsquo; assets or securities.
The imposition of such sanctions could impair the market value of the securities of such foreign issuers and limit the Trust&rsquo;s
ability to buy, sell, receive or deliver the securities. Trading in certain foreign markets is also subject to liquidity risks. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency
Risk.</B></FONT> Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably
by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities
markets and currency transactions are subject to settlement, custodial and other operational risks. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Liquidity
Risk.</B></FONT> The Trust may invest without limitation in Senior Loans and other securities for which there is no readily available
trading market or which are otherwise illiquid. The Trust may not be able to dispose readily of such securities at prices that
approximate those at which the Trust could sell such securities if they were more widely traded and, as a result of such illiquidity,
the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations.
In addition, the limited liquidity could affect the market price of the securities, thereby adversely affecting the Trust's net
asset value and ability to make dividend distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Some Senior Loans are not readily marketable and may be subject
to contractual restrictions that must be satisfied before a loan can be bought or sold. Senior Loans generally are not listed on
any national securities exchange or automated quotation system and no active trading market may exist for some of the Senior Loans
in which the Trust will invest. Where a secondary market exists, such market for some Senior Loans may be subject to irregular
activity, wide bid/ask spreads and extended trade settlement periods. Senior Loans that are illiquid may impair the Trust&rsquo;s
ability to realize the full value of its assets in the event of a voluntary or involuntary liquidation of such assets and thus
may cause a decline in the Trust&rsquo;s net asset value. The Trust has no limitation on the amount of its assets which may be
invested in securities which are not readily marketable or are subject to restrictions on resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Money
Market Instrument Risk.</B></FONT> Money market instruments may be adversely affected by market and economic events, such as a
sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees many
money market instruments; adverse economic, political or other developments affecting issuers of money market instruments; changes
in the credit quality of issuers; and default by a counterparty. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Reinvestment
Risk.</B></FONT> Income from the Trust&rsquo;s portfolio will decline if and when the Trust invests the proceeds from matured,
traded or called debt obligations into lower yielding instruments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Inflation
Risk.</B></FONT> Inflation risk is the risk that the value of assets or income from investment will be worth less in the future
as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions thereon
can decline. In addition, during any periods of rising inflation, dividend rates of preferred shares would likely increase, which would tend to further reduce returns to Common
Shareholders. This risk is mitigated to some degree by the Trust's investments in Senior Loans.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Management
Risk.</B></FONT> The Trust is subject to management risk because it is actively managed. Eaton Vance and the individual portfolio
managers invest the assets of the Trust as they deem appropriate in implementing the Trust&rsquo;s investment strategy. Accordingly,
the success of the Trust depends upon the investment skills and analytical abilities of Eaton Vance and the individual portfolio
managers to develop and effectively implement strategies that achieve the Trust&rsquo;s investment objective. There is no assurance
that Eaton Vance and the individual portfolio managers will be successful in developing and implementing the Trust&rsquo;s investment
strategy. Subjective decisions made by Eaton Vance and the individual portfolio managers may cause the Trust to incur losses or
to miss profit opportunities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Regulatory
Risk.</B></FONT> To the extent that legislation or state or federal regulators that regulate certain financial institutions impose
additional requirements or restrictions with respect to the ability of such institutions to make loans, particularly in connection
with highly leveraged transactions, the availability of Senior Loans for investment may be adversely affected. Further, such legislation
or regulation could depress the market value of Senior Loans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Disruption.</B></FONT> Instability in the Middle East, the wars in Afghanistan, Iraq and Libya, geopolitical tensions elsewhere
and terrorist attacks in the United States and around the world have resulted in market volatility and may have long-term effects
on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide.
The Trust cannot predict the effects of significant future events on the global economy and securities markets. A similar disruption
of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors
relating to the Common Shares. In particular, Non-Investment Grade Bonds and Senior Loans tend to be more volatile than higher
rated fixed-income securities so that these events and any actions resulting from them may have a greater impact on the prices
and volatility on Non-Investment Grade Bonds and Senior Loans than on higher rated fixed-income securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Anti-takeover
Provisions.</B></FONT> The Trust's Agreement and Declaration of Trust includes provisions that could have the effect of limiting
the ability of other persons or entities to acquire control of the Trust or to change the composition of its Board. These provisions
may have the effect of discouraging attempts to acquire control of the Trust, which attempts could have the effect of increasing
the expenses of the Trust and interfering with the normal operation of the Trust. See &ldquo;Description of Capital Structure -
Certain Provisions of the Declaration of Trust - Anti-Takeover Provisions in the Declaration of Trust.&rdquo;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Summary of Trust Expenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The purpose of the table below is to help you understand all
fees and expenses that you, as a holder of Common Shares (&ldquo;Common Shareholder&rdquo;), would bear directly or indirectly.
The table reflects the issuance of variable rate term preferred shares (&ldquo;VRTP&rdquo;) in an amount equal to an average liquidation
preference of 8.4% of the Trust&rsquo;s total assets and average borrowings in an amount equal to 26.1% of the Trust&rsquo;s total
assets (including the proceeds of all such leverage) and shows Trust expenses as a percentage of net assets attributable to Common
Shares<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(1)</SUP></FONT> for the year ended May
31, 2018. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; padding: 3pt 5.5pt 3pt 2.9pt; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif"><U>Common Shareholder transaction expenses</U></TD>
    <TD STYLE="width: 33%; padding: 3pt 5.5pt; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Sales load paid by you (as a percentage of offering price)</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">--%<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Offering expenses (as a percentage of offering price)</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">None<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Dividend reinvestment plan fees</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">None<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 2pt/3pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 68%; padding: 3pt 5.5pt 3pt 2.9pt; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif"><U>Annual expenses</U></TD>
    <TD STYLE="vertical-align: top; width: 32%; padding: 3pt 5.5pt; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; text-align: center">Percentage of net assets attributable to<BR>
<U>Common Shares</U><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Investment advisory fee</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">1.15%<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt"> Interest and fee expense<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT> </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> 1.52%<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Other expenses</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> 0.13% </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Acquired Fund Fees and Expenses</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"><U>0.07%</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Total annual Trust operating expenses</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> 2.87% </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-weight: normal">EXAMPLE</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The following example illustrates the expenses that Common
Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total annual Trust operating expenses of 2.87% of
net assets attributable to Common Shares in years 1 through 10; (ii) a 5% annual return; and (iii) all distributions are reinvested
at NAV: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">1 Year</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">3 Years</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">5 Years</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">10 Years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> $29 </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> $89 </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> $151 </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center"> $319 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The above table and example and the assumption in the example
of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual
return is not a prediction of, and does not represent, the projected or actual performance of the Trust&rsquo;s Common Shares.
For more complete descriptions of certain of the Trust&rsquo;s costs and expenses, see &ldquo;Management of the Trust.&rdquo; In
addition, while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Trust&rsquo;s dividend
reinvestment plan may receive Common Shares purchased or issued at a price or value different from NAV. See &ldquo;Distributions&rdquo;
and &ldquo;Dividend Reinvestment Plan.&rdquo; The example does not include sales load or estimated offering costs, which would
cause the expenses shown in the example to increase.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The example should not be considered a representation of
past or future expenses, and the Trust&rsquo;s actual expenses may be greater or less than those shown. Moreover, the Trust&rsquo;s
actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>If Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT> </TD><TD> The Adviser will pay the expenses of the Offering (other than the applicable commissions); therefore, Offering expenses
are not included in the Summary of Trust Expenses. Offering expenses generally include, but are not limited to, the preparation,
review and filing with the SEC of the Trust&rsquo;s registration statement (including this Prospectus and the Statement of Additional
Information), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing,
mailing or other distribution of this Prospectus, the Statement of Additional Information and/or marketing materials, associated
filing fees, NYSE listing fees, and legal and auditing fees associated with the Offering. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your Common Shares
held in a dividend reinvestment account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT> </TD><TD> Stated as a percentage of average net assets attributed to Common Shares for the year ended May 31, 2018. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD><TD>The advisory fee paid by the Trust to the Adviser is based on the average daily gross assets of the Trust, including all assets
attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment
leverage in the future, the advisory fee will increase as a percentage of net assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT> </TD><TD> As of May 31, 2018, the outstanding borrowings and VRTP represented approximately 34.9% leverage. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT> </TD><TD> Interest and fee expense relates to VRTP and the notes payable. </TD></TR></TABLE>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Floating-Rate Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated September 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial Highlights and Investment Performance</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">FINANCIAL HIGHLIGHTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This table details the financial performance of the Common Shares,
including total return information showing how much an investment in the Trust has increased or decreased each period. This information
has been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm. The report of Deloitte &amp; Touche
LLP and the Trust&rsquo;s financial statements are incorporated by reference and included in the Trust&rsquo;s annual report, which
is available upon request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Selected data for a common share outstanding during the periods
stated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended May 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold"> 2018 </TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">2017</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">2016</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">2015</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">2014</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &ndash; Beginning of year (Common shares)</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $15.570 </TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$14.680</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$15.640</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$16.080</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$16.300</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $0.792 </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$0.864</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$0.908</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$0.882</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$0.889</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Net realized and unrealized gain (loss)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> 0.076 </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.899</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(0.964)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(0.431)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(0.145)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Total income (loss) from operations</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $0.868 </TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$1.763</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.056)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$0.451</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$0.744</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions to Common Shareholders</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $(0.828) </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.873)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.904)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.891)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.966)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Total distributions to common shareholders</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $(0.828) </TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.873)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.904)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.891)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.966)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Premium from common shares sold through shelf offering<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $&mdash; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$0.002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &ndash; End of year (Common shares)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $15.610 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$15.570</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$14.680</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$15.640</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$16.080</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Market value &ndash; End of year (Common shares)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $14.850 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$15.150</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$13.560</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$14.360</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$15.180</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Net Asset Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> 6.03% </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">12.65%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.46%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">3.43%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">4.87%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Market Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> 3.67% </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">18.58%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.14%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.59%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(3.19)%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Ratios/Supplemental Data</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Net assets applicable to common shares, end of year (000&rsquo;s omitted)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $622,241 </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$620,772</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$585,101</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$623,439</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$641,079</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Ratios (as a percentage of average daily net assets applicable to common shares):<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; vertical-align: baseline">&dagger;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Expenses excluding interest and fees<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> 1.28% </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.32%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.36%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.37%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.36%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Interest and fee expense<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> 1.52% </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.16%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.93%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.80%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.77%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Total expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> 2.80% </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">2.48%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">2.29%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">2.17%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">2.13%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> 5.09% </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">5.68%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">6.22%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">5.60%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">5.50%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> 34% </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">47%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">29%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">32%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">35%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Senior Securities:</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Total notes payable outstanding (in 000&rsquo;s)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $254,000 </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$246,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$232,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$290,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$300,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Asset coverage per $1,000 of notes payable<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $3,765 </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$3,849</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$3,867</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$3,426</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$3,404</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-left: 13.7pt; line-height: 10pt">Total preferred shares outstanding</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> 800 </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">800</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">800</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">800</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">800</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-left: 13.7pt; line-height: 10pt">Asset coverage per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $286,300 </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$290,421</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$287,532</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$268,497</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$268,705</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Involuntary liquidation preference per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(8)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $100,000 </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$100,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$100,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$100,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Approximate market value per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(8)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt"> $100,000 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$100,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$100,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$100,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$100,000</TD></TR>
</TABLE>
<P STYLE="font: 8pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 3pt 5.75pt; text-align: right; text-indent: -5.75pt"> (See
footnotes on last page.) </P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Floating-Rate Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated September 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial Highlights <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(continued)</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended May 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">2013</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">2012</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">2011</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">2010</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt; font-weight: bold">2009</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &ndash; Beginning of year (Common shares)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$15.510</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$15.900</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$14.880</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$11.390</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$16.280</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$1.058</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$1.034</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$0.991</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$1.008</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$1.136</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Net realized and unrealized gain (loss)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.707</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(0.368)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.082</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">3.468</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(4.917)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Distributions to APS shareholders - From net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(0.024)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(0.032)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(0.033)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(0.044)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(0.111)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Discount on redemption and repurchase of APS<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.036</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Total income (loss) from operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$1.777</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$0.634</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$2.040</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$4.432</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(3.892)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions to Common Shareholders</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(1.041)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(1.024)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(1.020)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.942)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.868)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Tax return of capital</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(0.130)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Total distributions to common shareholders</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(1.041)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(1.024)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(1.020)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.942)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$(0.998)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Premium from common shares sold through shelf offering<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$0.054</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$&mdash;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$&mdash;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &ndash; End of year (Common shares)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$16.300</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$15.510</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$15.900</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$14.880</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$11.390</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Market value &ndash; End of year (Common shares)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$16.680</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$15.790</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$16.390</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$14.350</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$10.330</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Net Asset Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">12.15%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">4.43%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">14.13%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">40.07%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(22.80)%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Market Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">12.66%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">3.13%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">21.99%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">48.94%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">(24.66)%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Ratios/Supplemental Data</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Net assets applicable to common shares, end of year (000&rsquo;s omitted)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$646,842</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$582,011</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$595,890</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$556,611</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$425,899</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Ratios (as a percentage of average daily net assets applicable to common shares):<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; vertical-align: baseline">&dagger;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Expenses excluding interest and fees<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.38%<SUP>(4)</SUP></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.28%<SUP>(4)</SUP></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.22%<SUP>(4)</SUP></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.15%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.24%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Interest and fee expense<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.66%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.58%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.65%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">0.59%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">2.00%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Total expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">2.04%<SUP>(4)</SUP></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.86%<SUP>(4)</SUP></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.87%<SUP>(4)</SUP></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">1.74%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">3.24%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">6.61%<SUP>(4)</SUP></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">6.73%<SUP>(4)</SUP></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">6.43%<SUP>(4)</SUP></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">7.20%</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">9.71%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">47%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">38%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">50%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">43%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">16%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Senior Securities:</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Total notes payable outstanding (in 000&rsquo;s)</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$290,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$260,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$238,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$238,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$96,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Asset coverage per $1,000 of notes payable<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$3,506</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$3,546</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$3,840</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$3,675</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$6,947</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-left: 13.7pt; line-height: 10pt">Total preferred shares outstanding</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">800</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">3,200</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">3,200</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">3,200</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">5,800</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-left: 13.7pt; line-height: 10pt">Asset coverage per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$274,822</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$67,796</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$71,848</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$68,760</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$69,183</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Involuntary liquidation preference per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(8)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$100,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$25,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 13.7pt; line-height: 10pt">Approximate market value per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(8)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$100,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: right; line-height: 10pt">$25,000</TD></TR>
</TABLE>
<P STYLE="font: 8pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 3pt 5.75pt; text-align: right; text-indent: -5.75pt"> (See
footnotes on next page.) </P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Floating-Rate Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated September 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>Computed using average common shares outstanding.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>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&rsquo;s dividend reinvestment
plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>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.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD><TD>Ratios do not reflect the effect of dividend payments to APS shareholders.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD><TD>Interest and fee expense relates to VRTP Shares and the notes payable, primarily incurred to redeem the Trust&rsquo;s APS.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD><TD>Calculated by subtracting the Trust&rsquo;s total liabilities (not including the notes payable and preferred shares) from the
Trust&rsquo;s total assets, and dividing the result by the notes payable balance in thousands.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT> </TD><TD> Calculated by subtracting the Trust&rsquo;s total liabilities (not including the notes payable and preferred shares) from
the Trust&rsquo;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 286%, 290%, 288%, 268%,
269%, 275%, 271%, 287%, 275% and 277% at May 31, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010 and 2009, respectively. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(8)</SUP></FONT></TD><TD>Plus accumulated and unpaid dividends.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></TD><TD>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.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended May 31,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold"> 2018 </TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2017</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2016</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2015</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2014</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2013</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2012</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2011</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2010</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2009</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Expenses excluding interest and fees</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 0.83% </TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.86%</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.86%</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.85%</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.85%</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.89%</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.81%</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.78%</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.73%</TD>
    <TD STYLE="width: 7%; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.71%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Interest and fee expense</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 1.00% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.76%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.58%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.50%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.49%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.42%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.37%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.42%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.38%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.15%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Total expenses</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 1.83% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.62%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.44%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.35%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.34%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.31%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.18%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.20%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.11%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.86%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 3.33% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">3.72%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">3.90%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">3.50%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">3.46%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4.23%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4.28%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4.14%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4.61%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">5.57%</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">TRADING AND NAV INFORMATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;s common shares have traded both at a premium
and a discount to NAV. The Trust cannot predict whether its shares will trade in the future at a premium or discount to NAV. The
provisions of the 1940 Act generally require that the public offering price of common shares (less any underwriting commissions
and discounts) must equal or exceed the NAV per share of a company&rsquo;s common stock (calculated within 48 hours of pricing).
The issuance of common shares may have an adverse effect on prices in the secondary market for the Trust&rsquo;s common shares
by increasing the number of common shares available, which may put downward pressure on the market price for the Trust&rsquo;s
common shares. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV. See &ldquo;Additional
Risk Considerations - Discount from or Premium to NAV&rdquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Trust&rsquo;s Board of Trustees has authorized
the Trust to repurchase up to 10% of its outstanding common shares (as of the date of such authorization) in open-market transactions
at a discount to NAV. The repurchase program does not obligate the Trust to purchase a specific amount of shares. The results of
the repurchase program are disclosed in the Trust&rsquo;s annual and semi-annual reports to shareholders.&nbsp; See &ldquo;Description
of Capital Structure - Repurchase of Common Shares and Other Discount Measures.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following table sets forth for each of the periods indicated
the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or discount
to NAV per share at which the Trust&rsquo;s Common Shares were trading as of such date.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Market Price</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">NAV per Share on Date of<BR>
Market Price High and Low</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">NAV Premium/(Discount) on Date of<BR>
Market Price High and Low</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Fiscal Quarter Ended</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">High</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Low</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">High</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Low</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">High</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Low</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 8/31/2018 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center"> 14.89 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center"> 14.42 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center"> 15.73 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center"> 15.53 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center"> (5.34)% </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center"> (7.15)% </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 5/31/2018 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 15.28 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 14.64 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 15.68 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 15.65 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> (2.55)% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> (6.45)% </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 2/28/2018 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 14.65 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 14.24 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 15.66 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 15.52 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> (6.45)% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> (8.25)% </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 11/30/2017 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 14.67 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 14.05 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 15.58 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 15.51 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> (5.84)% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> (9.41)% </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">8/31/2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.28</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.68</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.54</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.48</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(1.67)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(5.17)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5/31/2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.40</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.98</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.57</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.56</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(1.09)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(3.73)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">2/28/2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.42</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.56</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.51</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.37</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.58)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(5.27)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11/30/2016</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.84</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.03</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">15.16</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.98</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(2.11)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(6.34)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">8/31/2016</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.21</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.24</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.94</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.48</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(4.89)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(8.56)%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The last reported sale price, NAV per share and percentage
premium/(discount) to NAV per share of the Common Shares as of September 25, 2018 were $14.58, $15.73 and (7.31)%, respectively.
As of September 25, 2018, the Trust had 39,863,690 Common Shares outstanding and net assets of the Trust were $627,002,152. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Floating-Rate Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated September 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is a diversified, closed-end management investment
company registered under the 1940 Act. The Trust was organized as a Massachusetts business trust on April 28, 2004, pursuant to
a Declaration of Trust, as amended August 11, 2008, governed by the laws of The Commonwealth of Massachusetts. The Trust&rsquo;s
principal office is located at Two International Place, Boston, MA 02110, and its telephone number is 1-800-262-1122.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Use of Proceeds</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Subject to the remainder of this section, and unless otherwise
specified in a Prospectus Supplement, the Trust currently intends to invest substantially all of the net proceeds of any sales
of Common Shares pursuant to this Prospectus in accordance with its Trust&rsquo;s investment objectives and policies within three
months of receipt of such proceeds. Such investments may be delayed up to three months if suitable investments are unavailable
at the time or for other reasons, such as market volatility and lack of liquidity in the markets of suitable investments. Pending
such investment, the Trust anticipates that it will invest the proceeds in short-term money market instruments, securities with
remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use of proceeds could lower returns
and reduce the Trust&rsquo;s distribution to Common Shareholders or result in a distribution consisting principally of a return
of capital.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Portfolio Composition</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As of May 31, 2018, the following table indicates the approximate
percentage of the Trust's portfolio invested in long-term and short-term obligations and also includes other information with respect
to the composition of the Trust&rsquo;s investment portfolio: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">S&amp;P<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Number of issues</TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Mkt Value</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Percent</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">BBB</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 38 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> $50,767,278 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 5.43% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">BB</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 188 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> $314,658,249 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 33.64% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">B</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 303 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> $467,336,726 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 49.96% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">CCC</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 33 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> $36,147,883 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 3.86% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">D</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 3 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> $5,884,818 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 0.63% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">NR</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 37 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> $51,077,283 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 5.46% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> $9,619,562 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> 1.03% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Total</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 602 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt"> $935,491,799 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">100%</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>Ratings: Using S&amp;P&rsquo;s ratings on the Trust&rsquo;s investments. S&amp;P rating categories may be modified further
by a plus (+) or minus (&mdash;) in AA, A, BBB, BB, B, and CCC ratings.</TD></TR></TABLE>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment Objectives, Policies and Risks</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT OBJECTIVES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;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. Under normal market conditions, Eaton Vance expects the Trust to maintain a duration of less
than one year (including the effect of leverage). In comparison to maturity (which is the date on which a debt instrument ceases
and the issuer is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument
as a result of changes in market rates of interest, based on the weighted average timing of the instrument's expected principal
and interest payments. Duration differs from maturity in that it considers a security's yield, coupon payments, principal payments
and call features in addition to the amount of time until the security finally matures. The Trust pursues its objectives by investing
its assets</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">primarily in senior, secured floating-rate loans (&ldquo;Senior
Loans&rdquo;). Senior Loans are loans in which the interest rate paid fluctuates based on a reference rate. Investment in such
floating-rate instruments is expected to minimize changes in the underlying principal value of the Senior Loans, and therefore
the Trust&rsquo;s net asset value, resulting from changes in market interest rates. Senior Loans are made to corporations, partnerships
and other business entities (&ldquo;Borrowers&rdquo;) which operate in various industries and geographical regions. Senior Loans
pay interest at rates that are reset periodically by reference to a base lending rate, primarily the LIBOR, plus a premium.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PRIMARY INVESTMENT POLICIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>General
Composition of the Trust.</B></FONT> Under normal market conditions, the Trust will invest at least 80% of its total assets in
Senior Loans of domestic and foreign borrowers that are denominated in U.S. dollars, euros, British pounds, Swiss francs, Canadian
dollars and Australian dollars (each, an &ldquo;Authorized Foreign Currency&rdquo;). For the purposes of the 80% test, total assets
is defined as net assets plus any borrowings for investment purposes, including any outstanding preferred shares.&#8194;The Trust
may invest up to 20% of its total assets in (i) loan interests which have (a) a second lien on collateral, (b) no security interest
in the collateral, or (c) lower than a senior claim on collateral; (ii) other income-producing securities, such as investment and
non-investment grade corporate debt securities and U.S. government and U.S. dollar-denominated foreign government or supranational
debt securities; and (iii) warrants and equity securities issued by a Borrower or its affiliates as part of a package of investments
in the Borrower or its affiliates. If the Adviser determines that market conditions temporarily warrant a defensive investment
policy, the Trust may invest up to 100% of its assets in cash and/or high quality, short-term debt securities, which would not
be consistent with the Trust&rsquo;s investment objectives and other policies. While temporarily invested, the Trust may not achieve
its investment objectives. The Adviser anticipates that most of the Trust&rsquo;s investments, including investments in Senior
Loans, will be of below investment grade quality. The Trust may invest up to 20% of its total assets in corporate bonds of below
investment grade quality (&ldquo;Non-Investment Grade Bonds&rdquo;), commonly referred to as &ldquo;junk bonds,&rdquo; which are
bonds that are rated below investment grade by each of the Rating Agencies who cover the security, or, if unrated, are determined
to be of comparable quality by the Adviser. S&amp;P and Fitch consider securities rated below BBB- to be below investment grade
and Moody&rsquo;s considers securities rated below Baa3 to be below investment grade. The Trust&rsquo;s credit quality policies
apply only at the time a security is purchased, and the Trust is not required to dispose of a security in the event of a downgrade
of an assessment of credit quality, the withdrawal of a rating, or in the event of a default. In determining whether to retain
or sell such a security, Eaton Vance may consider such factors as Eaton Vance&rsquo;s assessment of the credit quality of the issuers
of such security, the price at which such security could be sold and the rating, if any, assigned to such security by other Rating
Agencies. Securities rated in the lowest investment grade rating (BBB- or Baa3) may have certain speculative characteristics. Below
investment grade quality securities are considered to be predominantly speculative because of the credit risk of the issuers. See
&ldquo;Investment Objectives, Policies and Risks - Risk Considerations - Non-Investment Grade Bonds Risk.&rdquo; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;s policy of investing, under normal market conditions,
at least 80% of its total assets in Senior Loans is not considered to be fundamental by the Trust and can be changed without a
vote of the Trust&rsquo;s shareholders. However, this policy may only be changed by the Trust&rsquo;s Board following the provision
of 60 days prior written notice to the Trust&rsquo;s shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under normal market conditions, the Trust expects to maintain
an average duration of less than one year (including the effect of leverage). As the value of a security changes over time, so
will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities
with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest
rate changes than a portfolio with a shorter duration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser&rsquo;s staff monitors the credit quality and the
price of Senior Loans and other securities held by the Trust, as well as other securities that are available to the Trust. The
Trust may invest in Senior Loans and other securities of any credit quality. Although the Adviser considers ratings when making
investment decisions, it generally performs its own credit and investment analysis and does not rely primarily on the ratings assigned
by the Rating Agencies. In evaluating the quality of a particular security, whether rated or unrated, the Adviser will normally
take into consideration, among other things, the issuer&rsquo;s financial resources and operating history, its sensitivity to economic
conditions and trends, the ability of its management, its debt maturity schedules and borrowing requirements, and relative values
based on anticipated cash flow, interest and asset coverage, and earnings prospects. The Adviser will attempt to reduce the risks
of investing in lower rated or unrated debt instruments through active portfolio management, credit analysis and attention to current
developments and trends in the economy and the financial markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is not required to dispose of a security in the event
that a Rating Agency downgrades its assessment of the credit characteristics of a particular issue or withdraws its assessment,
including in the event of a default. In determining whether to retain or sell such a security, Eaton Vance may consider such factors
as Eaton Vance's assessment of the credit quality of the issuers of such security, the price at which such security could be sold
and the rating, if any, assigned to such security by other Rating Agencies.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest up to 15% of net assets in Senior Loans
denominated in Authorized Foreign Currencies and may invest in other securities of non-United States issuers. The Trust&rsquo;s
investments may have significant exposure to certain sectors of the economy and thus may react differently to political or economic
developments than the market as a whole. The Trust may accept equity securities in connection with a debt restructuring or reorganization
of a Borrower either inside or outside of bankruptcy. The Trust may hold equity securities issued in exchange for a Senior Loan
or issued in connection with the debt restructuring or reorganization of a Borrower. The Trust may also acquire additional equity
securities of such Borrower or its affiliates if, in the judgment of the Adviser, such an investment may enhance the value of a
Senior Loan held or would otherwise be consistent with the Trust&rsquo;s investment policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may purchase shares of other investment companies with
a similar investment objective and policies as permitted under the 1940 Act. Such investments are limited to 10% of total assets
overall, with no more than 5% invested in any one issuer. The value of shares of other closed-end investment companies is affected
by risks similar to those of the Trust, such as demand for those securities regardless of the demand for the underlying portfolio
assets. Investment companies bear fees and expenses that the Trust will bear indirectly, so investors in the Trust will be subject
to duplication of fees. The Trust also may invest up to 5% of its total assets in structured notes or derivatives with rates of
return determined by reference to the total rate of return on one or more Senior Loans referenced in such notes or instruments.
The rate of return on the structured note may be determined by applying a multiplier to the rate of total return on the referenced
Senior Loan or Loans. Application of a multiplier is comparable to the use of financial leverage, a speculative technique. Leverage
magnifies the potential for gain and the risk of loss; as a result, a relatively small decline in the value of a referenced Senior
Loan could result in a relatively large loss in the value of a structured note or derivative. Common Shares of other investment
companies and structured notes or derivatives as discussed above that invest in Senior Loans or baskets of Senior Loans will be
treated as Senior Loans for purposes of the Trust&rsquo;s policy of normally investing at least 80% of its assets in Senior Loans,
and may be subject to the Trust&rsquo;s leverage limitations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Senior
Loans.</B></FONT> Senior Loans hold a senior position in the capital structure of a Borrower, are typically secured with specific
collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debt holders
and stockholders of the Borrower. The capital structure of a Borrower may include Senior Loans, senior and junior subordinated
debt, preferred stock and common stock issued by the Borrower, typically in descending order of seniority with respect to claims
on the Borrower&rsquo;s asset. Senior Loans are typically secured by specific collateral. As also discussed above, the proceeds
of Senior Loans primarily are used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, refinancing
and internal growth and for other corporate purposes. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Senior Loans in which the Trust will invest generally pay
interest at rates, which are reset periodically by reference to a base lending rate, plus a premium. Senior Loans typically have
rates of interest which are reset either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a
premium or credit spread. These base lending rates are primarily LIBOR, and secondarily the prime rate offered by one or more major
United States banks (the &ldquo;Prime Rate&rdquo;) and the certificate of deposit (&ldquo;CD&rdquo;) rate or other base lending
rates used by commercial lenders. Floating-rate loans typically have rates of interest which are re-determined daily, monthly,
quarterly or semi-annually by reference to a base lending rate, plus a premium. As floating-rate loans, the frequency of how often
a loan resets its interest rate will impact how closely such loans track current market interest rate. The Senior Loans held by
the Trust will have a dollar-weighted average period until the next interest rate adjustment of approximately 90 days or less.
As a result, as short-term interest rates increase, interest payable to the Trust from its investments in Senior Loans should increase,
and as short-term interest rates decrease, interest payable to the Trust from its investments in Senior Loans should decrease.
The Trust may utilize derivative instruments to shorten the effective interest rate redetermination period of Senior Loans in its
portfolio. Senior Loans typically have a stated term of between one and ten years. In the experience of the Adviser over the last
decade, however, the average life of Senior Loans has been two to four years because of prepayments. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Loans may be primary, direct investments or investments in
loan assignments or participation interests.&nbsp; A loan assignment represents a portion of the entirety of a loan and a portion
of the entirety of a position previously attributable to a different lender. The purchaser of an assignment typically succeeds
to all the rights and obligations under the loan agreement and has the same rights and obligations as the assigning investor.&nbsp;
However, assignments through private negotiations may cause the purchaser of an assignment to have different and more limited rights
than those held by the assigning investor.&nbsp; Loan participation interests are interests issued by a lender or other entity
and represent a fractional interest in a loan. The Trust typically will have a contractual relationship only with the financial
institution that issued the participation interest. As a result, the Trust may have the right to receive payments of principal,
interest and any fees to which it is entitled only from the financial institution and only upon receipt by such entity of such
payments from the borrower. In connection with purchasing a participation interest, the Trust generally will have no right to enforce
compliance by the borrower with the terms of the loan agreement, nor any rights with respect to any Trusts acquired by other investors
through set-off against the borrower and the Trust may not directly benefit from the collateral supporting the loan in which it
has purchased the participation interest. As a result, the Trust may assume the credit risk of both the borrower and the financial
institution issuing the participation interest. In the event of the insolvency of the entity issuing a participation interest,
the Trust may be treated as a general creditor of such entity. No active trading market may exist for </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> certain loans, which may impair the ability of the Trust to
realize full value in the event of the need to sell a loan and which may make it difficult to value the loan.&nbsp; To the extent
that a secondary market does exist for certain loans, the market may be subject to irregular trading activity, wide bid/ask spreads
and extended trade settlement periods. Most loans are rated below investment grade or, if unrated, are of similar credit quality. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Loan investments may be made at par or at a discount or premium
to par.&nbsp; The interest payable on a loan may be fixed or floating rate, and paid in cash or in-kind.&nbsp; In connection with
transactions in loans, the Trust may be subject to facility or other fees.&nbsp; Loans may be secured by specific collateral or
other assets of the borrower, guaranteed by a third party, unsecured or subordinated.&nbsp; During the term of a loan, the value
of any collateral securing the loan may decline in value, causing the loan to be under collateralized. Collateral may consist of
assets that may not be readily liquidated, and there is no assurance that the liquidation of such assets would satisfy fully a
borrower&rsquo;s obligations under the loan. In addition, if a loan is foreclosed, the Trust could become part owner of the collateral
and would bear the costs and liabilities associated with owning and disposing of such collateral. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> A lender&rsquo;s repayment and other rights primarily are
determined by governing loan, assignment or participation documents, which (among other things) typically establish the priority
of payment on the loan relative to other indebtedness and obligations of the borrower.&nbsp; In the event of bankruptcy, applicable
law may impact a lender&rsquo;s ability to enforce its rights under such documents. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Loans may be originated by a lending agent, such as a financial
institution or other entity, on behalf of a group or &ldquo;syndicate&rdquo; of loan investors (the &ldquo;Loan Investors&rdquo;).&nbsp;
In such a case, the agent administers the terms of the loan agreement and is responsible for the collection of principal, and interest
payments from the borrower and the apportionment of these payments to the Loan Investors. Failure by the agent to fulfill its obligations
may delay or adversely affect receipt of payment by the Trust. Furthermore, unless under the terms of a loan agreement or participation
(as applicable) the Trust has direct recourse against the borrower, the Trust must rely on the agent and the other Loan Investors
to pursue appropriate remedies against the borrower. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust expects primarily to purchase Senior Loans by assignment
from a participant in the original syndicate of lenders or from subsequent assignees of such interests. The purchaser of an assignment
typically succeeds to all the rights and obligations under the loan agreement and has the same rights and obligations as the assigning
investor. However, assignments through private negotiations may cause the purchaser of an assignment to have different and more
limited rights than those held by the assigning investor. The Trust may also purchase participations in the original syndicate
making Senior Loans. Such indebtedness may be secured or unsecured. Loan participations typically represent direct participations
in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The
Trust may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations,
the Trust assumes the credit risk associated with the corporate Borrower and may assume the credit risk associated with an interposed
bank or other financial intermediary. The participation interests in which the Trust intends to invest may not be rated by any
Rating Agency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Trust may purchase and retain in its portfolio loans where
the Borrowers have experienced, or may be perceived to be likely to experience, credit problems, including default, involvement
in or recent emergence from bankruptcy reorganization proceedings or other forms of debt restructuring. At times, in connection
with the restructuring of a loan either outside of bankruptcy court or in the context of bankruptcy court proceedings, the Trust
may determine or be required to accept equity securities or junior debt securities in exchange for all or a portion of a loan. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may also purchase unsecured loans, other floating-rate
debt securities such as notes, bonds and asset-backed securities (such as special purpose trusts investing in bank loans), credit-linked
notes, tranches of collateralized loan obligations, investment grade fixed-income debt obligations and money market instruments,
such as commercial paper.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Loans are subject to the risk that a court, pursuant to fraudulent
conveyance or other similar laws, could subordinate a loan to presently existing or future indebtedness of the borrower, or take
other action detrimental to the holders of a loan including, in certain circumstances, invalidating the loans or causing interest
previously paid to be reTrusted to the borrower.&nbsp; Any such actions by a court could negatively affect the Trust&rsquo;s performance.
Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared
to more junior types of below investment grade debt obligations. Due to their lower place in the borrower&rsquo;s capital structure
and, in some cases, their unsecured status, junior loans involve a higher degree of overall risk than senior loans of the same
borrower. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Investing in loans involves the risk of default by the borrower
or other party obligated to repay the loan.&nbsp; In the event of insolvency of the borrower or other obligated party, the Trust
may be treated as a general creditor of such entity unless it has rights that are senior to that of other creditors or secured
by specific collateral or assets of the borrower.&nbsp; Fixed rate loans are also subject to the risk that their value will decline
in a rising interest rate environment.&nbsp; This risk is mitigated for floating-rate loans, where the interest rate payable on
the loan resets periodically by reference to a base lending rate. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Many loans in which the Trust will invest may not be rated
by a Rating Agency, will not be registered with the SEC or any state securities commission and will not be listed on any national
securities exchange. In evaluating the creditworthiness of Borrowers, the Adviser will consider, and may rely in part, on analyses
performed by others. Borrowers may have outstanding debt obligations that are rated below investment grade by a Rating Agency.
Many of the loans held by the Trust will have been assigned ratings below investment grade by Rating Agencies. In the event loans
are not rated, they are likely to be the equivalent of below investment grade quality. Because of the protective features of Senior
Loans, the Adviser believes, based on its experience, that Senior Loans tend to have more favorable loss recovery rates as compared
to more junior types of below investment grade debt obligations. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">U.S. federal securities laws afford certain protections against
fraud and misrepresentation in connection with the offering or sale of a security, as well as against manipulation of trading
markets for securities. The typical practice of a lender in relying exclusively or primarily on reports from the borrower may
involve the risk of fraud, misrepresentation, or market manipulation by the borrower. It is unclear whether U.S. federal securities
law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities,
and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions
of the federal securities laws. However, contractual provisions in the loan documents may offer some protections, and lenders
may also avail themselves of common-law fraud protections under applicable state law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> In addition to the risks generally associated with debt instruments,
such as credit, market, interest rate and liquidity risks, loans are also subject to the risk that the value of any collateral
securing a loan may decline, be insufficient to meet the obligations of the borrower or be difficult to liquidate.&nbsp; The specific
collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan&rsquo;s value.&nbsp;
The Trust&rsquo;s access to collateral may be limited by bankruptcy, other insolvency laws or by the type of loan the Trust has
purchased.&nbsp; For example, if the Trust purchases a participation instead of an assignment, it would not have direct access
to collateral of the borrower.&nbsp; As a result, a floating rate loan may not be fully collateralized and can decline significantly
in value.&nbsp; Additionally, collateral on loan instruments may not be readily liquidated, and there is no assurance that the
liquidation of such assets will satisfy a borrower&rsquo;s obligations under the investment. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> When interest rates decline, the value of a fund invested
in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a fund invested in fixed-rate
obligations can be expected to decline. Although changes in prevailing interest rates can be expected to cause some fluctuations
in the value of Senior Loans (due to the fact that floating-rates on Senior Loans only reset periodically), the value of Senior
Loans is less sensitive to changes in market interest rates than fixed-rate instruments. As a result, the Adviser expects the Trust&rsquo;s
policy of investing a portion of its assets in floating-rate Senior Loans will make the Trust less volatile and less sensitive
to changes in market interest rates than if the Trust invested exclusively in fixed-rate obligations. Similarly, a sudden and significant
increase in market interest rates may cause a decline in the value of these investments and in the Trust&rsquo;s net asset value.
Other factors (including, but not limited to, rating downgrades, credit deterioration, a large downward movement in stock prices,
a disparity in supply and demand of certain Senior Loans and other securities or market conditions that reduce liquidity) can reduce
the value of Senior Loans and other debt obligations, impairing the Trust&rsquo;s net asset value. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Although the overall size and number of participants in the
market for loans has grown over the past decade, loans continue to trade in a private, unregulated inter-dealer or inter-bank secondary
market. The amount of public information available with respect to Senior Loans will generally be less extensive than that available
for registered or exchange listed securities. With limited exceptions, the adviser will take steps intended to ensure that it does
not receive material nonpublic information about the issuers of Senior Loans that also issue publicly traded securities. Therefore
the adviser may have less information than other investors about certain of the Senior Loans in which it seeks to invest. Purchases
and sales of loans are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold.
These restrictions may (i) impede the Trust&rsquo;s ability to buy or sell loans, (ii) negatively impact the transaction price,
(iii) impact the counterparty credit risk borne by the Trust, (iv) impede the Trust&rsquo;s ability to timely vote or otherwise
act with respect to loans, (v) expose the Trust to adverse tax or regulatory consequences and (vi) result in delayed settlement
of loan transactions. It may take longer than seven days for transactions in loans to settle. This is partly due to the nature
of loans and the contractual restrictions noted above, which require a written assignment agreement and various ancillary documents
for each transfer, and frequently require discretionary consents from both the borrower and the administrative agent. In light
of the foregoing, the Trust may hold cash, sell securities or temporarily borrow from banks or other lenders to meet short-term
liquidity needs due to the extended loan settlement process. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Adviser uses an independent pricing service to
value most loans and other debt securities at their market value. The Adviser may use the fair value method to value loans or
other securities if a security or a loan is not priced by a pricing service, a pricing service&rsquo;s price is deemed
unreliable, or if events occur after the close of a securities market (usually a foreign market) and before the Trust values
its assets would materially affect net asset value. A security that is fair valued may be valued at a price higher or lower
than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because
foreign securities trade on days when the Common Shares are not priced, net asset value can change at times when Common
Shares cannot be sold. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ADDITIONAL INVESTMENT PRACTICES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Second
Lien Loans and Debt Securities.</B></FONT> The Trust may invest in loans and other debt securities that have the same characteristics
as Senior Loans except that such loans are second in lien priority rather than first. Such &ldquo;second lien&rdquo; loans and
securities like Senior Loans typically have adjustable floating-rate interest payments. Accordingly, the risks associated with
&ldquo;second lien&rdquo; loans are higher than the risks of loans with first priority over the collateral. In the event of default
on a &ldquo;second lien&rdquo; loan, the first priority lien holder has first claim to the underlying collateral of the loan. It
is possible, that no collateral value would remain for the second priority lien holder and therefore result in a loss of investment
to the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Collateralized
Loan Obligations (&ldquo;CLOs&rdquo;).</B></FONT> The Trust may invest in certain asset-backed securities as discussed below. Asset-backed
securities are payment claims that are securitized in the form of negotiable paper that is issued by a financing company (generically
called a Special Purpose Vehicle or &ldquo;SPV&rdquo;). These securitized payment claims are, as a rule, corporate financial assets
brought into a pool according to specific diversification rules. The SPV is a company founded solely for the purpose of securitizing
these claims and its only asset is the risk arising out of this diversified asset pool. On this basis, marketable securities are
issued which, due to the diversification of the underlying risk, generally represent a lower level of risk than the original assets.
The redemption of the securities issued by the SPV takes place at maturity out of the cash flow generated by the collected claims.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A CLO is a structured credit security issued by an SPV that was
created to reapportion the risk and return characteristics of a pool of assets. The assets, typically Senior Loans, are used as
collateral supporting the various debt tranches issued by the SPV. The key feature of the CLO structure is the prioritization of
the cash flows from a pool of debt securities among the several classes of CLO holders, thereby creating a series of obligations
with varying rates and maturities appealing to a wide range of investors. CLOs generally are secured by an assignment to a trustee
under the indenture pursuant to which the bonds are issued of collateral consisting of a pool of debt instruments, usually, non-investment
grade bank loans. Payments with respect to the underlying debt securities generally are made to the trustee under the indenture.
CLOs are designed to be retired as the underlying debt instruments are repaid. In the event of sufficient early prepayments on
such debt instruments, the class or series of CLO first to mature generally will be retired prior to maturity. Therefore, although
in most cases the issuer of CLOs will not supply additional collateral in the event of such prepayments, there will be sufficient
collateral to secure their priority with respect to other CLO tranches that remain outstanding. The credit quality of these securities
depends primarily upon the quality of the underlying assets, their priority with respect to other CLO tranches and the level of
credit support and/or enhancement provided.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The underlying assets (e.g., loans) are subject to prepayments
which shorten the securities&rsquo; weighted average maturity and may lower their return. If the credit support or enhancement
is exhausted, losses or delays in payment may result if the required payments of principal and interest are not made. The value
of these securities also may change because of changes in market value, that is changes in the market&rsquo;s perception of the
creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or fund providing
the credit support or enhancement. The Trust will indirectly bear any management fees and expenses incurred by a CLO. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Collateralized
Debt Obligations (&ldquo;CDOs&rdquo;).</B></FONT> The Trust may invest in CDOs. A CDO is a structured credit security issued by
an SPV that was created to reapportion the risk and return characteristics of a pool of assets. The assets, typically non-investment
grade bonds, leveraged loans, and other asset-backed obligations, are used as collateral supporting the various debt and equity
tranches issued by the SPV. The key feature of the CDO structure is the prioritization of the cash flows from a pool of debt securities
among the several classes of CDO holders, thereby creating a series of obligations with varying rates and maturities appealing
to a wide range of investors. CDOs generally are secured by an assignment to a trustee under the indenture pursuant to which the
bonds are issued of collateral consisting of a pool of debt securities, usually, non-investment grade bonds. Payments with respect
to the underlying debt securities generally are made to the trustee under the indenture. CDOs are designed to be retired as the
underlying debt securities are repaid. In the event of sufficient early prepayments on such debt securities, the class or series
of CDO first to mature generally will be retired prior to maturity. Therefore, although in most cases the issuer of CDOs will not
supply additional collateral in the event of such prepayments, there will be sufficient collateral to secure CDOs that remain outstanding.
The credit quality of these securities depends primarily upon the quality of the underlying assets and the level of credit support
and/or enhancement provided. CDOs operate similarly to CLOs and are subject to the same inherent risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Securities.</B></FONT> The Trust may invest in Senior Loans and other debt securities of non-U.S. issuers. Investment in securities
of non-U.S. issuers involves special risks, including that non-U.S. issuers may be subject to less rigorous accounting and reporting
requirements than U.S. issuers, less rigorous regulatory requirements, differing legal systems and laws relating to creditors&rsquo;
rights, the potential inability to enforce legal judgments and the potential for political, social and economic adversity. The
willingness and ability of sovereign issuers to pay principal and interest on government </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> securities depends on various economic factors, including
among others the issuer&rsquo;s balance of payments, overall debt level, and cash flow considerations related to the availability
of tax or other revenues to satisfy the issuer&rsquo;s obligations. The securities of some foreign issuers are less liquid and
at times more volatile than securities of comparable U.S. issuers. Foreign settlement procedures and trade regulations may involve
certain risks (such as delay in the payment or delivery of securities and interest or in the recovery of assets held abroad) and
expenses not present in the settlement of domestic investments. Investments may include securities issued by the governments of
lesser-developed countries, which are sometimes referred to as &ldquo;emerging markets.&rdquo; There may be a possibility of nationalization
or expropriation of assets, imposition of currency exchange controls, confiscatory taxation, political or financial instability,
armed conflict and diplomatic developments which could affect the value of the Trust&rsquo;s investments in certain foreign countries.
Foreign issuers may become subject to sanctions imposed by the United States or another country, which could result in the immediate
freeze of the foreign issuers&rsquo; assets or securities. The imposition of such sanctions could impair the market value of the
securities of such foreign issuers and limit the Trust&rsquo;s ability to buy, sell, receive or deliver the securities. Trading
in certain foreign markets is also subject to liquidity risks. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The value of foreign assets and currencies as measured in
U.S. dollars may be affected favorably or unfavorably by changes in foreign currency rates and exchange control regulations, application
of foreign tax laws (including withholding tax), governmental administration of economic or monetary policies (in this country
or abroad), and relations between nations and trading.&nbsp; Foreign currencies also are subject to settlement, custodial and other
operational risks. Currency exchange rates can be affected unpredictably by intervention, or the failure to intervene, by U.S.
or foreign governments or central banks or by currency controls or political developments in the United States or abroad.&nbsp;
If the U.S. dollar rises in value relative to a foreign currency, a security denominated in that foreign currency will be worth
less in U.S. dollars. If the U.S. dollar decreases in value relative to a foreign currency, a security denominated in that foreign
currency will be worth more in U.S. dollars.&nbsp; A devaluation of a currency by a country&rsquo;s government or banking authority
will have a significant impact on the value of any investments denominated in that currency.&nbsp; Costs are incurred in connection
with conversions between currencies.&nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Corporate
Bonds and Other Debt Securities.</B></FONT> The Trust may invest in a wide variety of bonds, debentures and similar debt securities
of varying maturities and durations issued by corporations and other business entities, including limited liability companies.
Debt securities in which the Trust may invest may pay fixed or variable rates of interest. Bonds and other debt securities generally
are issued by corporations and other issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate
of interest and normally must repay the amount borrowed on or before maturity. Certain debt securities are &ldquo;perpetual&rdquo;
in that they have no maturity date. The Trust may invest in bonds and other debt securities of any quality. As discussed below,
Non-Investment Grade Bonds, commonly known as &ldquo;junk bonds,&rdquo; are considered to be predominantly speculative in nature
because of the credit risk of the issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-Investment
Grade Bonds.</B></FONT> As indicated above, Non-Investment Grade Bonds are those rated lower than investment grade (i.e., bonds
rated lower than Baa3 by Moody&rsquo;s and lower than BBB- by S&amp;P and Fitch) or are unrated and of comparable quality as determined
by the Adviser. Non-Investment Grade Bonds rated BB and Ba have speculative characteristics, while lower rated Non-Investment Grade
Bonds are predominantly speculative.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may hold securities that are unrated or in the lowest
rating categories (rated C by Moody&rsquo;s or D by S&amp;P or Fitch). Bonds rated C by Moody&rsquo;s are regarded as having extremely
poor prospects of ever attaining any real investment standing. Bonds rated D by S&amp;P or Fitch are in payment default or a bankruptcy
petition has been filed and debt service payments are jeopardized. In order to enforce its rights with defaulted securities, the
Trust may be required to retain legal counsel and/or a financial adviser. This may increase the Trust&rsquo;s operating expenses
and adversely affect net asset value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The credit quality of most securities held by the Trust reflects
a greater than average possibility that adverse changes in the financial condition of an issuer, or in general economic conditions,
or both, may impair the ability of the issuer to make payments of interest and principal. The inability (or perceived inability)
of issuers to make timely payment of interest and principal would likely make the values of securities held by the Trust more volatile
and could limit the Trust&rsquo;s ability to sell its securities at favorable prices. In the absence of a liquid trading market
for securities held by it, the Trust may have difficulties determining the fair market value of such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Although the Adviser considers security ratings when
making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings
assigned by the rating agencies. In evaluating the quality of a particular investment, whether rated or unrated, the Adviser
will normally take into consideration, among other things, the issuer&rsquo;s financial resources and operating history, its
sensitivity to economic conditions and trends, the ability of its management, its debt maturity schedules and borrowing
requirements, and relative values based on anticipated cash flow, interest and asset coverage, and earnings prospects. Credit
ratings are based largely on the issuer&rsquo;s historical financial condition and a rating agency&rsquo;s investment
analysis at the time of rating: the rating assigned to any particular security is not necessarily a reflection of the
issuer&rsquo;s current financial condition. The rating assigned to a security or other instrument by a rating agency does not
reflect assessment of the volatility of its market value or liquidity. Credit quality in the sectors of the market can change
from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular investment. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Because of the greater number of investment considerations
involved in investing in investments that receive lower ratings, investing in lower rated investments depends more on the Adviser&rsquo;s
judgment and analytical abilities than may be the case for investing in investments with higher ratings. While the Adviser will
attempt to reduce the risks of investing in lower rated or unrated securities through active portfolio management, diversification,
credit analysis and attention to current developments and trends in the economy and the financial markets, there can be no assurance
that a broadly diversified portfolio of such securities would substantially lessen the risks of defaults brought about by an economic
downturn or recession. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Investments in obligations rated below investment grade and
comparable unrated securities (sometimes referred to as &ldquo;junk&rdquo;) generally entail greater economic, credit and liquidity
risks than investment grade securities. Lower rated investments have speculative characteristics because of the credit risk associated
with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers
of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic
downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default
occurs. Lower rated investments generally are subject to greater price volatility and illiquidity than higher rated investments. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;s high yield securities may have fixed or variable
principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate,
zero coupon, contingent, deferred, and payment in kind features.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Convertible
Securities</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> The Trust may invest in convertible securities.
A convertible security is a bond, debenture, note, preferred security, or other security that entitles the holder to acquire common
stock or other equity securities of the same or a different issuer.&nbsp; A convertible security entitles the holder to receive
interest paid or accrued or dividends paid until the convertible security matures or is redeemed, converted or exchanged.&nbsp;
Before conversion, convertible securities have characteristics similar to nonconvertible income securities. The Trust may invest
in convertible securities of any rating. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Holders of convertible securities generally have a claim on
the assets of the issuer prior to the common stockholders but may be subordinated to other debt securities of the same issuer.
Certain convertible debt securities may provide a put option to the holder, which entitles the holder to cause the securities to
be redeemed by the issuer at a premium over the stated principal amount of the debt securities under certain circumstances.&nbsp;
Certain convertible securities may include loss absorption characteristics that make the securities more debt-like.&nbsp; This
is particularly true of convertible securities issued by companies in the financial services sector. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The value of a convertible security may be influenced by changes
in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit
standing of the issuer and other factors also may have an effect on the convertible security&rsquo;s investment value. A convertible
security may be subject to redemption at the option of the issuer at a price established in the convertible security&rsquo;s governing
instrument. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Government
Securities.</B></FONT> U.S. Government securities include (1) U.S. Treasury obligations, which differ in their interest rates,
maturities and times of issuance: U.S. Treasury bills (maturities of one year or less), U.S. Treasury notes (maturities of one
year to ten years) and U.S. Treasury bonds (generally maturities of greater than ten years) and (2) obligations issued or guaranteed
by U.S. Government agencies and instrumentalities that are supported by any of the following: (a) the full faith and credit of
the U.S. Treasury, (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury,
(c) discretionary authority of the U.S. Government to purchase certain obligations of the U.S. Government agency or instrumentality
or (d) the credit of the agency or instrumentality. The Trust may also invest in any other security or agreement collateralized
or otherwise secured by U.S. Government securities. Agencies and instrumentalities of the U.S. Government include but are not limited
to: Federal Land Banks, Federal Financing Banks, Banks for Cooperatives, Federal Intermediate Credit Banks, Farm Credit Banks,
Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage
Association, Student Loan Marketing Association, United States Postal Service, Small Business Administration, Tennessee Valley
Authority and any other enterprise established or sponsored by the U.S. Government. Because the U.S. Government generally is not
obligated to provide support to its instrumentalities, the Trust will invest in obligations issued by these instrumentalities only
if the Adviser determines that the credit risk with respect to such obligations is minimal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The principal of and/or interest on certain U.S. Government securities
which may be purchased by the Trust could be (a) payable in foreign currencies rather than U.S. dollars or (b) increased or diminished
as a result of changes in the value of the U.S. dollar relative to the value of foreign currencies. The value of such portfolio
securities may be affected favorably by changes in the exchange rate between foreign currencies and the U.S. dollar.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Because of their high credit quality and market liquidity,
U.S. Treasury and Agency Securities generally provide a lower current return than obligations of other issuers. While the U.S.
Government has provided financial support to Fannie Mae and Freddie Mac in the past, but there can be no assurance that it will
support these or other government-sponsored enterprises in the future. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Commercial
Paper.</B></FONT> Commercial paper represents short-term unsecured promissory notes issued in bearer form by corporations such
as banks or bank holding companies and finance companies. The rate of return on commercial paper may be linked or indexed to the
level of exchange rates between the U.S. dollar and a foreign currency or currencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Forward
Commitments and When-Issued Securities.</B></FONT> The Trust may purchase securities on a &ldquo;forward commitment&rdquo; or &ldquo;when-issued&rdquo;
basis (meaning securities are purchased or sold with payment and delivery taking place in the future). In such a transaction, the
Trust is securing what is considered to be an advantageous price and yield at the time of entering into the transaction. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The yield on a comparable security when the transaction is
consummated may vary from the yield on the security at the time that the forward commitment or when-issued transaction was made.
From the time of entering into the transaction until delivery and payment is made at a later date, the securities that are the
subject of the transaction are subject to market fluctuations. In forward commitment or when-issued transactions, if the seller
or buyer, as the case may be, fails to consummate the transaction, the counterparty may miss the opportunity of obtaining a price
or yield considered to be advantageous. Forward commitment or when-issued transactions may be expected to occur a month or more
before delivery is due. No payment or delivery is made, however, until payment is received or delivery is made from the other party
to the transaction. These transactions may create leverage in the Trust. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Restricted
and Illiquid Securities.</B></FONT> The Trust may invest without limitation in Senior Loans and other securities for which there
is no readily available trading market or are otherwise illiquid. Illiquid securities include securities legally restricted as
to resale, such as commercial paper issued pursuant to Section 4(a)(2) of the 1933 Act, and securities eligible for resale pursuant
to Rule 144A thereunder. Section 4(a)(2) and Rule 144A securities may, however, be treated as liquid by the Adviser after considering
factors such as trading activity, availability of market quotations and number of dealers willing to purchase the security. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> It may be difficult to sell such securities at a price representing
the fair value until such time as such securities may be sold publicly. Where registration is required, a considerable period may
elapse between a decision to sell the securities and the time when it would be permitted to sell. Thus, the Trust may not be able
to obtain as favorable a price as that prevailing at the time of the decision to sell. The Trust may incur additional expense when
disposing of illiquid securities, including all or a portion of the costs to register the securities. The Trust may also acquire
securities through private placements under which it may agree to contractual restrictions on the resale of such securities. Such
restrictions might prevent their sale at a time when such sale would otherwise be desirable. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> At times, a portion of the Trusts&rsquo; assets may be invested
in securities as to which the Trust, by itself or together with other accounts managed by the investment adviser and its affiliates,
holds a major portion or all of such securities. Restricted and illiquid securities may be difficult to value properly and may
involve greater risks than liquid securities. It may be difficult to sell illiquid securities at a price representing fair value
until such time as the securities may be sold publicly.&nbsp; Under adverse market or economic conditions or in the event of adverse
changes in the financial condition of the issuer, the Trust could find it more difficult to sell such securities when the investment
adviser believes it advisable to do so or may be able to sell such securities only at prices lower than if such securities were
more widely held.&nbsp; It also may be more difficult to determine the fair value of such securities for purposes of computing
the Trust&rsquo;s net asset value.&nbsp; Even if determined to be liquid, holdings of restricted securities may increase the level
of Trust illiquidity if eligible buyers become uninterested in purchasing them. Restricted securities may involve a high degree
of business and financial risk which may result in substantial losses. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivatives.
</B></FONT>Generally, derivatives can be characterized as financial instruments whose performance is derived at least in part
from the performance of an underlying reference instrument. Derivative instruments may be acquired in the United States or abroad
consistent with the Trust&rsquo;s investment strategy and may include the various types of exchange-traded and over-the-counter
(&ldquo;OTC&rdquo;) instruments described herein and other instruments with substantially similar characteristics and risks. Trust
obligations created pursuant to derivative instruments may give rise to leverage, which would subject the Trust to the requirements
described under &ldquo;Asset Coverage&rdquo; in the Trust&rsquo;s SAI. The Trust may invest in a derivative transaction if it
is permitted to own, invest in, or otherwise have economic exposure to the reference instrument. A reference instrument could
be a security, instrument, index, currency, commodity, economic indicator or event (&ldquo;reference instruments&rdquo;). As described
more specifically below, the Trust may purchase or sell derivative instruments (which are instruments that derive their value
from another instrument, security or index) to seek to hedge against fluctuations in securities prices or interest rates or for
the purpose of leveraging the Trust. The Trust&rsquo;s transactions in derivatives instruments may include the purchase or sale
of futures contracts on securities, indices and other financial instruments, credit-linked notes, tranches of collateralized loan
obligations and/or collateralized debt obligations, options on futures contracts, exchange-traded and over-the-counter options
on securities or indices, index-linked securities, and interest rate, total return and credit default swaps. The Trust may trade
in the specific types and/or combinations of derivative transactions listed below. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Derivative instruments are subject to a number of risks, including
adverse or unexpected movements in the price of the reference instrument, and counterparty, credit, interest rate, liquidity, market,
tax and leverage risks. In addition, derivatives also involve the risk that changes in their value may not correlate perfectly
with the assets, rates, indices or instruments they are designed to hedge or closely track. Use of derivative instruments may cause
the realization of higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if such instruments
had not been used. Success in using derivative instruments to hedge portfolio assets depends on the degree of price correlation
between the derivative instruments and the hedged asset. Imperfect correlation may be caused by several factors, including temporary
price disparities among the trading markets for the derivative instrument, the reference instrument and the Trust&rsquo;s assets.
To the extent that a derivative instrument is intended to hedge against an event that does not occur, the Trust may realize losses. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> OTC derivative instruments involve an additional risk in that
the issuer or counterparty may fail to perform its contractual obligations. Some derivative instruments are not readily marketable
or may become illiquid under adverse market conditions. In addition, during periods of market volatility, an option or commodity
exchange or swap execution facility or clearinghouse may suspend or limit trading in an exchange-traded derivative instrument,
which may make the contract temporarily illiquid and difficult to price. Commodity exchanges may also establish daily limits on
the amount that the price of a futures contract or futures option can vary from the previous day&rsquo;s settlement price. Once
the daily limit is reached, no trades may be made that day at a price beyond the limit. This may prevent the closing out of positions
to limit losses. The staff of the SEC takes the position that certain purchased OTC options, and assets used as cover for written
OTC options, are illiquid. The ability to terminate OTC derivative instruments may depend on the cooperation of the counterparties
to such contracts. For thinly traded derivative instruments, the only source of price quotations may be the selling dealer or counterparty.
In addition, certain provisions of the Code limit the use of derivative instruments. Derivatives permit the Trust to increase or
decrease the level of risk, or change the character of the risk, to which its portfolio is exposed in much the same way as the
Trust can increase or decrease the level of risk, or change the character of the risk, of its portfolio by making investments in
specific securities. There can be no assurance that the use of derivative instruments will benefit the Trust. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The regulation of the U.S. and non-U.S. derivatives markets
has undergone substantial change in recent years. In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the &ldquo;Dodd-Frank Act&rdquo;) and related regulations require many derivatives to be cleared and traded on an exchange, expand
entity registration requirements, impose business conduct requirements on counterparties, and impose other regulatory requirements
that will continue to change derivatives markets as regulations are implemented. Additional future regulation of the derivatives
markets may make the use of derivatives more costly, may limit the availability or reduce the liquidity of derivatives, and may
impose limits or restrictions on the counterparties with which the Trust engages in derivative transactions. Trust management cannot
predict the effects of any new governmental regulation that may be implemented, and future regulation may impair the effectiveness
of the Trust&rsquo;s derivative transactions and its ability to achieve its investment objectives. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Futures
Contracts.</B></FONT> Futures are standardized, exchange-traded contracts. Futures contracts on securities obligate a purchaser
to take delivery, and a seller to make delivery, of a specific amount of the financial instrument called for in the contract at
a specified future date at a specified price. An index futures contract obligates the purchaser to take, and a seller to deliver,
an amount of cash equal to a specific dollar amount times the difference between the value of a specific index at the close of
the last trading day of the contract and the price at which the agreement is made. No physical delivery of the underlying securities
in the index is made. It is the practice of holders of futures contracts to close out their positions on or before the expiration
date by use of offsetting contract positions, and physical delivery of financial instruments or delivery of cash, as applicable,
is thereby avoided. An option on a futures contract gives the holder the right to enter into a specified futures contract. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Credit-Linked
Notes.</B></FONT> The Trust may invest in credit-linked notes (&ldquo;CLN&rdquo;) for risk management purposes, including diversification.
A CLN is a type of hybrid instrument in which a special purpose entity issues a structured note (the &ldquo;Note Issuer&rdquo;)
with respect to which the reference instrument is a single bond, a portfolio of bonds or the unsecured credit of an issuer, in
general (each a &ldquo;Reference Credit&rdquo;). The purchaser of the CLN (the &ldquo;Note Purchaser&rdquo;) invests a par amount
and receives a payment during the term of the CLN that equals a fixed or floating rate of interest equivalent to a high rated
funded asset (such as a bank certificate of deposit) plus an additional premium that relates to taking on the credit risk of the
Reference Credit. Upon maturity of the CLN, the Note Purchaser will receive a payment equal to: (i) the original par amount paid
to the Note Issuer, if there is no occurrence of a designated event of default, restructuring or other credit event (each a &ldquo;Credit
Event&rdquo;) with respect to the issuer of the Reference Credit; or (ii) the market value of the Reference Credit, if a Credit
Event has occurred. Depending upon the terms of the CLN, it is also possible that the Note Purchaser may be required to take physical
delivery of the Reference Credit in the event of Credit Event. Most CLNs use a corporate bond (or a portfolio of corporate bonds)
as the Reference Credit. However, almost any type of fixed income security (including foreign government securities), index or
derivative contract (such as a credit default swap) can be used as the Reference Credit. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Swaps.</B></FONT>
Swap contracts may be purchased or sold to hedge against fluctuations in securities prices, interest rates or market conditions,
to change the duration of the overall portfolio, or to mitigate default risk. In a standard &ldquo;swap&rdquo; transaction, two
parties agree to exchange the returns (or differentials in rates of return) to be exchanged or &ldquo;swapped&rdquo; between the
parties, which returns are calculated with respect to a &ldquo;notional amount,&rdquo; i.e., the return on or increase in value
of a particular dollar amount invested at a particular interest rate or in a &ldquo;basket&rdquo; of securities representing a
particular index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Interest
Rate Swaps.</I></FONT> The Trust will enter into interest rate and total return swaps only on a net basis, i.e., the two payment
streams are netted out, with the Trust receiving or paying, as the case may be, only the net amount of the two payments. Interest
rate swaps involve the exchange by the Trust with another party of their respective commitments to pay or receive interest (e.g.,
an exchange of fixed rate payments for floating-rate payments). The Trust will only enter into interest rate swaps on a net basis.
If the other party to an interest rate swap defaults, the Trust&rsquo;s risk of loss consists of the net amount of payments that
the Trust is contractually entitled to receive. The net amount of the excess, if any, of the Trust&rsquo;s obligations over its
entitlements will be maintained in a segregated account by the Trust&rsquo;s custodian. The Trust will not enter into any interest
rate swap unless the claims-paying ability of the other party thereto is considered to be investment grade by the Adviser. If there
is a default by the other party to such a transaction, the Trust will have contractual remedies pursuant to the agreements related
to the transaction. These instruments are traded in the over-the-counter market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Trust may use interest rate swaps for risk management
purposes only and not as a speculative investment and would typically use interest rate swaps to shorten the average interest rate
reset time of the Trust&rsquo;s holdings. Interest rate swaps involve the exchange by the Trust with another party of their respective
commitments to pay or receive interest (e.g., an exchange of fixed rate payments for floating-rate payments). The use of interest
rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with
ordinary portfolio securities transactions. If the Adviser is incorrect in its forecasts of market values, interest rates and other
applicable factors, the investment performance of the Trust would be unfavorably affected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Total
Return Swaps</I>.</FONT> As stated above, the Trust will enter into total return swaps only on a net basis. A total return swap
is a contract in which one party agrees to make periodic payments to another party based on the change in market value of a referenced
asset during the specified period, in return for periodic payments from the other party that are based on a fixed or variable interest
rate or the total return of the referenced asset or another referenced asset. Total return swap agreements may be used to obtain
exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Credit
Default Swaps.</I></FONT> The Trust may enter into credit default swap contracts for risk management purposes, including diversification.
When the Trust is the buyer of a credit default swap contract, the Trust is entitled to receive the par (or other agreed-upon)
value of a referenced debt obligation from the counterparty to the contract in the event of a default by a third party, such as
a U.S. or foreign corporate issuer, on the debt obligation. In return, the Trust would pay the counterparty a periodic stream of
payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Trust would have
spent the stream of payments and received no benefit from the contract. When the Trust is the seller of a credit default swap contract,
it receives the stream of payments, but is obligated to pay upon default of the referenced debt obligation. As the seller, the
Trust would effectively add leverage to its portfolio because, in addition to its total net assets, the Trust would be subject
to investment exposure on the notional amount of the swap. These transactions involve certain risks, including the risk that the
seller may be unable to fulfill the transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> Credit default swap agreements (&ldquo;CDS&rdquo;)
enable the Trust to buy or sell credit protection on an individual issuer or basket of issuers (i.e., the reference instrument).
The Trust may enter into CDS to gain or short exposure to a reference instrument. Long CDS positions are utilized to gain exposure
to a reference instrument (similar to buying the instrument) and are akin to selling insurance on the instrument. Short CDS positions
are utilized to short exposure to a reference instrument (similar to shorting the instrument) and are akin to buying insurance
on the instrument. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> Under a CDS, the protection &ldquo;buyer&rdquo;
in a credit default contract is generally obligated to pay the protection &ldquo;seller&rdquo; an upfront or a periodic stream
of payments over the term of the contract, provided that no credit event, such as a default, on a reference instrument has occurred.
If a credit event occurs, the seller generally must pay the buyer the &ldquo;par value&rdquo; (full notional value) of the reference
instrument in exchange for an equal face amount of the reference instrument described in the swap, or the seller may be required
to deliver the related net cash amount, if the swap is cash settled. If the Trust is a buyer and no credit event occurs, the Trust
may recover nothing if the swap is held through its termination date. As a seller, the Trust generally receives an upfront payment
or a fixed rate of income throughout the term of the swap provided that there is no credit event. The Trust&rsquo;s obligations
under a CDS will be accrued daily (offset against any amounts owed to the Trust). </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> In response to market events, federal and certain
state regulators have proposed regulation of the CDS market. These regulations may limit the Trust&rsquo;s ability to use CDS and/or
the benefits of CDS. CDS may be difficult to value and generally pay a return to the party that has paid the premium only in the
event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of
financial difficulty). The Trust may have difficulty, be unable or may incur additional costs to acquire any securities or instruments
it is required to deliver under a CDS. The Trust many have limited ability to eliminate its exposure under a CDS either by assignment
or other disposition, or by entering into an offsetting swap agreement. The Trust also may have limited ability to eliminate its
exposure under a CDS if the reference instrument has declined in value. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Futures
and Options on Futures.</B></FONT> The Trust may purchase and sell various kinds of financial futures contracts and options thereon
to seek to hedge against changes in interest rates or for other risk management purposes. Futures contracts may be based on various
debt securities and securities indices. Such transactions involve a risk of loss or depreciation due to unanticipated adverse changes
in securities prices, which may exceed the Trust&rsquo;s initial investment in these contracts. The Trust will only purchase or
sell futures contracts or related options in compliance with the rules of the CFTC. These transactions involve transaction costs.
There can be no assurance that Eaton Vance&rsquo;s use of futures will be advantageous to the Trust. Rating Agency guidelines on
any preferred shares issued by the Trust, including VRTP Shares, may limit use of these transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Options.</B></FONT>
Options may be traded on an exchange and OTC. By buying a put option on a particular instrument, the Trust acquires a right to
sell the underlying instrument at the exercise price. By buying a put option on an index, the Trust acquires a right to receive
the cash difference between the strike price of the option and the index price at expiration. A purchased put position also typically
can be sold at any time by selling at prevailing market prices. Purchased put options generally are expected to limit the Trust's
risk of loss through a decline in the market value of the underlying security or index until the put option expires. When buying
a put, the Trust pays a premium to the seller of the option. If the price of the underlying security or index is above the exercise
price of the option as of the option valuation date, the option expires worthless and the Trust will not be able to recover the
option premium paid to the seller. The Trust may purchase uncovered put options on securities, meaning it will not own the securities
underlying the option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may also write (i.e., sell) put options. The Trust
will receive a premium for selling a put option, which may increase the Trust's return. In selling a put option on a security,
the Trust has the obligation to buy the security at an agreed upon price if the price of such instrument decreases below the exercise
price. By selling a put option on an index, the Trust has an obligation to make a payment to the buyer to the extent that the value
of the index decreases below the exercise price as of the option valuation date. If the value of the underlying security or index
on the option&rsquo;s expiration date is above the exercise price, the option will generally expire worthless and the Trust, as
option seller, will have no obligation to the option holder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may purchase call options. By purchasing a call option
on a security, the Trust has the right to buy the security at the option&rsquo;s exercise price. By buying a call option on an
index, the Trust acquires the right to receive the cash difference between the market price of the index and strike price at expiration.
Call options typically can be exercised any time prior to option maturity or, sold at the prevailing market price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may also write (i.e., sell) a call option on a security
or index in return for a premium. A call written on a security obligates the Trust to deliver the underlying security at the option
exercise price. Written index call options obligate the Trust to make a cash payment to the buyer at expiration if the market price
of the index is above the option strike price. Calls typically can also be bought back by the Trust at prevailing market prices
and the Trust also may enter into closing purchase transactions with respect to written call options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;s options positions are marked to market daily.
The value of options is affected by changes in the value and dividend rates of their underlying instruments, changes in interest
rates, changes in the actual or perceived volatility of the relevant index or market and the remaining time to the options&rsquo;
expiration, as well as trading conditions in the options market. The hours of trading for options may not conform to the hours
during which the underlying instruments are traded. To the extent that the options markets close before markets for the underlying
instruments, significant price and rate movements can take place in the markets that would not be reflected concurrently in the
options markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust's ability to sell the instrument underlying a call
option may be limited while the option is in effect unless the Trust enters into a closing purchase transaction. Uncovered call
options have speculative characteristics and are riskier than covered call options because there is no underlying instrument held
by the Trust that can act as a partial hedge. As the seller of a covered call option or an index call option, the Trust may forego,
during the option&rsquo;s life, the opportunity to profit from increases in the market value of the underlying instrument covering
the call option above the sum of the premium received by the Trust and the exercise price of the call. The Trust also retains the
risk of loss, minus the option premium received, should the price of the underlying instrument decline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Participants in OTC markets are typically not subject to the
same credit evaluation and regulatory oversight as are members of &ldquo;exchange-based&rdquo; markets. OTC option contracts generally
carry greater liquidity risk than exchange-traded contracts. This risk may be increased in times of financial stress,
if the trading market for OTC options becomes restricted. The ability of the Trust to transact business with any one or a number
of counterparties may increase the potential for losses to the Trust, due to the lack of any independent evaluation of the counterparties
or their financial capabilities, and the absence of a regulated market to facilitate settlement of the options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Counterparty
Risk.</B></FONT> A financial institution or other counterparty with whom the Trust does business (such as trading or as a derivatives
counterparty), or that underwrites, distributes or guarantees any instruments that the Trust owns or is otherwise exposed to, may
decline in financial condition and become unable to honor its commitments. This could cause the value of Trust shares to decline
or could delay the return or delivery of collateral or other assets to the Trust. Counterparty risk is increased for contracts
with longer maturities. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Securities
Lending.</B></FONT> The Trust may lend its portfolio securities to broker-dealers and other institutional borrowers. During the
existence of a loan, the Trust will continue to receive the equivalent of the interest paid by the issuer on the securities loaned,
or all or a portion of the interest on investment of the collateral, if any. The Trust may pay lending fees to such borrowers.
Loans will only be made to firms that have been approved by the investment adviser, and the investment adviser or the securities
lending agent will periodically monitor the financial condition of such firms while such loans are outstanding. Securities loans
will only be made when the investment adviser believes that the expected returns, net of expenses, justify the attendant risks.
Securities loans currently are required to be secured continuously by collateral in cash, cash equivalents (such as money market
instruments) or other liquid securities held by the custodian and maintained in an amount at least equal to the market value of
the securities loaned. The Trust may engage in securities lending to generate income. Upon return of the loaned securities, the
Trust would be required to return the related collateral to the borrower and may be required to liquidate portfolio securities
in order to do so. The Trust may lend up to one-third of the value of its total assets or such other amount as may be permitted
by law. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As with other extensions of credit, there are risks of delay
in recovery or even loss of rights in the securities loaned if the borrower of the securities fails financially. To the extent
that the portfolio securities acquired with such collateral have decreased in value, it may result in the Trust realizing a loss
at a time when it would not otherwise do so. As such, securities lending may introduce leverage into the Trust. The Trust also
may incur losses if the returns on securities that it acquires with cash collateral are less than the applicable rebate rates paid
to borrowers and related administrative costs. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Borrowings.</B></FONT>
The Trust may borrow money to the extent permitted under the 1940 Act as interpreted, modified or otherwise permitted by the regulatory
authority having jurisdiction. Subject to Rating Agency guidelines regarding the preferred shares and the Trust&rsquo;s ability
to maintain a rating of AA/A1 on VRTP Shares, the Trust may from time to time borrow money to add leverage to the portfolio. Under
the 1940 Act, the Trust is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately
thereafter the total asset value of the Trust&rsquo;s portfolio is at least 300% of the liquidation value of the outstanding indebtedness
(i.e., such liquidation value may not exceed 33 1/3% of the Trust&rsquo;s total assets). The Trust may also borrow money for temporary
administrative purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Trust has entered into a Revolving Credit and Security
Agreement (the &ldquo;Agreement&rdquo;) with conduit lenders and a bank to borrow up to $290 million ($295 million prior to March
12, 2018). Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the conduits&rsquo;
commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, the Trust also pays a program fee of 0.67%
per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.15% (0.25% if the outstanding loan
amount is less than or equal to 60% of the total facility size) per annum on the borrowing limit under the Agreement. Program and
liquidity fees for the year ended May 31, 2018 totaled $2,129,218. The Trust also paid an upfront fee of $290,000, which is being
amortized to interest expense over a period of one year through March 2019. The Trust is required to maintain certain net asset
levels during the term of the Agreement. As of May 31, 2018, the Trust had borrowings outstanding under the Agreement of $254 million
at an interest rate of 2.24%. For the year ended May 31, 2018, the average borrowings under the Agreement and the average interest
rate (excluding fees) were $247,643,836 and 1.56%, respectively. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Repurchase
Agreements.</B></FONT> The Trust may enter into repurchase agreements (the purchase of a security coupled with an agreement to
resell at a higher price) with respect to its permitted investments. A repurchase agreement is the purchase by the Trust of securities
from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a
specified date and price. Repurchase agreements that mature in more than seven days will be treated as illiquid. When a repurchase
agreement is entered into, the Trust typically receives securities with a value that equals or exceeds the repurchase price, including
any accrued interest earned on the agreement. The value of such securities will be marked to market daily, and cash or additional
securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered into to settle
a short sale, the value of the securities delivered to the Trust will be at least equal to repurchase price during the term of
the repurchase agreement. The terms of a repurchase agreement entered into to settle a short sale may provide that the cash purchase
price paid by the Trust s more than the value of purchased securities that effectively collateralize the repurchase price payable
by the counterparty. Since in such a transaction the Trust normally will have used the purchased securities to settle the short
sale, the Trust will segregate liquid assets equal to the marked to market value of the purchased securities that it is obligated
to return to the counterparty under the repurchase agreement. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> In the event of the insolvency of the counterparty to a repurchase
agreement, recovery of the repurchase price owed to the Trust may be delayed. In a repurchase agreement, such an insolvency may
result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise
not been maintained at an amount equal to the repurchase price. Repurchase agreements may create leverage in the Trust. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Reverse
Repurchase Agreements.</B></FONT> While the Trust has no current intention to enter into reverse repurchase agreements, the Trust
reserves the right to enter into reverse repurchase agreements in the future, at levels that may vary over time. Under a reverse
repurchase agreement, the Trust temporarily transfers possession of a portfolio instrument to another party, such as a bank or
broker-dealer, in return for cash. At the same time, the Trust agrees to repurchase the instrument at an agreed upon time (normally
within seven days) and price, which reflects an interest payment. The Trust may enter into such agreements when it is able to invest
the cash acquired at a rate higher than the cost of the agreement, which would increase earned income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> In the event of the insolvency of the counterparty to a reverse
repurchase agreement, recovery of the securities sold by the Trust may be delayed. In a reverse repurchase agreement, the counterparty&rsquo;s
insolvency may result in a loss equal to the amount by which the value of the securities sold by the Trust exceeds the repurchase
price payable by the Trust. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Trust enters into a reverse repurchase agreement, any
fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds
may be invested would affect the market value of the Trust&rsquo;s assets. As a result, such transactions may increase fluctuations
in the market value of the Trust&rsquo;s assets. While there is a risk that large fluctuations in the market value of the Trust&rsquo;s
assets could affect net asset value, this risk is not significantly increased by entering into reverse repurchase agreements, in
the opinion of the Adviser. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing
funds, they constitute a form of leverage. The SEC views reverse repurchase transactions as collateralized borrowings by a fund.
Such agreements will be treated as subject to investment restrictions regarding &ldquo;borrowings.&rdquo; If the Trust reinvests
the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will
lower the Trust&rsquo;s yield.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">USE OF LEVERAGE AND RELATED RISKS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Generally, leverage involves the use of proceeds from the
issuance of preferred shares, borrowed funds or various financial instruments (such as derivatives) to seek to increase a trust&rsquo;s
potential returns. The Trust currently uses leverage created by issuing preferred shares and by loans acquired with borrowings.
On September 16, 2004, the Trust issued 3,480 Series A APS, 3,480 Series B APS, 3,480 Series C APS, 3,480 Series D APS and 3,480
Series E APS, with a liquidation preference per share of $25,000 plus accumulated but unpaid dividends. As of November 30, 2012,
2,840 Series A APS, 2,840 Series B APS, 2,840 Series C APS, 2,840 Series D APS and 2,840 Series E APS had been redeemed. In December
2012, the Trust entered into a financing transaction pursuant to which it offered 800 shares of a series of Variable Rate Term
Preferred Shares, par value $0.01 per share, with a liquidation preference of $100,000 per share (the &ldquo;VRTP Shares&rdquo;;
the VRTP Shares and other series of VRTP Shares from time to time issued by the Trust are collectively referred to herein as the
&ldquo;VRTP Shares&rdquo;). The Trust used the net proceeds from the sale of VRTP Shares to enter into a series of transactions
which ultimately resulted in a redemption and/or repurchase of its outstanding APS and to maintain the Trust&rsquo;s leveraged
capital structure. As of January 4, 2013, all of the outstanding APS had been redeemed and/or repurchased. The VRTP Shares have
seniority over the Common Shares. In addition, the Trust has entered into an Agreement with conduit lenders and a bank to borrow
up to $290 million ($295 million prior to March 12, 2018). Borrowings under the Agreement are secured by the assets of the Trust.
Interest is charged at a rate above the conduits&rsquo; commercial paper issuance rate and is payable monthly. Under the terms
of the Agreement, the Trust also pays a program fee of 0.67% per annum on its outstanding borrowings to administer the facility
and a liquidity fee of 0.15% (0.25% if the outstanding loan amount is less than or equal to 60% of the total facility size) per
annum on the borrowing limit under the Agreement. Program and liquidity fees for the year ended May 31, 2018 totaled $2,129,218.
The Trust also paid an upfront fee of $290,000, which is being amortized to interest expense over a period of one year through
March 2019. The Trust is required to maintain certain net asset levels during the term of the Agreement. As of May 31, 2018, the
Trust had $254,000,000 in outstanding borrowings, at an interest rate of 2.24%, in addition to outstanding preferred shares. The
Adviser anticipates that the use of leverage (from such issuance of VRTP Shares and any borrowings) may result in higher income
to Common Shareholders over time. Use of financial leverage creates an opportunity for increased income but, at the same time,
creates special risks. There can be no assurance that a leveraging strategy will be successful. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The costs of the financial leverage program (from any issuance
of preferred shares and any borrowings) are borne by Common Shareholders and consequently result in a reduction of the NAV of Common
Shares. During periods in which the Trust is using leverage, the fees paid to Eaton Vance for investment advisory services will
be higher than if the Trust</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">did not use leverage because the fees paid will be calculated
on the basis of the Trust&rsquo;s gross assets, including proceeds from the issuance of preferred shares and any borrowings. In
this regard, holders of debt or preferred securities do not bear the investment advisory fee. Rather, Common Shareholders bear
the portion of the investment advisory fee attributable to the assets purchased with the proceeds, which means that Common Shareholders
effectively bear the entire advisory fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Leverage creates risks for holders of the Common Shares, including
the likelihood of greater volatility of NAV and market price of the Common Shares. There is a risk that fluctuations in the distribution
rates on any outstanding preferred shares may adversely affect the return to the holders of the Common Shares. If the income from
the investments purchased with the proceeds of leverage is not sufficient to cover the cost of leverage, the return on the Trust
will be less than if leverage had not been used, and, therefore, the amount available for distribution to Common Shareholders will
be reduced. The Adviser in its best judgment nevertheless may determine to maintain the Trust&rsquo;s leveraged position if it
deems such action to be appropriate in the circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Changes in the value of the Trust&rsquo;s investment portfolio
(including investments bought with the proceeds of leverage) will be borne entirely by the Common Shareholders. If there is a net
decrease (or increase) in the value of the Trust&rsquo;s investment portfolio, the leverage will decrease (or increase) the NAV
per Common Share to a greater extent than if the Trust were not leveraged. During periods in which the Trust is using leverage,
the fees paid to Eaton Vance for investment advisory services will be higher than if the Trust did not use leverage because the
fees paid will be calculated on the basis of the Trust&rsquo;s gross assets, including the proceeds from the issuance of preferred
shares and any borrowings. As discussed under &ldquo;Description of Capital Structure,&rdquo; the Trust&rsquo;s issuance of preferred
shares may alter the voting power of Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Capital raised through leverage will be subject to distribution
and/or interest payments, which may exceed the income and appreciation on the assets purchased. The issuance of preferred shares
involves offering expenses and other costs and may limit the Trust&rsquo;s freedom to pay distributions on Common Shares or to
engage in other activities. The issuance of a class of preferred shares having priority over the Common Shares creates an opportunity
for greater return per Common Share, but at the same time such leveraging is a speculative technique that will increase the Trust&rsquo;s
exposure to capital risk. Unless the income and appreciation, if any, on assets acquired with offering proceeds exceed the cost
of issuing additional classes of securities (and other Trust expenses), the use of leverage will diminish the investment performance
of the Common Shares compared with what it would have been without leverage.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is subject to certain restrictions on investments imposed
by guidelines of one or more Rating Agencies that issued ratings for preferred shares issued by the Trust. These guidelines impose
asset coverage or Trust composition requirements that are more stringent than those imposed on the Trust by the 1940 Act. These
covenants or guidelines do not currently and are not expected to impede Eaton Vance in managing the Trust&rsquo;s portfolio in
accordance with its investment objectives and policies and it is not anticipated that they will so impede Eaton Vance in the future.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Under the 1940 Act, the Trust is not permitted to issue preferred
shares unless immediately after such issuance the total asset value of the Trust&rsquo;s portfolio is at least 200% of the liquidation
value of the outstanding preferred shares plus the amount of any senior security representing indebtedness (i.e., such liquidation
value and amount of indebtedness may not exceed 50% of the Trust&rsquo;s total assets). In addition, the Trust is not permitted
to declare any cash distribution on its Common Shares unless, at the time of such declaration, the NAV of the Trust&rsquo;s portfolio
(determined after deducting the amount of such distribution) is at least 200% of such liquidation value plus amount of indebtedness.
The Trust intends, to the extent possible, to purchase or redeem preferred shares, from time to time, to maintain coverage of any
preferred shares of at least 200%. As of May 31, 2018, the then outstanding preferred shares and the outstanding borrowings represented
34.9% leverage, and there was an asset coverage of the preferred shares of 286%. Holders of preferred shares, voting as a class,
shall be entitled to elect two of the Trust&rsquo;s Trustees. The holders of both the Common Shares and the preferred shares (voting
together as a single class with each share entitling its holder to one vote) shall be entitled to elect the remaining Trustees
of the Trust. In the event the Trust fails to pay distributions on its preferred shares for two years, preferred shareholders would
be entitled to elect a majority of the Trustees until the preferred distributions in arrears are paid. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Under the 1940 Act, the Trust is not permitted to incur indebtedness,
including through the issuance of debt securities, unless immediately thereafter the total asset value of the Trust&rsquo;s portfolio
is at least 300% of the liquidation value of the outstanding indebtedness (i.e., such liquidation value may not exceed 33 1/3%
of the Trust&rsquo;s total assets). In addition, the Trust is not permitted to declare any cash distribution on its Common Shares
unless, at the time of such declaration, the NAV of the Trust&rsquo;s portfolio (determined after deducting the amount of such
distribution) is at least 300% of such liquidation value. If the Trust borrows money or enters into a commercial paper program,
the Trust intends, to the extent possible, to retire outstanding debt, from time to time, to maintain coverage of any outstanding
indebtedness of at least 300%. As of May 31, 2018, there were $254 million in outstanding borrowings. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To qualify for federal income taxation as a &ldquo;regulated
investment company,&rdquo; the Trust must distribute in each taxable year at least 90% of its net investment income (including
net interest income and net short-term gain). The Trust also will be required to distribute annually substantially all of its income
and capital gain, if any, to avoid imposition of a nondeductible 4% federal excise tax. If the Trust is precluded from making distributions
on the Common Shares because of any applicable asset coverage requirements, the terms of the preferred shares may provide that
any amounts so precluded from being distributed, but required to be distributed for the Trust to meet the distribution requirements
for qualification as a regulated investment company, will be paid to the holders of the preferred shares as a special distribution.
This distribution can be expected to decrease the amount that holders of preferred shares would be entitled to receive upon redemption
or liquidation of the shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Successful use of a leveraging strategy may depend on the Adviser&rsquo;s
ability to predict correctly interest rates and market movements, and there is no assurance that a leveraging strategy will be
successful during any period in which it is employed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The following table is designed to illustrate the effect on
the return to a holder of the Common Shares of leverage in the amount of approximately 34.9% of the Trust&rsquo;s gross assets,
assuming hypothetical annual returns of the Trust&rsquo;s portfolio of minus 10% to plus 10%. As the table shows, leverage generally
increases the return to Common Shareholders when portfolio return is positive and greater than the cost of leverage and decreases
the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are hypothetical
and actual returns may be greater or less than those appearing in the table. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Assumed Portfolio Total Return (Net of Expenses)</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(10)%</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(5)%</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0%</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5%</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Corresponding Common Share Total Return</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> (16.92)% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> (9.23)% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> (1.55)% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 6.14% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 13.82% </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Assuming the utilization of leverage in the amount of 34.9%
of the Trust&rsquo;s gross assets, the cost of leverage is 2.88%. The additional income that the Trust must earn (net of expenses)
in order to cover such costs is approximately 1.01% of net assets. The Trust&rsquo;s actual costs of leverage will be based on
market rates at the time the Trust undertakes a leveraging strategy, and such actual costs of leverage may be higher or lower than
that assumed in the previous example. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">ADDITIONAL RISK CONSIDERATIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may receive little or no return on your investment or even that you
may lose part or all of your investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Discount
From or Premium to NAV.</B></FONT> The Offering will be conducted only when Common Shares of the Trust are trading at a price equal
to or above the Trust&rsquo;s NAV per Common Share plus the per Common Share amount of commissions. As with any security, the market
value of the Common Shares may increase or decrease from the amount initially paid for the Common Shares. The Trust&rsquo;s Common
Shares have traded both at a premium and at a discount relative to net asset value. The shares of closed-end management investment
companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Trust&rsquo;s
NAV may decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Secondary
Market for the Common Shares.</B></FONT> The issuance of Common Shares through the Offering may have an adverse effect on the secondary
market for the Common Shares. The increase in the amount of the Trust&rsquo;s outstanding Common Shares resulting from the Offering
may put downward pressure on the market price for the Common Shares of the Trust. Common Shares will not be issued pursuant to
the Offering at any time when Common Shares are trading at a price lower than a price equal to the Trust&rsquo;s NAV per Common
Share plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust also issues Common Shares of the Trust through its
dividend reinvestment plan. See &ldquo;Dividend Reinvestment Plan.&rdquo; Common Shares may be issued under the plan at a discount
to the market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Common Shares are trading at a premium, the Trust may
also issue Common Shares of the Trust that are sold through transactions effected on the NYSE. The increase in the amount of the
Trust&rsquo;s outstanding Common Shares resulting from that offering may also put downward pressure on the market price for the
Common Shares of the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The voting power of current shareholders will be diluted to the
extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient shares
to maintain their percentage interest. In addition, if the Adviser is unable to invest the proceeds of such offering as intended,
the Trust&rsquo;s per share distribution may decrease (or may consist of return of capital) and the Trust may not participate in
market advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Income
Risk.</B></FONT> The income investors receive from the Trust is based primarily on the interest it earns from its
investments, which can vary widely over the short and long-term. If prevailing market interest rates drop, investors&rsquo;
income from the Trust could drop as well. The Trust&rsquo;s income could also be affected adversely when prevailing
short-term interest rates increase and the Trust is utilizing leverage, although this risk
is mitigated by the Trust&rsquo;s investment in Senior Loans, which pay floating-rates of interest.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Risk</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> The value of investments held by the Trust
may increase or decrease in response to economic, political and financial events (whether real, expected or perceived) in the U.S.
and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments
held by the Trust may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing
market conditions.&nbsp; Actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic
growth, such as decreases or increases in short-term interest rates, could cause high volatility in markets. No active trading
market may exist for certain investments, which may impair the ability of the Trust to sell or to realize the current valuation
of such investments in the event of the need to liquidate such assets.&nbsp; Fixed-income markets may experience periods of relatively
high volatility in an environment where U.S. treasury yields are rising. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Senior
Loans Risk.</B></FONT> The risks associated with Senior Loans are similar to the risks of Non-Investment Grade Bonds (discussed
below), although Senior Loans are typically senior and secured in contrast to Non-Investment Grade Bonds, which are often subordinated
and unsecured. Senior Loans&rsquo; higher standing has historically resulted in generally higher recoveries in the event of a corporate
reorganization or other restructuring. In addition, because their interest rates are adjusted for changes in short-term interest
rates, Senior Loans generally have less interest rate risk than Non-Investment Grade Bonds, which are typically fixed rate. The
Trust&rsquo;s investments in Senior Loans are typically below investment grade and are considered speculative because of the credit
risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed to the Trust,
and such defaults could reduce the Trust&rsquo;s net asset value and income distributions. An economic downturn generally leads
to a higher non-payment rate, and a debt obligation may lose significant value before a default occurs. Moreover, any specific
collateral used to secure a loan may decline in value or lose all its value or become illiquid, which would adversely affect the
loan&rsquo;s value. Junior Loans are secured and unsecured subordinated loans, second lien loans and subordinate bridge loans.
Senior Loans and Junior Loans are referred to together herein as &ldquo;loans.&rdquo; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Loans and other debt securities are also subject to the risk
of price declines and to increases in prevailing interest rates, although floating-rate debt instruments are less exposed to this
risk than fixed-rate debt instruments. Interest rate changes may also increase prepayments of debt obligations and require the
Trust to invest assets at lower yields. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Loans are traded in a private, unregulated inter-dealer or
inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought
or sold. These restrictions may impede the Trust&rsquo;s ability to buy or sell loans (thus affecting their liquidity) and may
negatively impact the transaction price. See also &ldquo;Market Risk&rdquo; above. It also may take longer than seven days for
transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Trust may hold cash, sell investments
or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are
not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection
of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income
investments as described herein. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Credit
Risk</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> Investments in loans and other debt obligations
(referred to below as &ldquo;debt instruments&rdquo;) are subject to the risk of non-payment of scheduled principal and interest.
Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest
payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Trust shares and
income distributions. The value of debt instruments also may decline because of concerns about the issuer&rsquo;s ability to make
principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition
of the party obligated to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer
of a debt instrument, the Trust could experience delays or limitations with respect to its ability to realize the benefits of any
collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation,
the Trust may be required to retain legal or similar counsel, which may increase the Trust&rsquo;s operating expenses and adversely
affect net asset value. Due to their lower place in the borrower&rsquo;s capital structure, Junior Loans involve a higher degree
of overall risk than Senior Loans of the same borrower. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Rating agencies are private services that provide
ratings of the credit quality of certain investments. In evaluating creditworthiness, the investment adviser considers
ratings assigned by rating agencies and generally performs additional credit and investment analysis. Credit ratings issued
by rating agencies are based on a number of factors including, but not limited to, the issuer&rsquo;s financial condition and
the rating agency&rsquo;s credit analysis, if applicable, at the time of rating. The ratings assigned are not absolute
standards of credit quality and do not evaluate market risks or necessarily reflect the issuer&rsquo;s current financial
condition or the volatility or liquidity of the security. An issuer&rsquo;s current financial condition may be better or
worse than the current rating indicates. A credit rating may have a modifier (such as plus, minus or a numerical modifier) to
denote its relative status within the rating. The presence of a modifier does not change the security credit rating (for
example, BBB- and Baa3 are within the investment grade rating) for purposes of the Trust&rsquo;s investment limitations. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-Investment
Grade Bonds Risk.</B></FONT> The Trust&rsquo;s investments in Non-Investment Grade Bonds, commonly referred to as &ldquo;junk bonds,&rdquo;
are predominantly speculative because of the credit risk of their issuers. While offering a greater potential opportunity for capital
appreciation and higher yields, Non-Investment Grade Bonds typically entail greater potential price volatility and may be less
liquid than higher-rated securities. Issuers of Non-Investment Grade Bonds are more likely to default on their payments of interest
and principal owed to the Trust, and such defaults will reduce the Trust&rsquo;s net asset value and income distributions. The
prices of these lower rated obligations are more sensitive to negative developments than higher rated securities. Adverse business
conditions, such as a decline in the issuer&rsquo;s revenues or an economic downturn, generally lead to a higher non-payment rate.
In addition, a security may lose significant value before a default occurs as the market adjusts to expected higher non-payment
rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Lower
Rated Investments Risk.</B></FONT> Investments rated below investment grade and comparable unrated investments (sometimes referred
to as &ldquo;junk&rdquo;) have speculative characteristics because of the credit risk associated with their issuers. Changes in
economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments
to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads
to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments
typically are subject to greater price volatility and illiquidity than higher rated investments. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Prepayment
Risk.</B></FONT> During periods of declining interest rates or for other purposes, Borrowers may exercise their option to prepay
principal earlier than scheduled. For fixed-income securities, such payments often occur during periods of declining interest rates,
forcing the Trust to reinvest in lower yielding securities. This is known as call or prepayment risk. Non-Investment Grade Bonds
frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified
price (typically greater than par) only if certain prescribed conditions are met (&ldquo;call protection&rdquo;). An issuer may
redeem a Non-Investment Grade Bond if, for example, the issuer can refinance the debt at a lower cost due to declining interest
rates or an improvement in the credit standing of the issuer. Senior Loans typically have no such call protection. For premium
bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Trust, prepayment risk may be enhanced. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>Issuer Risk.</B> The value of corporate income-producing
securities held by the Trust may decline for a number of reasons, which directly relate to the issuer, such as management performance,
financial leverage and reduced demand for the issuer&rsquo;s goods and services. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivatives
Risk.</B></FONT> The Trust&rsquo;s exposure to derivatives involves risks different from, or possibly greater than, the risks
associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse
movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty
or due to tax or regulatory constraints. Derivatives may create leverage in the Trust, which represents a non-cash exposure to
the underlying asset, index, rate or instrument. Leverage can increase both the risk and return potential of the Trust. Derivatives
risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather
than solely to hedge the risk of a position held by the Trust. Use of derivatives involves the exercise of specialized skill and
judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in
the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying asset, rate, index
or instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be
subject to wide swings in valuation caused by changes in the value of the underlying instrument. If a derivative&rsquo;s counterparty
is unable to honor its commitments, the value of Trust shares may decline and the Trust could experience delays in the return
of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial
investment, particularly when there is no stated limit on the Trust&rsquo;s use of derivatives. A derivative investment also involves
the risks relating to the asset, index, rate or instrument underlying the investment. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Leverage
Risk.</B></FONT> Certain fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an asset,
index, rate or instrument. Leverage can increase both the risk and return potential of the Trust. The Trust is required to segregate
liquid assets or otherwise cover the Trust&rsquo;s obligation created by a transaction that may give rise to leverage. The use
of leverage may cause the Trust to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations
or to meet segregation requirements. Leverage may cause the Trust&rsquo;s share price to be more volatile than if it had not been
leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Trust&rsquo;s
portfolio securities. The loss on leveraged investments may substantially exceed the initial investment. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As discussed above, the Trust currently uses leverage created
by issuing preferred shares as well as by loans acquired with borrowings. On September 16, 2004, the Trust issued 3,480 Series
A APS, 3,480 Series B APS, 3,480 Series C </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> APS, 3,480 Series D APS and 3,480 Series E APS, with a liquidation
preference per share of $25,000 plus accumulated but unpaid dividends. In December 2012, the Trust entered into a financing transaction
pursuant to which it offered 800 VRTP Shares. The Trust used the net proceeds from the sale of VRTP Shares to enter into a series
of transactions which ultimately resulted in a redemption and/or repurchase of its outstanding APS and to maintain the Trust&rsquo;s
leveraged capital structure. As of January 4, 2013, all APS had been redeemed and/or repurchased. In addition, the Trust has entered
into an Agreement with conduit lenders and a bank to borrow up to $290 million ($295 million prior March 12, 2018). The Trust is
required to maintain certain net asset levels during the term of the Agreement. As of May 31, 2018, the Trust had $254,000,000
in outstanding borrowings, at an interest rate of 2.24%, in addition to outstanding preferred shares. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser anticipates that the use of leverage (from the issuance
of VRTP Shares and any borrowings) may result in higher income to Common Shareholders over time. Leverage creates risks for Common
Shareholders, including the likelihood of greater volatility of NAV and market price of the Common Shares and the risk that fluctuations
in dividend rates on VRTP Shares and costs of borrowings may affect the return to Common Shareholders. To the extent the income
derived from investments purchased with funds received from leverage exceeds the cost of leverage, the Trust&rsquo;s distributions
will be greater than if leverage had not been used. Conversely, if the income from the investments purchased with such funds is
not sufficient to cover the cost of leverage, the amount available for distribution to Common Shareholders will be less than if
leverage had not been used. In the latter case, Eaton Vance, in its best judgment, may nevertheless determine to maintain the Trust&rsquo;s
leveraged position if it deems such action to be appropriate. While the Trust has preferred shares outstanding, an increase in
short-term rates would also result in an increased cost of leverage, which would adversely affect the Trust&rsquo;s income available
for distribution. There can be no assurance that a leveraging strategy will be successful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, under current federal income tax law, the Trust
is required to allocate a portion of any net realized capital gains or other taxable income to holders of VRTP Shares. The terms
of the Trust&rsquo;s preferred shares require the Trust to pay to any holders of such preferred shares additional dividends intended
to compensate such holders for taxes payable on any capital gains or other taxable income allocated to such holders. Any such additional
dividends will reduce the amount available for distribution to Common Shareholders. As discussed under &ldquo;Management of the
Trust,&rdquo; the fee paid to Eaton Vance is calculated on the basis of the Trust&rsquo;s gross assets, including proceeds from
the issuance of preferred shares and borrowings, so the fees will be higher when leverage is utilized. In this regard, holders
of VRTP Shares do not bear the investment advisory fee. Rather, Common Shareholders bear the portion of the investment advisory
fee attributable to the assets purchased with the proceeds, which means that Common Shareholders effectively bear the entire advisory
fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The VRTP Shares have been rated A1 by Moody's. The Trust currently
intends to seek to maintain this rating or an equivalent credit rating on the VRTP Shares or any preferred shares it issues. The
Rating Agencies which rate the preferred shares and any bank lender in connection with a credit facility or commercial paper program
may also impose specific restrictions as a condition to borrowing. Such restrictions may include asset coverage or portfolio composition
requirements that are more stringent than those imposed on the Trust by the 1940 Act. These covenants or guidelines do not currently
and are not expected to impede Eaton Vance in managing the Trust&rsquo;s portfolio in accordance with its investment objectives
and policies and it is not anticipated that they will so impede Eaton Vance in the future. See &ldquo;Description of Capital Structure
- Preferred Shares.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Trust&rsquo;s use of derivative instruments exposes the Trust to special risks. See &ldquo;Investment
Objectives, Policies and Risks - Additional Investment Practices&rdquo; and &ldquo;Investment Objectives, Policies, and Risks -
Additional Risk Considerations.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Interest
Rate Risk</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> In general, the value of income securities
will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall
and decline when interest rates rise. Generally, securities with longer durations are more sensitive to changes in interest rates
than shorter duration securities, causing them to be more volatile. Conversely, fixed income securities with shorter durations
will be less volatile but may provide lower returns than fixed income securities with longer durations. The impact of interest
rate changes on the value of floating rate instruments is typically reduced by periodic interest rate resets. In a rising interest
rate environment, the durations of income securities that have the ability to be prepaid or called by the issuer may be extended.
In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower
interest rate. Because floating or variable rates on loans only reset periodically, changes in prevailing interest rates may cause
some fluctuations in the Trust&rsquo;s net asset value. Similarly, a sudden and significant increase in market interest rates may
cause a decline in the Trust&rsquo;s net asset value. A material decline in the Trust&rsquo;s net asset value may impair the Trust&rsquo;s
ability to maintain required levels of asset coverage. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Investment Risk.</B></FONT> Investments in foreign issuers could be affected by factors not present in the United States, including
expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing standards, less publicly available
financial and other information, and potential difficulties in enforcing contractual obligations. Because foreign issuers may not
be subject to uniform accounting, auditing and financial reporting standard practices and </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> requirements and regulatory measures comparable to those in
the United States, there may be less publicly available information about such foreign issuers. Settlements of securities transactions
in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than in the United States, which
could affect the liquidity of the Trust&rsquo;s assets. Evidence of ownership of certain foreign investments may be held outside
the United States, and the Trust may be subject to the risks associated with the holding of such property overseas. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Foreign issuers may become subject to sanctions imposed by
the United States or another country, which could result in the immediate freeze of the foreign issuers&rsquo; assets or securities.
The imposition of such sanctions could impair the market value of the securities of such foreign issuers and limit the Trust&rsquo;s
ability to buy, sell, receive or deliver the securities. Trading in certain foreign markets is also subject to liquidity risks. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Currency
Risk.</B></FONT> Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably
by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities
markets and currency transactions are subject to settlement, custodial and other operational risks. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Liquidity
Risk.</B></FONT> The Trust may invest without limitation in Senior Loans and other securities for which there is no readily available
trading market or which are otherwise illiquid. The Trust may not be able to dispose readily of such securities at prices that
approximate those at which the Trust could sell such securities if they were more widely traded and, as a result of such illiquidity,
the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations.
In addition, the limited liquidity could affect the market price of the securities, thereby adversely affecting the Trust's net
asset value and ability to make dividend distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Some Senior Loans are not readily marketable and may be subject
to contractual restrictions that must be satisfied before a loan can be bought or sold. Senior Loans generally are not listed on
any national securities exchange or automated quotation system and no active trading market may exist for some of the Senior Loans
in which the Trust will invest. Where a secondary market exists, such market for some Senior Loans may be subject to irregular
activity, wide bid/ask spreads and extended trade settlement periods. Senior Loans that are illiquid may impair the Trust&rsquo;s
ability to realize the full value of its assets in the event of a voluntary or involuntary liquidation of such assets and thus
may cause a decline in the Trust&rsquo;s net asset value. The Trust has no limitation on the amount of its assets which may be
invested in securities which are not readily marketable or are subject to restrictions on resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Money
Market Instrument Risk.</B></FONT> Money market instruments may be adversely affected by market and economic events, such as a
sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees many
money market instruments; adverse economic, political or other developments affecting issuers of money market instruments; changes
in the credit quality of issuers; and default by a counterparty. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Reinvestment
Risk.</B></FONT> Income from the Trust&rsquo;s portfolio will decline if and when the Trust invests the proceeds from matured,
traded or called debt obligations into lower yielding instruments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Inflation
Risk.</B></FONT> Inflation risk is the risk that the value of assets or income from investment will be worth less in the future
as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions thereon
can decline. In addition, during any periods of rising inflation, dividend rates of preferred shares would likely increase, which
would tend to further reduce returns to Common Shareholders. This risk is mitigated to some degree by the Trust's investments in
Senior Loans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Management
Risk.</B></FONT> The Trust is subject to management risk because it is actively managed. Eaton Vance and the individual portfolio
managers invest the assets of the Trust as they deem appropriate in implementing the Trust&rsquo;s investment strategy. Accordingly,
the success of the Trust depends upon the investment skills and analytical abilities of Eaton Vance and the individual portfolio
managers to develop and effectively implement strategies that achieve the Trust&rsquo;s investment objective. There is no assurance
that Eaton Vance and the individual portfolio managers will be successful in developing and implementing the Trust&rsquo;s investment
strategy. Subjective decisions made by Eaton Vance and the individual portfolio managers may cause the Trust to incur losses or
to miss profit opportunities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Regulatory
Risk.</B></FONT> To the extent that legislation or state or federal regulators that regulate certain financial institutions impose
additional requirements or restrictions with respect to the ability of such institutions to make loans, particularly in connection
with highly leveraged transactions, the availability of Senior Loans for investment may be adversely affected. Further, such legislation
or regulation could depress the market value of Senior Loans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Disruption.</B></FONT> Instability in the Middle East, the wars in Afghanistan, Iraq and Libya, geopolitical tensions elsewhere
and terrorist attacks in the United States and around the world have resulted in market volatility and may have long-term effects
on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide.
The Trust cannot predict the effects of significant future events on the global economy and securities markets. A similar disruption
of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors
relating to the Common Shares. In particular, Non-Investment Grade Bonds</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">and Senior Loans tend to be more volatile than higher rated fixed-income
securities so that these events and any actions resulting from them may have a greater impact on the prices and volatility on Non-Investment
Grade Bonds and Senior Loans than on higher rated fixed-income securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Anti-takeover
Provisions.</B></FONT> The Trust's Agreement and Declaration of Trust includes provisions that could have the effect of limiting
the ability of other persons or entities to acquire control of the Trust or to change the composition of its Board. These provisions
may have the effect of discouraging attempts to acquire control of the Trust, which attempts could have the effect of increasing
the expenses of the Trust and interfering with the normal operation of the Trust. See &ldquo;Description of Capital Structure -
Certain Provisions of the Declaration of Trust - Anti-Takeover Provisions in the Declaration of Trust.&rdquo;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Management of the Trust</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BOARD OF TRUSTEES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The management of the Trust, including general supervision of
the duties performed by the Adviser under the Advisory Agreement (as defined below), is the responsibility of the Trust&rsquo;s
Board under the laws of The Commonwealth of Massachusetts and the 1940 Act.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE ADVISER</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Eaton Vance acts as the Trust's investment adviser under an
Investment Advisory Agreement (the &ldquo;Advisory Agreement&rdquo;). The Adviser's principal office is located at Two International
Place, Boston, MA 02110. Eaton Vance, its affiliates and predecessor companies have been managing assets of individuals and institutions
since 1924 and of investment companies since 1931. As of July 31, 2018, Eaton Vance and its affiliates managed approximately $453.2
billion of fund and separate account assets on behalf of clients, including approximately $43.0 billion in floating-rate income
assets. Eaton Vance is a wholly-owned subsidiary of Eaton Vance Corp., a publicly-held holding company, which through its subsidiaries
and affiliates engages primarily in investment management, administration and marketing activities. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the general supervision of the Trust&rsquo;s Board, the
Adviser will carry out the investment and reinvestment of the assets of the Trust, will furnish continuously an investment program
with respect to the Trust, will determine which securities should be purchased, sold or exchanged, and will implement such determinations.
The Adviser will furnish to the Trust investment advice and office facilities, equipment and personnel for servicing the investments
of the Trust. The Adviser will compensate all Trustees and officers of the Trust who are members of the Adviser&rsquo;s organization
and who render investment services to the Trust, and will also compensate all other Adviser personnel who provide research and
investment services to the Trust. In return for these services, facilities and payments, the Trust has agreed to pay the Adviser
as compensation under the Advisory Agreement a fee in the amount of 0.75% of the average daily gross assets of the Trust. Eaton
Vance may voluntarily reimburse additional fees and expenses but is under no obligation to do so. Any such voluntary reimbursements
may be terminated at any time. Gross assets of the Trust shall be calculated by deducting accrued liabilities of the Trust not
including the amount of any preferred shares, including VRTP Shares, outstanding or the principal amount of any indebtedness for
money borrowed. During periods in which the Trust is using leverage, the fees paid to Eaton Vance for investment advisory services
will be higher than if the Trust did not use leverage because the fees paid will be calculated on the basis of the Trust&rsquo;s
gross assets, including proceeds from any borrowings and from the issuance of preferred shares. The Trust is responsible for all
expenses not expressly stated to be payable by another party (such as the expenses required to be paid pursuant to an agreement
with the investment adviser or administrator).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Scott H. Page and Ralph H. Hinckley, Jr. comprise the investment
team responsible for the overall and day-to-day management of the Trust&rsquo;s investments. Mr.&nbsp;Page is a Vice President
of Eaton Vance, is Co-Director of Eaton Vance&rsquo;s Floating Rate Loan Group and has been a portfolio manager of the Trust since
June 2004. Mr. Hinckley is a Vice President of Eaton Vance and has been a portfolio manager of the Trust since January 2008.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Additional Information Regarding Portfolio Managers</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Statement of Additional Information provides additional information
about the portfolio managers&rsquo; compensation, other accounts managed by the portfolio managers, and the portfolio managers&rsquo;
ownership of securities in the Trust. The Statement of Additional Information is available free of charge by calling 1-800-225-6265
or by visiting the Trust&rsquo;s website at http://www.eatonvance.com. The information contained in, or that can be accessed through,
the Trust&rsquo;s website is not part of this Prospectus or the Statement of Additional Information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust and the Adviser have adopted Codes of Ethics relating
to personal securities transactions. The Codes of Ethics permit Adviser personnel to invest in securities (including securities
that may be purchased or held by the Trust) for their own accounts, subject to the provisions of the Codes of Ethics and certain
employees are also subject to certain pre-clearance, reporting and other restrictions and procedures contained in such Codes of
Ethics.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;s annual shareholder report contains information
regarding the basis for the Trustees&rsquo; approval of the Trust&rsquo;s Advisory Agreement.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE ADMINISTRATOR</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance serves as administrator of the Trust but currently
receives no compensation for providing administrative services to the Trust. Under an Amended and Restated Administrative Services
Agreement with the Trust (&ldquo;Administration Agreement&rdquo;), Eaton Vance is responsible for managing the business affairs
of the Trust, subject to the supervision of the Trust&rsquo;s Board. Eaton Vance will furnish to the Trust all office facilities,
equipment and personnel for administering the affairs of the Trust. Eaton Vance&rsquo;s administrative services include recordkeeping,
preparation and filing of documents required to comply with federal and state securities laws, supervising the activities of the
Trust&rsquo;s custodian and transfer agent, providing assistance in connection with the Trustees&rsquo; and shareholders&rsquo;
meetings, providing service in connection with any repurchase offers and other administrative services necessary to conduct the
Trust&rsquo;s business.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Plan of Distribution</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may sell the Common Shares being offered under this
Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount
arrangement between the Trust and its agents or underwriters, or among its underwriters, or the basis upon which such amount may
be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may distribute Common Shares from time to time in one
or more transactions at: (i) a fixed price or prices that may be changed; (ii) market prices prevailing at the time of sale; (iii)
prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price
per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust from time to time may offer its Common Shares through
or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may directly solicit offers to purchase Common Shares,
or the Trust may designate agents to solicit such offers. The Trust will, in a Prospectus Supplement relating to such Offering,
name any agent that could be viewed as an underwriter under the 1933 Act, and describe any commissions the Trust must pay to such
agent(s). Any such agent will be acting on a reasonable best efforts basis for the period of its appointment or, if indicated in
the applicable Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and underwriters
may be customers of, engage in transactions with, or perform services for the Trust in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If any underwriters or agents are used in the sale of Common
Shares in respect of which this Prospectus is delivered, the Trust will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Trust will set forth in the Prospectus Supplement relating to such Offering their
names and the terms of the Trust&rsquo;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a dealer is utilized in the sale of Common Shares in respect
of which this Prospectus is delivered, the Trust will sell such Common Shares to the dealer, as principal. The dealer may then
resell such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may engage in at-the-market offerings to or through
a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the 1933
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Agents, underwriters and dealers may be entitled under agreements
which they may enter into with the Trust to indemnification by the Trust against certain civil liabilities, including liabilities
under the 1933 Act, and may be customers of, engage in transactions with or perform services for the Trust in the ordinary course
of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to facilitate the Offering of Common Shares, any underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares the
prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the Offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the
price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such
other Common Shares in the open market. Finally, in any Offering of Common Shares through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing Common Shares in the Offering
if the syndicate repurchases previously distributed Common Shares in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of Common Shares above independent
market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any
time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may enter into derivative transactions with third parties,
or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable Prospectus
Supplement indicates, in connection with</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">those derivatives, the third parties may sell Common Shares covered
by this Prospectus and the applicable Prospectus Supplement or other offering materials, including in short sale transactions.
If so, the third parties may use Common Shares pledged by the Trust or borrowed from the Trust or others to settle those sales
or to close out any related open borrowings of securities, and may use Common Shares received from the Trust in settlement of those
derivatives to close out any related open borrowings of securities. The third parties in such sale transactions will be underwriters
and, if not identified in this Prospectus, will be identified in the applicable Prospectus Supplement or other offering materials
(or a post-effective amendment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum amount of compensation to be received by any member
of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any security
being sold with respect to each particular Offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any underwriter, agent or dealer utilized in the initial Offering
of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Distributions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust intends to make monthly distributions of net investment
income to Common Shareholders, after payment of any dividends on any outstanding preferred shares. The amount of each monthly distribution
will vary depending on a number of factors, including dividends payable on the Trust's preferred shares or other costs of financial
leverage. As portfolio and market conditions change, the rate of dividends on the Common Shares and the Trust's dividend policy
could change. Over time, the Trust will distribute all of its net investment income (after it pays accrued dividends on any outstanding
preferred shares) or other costs of financial leverage. In addition, at least annually, the Trust intends to distribute all or
substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years, if any).
Distributions to Common Shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded
daily and are payable at the end of each dividend period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Beginning February&nbsp;13, 2008 and consistent with the patterns
in the broader market for auction-rate securities, the Trust&rsquo;s APS auctions were unsuccessful in clearing due to an imbalance
of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In December 2012, the Trust entered into a financing transaction
pursuant to which it offered 800 VRTP Shares. The Trust used the net proceeds from the sale of VRTP Shares to enter into a series
of transactions which ultimately resulted in a redemption and/or repurchase of its outstanding APS and to maintain the Trust&rsquo;s
leveraged capital structure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust distinguishes between distributions on a tax basis
and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions
in excess of tax basis earnings and profits be 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders may elect automatically to reinvest some
or all of their distributions in additional Common Shares under the Trust's dividend reinvestment plan. See &ldquo;Distributions&rdquo;
and &ldquo;Dividend Reinvestment Plan.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">While there are any borrowings or preferred shares outstanding,
the Trust may not be permitted to declare any cash dividend or other distribution on its Common Shares in certain circumstances.
See &ldquo;Description of Capital Structure.&rdquo;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Federal Income Tax Matters</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Trust intends to qualify each year as a regulated investment
company (a &ldquo;RIC&rdquo;) under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). Accordingly, the Trust
intends to satisfy certain requirements relating to sources of its income and diversification of its assets and to distribute substantially
all of its net income (including net tax-exempt interest income) and net short-term capital gains (after reduction by net long-term
capital losses and any available capital loss carryforwards) in accordance with the timing requirements imposed by the Code, so
as to maintain its RIC status. If it qualifies for treatment as a RIC and satisfies the above-mentioned distribution requirements,
the Trust will not be subject to federal income tax on income paid to its shareholders in the form of dividends or capital gains
distributions. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> To qualify as a RIC for income tax purposes, the Trust must
derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains from
the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains
from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies,
and net income derived from an interest in a qualified publicly traded partnership. The Trust must also distribute to its shareholders
at least the sum of 90% of its investment company taxable income (as that term is defined in the Code, but determined without regard
to the deduction for dividends paid) and 90% of its net tax-exempt interest income for each taxable year. </P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Trust must also satisfy certain requirements with respect
to the diversification of its assets. The Trust must have, at the close of each quarter of its taxable year, at least 50% of the
value of its total assets represented by cash items, U.S. government securities, securities of other RICs, and other securities
that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the Trust or more than 10% of the
voting securities of that issuer. In addition, at those times, not more than 25% of the value of the Trust&rsquo;s assets may be
invested in securities (other than U.S. Government securities or the securities of other RICs) of any one issuer, or of two or
more issuers that the Trust controls and which are engaged in the same or similar trades or businesses or related trades or businesses,
or of one or more qualified publicly traded partnerships. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> In order to avoid incurring a nondeductible 4% U.S. federal
excise tax obligation, the Code requires that the Trust distribute (or be deemed to have distributed) by December&nbsp;31 of each
calendar year an amount at least equal to the sum of (i)&nbsp;98% of its ordinary income for such year, (ii)&nbsp;98.2% of its
capital gain net income, generally computed on the basis of the one-year period ending on October&nbsp;31 of such year, after reduction
by any available capital loss carryforwards and (iii)&nbsp;100% of any ordinary income and capital gain net income from the prior
year (as previously computed) that was not paid out during such year and on which the Trust paid no U.S. federal income tax. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Trust does not qualify as a RIC for any taxable year,
the Trust&rsquo;s taxable income will be subject to corporate income taxes, and all distributions from earnings and profits, including
distributions of net capital gain (if any), will be taxable to the shareholder as ordinary income. Such distributions will be treated
as qualified dividend income with respect to shareholders who are individuals and will be eligible for the dividends received deduction
in the case of shareholders taxed as corporations, provided certain holding period requirements are met. In order to requalify
for taxation as a RIC, the Trust may be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial
distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust intends to make monthly distributions of net investment
income after payment of dividends on any outstanding preferred shares or interest on any outstanding borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Trust may also distribute its net realized capital gains,
if any, generally not more than once per year. Distributions of the Trust&rsquo;s net capital gains that are properly reported
(&ldquo;capital gain dividends&rdquo;), if any, are taxable to shareholders as long-term capital gains, regardless of the length
of time shares have been held by shareholders. (Net capital gain is the excess (if any) of net long-term capital gain over net
short-term capital loss.) Dividends paid to shareholders out of the Trust&rsquo;s current and accumulated earnings and profits
will, except in the case of capital gain dividends, be taxable as ordinary income. Distributions, if any, in excess of the Trust&rsquo;s
earnings and profits will first reduce the adjusted tax basis of a holder&rsquo;s shares and, after that basis has been reduced
to zero, will constitute capital gains to the shareholder. See below for a summary of the maximum tax rates applicable to capital
gains (including capital gain dividends). Dividends paid by the Trust generally will not qualify for the reduced tax rates applicable
to qualified dividend income received by individual shareholders or the dividends received deduction generally available to corporate
shareholders. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Distributions will be treated in the manner described above
regardless of whether such distributions are paid in cash or invested in additional shares of the Trust. Shareholders receiving
any distribution from the Trust in the form of additional shares pursuant to a dividend reinvestment plan will be treated as receiving
a taxable distribution in the amount they would have received if they had elected to receive the distribution in cash, unless the
Trust issues new shares that are trading at or above net asset value, in which case, such shareholders will be treated as receiving
a distribution in the amount equal to the fair market value of the shares received, determined as of the reinvestment date. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As described in &ldquo;Distributions&rdquo; above, the Trust
may retain some or all of its net capital gain. If the Trust retains any net capital gain, it will be subject to tax at regular
corporate rates on the amount retained and will report the retained amount as undistributed capital gains as part of its annual
reporting to its shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i)&nbsp;will be required
to include in income for U.S. federal income tax purposes, as long-term capital gain, their share of such undistributed amount;
(ii)&nbsp;will be entitled to credit their proportionate shares of the tax paid by the Trust on such undistributed amount against
their U.S. federal income tax liabilities, if any; and (iii)&nbsp;will be entitled to claim refunds to the extent the credit exceeds
such liabilities. For U.S. federal income tax purposes, the tax basis of Common Shares owned by a Common Shareholder will be increased
by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder&rsquo;s gross
income and the tax deemed paid by the Common Shareholder under clause (ii)&nbsp;of the preceding sentence. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Internal Revenue Service currently requires that a RIC
that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary
income and capital gains) based on the percentage of total dividends paid to each class for the tax year. Accordingly, if the Trust
issues preferred shares, such as VRTP Shares, it will designate dividends made with respect to Common Shares and preferred shares
as consisting of particular types of income (e.g., net capital gain and ordinary income) in accordance with the proportionate share
of each class in the total dividends paid by the Trust during the year. </P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Gains or losses attributable to fluctuations in exchange rates
between the time the Trust accrues income or receivables or expenses or other liabilities denominated in a foreign currency and
the time the Trust actually collects such income or receivables or pays such liabilities are generally treated as ordinary income
or loss. Transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options,
futures contracts, forward contracts and similar instruments (to the extent permitted) may give rise to ordinary income or loss
to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Trust may be subject to foreign withholding or other foreign
taxes with respect to income (possibly including, in some cases, capital gains) on certain foreign securities. These taxes may
be reduced or eliminated under the terms of an applicable U.S. income tax treaty. Shareholders will generally not be entitled to
claim a credit or deduction with respect to foreign taxes paid by the Trust. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will inform shareholders of the source and tax status
of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Selling shareholders will generally recognize capital gain
or loss in an amount equal to the difference between the shareholder&rsquo;s adjusted tax basis in the shares sold and the amount
received. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The maximum tax rate applicable to capital gains recognized
by individuals and other non-corporate taxpayers is (i)&nbsp;the same as the maximum ordinary income tax rate for gains recognized
on the sale of capital assets held for one year or less, or (ii)&nbsp;20% for gains recognized on the sale of capital assets held
for more than one year (as well as capital gain dividends). Any loss on a disposition of shares held for six months or less will
be treated as a long-term capital loss to the extent of any capital gain dividends received (or amounts designated as undistributed
capital gains) with respect to those shares. For purposes of determining whether shares have been held for six months or less,
the holding period is suspended for any periods during which the shareholder&rsquo;s risk of loss is diminished as a result of
holding one or more other positions in substantially similar or related property, or through certain options. Any loss realized
on a sale or exchange of shares will be disallowed to the extent those shares are replaced by other substantially identical shares
within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the shares (whether through
the reinvestment of distributions, which could occur, for example, if the shareholder is a participant in the Plan or otherwise).
In that event, the basis of the replacement shares will be adjusted to reflect the disallowed loss. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> An investor should be aware that, if shares are purchased
shortly before the record date for any taxable dividend (including a capital gain dividend), the purchase price likely will reflect
the value of the dividend and the investor then would receive a taxable distribution likely to reduce the trading value of such
shares, in effect resulting in a taxable return of some of the purchase price. Taxable distributions to individuals and certain
other non-corporate shareholders who have not provided their correct taxpayer identification number and other required certifications,
may be subject to &ldquo;backup&rdquo; federal income tax withholding at the fourth lowest rate of tax applicable to a single individual
(currently 28%). </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An investor should also be aware that the benefits of the reduced
tax rate applicable to long-term capital gains may be impacted by the application of the alternative minimum tax to individual
shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain foreign entities including foreign entities acting as
intermediaries may be subject to a 30% withholding tax on dividend income paid and, after December 31, 2018, on gross redemption
proceeds paid under the Foreign Account Tax Compliance Act (&ldquo;FATCA&rdquo;). To avoid withholding, foreign financial institutions
subject to FATCA must agree to disclose to the relevant revenue authorities certain information regarding their direct and indirect
U.S. owners and other foreign entities must certify certain information regarding their direct and indirect U.S. owners to the
Trust. For more detailed information regarding FATCA withholding and compliance, please refer to the Statement of Additional Information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The foregoing briefly summarizes some of the important federal
income tax consequences to shareholders of investing in shares, reflects the federal tax law as of the date of this prospectus,
and does not address special tax rules applicable to certain types of investors, such as corporate and foreign investors. A more
complete discussion of the tax rules applicable to the Trust and the shareholders can be found in the Statement of Additional Information
that is incorporated by reference into this prospectus. Unless otherwise noted, this discussion assumes that an investor is a United
States person and holds shares as a capital asset. This discussion is based upon current provisions of the Code, the regulations
promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change or differing interpretations
by the courts or the Internal Revenue Service retroactively or prospectively. Investors should consult their tax advisors regarding
other federal, state or local tax considerations that may be applicable in their particular circumstances, as well as any proposed
tax law changes. </P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Dividend Reinvestment Plan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust offers a dividend reinvestment plan (the &ldquo;Plan&rdquo;)
pursuant to which Common Shareholders may elect to have distributions automatically reinvested in Common Shares of the Trust. You
may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate,
you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer&nbsp;&amp; Trust&nbsp;Company,
LLC (&ldquo;AST&rdquo; or &ldquo;Plan Agent&rdquo;) as</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">dividend paying agent. On the distribution payment date, if the
net asset value per Common Share is equal to or less than the market price per Common Share plus estimated brokerage commissions,
then new Common Shares will be issued. The number of Common Shares shall be determined by the greater of the net asset value per
Common Share or 95% of the market price. Otherwise, Common Shares generally will be purchased on the open market by the Plan Agent.
Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If your shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan,
you will need to request that your shares be re-registered in your name with the Trust&rsquo;s transfer agent, AST, or you will
not be able to participate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Plan Agent&rsquo;s service fee for handling distributions
will be paid by the Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Plan participants may withdraw from the Plan at any time by
writing to the Plan Agent at the address noted on page 46. If you withdraw, you will receive shares in your name for all Common
Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent
sell part or all of his or her Common Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage
commissions from the proceeds. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any inquiries regarding the Plan can be directed to the Plan
Agent, AST, at 1-866-439-6787.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Description of Capital Structure</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is an unincorporated business trust established under
the laws of The Commonwealth of Massachusetts by an Agreement and Declaration of Trust (the &ldquo;Declaration of Trust&rdquo;).
The Declaration of Trust provides that the Trustees of the Trust may authorize separate classes of shares of beneficial interest.
The Trustees have authorized an unlimited number of Common Shares. The Trust intends to hold annual meetings of shareholders in
compliance with the requirements of the NYSE.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">COMMON SHARES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust permits the Trust to issue an unlimited
number of full and fractional Common Shares. Each Common Share represents an equal proportionate interest in the assets of the
Trust with each other Common Share in the Trust. Holders of Common Shares will be entitled to the payment of dividends when, as
and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of dividends
to the holders of Common Shares. Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to
vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Trust, after paying or adequately
providing for the payment of all liabilities of the Trust and the liquidation preference with respect to any outstanding preferred
shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the
Trustees may distribute the remaining assets of the Trust among the holders of the Common Shares. The Declaration of Trust provides
that shareholders are not liable for any liabilities of the Trust and permits inclusion of a clause to that effect in every agreement
entered into by the Trust and in coordination with the Trust's By-Laws indemnifies shareholders against any such liability. Although
shareholders of an unincorporated business trust established under Massachusetts law, in certain limited circumstances, may be
held personally liable for the obligations of the Trust as though they were general partners, the provisions of the Declaration
of Trust and By-Laws described in the foregoing sentence make the likelihood of such personal liability remote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">While there are any borrowings or preferred shares outstanding,
the Trust may not be permitted to declare any cash dividend or other distribution on its Common Shares, unless at the time of such
declaration, (i) all accrued dividends on preferred shares or accrued interest on borrowings have been paid and (ii) the value
of the Trust's total assets (determined after deducting the amount of such dividend or other distribution), less all liabilities
and indebtedness of the Trust not represented by senior securities, is at least 300% of the aggregate amount of such securities
representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate
liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase price of the outstanding
preferred shares plus redemption premium, if any, together with any accrued and unpaid dividends thereon, whether or not earned
or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Trust may be required to comply with
other asset coverage requirements as a condition of the Trust obtaining a rating of the preferred shares from a Rating Agency.
These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Trust's ability
to make distributions on its Common Shares could in certain circumstances impair the ability of the Trust to maintain its qualification
for taxation as a regulated investment company for federal income tax purposes. The Trust intends, however, to the extent possible
to purchase or redeem preferred shares or reduce borrowings from time to time to maintain compliance with such asset coverage requirements
and may pay special dividends to the holders of the preferred shares in certain circumstances in connection with any such impairment
of the Trust's status as a regulated investment company. See &ldquo;Investment Objectives, Policies and Risks,&rdquo; &ldquo;Distributions&rdquo;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">and &ldquo;Federal Income Tax Matters.&rdquo; Depending on the
timing of any such redemption or repayment, the Trust may be required to pay a premium in addition to the liquidation preference
of the preferred shares to the holders thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust has no present intention of offering additional Common
Shares, except as described herein. Other offerings of its Common Shares, if made, will require approval of the Board. Any additional
offering will not be sold at a price per Common Share below the then current NAV (exclusive of underwriting discounts and commissions)
except in connection with an offering to existing shareholders or with the consent of a majority of the Trust's outstanding Common
Shares. The Common Shares have no preemptive rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust generally will not issue Common Share certificates.
However, upon written request to the Trust's transfer agent, a share certificate will be issued for any or all of the full Common
Shares credited to an investor's account. Common Share certificates that have been issued to an investor may be returned at any
time.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CREDIT FACILITY</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Trust currently leverages through borrowings, and has
entered into an Agreement with conduit lenders and a bank to borrow up to $290 million ($295 million prior to March 12, 2018).
Borrowings under the Agreement are secured by the assets of the Trust. Interest is charged at a rate above the conduits&rsquo;
commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, the Trust also pays a program fee of 0.67%
per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.15% (0.25% if the outstanding loan
amount is less than or equal to 60% of the total facility size) per annum on the borrowing limit under the Agreement. Program and
liquidity fees for the year ended May 31, 2018 totaled $2,129,218. The Trust also paid an upfront fee of $290,000, which is being
amortized to interest expense over a period of one year through March 2019. The Trust is required to maintain certain net asset
levels during the term of the Agreement. At May 31, 2018, the Trust had borrowings outstanding under the Agreement of $254,000,000
at an interest rate of 2.24%, in addition to outstanding preferred shares. Based on the short-term nature of the borrowings under
the Agreement and the variable interest rate, the carrying amount of the borrowings at May 31, 2018 approximated its fair value.
For the year ended May 31, 2018, the average borrowings under the Agreement and the average interest rate (excluding fees) were
$247,643,836 and 1.56%, respectively. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the credit facility/program contains covenants that,
among other things, limit the Trust's ability to pay dividends in certain circumstances, incur additional debt, change its fundamental
investment policies and engage in certain transactions, including mergers and consolidations, and may require asset coverage ratios
in addition to those required by the 1940 Act. The Trust is required to pledge its assets and to maintain a portion of its assets
in cash or high-grade securities as a reserve against interest or principal payments and expenses. The credit facility/program
contains customary covenant, negative covenant and default provisions. In addition, any such credit facility/program entered into
in the future may be replaced or refinanced by one or more credit facilities having substantially different terms or by the issuance
of preferred shares or debt securities.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">REPURCHASE OF COMMON SHARES AND OTHER DISCOUNT MEASURES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Because shares of closed-end management investment companies
frequently trade at a discount to their NAVs, the Board has determined that from time to time it may be in the interest of shareholders
for the Trust to take corrective actions. The Board, in consultation with Eaton Vance, will review at least annually the possibility
of open market repurchases and/or tender offers for the Common Shares and will consider such factors as the market price of the
Common Shares, the NAV of the Common Shares, the liquidity of the assets of the Trust, effect on the Trust's expenses, whether
such transactions would impair the Trust's status as a regulated investment company or result in a failure to comply with applicable
asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect on
the Trust's ability to consummate such transactions. There are no assurances that the Board will, in fact, decide to undertake
either of these actions or if undertaken, that such actions will result in the Trust's Common Shares trading at a price which is
equal to or approximates their NAV. In recognition of the possibility that the Common Shares might trade at a discount to NAV and
that any such discount may not be in the interest of shareholders, the Board, in consultation with Eaton Vance, from time to time
may review possible actions to reduce any such discount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">On November 11, 2013, the Board of Trustees of the Trust authorized
the repurchase by the Trust of up to 10% of its then-currently outstanding Common Shares in open-market transactions at a discount
to net asset value. The repurchase program does not obligate the Trust to purchase a specific amount of shares. Results of the
repurchase program will be disclosed in the Trust&rsquo;s annual and semiannual reports to shareholders.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PREFERRED SHARES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust authorizes the issuance of an unlimited
number of shares of beneficial interest with preference rights, including preferred shares, having a par value of $0.01 per share,
in one or more series, with rights as determined by the Board, by action of the Board without the approval of the Common Shareholders.
On September 16, 2004, the Trust issued 3,480 Series A APS, 3,480 Series B APS, 3,480 Series C APS, 3,480 Series D APS and 3,480
Series E</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">APS, with a liquidation preference per share of $25,000 plus
accumulated but unpaid dividends. As of November 30, 2012, 2,840 Series A APS, 2,840 Series B APS, 2,840 Series C APS, 2,840 Series
D APS and 2,840 Series E APS had been redeemed. In December 2012, the Trust entered into a financing transaction pursuant to which
it offered 800 VRTP Shares. The Trust used the net proceeds from the sale of VRTP Shares to enter into a series of transactions
which ultimately resulted in a redemption and/or repurchase of its outstanding APS and to maintain the Trust&rsquo;s leveraged
capital structure. As of January 4, 2013, all APS had been redeemed and/or repurchased. The VRTP Shares have seniority over the
Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the requirements of the 1940 Act, the Trust must, immediately
after the issuance of any preferred shares, have an &ldquo;asset coverage&rdquo; of at least 200%. Asset coverage means the ratio
which the value of the total assets of the Trust, less all liability and indebtedness not represented by senior securities (as
defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Trust, if any, plus
the aggregate liquidation preference of the preferred shares. The liquidation value of the preferred shares is expected to equal
to their aggregate original purchase price plus the applicable redemption premium, if any, together with any accrued and unpaid
distributions thereon (on a cumulative basis), whether or not earned or declared. The terms of the preferred shares, including
their distribution rate, voting rights, liquidation preference and redemption provisions, are determined by the Board (subject
to applicable law and the Trust&rsquo;s Declaration of Trust). The Trust may issue preferred shares that provide for the periodic
redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the
terms of the preferred shares may also enable the Trust to lengthen such intervals. At times, the distribution rate on the Trust&rsquo;s
preferred shares may exceed the Trust&rsquo;s return after expenses on the investment of proceeds from the preferred shares and
the Trust&rsquo;s leverage structure, resulting in a lower rate of return to Common Shareholders than if the preferred shares were
not outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Trust, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential
liquidating distribution (expected to equal to the original purchase price per share plus the applicable redemption premium, if
any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution
of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are
entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Holders of preferred shares, voting as a class, shall be entitled
to elect two of the Trust&rsquo;s Trustees. The holders of both the Common Shares and the preferred shares (voting together as
a single class with each share entitling its holder to one vote) shall be entitled to elect the remaining Trustees of the Trust.
Under the 1940 Act, if at any time distributions on the preferred shares are unpaid in an amount equal to two full years&rsquo;
distributions thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect a majority
of the Trust&rsquo;s Trustees until all distributions in arrears have been paid or declared and set apart for payment. In addition,
if required by a Rating Agency rating the preferred shares or if the Board determines it to be in the best interests of the Common
Shareholders, issuance of the preferred shares may result in more restrictive provisions than required by the 1940 Act being imposed.
In this regard, holders of the preferred shares may be entitled to elect a majority of the Trust&rsquo;s Board in other circumstances,
for example, if one payment on the preferred shares is in arrears. The differing rights of the holders of preferred and Common
Shares with respect to the election of Trustees do not affect the obligation of all Trustees to take actions they believe to be
consistent with the best interests of the Trust. All such actions must be consistent with (i) the obligations of the Trust with
respect to the holders of preferred shares (which obligations arise primarily from the contractual terms of the preferred shares,
as specified in the Declaration of Trust and By-laws of the Trust) and (ii) the fiduciary duties owed to the Trust, which include
the duties of loyalty and care.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The VRTP Shares have been rated A1 by Moody's. The Trust currently
intends to seek to maintain this rating or an equivalent credit rating on the VRTP Shares or any preferred shares it issues. The
Rating Agencies which rate the preferred shares and any bank lender in connection with a credit facility or commercial paper program
may also impose specific restrictions as a condition to borrowing. Such restrictions may include asset coverage or portfolio composition
requirements that are more stringent than those imposed on the Trust by the 1940 Act. These covenants or guidelines do not currently
and are not expected to impede Eaton Vance in managing the Trust&rsquo;s portfolio in accordance with its investment objectives
and policies and it is not anticipated that they will so impede Eaton Vance in the future.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CERTAIN PROVISIONS OF THE DECLARATION OF TRUST</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Anti-Takeover Provisions in the Declaration of Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust includes provisions that could have
the effect of limiting the ability of other entities or persons to acquire control of the Trust or to change the composition of
its Board, and could have the effect of depriving holders of Common Shares of an opportunity to sell their shares at a premium
over prevailing market prices by discouraging a third party from seeking to obtain control of the Trust. These provisions may have
the effect of discouraging attempts to acquire control of the Trust, which attempts could have the effect of increasing the expenses
of the Trust and interfering with the normal operation of the Trust. The Board is divided into three classes, with the term of
one class expiring at each annual</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">meeting of holders of Common Shares and preferred shares. At
each annual meeting, one class of Trustees is elected to a three-year term. This provision could delay for up to two years the
replacement of a majority of the Board. A Trustee may be removed from office only for cause by a written instrument signed by the
remaining Trustees or by a vote of the holders of at least two-thirds of the class of shares of the Trust that elected such Trustee
and are entitled to vote on the matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Declaration of Trust requires the favorable
vote of the holders of at least 75% of the outstanding shares of each class of the Trust, voting as a class, then entitled to vote
to approve, adopt or authorize certain transactions with 5%-or-greater holders (&ldquo;Principal Shareholders&rdquo;) of a class
of shares and their associates, unless the Board shall by resolution have approved a memorandum of understanding with such holders,
in which case normal voting requirements would be in effect. For purposes of these provisions, a Principal Shareholder refers to
any person who, whether directly or indirectly and whether alone or together with its affiliates and associates, beneficially owns
5% or more of the outstanding shares of any class of beneficial interest of the Trust. The transactions subject to these special
approval requirements are: (i) the merger or consolidation of the Trust or any subsidiary of the Trust with or into any Principal
Shareholder; (ii) the issuance of any securities of the Trust to any Principal Shareholder for cash; (iii) the sale, lease or exchange
of all or any substantial part of the assets of the Trust to any Principal Shareholder (except assets having an aggregate fair
market value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any
series of similar transactions within a twelve-month period); or (iv) the sale, lease or exchange to the Trust or any subsidiary
thereof, in exchange for securities of the Trust, of any assets of any Principal Shareholder (except assets having an aggregate
fair market value of less than $1,000,000, aggregating for the purposes of such computation all assets sold, leased or exchanged
in any series of similar transactions within a twelve-month period).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has determined that provisions with respect to the
Board and the 75% voting requirements described above, which voting requirements are greater than the minimum requirements under
Massachusetts law or the 1940 Act, are in the best interest of holders of Common Shares and preferred shares generally. Reference
should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Conversion to Open-End Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may be converted to an open-end investment company
at any time if approved by the lesser of (i) two-thirds or more of the Trust&rsquo;s then outstanding Common Shares and preferred
shares, each voting separately as a class, or (ii) more than 50% of the then outstanding Common Shares and preferred shares, voting
separately as a class if such conversion is recommended by at least 75% of the Trustees then in office. If approved in the foregoing
manner, conversion of the Trust could not occur until 90 days after the Common Shareholders&rsquo; meeting at which such conversion
was approved and would also require at least 30 days&rsquo; prior notice to all Common Shareholders. Conversion of the Trust to
an open-end management investment company also would require the redemption of any outstanding preferred shares, including VRTP
Shares, and could require the repayment of borrowings. The Board believes that the closed-end structure is desirable, given the
Trust&rsquo;s investment objectives and policies. Investors should assume, therefore, that it is unlikely that the Board would
vote to convert the Trust to an open-end management investment company.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Custodian and Transfer Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">State Street Bank and Trust Company (&ldquo;State Street&rdquo;),
State Street Financial Center, One Lincoln Street, Boston, MA 02111, is the custodian of the Trust and will maintain custody of
the securities and cash of the Trust. State Street maintains the Trust&rsquo;s general ledger and computes NAV per share at least
weekly. State Street also attends to details in connection with the sale, exchange, substitution, transfer and other dealings with
the Trust&rsquo;s investments, and receives and disburses all funds. State Street also assists in preparation of shareholder reports
and the electronic filing of such reports with the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">American Stock Transfer &amp; Trust Company, LLC, 6201 15th Avenue,
Brooklyn, NY 11219 is the transfer agent and dividend disbursing agent of the Trust.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Legal Opinions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain legal matters in connection with the Common Shares will
be passed upon for the Trust by internal counsel for Eaton Vance.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Reports to Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will send to Common Shareholders unaudited semi-annual
and audited annual reports, including a list of investments held.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Independent Registered Public Accounting Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Deloitte &amp; Touche LLP, 200 Berkeley Street, Boston, MA 02116,
independent registered public accounting firm, audits the Trust&rsquo;s financial statements and provides other audit, tax and
related services.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Prospectus and the Statement of Additional Information do
not contain all of the information set forth in the Registration Statement that the Trust has filed with the SEC. The complete
Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations. The Statement
of Additional Information can be obtained without charge by calling 1-800-262-1122.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Statements contained in this Prospectus as to the contents of
any contract or other document referred to are not necessarily complete, and, in each instance, reference is made to the copy of
such contract or other document filed as an exhibit to the Registration Statement of which this Prospectus forms a part, each such
statement being qualified in all respects by such reference.</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents for the Statement of Additional Information</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 89%; padding: 3pt 5.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; padding: 3pt 17pt 3pt 5.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">Page</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Additional Investment Information and Restrictions&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Trustees and Officers&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 16 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Investment Advisory and Other Services&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 24 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Determination of Net Asset Value&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 28 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Portfolio Trading&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 29 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Taxes&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 31 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Other Information&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 34 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Custodian&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 35 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Independent Registered Public Accounting Firm&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 35 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Financial Statements&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 35 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">APPENDIX A: Ratings&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 36 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">APPENDIX B: Proxy Voting Policy and Procedures&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 45 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust&rsquo;s Privacy Policy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Eaton Vance organization is committed to ensuring your financial
privacy. Each of the financial institutions identified below has in effect the following policy (&ldquo;Privacy Policy&rdquo;)
with respect to nonpublic personal information about its customers:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund
transactions will be collected. This may include information such as name, address, social security number, tax status, account
balances and transactions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account). In the normal course of servicing a customer&rsquo;s account, Eaton
Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians
and broker/dealers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect
the confidentiality of such information.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review
our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Our pledge of privacy applies to the following entities within
the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance
Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International
Ltd., Eaton Vance Management&rsquo;s Real Estate Investment Group and Boston Management and Research. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, our Privacy Policy applies only to those Eaton Vance
customers who are individuals and who have a direct relationship with us. If a customer&rsquo;s account (i.e., fund shares) is
held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser&rsquo;s privacy policies
apply to the customer. This notice supersedes all previously issued privacy disclosures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For more information about Eaton Vance&rsquo;s Privacy Policy,
please call 1-800-262-1122.</P>


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<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Up to 5,495,789 Shares</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Floating-Rate Income Trust</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Common Shares</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"> Prospectus September 27, 2018 </P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Printed on recycled paper.&#9; </P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

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<P STYLE="margin: 0"></P>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 4.5in"> STATEMENT OF<BR>
ADDITIONAL INFORMATION<BR>
September 27, 2018 </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Floating-Rate Income
Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Two International Place<BR>
Boston, Massachusetts 02110<BR>
1-800-262-1122</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; padding: 3pt 5.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.5pt; text-align: center">Page</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Additional Investment Information and Restrictions&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Trustees and Officers&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 16 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Investment Advisory and Other Services&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 24 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Determination of Net Asset Value&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 28 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Portfolio Trading&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 29 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Taxes&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 31 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Other Information&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 34 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Custodian&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 35 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Independent Registered Public Accounting Firm&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 35 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Financial Statements&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 35 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">APPENDIX A: Ratings&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 36 </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">APPENDIX B: Proxy Voting Policy and Procedures&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center"> 45 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> THIS STATEMENT OF ADDITIONAL INFORMATION (&#8220;SAI&#8221;)
IS NOT A PROSPECTUS AND IS AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS ONLY IF PRECEDED OR ACCOMPANIED BY THE PROSPECTUS
OF EATON VANCE FLOATING-RATE INCOME TRUST (THE &#8220;TRUST&#8221;) DATED SEPTEMBER 27, 2018, AS SUPPLEMENTED FROM TIME TO TIME,
WHICH IS INCORPORATED HEREIN BY REFERENCE. THIS SAI SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS, A COPY OF WHICH MAY BE
OBTAINED WITHOUT CHARGE BY CONTACTING YOUR FINANCIAL INTERMEDIARY OR CALLING THE TRUST AT 1-800-262-1122. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Capitalized terms used in this SAI and not otherwise defined
have the meanings given them in the Trust&#8217;s Prospectus and any related Prospectus Supplements.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">ADDITIONAL INVESTMENT INFORMATION AND
RESTRICTIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Primary investment strategies are described in the Prospectus.
The following is a description of the various investment practices that may be engaged in, whether as a primary or secondary strategy,
and a summary of certain attendant risks. The Adviser may not buy any of the following instruments or use any of the following
techniques unless it believes that doing so will help to achieve the Trust&#8217;s investment objectives.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SENIOR LOANS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Structure
of Senior Loans.</B></FONT> A Senior Loan is typically originated, negotiated and structured by a U.S. or foreign commercial bank,
insurance company, finance company or other financial institution (the &#8220;Agent&#8221;) for a group of loan investors (&#8220;Loan
Investors&#8221;). The Agent typically administers and enforces the Senior Loan on behalf of the other Loan Investors in the syndicate.
In addition, an institution, typically but not always the Agent, holds any collateral on behalf of the Loan Investors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Senior Loans primarily include senior floating-rate loans to
corporations and secondarily institutionally traded senior floating-rate debt obligations issued by an asset-backed pool, and interests
therein. Loan interests primarily take the form of assignments purchased in the primary or secondary market. Loan interests may
also take the form of participation interests in a Senior Loan. Such loan interests may be acquired from U.S. or foreign commercial
banks, insurance companies, finance companies or other financial institutions who have made loans or are Loan Investors or from
other investors in loan interests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust typically purchases &#8220;Assignments&#8221; from
the Agent or other Loan Investors. The purchaser of an Assignment typically succeeds to all the rights and obligations under the
Loan Agreement of the assigning Loan Investor and becomes a Loan Investor under the Loan Agreement with the same rights and obligations
as the assigning Loan Investor. Assignments may, however, be arranged through private negotiations between potential assignees
and potential assignors, and the rights and obligations acquired by the purchaser of an Assignment may differ from, and be more
limited than, those held by the assigning Loan Investor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust also may invest in &#8220;Participations.&#8221; Participations
by the Trust in a Loan Investor&#8217;s portion of a Senior Loan typically will result in the Trust having a contractual relationship
only with such Loan Investor, not with the Borrower. As a result, the Trust may have the right to receive payments of principal,
interest and any fees to which it is entitled only from the Loan Investor selling the Participation and only upon receipt by such
Loan Investor of such payments from the Borrower. In connection with purchasing Participations, the Trust generally will have no
right to enforce compliance by the Borrower with the terms of the loan agreement, nor any rights with respect to any funds acquired
by other Loan Investors through set-off against the Borrower and the Trust may not directly benefit from the collateral supporting
the Senior Loan in which it has purchased the Participation. As a result, the Trust may assume the credit risk of both the Borrower
and the Loan Investor selling the Participation. In the event of the insolvency of the Loan Investor selling a Participation, the
Trust may be treated as a general creditor of such Loan Investor. The selling Loan Investors and other persons interpositioned
between such Loan Investors and the Trust with respect to such Participations will likely conduct their principal business activities
in the banking, finance and financial services industries. Persons engaged in such industries may be more susceptible to, among
other things, fluctuations in interest rates, changes in the Federal Open Market Committee&#8217;s monetary policy, governmental
regulations concerning such industries and concerning capital raising activities generally and fluctuations in the financial markets
generally.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Trust will only acquire Participations if the Loan Investor
selling the Participation, and any other persons interpositioned between the Trust and the Loan Investor, at the time of investment
has outstanding debt or deposit obligations rated investment grade (BBB or A-3 or higher by S&amp;P Global Ratings (&#8220;S&amp;P&#8221;)
or Baa or P-3 or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or comparably rated by another nationally
recognized rating agency) or determined by the Adviser to be of comparable quality. Securities rated Baa by Moody&#8217;s have
speculative characteristics. Long-term debt rated BBB by S&amp;P is regarded by S&amp;P as having adequate capacity to pay interest
and repay principal and debt rated Baa by Moody&#8217;s is regarded by Moody&#8217;s as a medium grade obligation, i.e., it is
neither highly protected nor poorly secured. Commercial paper rated A-3 by S&amp;P indicates that S&amp;P believes such obligations
exhibit adequate protection parameters but that adverse economic conditions or changing circumstances are more likely to lead to
a weakened capacity of the obligor to meet its financial commitment on the obligation and issues of commercial paper rated P-3
by Moody&#8217;s are considered by Moody&#8217;s to have an acceptable ability for repayment of senior short-term obligations.
The effect of industry characteristics and market compositions may be more pronounced. Indebtedness of companies whose creditworthiness
is poor involves substantially greater risks, and may be highly speculative. Some companies may </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">never pay off their indebtedness, or may pay only a small fraction
of the amount owed. Consequently, when investing in indebtedness of companies with poor credit, the Trust bears a substantial risk
of losing the entire amount invested.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Loan
Collateral.</B></FONT> In order to borrow money pursuant to a Senior Loan, a Borrower will frequently, for the term of the Senior
Loan, pledge collateral, including but not limited to, (i) working capital assets, such as accounts receivable and inventory; (ii)
tangible fixed assets, such as real property, buildings and equipment; (iii) intangible assets, such as trademarks and patent rights
(but excluding goodwill); and (iv) security interests in shares of stock of subsidiaries or affiliates. In the case of Senior Loans
made to non-public companies, the company&#8217;s shareholders or owners may provide collateral in the form of secured guarantees
and/or security interests in assets that they own. In many instances, a Senior Loan may be secured only by stock in the Borrower
or its subsidiaries. Collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation
of such assets would satisfy fully a Borrower&#8217;s obligations under a Senior Loan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Certain
Fees Paid to the Trust.</B></FONT> In the process of buying, selling and holding Senior Loans, the Trust may receive and/or pay
certain fees. These fees are in addition to interest payments received and may include facility fees, commitment fees, amendment
fees, commissions and prepayment penalty fees. When the Trust buys a Senior Loan it may receive a facility fee and when it sells
a Senior Loan it may pay a facility fee. On an ongoing basis, the Trust may receive a commitment fee based on the undrawn portion
of the underlying line of credit portion of a Senior Loan. In certain circumstances, the Trust may receive a prepayment penalty
fee upon the prepayment of a Senior Loan by a Borrower. Other fees received by the Trust may include covenant waiver fees and covenant
modification fees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Borrower
Covenants.</B></FONT> A Borrower must comply with various restrictive covenants contained in a loan agreement or note purchase
agreement between the Borrower and the holders of the Senior Loan (the &#8220;Loan Agreement&#8221;). Such covenants, in addition
to requiring the scheduled payment of interest and principal, may include restrictions on dividend payments and other distributions
to stockholders, provisions requiring the Borrower to maintain specific minimum financial ratios, and limits on total debt. In
addition, the Loan Agreement may contain a covenant requiring the Borrower to prepay the Senior Loan with any free cash flow. Free
cash flow is generally defined as net cash flow after scheduled debt service payments and permitted capital expenditures, and includes
the proceeds from asset dispositions or sales of securities. A breach of a covenant that is not waived by the Agent, or by the
Loan Investors directly, as the case may be, is normally an event of acceleration; i.e., the Agent, or the Loan Investors directly,
as the case may be, has the right to call the outstanding Senior Loan. U.S. federal securities laws afford certain protections
against fraud and misrepresentation in connection with the offering or sale of a security, as well as against manipulation of trading
markets for securities. The typical practice of a lender in relying exclusively or primarily on reports from the borrower may involve
the risk of fraud, misrepresentation, or market manipulation by the borrower. It is unclear whether U.S. federal securities law
protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, and in
the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the
federal securities laws. However, contractual provisions in the loan documents may offer some protections, and lenders may also
avail themselves of common-law fraud protections under applicable state law. In the case of a Senior Loan in the form of Participation,
the agreement between the buyer and seller may limit the rights of the holder to vote on certain changes that may be made to the
Loan Agreement, such as waiving a breach of a covenant. However, the holder of the Participation will, in almost all cases, have
the right to vote on certain fundamental issues such as changes in principal amount, payment dates and interest rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Administration
of Loans.</B></FONT> In a typical Senior Loan, the Agent administers the terms of the Loan Agreement. In such cases, the Agent
is normally responsible for the collection of principal and interest payments from the Borrower and the apportionment of these
payments to the credit of all institutions that are parties to the Loan Agreement. The Trust will generally rely upon the Agent
or an intermediate participant to receive and forward to the Trust its portion of the principal and interest payments on the Senior
Loan. Furthermore, unless under the terms of a Participation Agreement the Trust has direct recourse against the Borrower, the
Trust will rely on the Agent and the other Loan Investors to use appropriate credit remedies against the Borrower. The Agent is
typically responsible for monitoring compliance with covenants contained in the Loan Agreement based upon reports prepared by the
Borrower. The seller of the Senior Loan usually does, but is often not obligated to, notify holders of Senior Loans of any failures
of compliance. The Agent may monitor the value of the collateral and, if the value of the collateral declines, may accelerate the
Senior Loan, may give the Borrower an opportunity to provide additional collateral or may seek other protection for the benefit
of the participants in the Senior Loan. The Agent is compensated by the Borrower for providing these services under a Loan Agreement,
and such compensation may include special fees paid upon structuring and funding the Senior Loan and other fees paid on a continuing
basis. With respect to Senior Loans for which the Agent does not perform such administrative and enforcement functions, the Trust
will perform such tasks on its own behalf, although a collateral bank will typically hold any collateral on behalf of the Trust
and the other Loan Investors pursuant to the applicable Loan Agreement.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A financial institution&#8217;s appointment as Agent may usually
be terminated in the event that it fails to observe the requisite standard of care or becomes insolvent, enters Federal Deposit
Insurance Corporation (&#8220;FDIC&#8221;) receivership, or, if not FDIC insured, enters into bankruptcy proceedings. A successor
Agent would generally be appointed to replace the terminated Agent, and assets held by the Agent under the Loan Agreement should
remain available to holders of Senior Loans. However, if assets held by the Agent for the benefit of the Trust were determined
to be subject to the claims of the Agent&#8217;s general creditors, the Trust might incur certain costs and delays in realizing
payment on a Senior Loan, or suffer a loss of principal and/or interest. In situations involving intermediate participants, similar
risks may arise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Prepayments.</B></FONT>
Senior Loans will usually require, in addition to scheduled payments of interest and principal, the prepayment of the Senior Loan
from a portion of free cash flow, as defined above. The degree to which Borrowers prepay Senior Loans, whether as a contractual
requirement or at their election, may be affected by general business conditions, the financial condition of the Borrower and competitive
conditions among Loan Investors, among other factors. As such, prepayments cannot be predicted with accuracy. Upon a prepayment,
either in part or in full, the actual outstanding debt on which the Trust derives interest income will be reduced. However, the
Trust may receive both a prepayment penalty fee from the prepaying Borrower and a facility fee upon the purchase of a new Senior
Loan with the proceeds from the prepayment of the former. Prepayments generally will not materially affect the Trust&#8217;s performance
because the Trust typically is able to reinvest prepayments in other Senior Loans that have similar yields and because receipt
of such fees may mitigate any adverse impact on the Trust&#8217;s yield.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other
Information Regarding Senior Loans.</B></FONT> From time to time the Adviser and its affiliates may borrow money from various banks
in connection with their business activities. Such banks may also sell interests in Senior Loans to or acquire them from the Trust
or may be intermediate participants with respect to Senior Loans in which the Trust owns interests. Such banks may also act as
Agents for Senior Loans held by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may acquire interests in Senior Loans that are designed
to provide temporary or &#8220;bridge&#8221; financing to a Borrower pending the sale of identified assets or the arrangement of
longer-term loans or the issuance and sale of debt obligations. The Trust may also invest in Senior Loans of Borrowers that have
obtained bridge loans from other parties. A Borrower&#8217;s use of bridge loans involves a risk that the Borrower may be unable
to locate permanent financing to replace the bridge loan, which may impair the Borrower&#8217;s perceived creditworthiness.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will be subject to the risk that collateral securing
a loan will decline in value or have no value. Such a decline, whether as a result of bankruptcy proceedings or otherwise, could
cause the Senior Loan to be undercollateralized or unsecured. In most credit agreements, there is no formal requirement to pledge
additional collateral. In addition, the Trust may invest in Senior Loans guaranteed by, or secured by assets of, shareholders or
owners, even if the Senior Loans are not otherwise collateralized by assets of the Borrower; provided, however, that such guarantees
are fully secured. There may be temporary periods when the principal asset held by a Borrower is the stock of a related company,
which may not legally be pledged to secure a Senior Loan. On occasions when such stock cannot be pledged, the Senior Loan will
be temporarily unsecured until the stock can be pledged or is exchanged for or replaced by other assets, which will be pledged
as security for the Senior Loan. However, the Borrower&#8217;s ability to dispose of such securities, other than in connection
with such pledge or replacement, will be strictly limited for the protection of the holders of Senior Loans and, indirectly, Senior
Loans themselves.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a Borrower becomes involved in bankruptcy proceedings, a court
may invalidate the Trust&#8217;s security interest in the loan collateral or subordinate the Trust&#8217;s rights under the Senior
Loan to the interests of the Borrower&#8217;s unsecured creditors or cause interest previously paid to be refunded to the Borrower.
If a court required interest to be refunded, it could negatively affect the Trust&#8217;s performance. Such action by a court could
be based, for example, on a &#8220;fraudulent conveyance&#8221; claim to the effect that the Borrower did not receive fair consideration
for granting the security interest in the loan collateral to the Trust. For Senior Loans made in connection with a highly leveraged
transaction, consideration for granting a security interest may be deemed inadequate if the proceeds of the Loan were not received
or retained by the Borrower, but were instead paid to other persons (such as shareholders of the Borrower) in an amount that left
the Borrower insolvent or without sufficient working capital. There are also other events, such as the failure to perfect a security
interest due to faulty documentation or faulty official filings, which could lead to the invalidation of the Trust&#8217;s security
interest in loan collateral. If the Trust&#8217;s security interest in loan collateral is invalidated or the Senior Loan is subordinated
to other debt of a Borrower in bankruptcy or other proceedings, the Trust would have substantially lower recovery, and perhaps
no recovery on the full amount of the principal and interest due on the Senior Loan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Loans are also subject to the risk that their value will
decline in a rising interest rate environment. This risk is mitigated for floating-rate loans, where the interest rate
payable on the loan resets periodically by reference to a base lending rate. The base lending rate usually is the London
Interbank Offered Rate (&#8220;LIBOR&#8221;), the Federal Reserve federal funds rate, the prime rate or other base lending
rates used by commercial lenders. LIBOR usually is an average of the interest rates quoted by several designated banks as the
rates at which they pay interest to major depositors in the London interbank market on U.S. dollar-denominated deposits. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Many financial instruments use or may use a floating rate
based on LIBOR, which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017,
the head of the United Kingdom&#8217;s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end
of 2021. Due to the recency of this announcement, there remains uncertainty regarding the future utilization of LIBOR and the nature
of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Trust or the financial instruments
in which the Trust invests cannot yet be determined. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may acquire warrants and other equity securities as
part of a unit combining a Senior Loan and equity securities of a Borrower or its affiliates. The acquisition of such equity securities
will only be incidental to the Trust&#8217;s purchase of a Senior Loan. The Trust may also acquire equity securities or debt securities
(including non-dollar denominated debt securities) issued in exchange for a Senior Loan or issued in connection with the debt restructuring
or reorganization of a Borrower, if such acquisition, in the judgment of the Adviser, may enhance the value of a Senior Loan or
if such acquisition would otherwise be consistent with the Trust&#8217;s investment policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Debtor-in-Possession
Financing.</B></FONT> The Trust may invest in debtor-in-possession financings (commonly called &#8220;DIP financings&#8221;). DIP
financings are arranged when an entity seeks the protections of the bankruptcy court under chapter 11 of the U.S. Bankruptcy Code.
These financings allow the entity to continue its business operations while reorganizing under chapter 11. Such financings are
senior liens on unencumbered security (i.e., security not subject to other creditors&#8217; claims). There is a risk that the entity
will not emerge from chapter 11 and be forced to liquidate its assets under chapter 7 of the Bankruptcy Code. In such event, the
Trust&#8217;s only recourse will be against the property securing the DIP financing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Regulatory
Changes.</B></FONT> To the extent that legislation or state or federal regulators that regulate certain financial institutions
impose additional requirements or restrictions with respect to the ability of such institutions to make loans, particularly in
connection with highly leveraged transactions, the availability of Senior Loans for investment may be adversely affected. Further,
such legislation or regulation could depress the market value of Senior Loans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Junior
Loans.</B></FONT> The Trust may invest in secured and unsecured subordinated loans, second lien loans and subordinated bridge loans
(&#8220;Junior Loans&#8221;). Second lien loans are generally second in line in terms of repayment priority. A second lien loan
may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets, such as property,
plants, or equipment. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset
sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Junior Loans are subject to the same general risks inherent to
any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the
Borrower&#8217;s capital structure and possible unsecured status, Junior Loans involve a higher degree of overall risk than Senior
Loans of the same Borrower.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may purchase Junior Loan interests either in the form
of an assignment or a loan participation. As the purchaser of an assignment, the Trust would typically succeed to all of the rights
and obligations of the assigning investor under the loan documents. In contrast, loan participations typically result in the purchaser
having a contractual relationship only with the seller of the loan interest, not with the Borrower. As a result, the loan is not
transferred to the loan participant. The loan participant&#8217;s right to receive payments from the Borrower derives from the
seller of the loan participation. The loan participant will generally have no right to enforce compliance by the Borrower with
the terms of the loan agreement. Lastly, the loan participant&#8217;s voting rights may be limited.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Bridge
Loans.</B></FONT> Bridge loans or bridge facilities are short-term loan arrangements (e.g., 12 to 18 months) typically made by
a Borrower in anticipation of intermediate-term or long-term permanent financing. Most bridge loans are structured as floating-rate
debt with step-up provisions under which the interest rate on the bridge loan rises the longer the loan remains outstanding. In
addition, bridge loans commonly contain a conversion feature that allows the bridge loan investor to convert its loan interest
into senior exchange notes if the loan has not been prepaid in full on or prior to its maturity date. Bridge loans may be subordinate
to other debt and may be secured or unsecured. Like any loan, bridge loans involve credit risk. Bridge loans are generally made
with the expectation that the Borrower will be able to obtain permanent financing in the near future. Any delay in obtaining permanent
financing subjects the bridge loan investor to increased risk. A Borrower&#8217;s use of bridge loans also involves the risk that
the Borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the Borrower&#8217;s perceived
creditworthiness. From time to time, the Trust may make a commitment to participate in a bridge loan facility, obligating itself
to participate in the facility if it funds. In return for this commitment, the Trust receives a fee.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Credit
Quality.</B></FONT> Many Senior Loans in which the Trust may invest are of below investment grade credit quality. Accordingly,
these Senior Loans are subject to similar or identical risks and other characteristics described below in relation to Non-Investment
Grade Bonds.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">NON-INVESTMENT GRADE BONDS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments in Non-Investment Grade Bonds generally provide greater
income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically
entail greater price volatility and principal and income risk, including the possibility of issuer default and bankruptcy. Non-Investment
Grade Bonds are regarded as predominantly speculative with respect to the issuer&#8217;s continuing ability to meet principal and
interest payments. Debt securities in the lowest investment grade category also may be considered to possess some speculative characteristics
by certain rating agencies. In addition, analysis of the creditworthiness of issuers of Non-Investment Grade Bonds may be more
complex than for issuers of higher quality securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Non-Investment Grade Bonds may be more susceptible to real or
perceived adverse economic and competitive industry conditions than investment grade securities. A projection of an economic downturn
or of a period of rising interest rates, for example, could cause a decline in Non-Investment Grade Bond prices because the advent
of recession could lessen the ability of an issuer to make principal and interest payments on its debt obligations. If an issuer
of Non-Investment Grade Bonds defaults, in addition to risking payment of all or a portion of interest and principal, the Trust
may incur additional expenses to seek recovery. In the case of Non-Investment Grade Bonds structured as zero-coupon, step-up or
payment-in-kind securities, their market prices will normally be affected to a greater extent by interest rate changes, and therefore
tend to be more volatile than securities that pay interest currently and in cash. Eaton Vance seeks to reduce these risks through
diversification, credit analysis and attention to current developments in both the economy and financial markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The secondary market on which Non-Investment Grade Bonds are
traded may be less liquid than the market for investment grade securities. Less liquidity in the secondary trading market could
adversely affect the net asset value of the Common Shares. Adverse publicity and investor perceptions, whether or not based on
fundamental analysis, may decrease the values and liquidity of Non-Investment Grade Bonds, especially in a thinly traded market.
When secondary markets for Non-Investment Grade Bonds are less liquid than the market for investment grade securities, it may be
more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater
role in the valuation because there is no reliable, objective data available. During periods of thin trading in these markets,
the spread between bid and asked prices is likely to increase significantly and the Trust may have greater difficulty selling these
securities. The Trust will be more dependent on Eaton Vance&#8217;s research and analysis when investing in Non-Investment Grade
Bonds. Eaton Vance seeks to minimize the risks of investing in all securities through in-depth credit analysis and attention to
current developments in interest rate and market conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A general description of the ratings of securities by S&amp;P,
Fitch and Moody&#8217;s is set forth in Appendix A to this SAI. Such ratings represent these rating organizations&#8217; opinions
as to the quality of the securities they rate. It should be emphasized, however, that ratings are general and are not absolute
standards of quality. Consequently, debt obligations with the same maturity, coupon and rating may have different yields while
obligations with the same maturity and coupon may have the same yield. For these reasons, the use of credit ratings as the sole
method of evaluating Non-Investment Grade Bonds can involve certain risks. For example, credit ratings evaluate the safety or principal
and interest payments, not the market value risk of Non-Investment Grade Bonds. Also, credit rating agencies may fail to change
credit ratings in a timely fashion to reflect events since the security was last rated. Eaton Vance does not rely solely on credit
ratings when selecting securities for the Trust, and develops its own independent analysis of issuer credit quality.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event that a rating agency or Eaton Vance downgrades its
assessment of the credit characteristics of a particular issue, the Trust is not required to dispose of such security. In determining
whether to retain or sell a downgraded security, Eaton Vance may consider such factors as Eaton Vance&#8217;s assessment of the
credit quality of the issuer of such security, the price at which such security could be sold and the rating, if any, assigned
to such security by other rating agencies. However, analysis of the creditworthiness of issuers of Non-Investment Grade Bonds may
be more complex than for issuers of high quality debt securities.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">OTHER INVESTMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Convertible
Securities.</B></FONT> The Trust may invest in convertible securities. A convertible security is a bond, debenture, note, preferred
security, or other security that entitles the holder to acquire common stock or other equity securities of the same or a different
issuer. A convertible security entitles the holder to receive interest paid or accrued or the dividend paid on such security until
the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics
similar to nonconvertible income securities in that they ordinarily provide a</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">stable stream of income with generally higher yields than those
of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities. The value of a convertible
security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing
as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security&#8217;s
investment value. A convertible security ranks senior to common stock in a corporation&#8217;s capital structure but is usually
subordinated to comparable nonconvertible securities. Convertible securities may be purchased for their appreciation potential
when they yield more than the underlying securities at the time of purchase or when they are considered to present less risk of
principal loss than the underlying securities. Generally speaking, the interest or dividend yield of a convertible security is
somewhat less than that of a non-convertible security of similar quality issued by the same company. A convertible security may
be subject to redemption at the option of the issuer at a price established in the convertible security&#8217;s governing instrument.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Convertible securities are issued and traded in a number of securities
markets. Even in cases where a substantial portion of the convertible securities held by the Trust are denominated in U.S. dollars,
the underlying equity securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations
in the exchange rate between the currency in which the debt security is denominated and the currency in which the share price is
quoted will affect the value of the convertible security. With respect to convertible securities denominated in a currency different
from that of the underlying equity securities, the conversion price may be based on a fixed exchange rate established at the time
the securities are issued, which may increase the effects of currency risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Holders of convertible securities generally have a claim on the
assets of the issuer prior to the common stockholders but may be subordinated to other debt securities of the same issuer. Certain
convertible debt securities may provide a put option to the holder, which entitles the holder to cause the securities to be redeemed
by the issuer at a premium over the stated principal amount of the debt securities under certain circumstances. Certain convertible
securities may include loss absorption characteristics that make the securities more equity-like. This is particularly true of
convertible securities issued by companies in the financial services sector.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Synthetic convertible securities may include either cash-settled
convertibles or manufactured convertibles. Cash-settled convertibles are instruments that are created by the issuer and have the
economic characteristics of traditional convertible securities but may not actually permit conversion into the underlying equity
securities in all circumstances. As an example, a private company may issue a cash-settled convertible that is convertible into
common stock only if the company successfully completes a public offering of its common stock prior to maturity and otherwise pays
a cash amount to reflect any equity appreciation. Manufactured convertibles are created by the investment adviser or another party
by combining separate securities that possess one of the two principal characteristics of a convertible security, i.e., fixed-income
(&#8220;fixed-income component&#8221;) or a right to acquire equity securities (&#8220;convertibility component&#8221;). The fixed-income
component is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred securities
and money market instruments. The convertibility component is achieved by investing in call options, warrants, or other securities
with equity conversion features (&#8220;equity features&#8221;) granting the holder the right to purchase a specified quantity
of the underlying stocks within a specified period of time at a specified price or, in the case of a stock index option, the right
to receive a cash payment based on the value of the underlying stock index. A manufactured convertible differs from traditional
convertible securities in several respects. Unlike a traditional convertible security, which is a single security that has a unitary
market value, a manufactured convertible is comprised of two or more separate securities, each with its own market value. Therefore,
the total &#8220;market value&#8221; of such a manufactured convertible is the sum of the values of its fixed-income component
and its convertibility component. More flexibility is possible in the creation of a manufactured convertible than in the purchase
of a traditional convertible security. Because many corporations have not issued convertible securities, the investment adviser
may combine a fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument
to create a synthetic convertible security otherwise unavailable in the market. The investment adviser may also combine a fixed-income
instrument of an issuer with an equity feature with respect to the stock of a different issuer when the investment adviser believes
such a manufactured convertible would better promote the Trust&#8217;s objective than alternative investments. For example, the
investment adviser may combine an equity feature with respect to an issuer&#8217;s stock with a fixed-income security of a different
issuer in the same industry to diversify the Trust&#8217;s credit exposure, or with a U.S. Treasury instrument to create a manufactured
convertible with a higher credit profile than a traditional convertible security issued by that issuer. A manufactured convertible
also is a more flexible investment in that its two components may be purchased separately and, upon purchasing the separate securities,
&#8220;combined&#8221; to create a manufactured convertible. For example, the Trust may purchase a warrant for eventual inclusion
in a manufactured convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of
more favorable market conditions. The value of a manufactured convertible may respond to certain market fluctuations differently
from a traditional convertible security with similar characteristics. For example, in the event the Trust created a manufactured
convertible by combining a short-term U.S. Treasury instrument and a call option on a stock, the manufactured convertible would
be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during periods when Treasury instruments
outperform corporate fixed-income securities and underperform during periods when corporate fixed-income securities outperform
Treasury instruments.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Fixed-Income
Securities.</B></FONT> Fixed-income securities include bonds, preferred, preference and convertible securities, notes, debentures,
asset-backed securities (including those backed by mortgages), loan participations and assignments, equipment lease certificates,
equipment trust certificates and conditional sales contracts. Generally, issuers of fixed-income securities pay investors periodic
interest and repay the amount borrowed either periodically during the life of the security and/or at maturity. Some fixed-income
securities, such as zero coupon bonds, do not pay current interest, but are purchased at a discount from their face values, and
values accumulate over time to face value at maturity. The market prices of fixed-income securities fluctuate depending on such
factors as interest rates, credit quality and maturity. In general, market prices of fixed-income securities decline when interest
rates rise and increase when interest rates fall. Fixed-income securities are subject to risk factors such as sensitivity to interest
rate and real or perceived changes in economic conditions, payment expectations, liquidity and valuation. Fixed-income securities
with longer maturities (for example, over ten years) are more affected by changes in interest rates and provide less price stability
than securities with short-term maturities (for example, one to ten years). Fixed-income securities bear the risk of principal
and interest default by the issuer, which will be greater with higher yielding, lower grade securities. During an economic downturn,
the ability of issuers to service their debt may be impaired. The rating assigned to a fixed-income security by a rating agency
does not reflect assessment of the volatility of the security&#8217;s market value or of the liquidity of an investment in the
securities. Credit ratings are based largely on the issuer&#8217;s historical financial condition and a rating agency&#8217;s investment
analysis at the time of rating, and the rating assigned to any particular security is not necessarily a reflection of the issuer&#8217;s
current financial condition. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect
the actual risks posed by a particular high yield security. In addition to lower rated securities, the Trust may also invest in
higher rated securities. For a description of corporate ratings, see Appendix A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Repurchase
Agreements.</B></FONT> The Trust may enter into repurchase agreements (the purchase of a security coupled with an agreement to
resell at a higher price) with respect to its permitted investments. In the event of the bankruptcy of the other party to a repurchase
agreement, the Trust might experience delays in recovering its cash. To the extent that, in the meantime, the value of the securities
the Trust purchased may have decreased, the Trust could experience a loss. Repurchase agreements that mature in more than seven
days will be treated as illiquid. The Trust&#8217;s repurchase agreements will provide that the value of the collateral underlying
the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the agreement,
and will be marked to market daily.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Reverse
Repurchase Agreements.</B></FONT> While the Trust has no current intention to enter into reverse repurchase agreements, the Trust
reserves the right to enter into reverse repurchase agreements in the future, at levels that may vary over time. Under a reverse
repurchase agreement, the Trust temporarily transfers possession of a portfolio instrument to another party, such as a bank or
broker-dealer, in return for cash. At the same time, the Trust agrees to repurchase the instrument at an agreed upon time (normally
within seven days) and price, which reflects an interest payment. The Trust may enter into such agreements when it is able to invest
the cash acquired at a rate higher than the cost of the agreement, which would increase earned income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Trust enters into a reverse repurchase agreement, any
fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds
may be invested would affect the market value of the Trust's assets. As a result, such transactions may increase fluctuations in
the market value of the Trust's assets. While there is a risk that large fluctuations in the market value of the Trust's assets
could affect net asset value, this risk is not significantly increased by entering into reverse repurchase agreements, in the opinion
of the Adviser. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they
constitute a form of leverage. The SEC views reverse repurchase transactions as collateralized borrowings by a fund. Such agreements
will be treated as subject to investment restrictions regarding &#8220;borrowings.&#8221; If the Trust reinvests the proceeds of
a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Trust's
yield.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Zero
Coupon and Deep Discount Bonds and Payment-in-Kind (&#8220;PIK&#8221;) Securities.</B></FONT> Zero coupon bonds are debt obligations
that do not require the periodic payment of interest and are issued at a significant discount from face value. The discount approximates
the total amount of interest the bonds will accrue and compound over the period until maturity at a rate of interest reflecting
the market rate of the security at the time of purchase. The effect of owning debt obligations that do not make current interest
payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during
the life of the debt obligation. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to
invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder&#8217;s
ability to reinvest at higher rates in the future. Deep discount bonds also are issued at a discount from face value, but may make
periodic interest payments at a below market interest rate. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> PIK securities generally carry higher interest rates compared
to bonds that make cash payments of interest to reflect their payment deferral and increased credit risk. PIK interest has the
effect of generating investment income and increasing the incentive fees, if any, payable at a compounding rate. Generally, the
deferral of PIK interest increases the loan to value ratio. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Bonds and preferred stocks that make &#8220;in-kind&#8221;
payments and other securities that do not pay regular income distributions may experience greater volatility in response to interest
rate changes and issuer developments. PIK securities generally involve significantly greater credit risk than coupon loans because
the Trust receives no cash payments until the maturity date or a specified cash payment date. Even if accounting conditions are
met for accruing income payable at a future date under a PIK bond, the issuer could still default when the collection date occurs
at the maturity of or payment date for the PIK bond. PIK bonds may be difficult to value accurately because they involve ongoing
judgments as to the collectability of the deferred payments and the value of any associated collateral. If the issuer of a PIK
security defaults, the Trust may lose its entire investment. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Trust is required to accrue income from zero coupon and
deep discount bonds and PIK securities on a current basis, even though it does not receive that income currently in cash, and the
Trust is required to distribute that income for each taxable year. Such distributions could reduce the Trust&#8217;s cash position
and require it to sell securities and incur a gain or loss at a time it may not otherwise want to in order to provide the cash
necessary for these distributions. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Indexed
Securities.</B></FONT> The Trust may invest in securities that fluctuate in value with an index. Such securities generally will
either be issued by the U.S. Government or one of its agencies or instrumentalities or, if privately issued, collateralized by
mortgages that are insured, guaranteed or otherwise backed by the U.S. Government, its agencies or instrumentalities. The interest
rate or, in some cases, the principal payable at the maturity of an indexed security may change positively or inversely in relation
to one or more interest rates, financial indices, securities prices or other financial indicators (&#8220;reference prices&#8221;).
An indexed security may be leveraged to the extent that the magnitude of any change in the interest rate or principal payable on
an indexed security is a multiple of the change in the reference price. Thus, indexed securities may decline in value due to adverse
market changes in reference prices. Because indexed securities derive their value from another instrument, security or index, they
are considered derivative debt securities, and are subject to different combinations of prepayment, extension, interest rate and/or
other market risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Short
Sales.</B></FONT> The Trust may utilize short sales for hedging purposes. A short sale is effected by selling a security which
the Trust does not own, or, if the Trust does own the security, is not to be delivered upon consummation of the sale. The Trust
may engage in short sales &#8220;against the box&#8221; (i.e., short sales of securities the Trust already owns) for hedging purposes.
If the price of the security in the short sale decreases, the Trust will realize a profit to the extent that the short sale price
for the security exceeds the market price. If the price of the security increases, the Trust will realize a loss to the extent
that the market price exceeds the short sale price. Selling securities short runs the risk of losing an amount greater than the
initial investment therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Purchasing securities to close out the short position can itself
cause the price of the securities to rise further, thereby exacerbating the loss. Short-selling exposes the Trust to unlimited
risk with respect to that security due to the lack of an upper limit on the price to which an instrument can rise. Although the
Trust reserves the right to utilize short sales, the Adviser is under no obligation to utilize short-sales at all.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Foreign
Investments.</B></FONT> The Trust may invest in U.S. dollar denominated securities of non-U.S. issuers. Because foreign companies
are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those
applicable to U.S. companies, there may be less publicly available information about a foreign company than about a domestic company.
Volume and liquidity in most foreign debt markets is less than in the United States and securities of some foreign companies are
less liquid and more volatile than securities of comparable U.S. companies. There is generally less government supervision and
regulation of securities exchanges, broker-dealers and listed companies than in the United States. Mail service between the United
States and foreign countries may be slower or less reliable than within the United States, thus increasing the risk of delayed
settlements of portfolio transactions or loss of certificates for portfolio securities. Payment for securities before delivery
may be required. In addition, with respect to certain foreign countries, there is the possibility of expropriation or confiscatory
taxation, political or social instability, or diplomatic developments that could affect investments in those countries. Moreover,
individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national
product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Foreign securities
markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities
of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities
of comparable U.S. companies.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">American Depositary Receipts (&#8220;ADRs&#8221;), European Depositary
Receipts (&#8220;EDRs&#8221;) and Global Depositary Receipts (&#8220;GDRs&#8221;) may be purchased. ADRs, EDRs and GDRs are certificates
evidencing ownership of shares of a foreign issuer and are alternatives to purchasing directly the underlying foreign securities
in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly
in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying
issuer&#8217;s country. ADRs, EDRs and GDRs may be sponsored or unsponsored. Unsponsored receipts are established without the participation
of the issuer. Unsponsored receipts may involve higher expenses, they may not pass through voting or other shareholder rights,
and they may be less liquid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivative
Instruments.</B></FONT> Derivative instruments (which are instruments that derive their value from another instrument, security,
index or currency) may be used to enhance income (in the case of written options), to hedge against fluctuations in securities
prices, currency exchange rates, to change the duration of the overall portfolio, or as a substitute for the purchase or sale of
securities or currencies. Such transactions may be in the U.S. or abroad and may include the purchase or sale of forward or futures
contracts securities (such as U.S. Government securities), indices, other financial instruments (such as certificates of deposit,
Eurodollar time deposits and economic indices); options on futures contracts; exchange-traded and over-the-counter options on securities,
indices or currencies; interest rate swaps, credit default swaps, and credit linked notes (described below); and forward foreign
currency exchange contracts. The Trust may enter into derivatives transactions with respect to any security or other instrument
in which it is permitted to invest. The Trust incurs costs in opening and closing derivatives positions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may use derivative instruments and trading strategies,
including the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Options
on Securities Indices and Currencies.</I></FONT> The Trust may engage in transactions in exchange traded and over-the-counter (&#8220;OTC&#8221;)
options. In general, exchange-traded options have standardized exercise prices and expiration dates and require the parties to
post margin against their obligations, and the performance of the parties' obligations in connection with such options is guaranteed
by the exchange or a related clearing corporation. OTC options have more flexible terms negotiated between the buyer and the seller,
but generally do not require the parties to post margin and are subject to greater credit risk. The ability of the Trust to transact
business with any one or any number of counterparties, the lack of any independent evaluation of the counterparties or their financial
capabilities and the absence of a regulated market to facilitate settlement, may increase the potential for losses to the Trust.
OTC options also involve greater liquidity risk. This risk may be increased in times of financial stress if the trading market
for OTC options becomes limited. The Staff of the SEC takes the position that certain purchased OTC options, and assets used as
cover for written OTC options, are illiquid. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Call
Options.</I></FONT> A purchased call option gives the Trust the right to buy, and obligates the seller to sell, the underlying
instrument at the exercise price at any time during the option period. The Trust also may purchase and sell call options on indices.
Index options are similar to options on securities except that, rather than taking or making delivery of securities underlying
the option at a specified price upon exercise, an index option gives the holder the right to receive cash upon exercise of the
option if the level of the index upon which the option is based is greater than the exercise price of the option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Trust also is authorized to write (i.e., sell)
call options and to enter into closing purchase transactions with respect to certain of such options. A covered call option is
an option in which the Trust, in return for a premium, gives another party a right to buy specified securities owned by the Trust
at a specified future date and price set at the time of the contract.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The principal reason for writing call options is the
attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. By writing
covered call options, the Trust gives up the opportunity, while the option is in effect, to profit from any price increase in the
underlying security above the option exercise price. In addition, the Trust's ability to sell the underlying security will be limited
while the option is in effect unless the Trust enters into a closing purchase transaction. A closing purchase transaction cancels
out the Trust's position as the writer of an option by means of an offsetting purchase of an identical option prior to the expiration
of the option it has written. Covered call options also serve as a partial hedge to the extent of the premium received against
the price of the underlying security declining.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Put
Options.</I></FONT> The Trust is authorized to purchase put options to seek to hedge against a decline in the value of its securities
or to enhance its return. By buying a put option, the Trust acquires a right to sell the underlying securities or instruments at
the exercise price, thus limiting the Trust's risk of loss through a decline in the market value of the securities or instruments
until the put option expires. The amount of any appreciation in the value of the underlying securities or instruments will be partially
offset by the amount of the premium paid for the put option and any related transaction costs. Prior to its expiration, a put option
may be sold in a closing sale transaction and profit or loss from the sale will depend on whether the amount received is more or
less than the premium paid for the put option plus the</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">related transaction costs. A closing sale transaction
cancels out the Trust's position as the purchaser of an option by means of an offsetting sale of an identical option prior to the
expiration of the option it has purchased. The Trust also may purchase uncovered put options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Trust also has authority to write (i.e., sell)
put options. The Trust will receive a premium for writing a put option, which increases the Trust's return. The Trust has the obligation
to buy the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below the
exercise price. There are several risks associated with transactions in options on securities and indexes. For example, there are
significant differences between the securities and options markets that could result in an imperfect correlation between these
markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options,
whether traded OTC or on a national securities exchange may be absent for reasons which include the following: there may be insufficient
trading interest in certain options; restrictions may be imposed by a national securities exchange on opening transactions or closing
transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series
of options or underlying securities; unusual or unforeseen circumstances may interrupt normal operations on a national securities
exchange; the facilities of a national securities exchange or the Options Clearing Corporation (the &#8220;OCC&#8221;) may not
at all times be adequate to handle current trading volume; or one or more national securities exchanges could, for economic or
other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series
of options), in which event the secondary market on that national securities exchange (or in that class or series of options) would
cease to exist, although outstanding options that had been issued by the OCC as a result of trades on that national securities
exchange would continue to be exercisable in accordance with their terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> Options positions are marked to market daily. The
value of options is affected by changes in the value and dividend rates of the securities underlying the option or represented
in the index underlying the option, changes in interest rates, changes in the actual or perceived volatility of the relevant index
or market and the remaining time to the options&#8217; expiration, as well as trading conditions in the options market. The hours
of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options
markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying
markets that would not be reflected concurrently in the options markets. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><I>Futures.</I> The Trust may engage in transactions
in futures and options on futures. Futures are standardized, exchange-traded contracts. Futures contracts on securities obligate
a purchaser to take delivery, and a seller to make delivery, of a specific amount of the financial instrument called for in the
contract at a specified future date at a specified price. An index futures contract obligates the purchaser to take, and a seller
to deliver an amount of cash equal to a specific dollar amount times the difference between the value of a specific index at the
close of the last trading day of the contract and the price at which the agreement is made. No physical delivery of the underlying
securities in the index is made. It is the practice of holders of futures contracts to close out their positions on or before the
expiration date by use of offsetting contract positions, and physical delivery of financial instruments or delivery of cash, as
applicable, is thereby avoided. No price is paid upon entering into a futures contract. Rather, upon purchasing or selling a futures
contract the Trust is required to deposit collateral (&#8220;margin&#8221;) equal to a percentage (generally less than 10%) of
the contract value. Each day thereafter until the futures position is closed, the Trust will pay additional margin representing
any loss experienced as a result of the futures position the prior day or be entitled to a payment representing any profit experienced
as a result of the futures position the prior day. Futures involve substantial leverage risk. The sale of a futures contract limits
the Trust's risk of loss from a decline in the market value of portfolio holdings correlated with the futures contract prior to
the futures contract's expiration date. In the event the market value of the Trust holdings correlated with the futures contract
increases rather than decreases, however, the Trust will realize a loss on the futures position and a lower return on the Trust
holdings than would have been realized without the purchase of the futures contract.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The purchase of a futures contract may protect the
Trust from having to pay more for securities as a consequence of increases in the market value for such securities during a period
when the Trust was attempting to identify specific securities in which to invest in a market the Trust believes to be attractive.
In the event that such securities decline in value or the Trust determines not to complete an anticipatory hedge transaction relating
to a futures contract, however, the Trust may realize a loss relating to the futures position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Trust is also authorized to purchase or sell call
and put options on futures contracts including financial futures and stock indices. Generally, these strategies would be used under
the same market and market sector conditions (i.e., conditions relating to specific types of investments) in which the Trust entered
into futures transactions. The Trust may purchase put options or write call options on futures contracts and stock indices in lieu
of selling the underlying futures contract in anticipation of a decrease in the market value of its securities. Similarly, the
Trust can purchase call options, or write put options on futures contracts and stock indices, as a substitute for the purchase
of such futures to hedge against the increased cost resulting from an
increase in the market value of securities which the Trust intends to purchase.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Risks
Associated with Futures.</I></FONT> The primary risks associated with the use of futures contracts and options are (a) the imperfect
correlation between the change in market value of the instruments held by the Trust and the price of the futures contract or option;
(b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when
desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser&#8217;s
inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors;
and (e) the possibility that the counterparty will default in the performance of its obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Trust has claimed an exclusion from the definition
of the term Commodity Pool Operator (&#8220;CPO&#8221;) under the Commodity Exchange Act and therefore is not subject to registration
as a CPO.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Foreign
Currency Transactions.</I></FONT> The Trust may engage in spot transactions and forward foreign currency exchange contracts and
currency swaps, purchase and sell options on currencies and purchase and sell currency futures and related options thereon (collectively,
&#8220;Currency Instruments&#8221;) for purposes of hedging against the decline in the value of currencies in which its portfolio
holdings are denominated against the U.S. dollar or, to seek to enhance returns. Such transactions could be effected with respect
to hedges on foreign dollar denominated securities owned by the Trust, sold by the Trust but not yet delivered, or committed or
anticipated to be purchased by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> As measured in U.S. dollars, the value of assets
denominated in foreign currencies may be affected favorably or unfavorably by changes in foreign currency rates and exchange control
regulations. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central
banks, or the failure to intervene, or by currency controls or political developments in the United States or abroad. If the U.S.
dollar rises in value relative to a foreign currency, a security denominated in that foreign currency will be worth less in U.S.
dollars. If the U.S. dollar decreases in value relative to a foreign currency, a security denominated in that foreign currency
will be worth more in U.S. dollars. A devaluation of a currency by a country&#8217;s government or banking authority will have
a significant impact on the value of any investments denominated in that currency. Foreign currency exchange transactions may be
conducted on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering
into derivative currency transactions. Currency transactions are subject to the risk of a number of complex political and economic
factors applicable to the countries issuing the underlying currencies. Furthermore, unlike trading in most other types of instruments,
there is no systematic reporting of last sale information with respect to the foreign currencies underlying the derivative currency
transactions. As a result, available information may not be complete. In an over-the-counter trading environment, there are no
daily price fluctuation limits. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Forward
Foreign Currency Exchange Contracts.</I></FONT> Forward foreign currency exchange contracts are OTC contracts to purchase or sell
a specified amount of a specified currency or multinational currency unit at a price and future date set at the time of the contract.
Spot foreign exchange transactions are similar but require current, rather than future, settlement. The Trust will enter into foreign
exchange transactions for purposes of hedging either a specific transaction or the Trust position or, to seek to enhance returns.
Proxy hedging is often used when the currency to which the Trust is exposed is difficult to hedge or to hedge against the dollar.
Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be
linked to a currency or currencies in which some or all of the Trust's securities are, or are expected to be, denominated, and
to buy U.S. dollars. Proxy hedging involves some of the same risks and considerations as other transactions with similar instruments.
Currency transactions can result in losses to the Trust if the currency being hedged fluctuates in value to a degree or in a direction
that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies may not be present
or may not be present during the particular time that the Trust is engaged in proxy hedging. The Trust may also cross-hedge currencies
by entering into forward contracts to sell one or more currencies that are expected to decline in value relative to other currencies
to which the Trust has or in which the Trust expects to have portfolio exposure. Some of the forward foreign currency contracts
entered into by the Trust are classified as non-deliverable forwards (&#8220;NDF&#8221;). NDFs are cash-settled, short-term forward
contracts that may be thinly traded or are denominated in non-convertible foreign currency, where the profit or loss at the time
at the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time
of settlement, for an agreed upon notional amount of funds. NDFs are commonly quoted for time periods of one month up to two years,
and are normally quoted and settled in U.S. dollars. They are often used to gain exposure to and/or hedge exposure to foreign currencies
that are not internationally traded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Currency
Futures.</I></FONT> The Trust may also seek to enhance returns or hedge against the decline in the value of a currency through
use of currency futures or options thereon. Currency futures are similar to forward foreign exchange transactions except that futures
are standardized, exchange-traded contracts while forward foreign exchange transactions are traded in the OTC market. Currency
futures involve substantial currency risk, and also involve leverage risk.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Currency
Options.</I></FONT> The Trust may also seek to enhance returns or hedge against the decline in the value of a currency through
the use of currency options. Currency options are similar to options on securities. For example, in consideration for an option
premium the writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a put option)
a specified amount of a specified currency on or before the expiration date for a specified amount of another currency. The Trust
may engage in transactions in options on currencies either on exchanges or OTC markets. Currency options involve substantial currency
risk, and may also involve credit, leverage or liquidity risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Risk
Factors in Hedging Foreign Currency.</I></FONT> Hedging transactions involving Currency Instruments involve substantial risks,
including correlation risk. Although Currency Instruments will be used with the intention of hedging against adverse currency movements,
transactions in Currency Instruments involve the risk that anticipated currency movements will not be accurately predicted and
that the Trust's hedging strategies will be ineffective. To the extent that the Trust hedges against anticipated currency movements
that do not occur, the Trust may realize losses and decrease its total return as the result of its hedging transactions. Furthermore,
the Trust will only engage in hedging activities from time to time and may not be engaging in hedging activities when movements
in currency exchange rates occur.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Swap
Agreements.</I></FONT> Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging
from a few weeks to more than one year. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns
(or differentials in rates of return) earned or realized on a particular predetermined reference instrument or instruments, which
can be adjusted for an interest rate factor. The gross returns to be exchanged or &#8220;swapped&#8221; between the parties are
generally calculated with respect to a &#8220;notional amount&#8221; (<I>i.e.</I>, the return on or increase in value of a particular
dollar amount invested at a particular interest rate or in a &#8220;basket&#8221; of securities representing a particular index).
Other types of swap agreements may calculate the obligations of the parties to the agreement on a &#8220;net basis.&#8221; Consequently,
a party&#8217;s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid
or received under the agreement based on the relative values of the positions held by each party to the agreement (the &#8220;net
amount&#8221;). </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> Whether the use of swap agreements will be successful
will depend on the investment adviser's ability to predict correctly whether certain types of reference instruments are likely
to produce greater returns than other instruments. Swap agreements may be subject to contractual restrictions on transferability
and termination and they may have terms of greater than seven days. The Trust&#8217;s obligations under a swap agreement will be
accrued daily (offset against any amounts owed to the Trust under the swap). Developments in the swaps market, including government
regulation, could adversely affect the Trust&#8217;s ability to terminate existing swap agreements or to realize amounts to be
received under such agreements, as well as to participate in swap agreements in the future. If there is a default by the counterparty
to a swap, the Trust will have contractual remedies pursuant to the swap agreement, but any recovery may be delayed depending on
the circumstances of the default. To limit the counterparty risk involved in swap agreements, the Trust will only enter into swap
agreements with counterparties that meet certain criteria. Although there can be no assurance that the Trust will be able to do
so, the Trust may be able to reduce or eliminate its exposure under a swap agreement either by assignment or other disposition,
or by entering into an offsetting swap agreement with the same party or another creditworthy party. The Trust may have limited
ability to eliminate its exposure under a credit default swap if the credit of the referenced entity or underlying asset has declined. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> The swaps market was largely unregulated prior
to the enactment of federal legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank
Act&#8221;), which was enacted in 2010 in response to turmoil in the financial markets and other market events. Among other things,
the Dodd-Frank Act sets forth a new regulatory framework for certain OTC derivatives, such as swaps, in which the Trust may invest.
The Dodd-Frank Act requires many swap transactions to be executed on registered exchanges or through swap execution facilities,
cleared through a regulated clearinghouse, and publicly reported. In addition, many market participants are now regulated as swap
dealers or major swap participants, and are, or will be, subject to certain minimum capital and margin requirements and business
conduct standards. The statutory requirements of the Dodd-Frank Act are being implemented primarily through rules and regulations
adopted by the SEC and/or the CFTC. There is a prescribed phase-in period during which most of the mandated rulemaking and regulations
are being implemented, and temporary exemptions from certain rules and regulations have been granted so that current trading practices
will not be unduly disrupted during the transition period. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> Currently, central clearing is only required for
certain market participants trading certain instruments, although central clearing for additional instruments is expected to be
implemented by the CFTC until the majority of the swaps market is ultimately subject to central clearing. In addition, uncleared
OTC swaps will be subject to regulatory collateral requirements that could adversely affect the Trust&#8217;s ability to enter
into swaps in the OTC market. These </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> developments could cause the Trust to terminate
new or existing swap agreements or to realize amounts to be received under such instruments at an inopportune time. Until the mandated
rulemaking and regulations are implemented completely, it will not be possible to determine the complete impact of the Dodd-Frank
Act and related regulations on the Trust, and the establishment of a centralized exchange or market for swap transactions may not
result in swaps being easier to value or trade. However, it is expected that swap dealers, major market participants, and swap
counterparties will experience other new and/or additional regulations, requirements, compliance burdens, and associated costs.
The legislation and rules yet to be promulgated and/or implemented may exert a negative effect on the Trust&#8217;s ability to
meet its investment objective, either through limits or requirements imposed on the Trust or its counterparties. The swap market
could be disrupted or limited as a result of the implementation of this legislation, and the new requirements may increase the
cost of the Trust&#8217;s investments and of doing business, which could adversely affect the ability of the Trust to buy or sell
OTC derivatives. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> Swap agreements include (but are not limited to): </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Credit
Default Swaps.</I></FONT> Under a credit default swap agreement, the protection &#8220;buyer&#8221; in a credit default contract
is generally obligated to pay the protection &#8220;seller&#8221; an upfront or a periodic stream of payments over the term of
the contract, provided that no credit event, such as a default, on a reference instrument has occurred. If a credit event occurs,
the seller generally must pay the buyer the &#8220;par value&#8221; (full notional value) of the reference instrument in exchange
for an equal face amount of the reference instrument described in the swap, or the seller may be required to deliver the related
net cash amount, if the swap is cash settled. If the Trust is a buyer and no credit event occurs, the Trust may recover nothing
if the swap is held through its termination date. As a seller, the Trust generally receives an upfront payment or a fixed rate
of income throughout the term of the swap provided that there is no credit event. As the seller, the Trust would effectively add
leverage to its portfolio because, in addition to its total net assets, the Trust would be subject to investment exposure on the
notional amount of the swap. The determination of a credit event under the swap agreement will depend on the terms of the agreement
and may rely on the decision of persons that are not a party to the agreement. The Trust&#8217;s obligations under a credit default
swap agreement will be accrued daily (offset against any amounts owed to the Trust). </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Total
Return Swaps.</I></FONT> Total return swap agreements are contracts in which one party agrees to make periodic payments to another
party based on the change in market value of the assets underlying the contract, which may include a specified security, basket
of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest
rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security
or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements
may effectively add leverage to the Trust&#8217;s portfolio because, in addition to its total net assets, the Trust would be subject
to investment exposure on the notional amount of the swap. Generally, the Trust will enter into total return swaps on a net basis
(i.e., the two payment streams are netted out, with the Trust receiving or paying, as the case may be, only the net amount of the
two payments). The net amount of the excess, if any, of the Trust&#8217;s obligations over its entitlements with respect to each
total return swap will be accrued on a daily basis. If the total return swap transaction is entered into on other than a net basis,
the full amount of the Trust&#8217;s obligations will be accrued on a daily basis, and the full amount of the Trust&#8217;s obligations
will be segregated by the Trust in an amount equal to or greater than the market value of the liabilities under the total return
swap or the amount it would have cost the Trust initially to make an equivalent direct investment, plus or minus any amount the
Trust is obligated to pay or is to receive under the total return swap agreement. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Interest
Rate Swaps, Caps and Floors.</I></FONT> Interest rate swaps are OTC contracts in which each party agrees to make a periodic interest
payment based on an index or the value of an asset in return for a periodic payment from the other party based on a different index
or asset. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined
interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor.
The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a predetermined interest
rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The Trust usually
will enter into interest rate swap transactions on a net basis (i.e., the two payment streams are netted out, with the Trust receiving
or paying, as the case may be, only the net amount of the two payments). The net amount of the excess, if any, of the Trust&#8217;s
obligations over its entitlements with respect to each interest rate swap will be accrued on a daily basis. If the interest rate
swap transaction is entered into on other than a net basis, the full amount of the Trust&#8217;s obligations will be accrued on
a daily basis. Certain federal income tax requirements may limit the Trust&#8217;s ability to engage in certain interest rate transactions. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Asset
Coverage</I>. T</FONT>o the extent required by SEC guidance, if a transaction creates a future obligation of the Trust to another
party the Trust will: (1) cover the obligation by entering into an offsetting position or transaction; and/or (2) segregate cash
and/or liquid securities with a value (together with any collateral posted with respect to the obligation)</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">at least equal to the marked-to market value of the
obligations. Assets used as cover or segregated cannot be sold while the position(s) requiring cover is open unless replaced with
other appropriate assets. The types of transactions that may require asset coverage include (but are not limited to) reverse repurchase
agreements, repurchase agreements, short sales, securities lending, forward contracts, certain options, forward commitments, futures
contracts, when-issued securities, swap agreements, residual interest bonds, and participation in revolving credit facilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Securities
Lending.</B></FONT> As described in the Prospectus, the Trust may lend a portion of its portfolio Senior Loans or other securities
to broker-dealers or other institutional borrowers. Loans will be made only to organizations whose credit quality or claims paying
ability is considered by the Adviser to be at least investment grade. All securities loans will be collateralized on a continuous
basis by cash or U.S. government securities having a value, marked to market daily, of at least 100% of the market value of the
loaned securities. The Trust may receive loan fees in connection with loans that are collateralized by securities or on loans of
securities for which there is special demand. The Trust may also seek to earn income on securities loans by reinvesting cash collateral
in mortgage-backed securities (&#8220;MBS&#8221;) or other securities consistent with its investment objectives and policies, seeking
to invest at rates that are higher than the &#8220;rebate&#8221; rate that it normally will pay to the borrower with respect to
such cash collateral. Any such reinvestment will be subject to the investment policies, restrictions and risk considerations described
in the Prospectus and in this SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Senior Loans and other securities may result in delays in recovering,
or a failure of the borrower to return, the loaned securities. The defaulting borrower ordinarily would be liable to the Trust
for any losses resulting from such delays or failures, and the collateral provided in connection with the loan normally would also
be available for that purpose. Securities loans normally may be terminated by either the Trust or the borrower at any time. Upon
termination and the return of the loaned securities, the Trust would be required to return the related cash or securities collateral
to the borrower and it may be required to liquidate longer term portfolio securities in order to do so. To the extent that such
securities have decreased in value, this may result in the Trust realizing a loss at a time when it would not otherwise do so.
The Trust also may incur losses if it is unable to reinvest cash collateral at rates higher than applicable rebate rates paid to
borrowers and related administrative costs. These risks are substantially the same as those incurred through investment leverage,
and will be subject to the investment policies, restrictions and risk considerations described in the Prospectus and in this SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will receive amounts equivalent to any interest or
other distributions paid on securities while they are on loan, and the Trust will not be entitled to exercise voting or other beneficial
rights on loaned securities. The Trust will exercise its right to terminate loans and thereby regain these rights whenever the
Adviser considers it to be in the Trust&#8217;s interest to do so, taking into account the related loss of reinvestment income
and other factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Short-Term
Trading.</B></FONT> Securities may be sold in anticipation of market decline (a rise in interest rates) or purchased in anticipation
of a market rise (a decline in interest rates) and later sold. In addition, a security may be sold and another purchased at approximately
the same time to take advantage of what the Adviser believes to be a temporary disparity in the normal yield relationship between
the two securities. Yield disparities may occur for reasons not directly related to the investment quality of particular issues
or the general movement of interest rates, such as changes in the overall demand for or supply of various types of fixed-income
securities or changes in the investment objectives of investors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity
Risk.</B></FONT> With the increased use of technologies by Trust service providers to conduct business, such as the Internet, the
Trust is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate
attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems
(e.g., through &#8220;hacking&#8221; or malicious software coding) for purposes of misappropriating assets or sensitive information,
corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining
unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable
to intended users). Cybersecurity failures or breaches by the Trust&#8217;s investment adviser or administrator and other service
providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Trust invests,
have the ability to cause disruptions and impact business operations potentially resulting in financial losses, interference with
the Trust&#8217;s ability to calculate its net asset value, impediments to trading, violations of applicable privacy and other
laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.
While various Trust service providers have established business continuity plans and risk management systems intended to identify
and mitigate cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks
have not been identified. Furthermore, the Trust cannot control the cybersecurity plans and systems put in place by service providers
to the Trust and issuers in which the Trust invests. The Trust and its shareholders could be negatively impacted as a result. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operational
Risk.</B></FONT> The Trust&#8217;s service providers, including the investment adviser, may experience disruptions or operating
errors that could negatively impact the Trust. While service providers are expected to have appropriate operational risk management
policies and procedures, their methods of operational risk management may differ from the Trust&#8217;s in the setting of priorities,
the personnel and resources available or the effectiveness of relevant controls. It also is not possible for Trust service providers
to identify all of the operational risks that may affect the Trust or to develop processes and controls to completely eliminate
or mitigate their occurrence or effects.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Temporary
Investments.</B></FONT> The Trust may invest temporarily in cash or cash equivalents. Cash equivalents are highly liquid, short-term
securities such as commercial paper, time deposits, certificates of deposit, short-term notes and short-term U.S. Government obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Restrictions.</B></FONT> The following investment restrictions of the Trust are designated as fundamental policies and as such
cannot be changed without the approval of the holders of a majority of the Trust&#8217;s outstanding voting securities, which as
used in this SAI means the lesser of (a) 67% of the shares of the Trust present or represented by proxy at a meeting if the holders
of more than 50% of the outstanding shares are present or represented at the meeting or (b) more than 50% of outstanding shares
of the Trust. As a matter of fundamental policy the Trust may not:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Borrow money, except as permitted by the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). The 1940
Act currently requires that any indebtedness incurred by a closed-end investment company have an asset coverage of at least 300%;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Issue senior securities, as defined in the 1940 Act, other than (i) preferred shares which immediately after issuance will
have asset coverage of at least 200%, (ii) indebtedness which immediately after issuance will have asset coverage of at least 300%,
or (iii) the borrowings permitted by investment restriction (1) above. The 1940 Act currently defines &#8220;senior security&#8221;
as any bond, debenture, note or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock
of a class having priority over any other class as to distribution of assets or payment of dividends. Debt and equity securities
issued by a closed-end investment company meeting the foregoing asset coverage provisions are excluded from the general 1940 Act
prohibition on the issuance of senior securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Purchase securities on margin (but the Trust may obtain such short-term credits as may be necessary for the clearance of purchases
and sales of securities). The purchase of investment assets with the proceeds of a permitted borrowing or securities offering will
not be deemed to be the purchase of securities on margin;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Underwrite securities issued by other persons, except insofar as it may technically be deemed to be an underwriter under the
Securities Act of 1933, as amended in selling or disposing of a portfolio investment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Make loans to other persons, except by (a) the acquisition of loan interests, debt securities and other obligations in which
the Trust is authorized to invest in accordance with its investment objectives and policies, (b) entering into repurchase agreements,
(c) lending its portfolio securities and (d) lending cash consistent with applicable law;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Purchase or sell real estate, although it may purchase and sell securities that are secured by interests in real estate and
securities of issuers that invest or deal in real estate. The Trust reserves the freedom of action to hold and to sell real estate
acquired as a result of the ownership of securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Purchase or sell physical commodities or contracts for the purchase or sale of physical commodities. Physical commodities do
not include futures contracts with respect to securities, securities indices or other financial instruments; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>With respect to 75% of its total assets, invest more than 5% of its total assets in the securities of a single issuer or purchase
more than 10% of the outstanding voting securities of a single issuer, except obligations issued or guaranteed by the U.S. government,
its agencies or instrumentalities and except securities of other investment companies; or invest 25% or more of its total assets
in any single industry (other than securities issued or guaranteed by the U.S. government or its agencies or instrumentalities).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may borrow money as a temporary measure for extraordinary
or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require
untimely dispositions of Trust securities. The 1940 Act currently requires that the Trust have 300% asset coverage with respect
to all borrowings other than temporary borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to investment restriction 5(d) above, as disclosed in
the Prospectus, the Trust may make loans to participate in the origination of Senior Loans and other secured floating-rate loans.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">For purposes of construing restriction (8), securities of the
U.S. Government, its agencies, or instrumentalities are not considered to represent industries. Municipal obligations backed by
the credit of a governmental entity are also not considered to represent industries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust has adopted the following nonfundamental investment
policy, which may be changed by the Board without approval of the Trust&#8217;s shareholders. As a matter of nonfundamental policy,
the Trust may not make short sales of securities or maintain a short position, unless at all times when a short position is open
it either owns an equal amount of such securities or owns securities convertible into or exchangeable, without payment of any further
consideration, for securities of the same issuer as, and equal in amount to, the securities sold short.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest more than 10% of its total assets in one
or more other management investment companies (or may invest in affiliated investment companies) to the extent permitted by the
1940 Act and rules thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Whenever an investment policy or investment restriction set forth
in the Prospectus or this SAI states a maximum percentage of assets that may be invested in any security or other asset or describes
a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result
of the Trust&#8217;s acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change
in values, assets or other circumstances or any subsequent rating change made by a rating service (or as determined by the Adviser
if the security is not rated by a rating agency) will not compel the Trust to dispose of such security or other asset. Notwithstanding
the foregoing, the Trust must always be in compliance with the borrowing policies set forth above.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">TRUSTEES AND OFFICERS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Board of Trustees of the Trust (the &#8220;Board&#8221;)
is responsible for the overall management and supervision of the affairs of the Trust. The Board members and officers of the Trust
are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last
five years. The &#8220;noninterested Trustees&#8221; consist of those Trustees who are not &#8220;interested persons&#8221; of
the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International
Place, Boston, Massachusetts 02110. As used in this SAI, &#8220;EVC&#8221; refers to Eaton Vance Corp., &#8220;EV&#8221; refers
to Eaton Vance, Inc., &#8220;BMR&#8221; refers to Boston Management and Research and &#8220;EVD&#8221; refers to Eaton Vance Distributors
Inc. EVC and EV are the corporate parent and trustee, respectively, of Eaton Vance and BMR. EVD is a wholly-owned subsidiary of
EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or
her position with Eaton Vance listed below. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Trust<BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3) </SUP></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Interested Trustee</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">THOMAS E. FAUST JR.<BR>
1958</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class I <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2020. 3 years.<BR>
&nbsp;Since 2008.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of Eaton Vance and BMR, and Director of EVD.&nbsp;&nbsp;Trustee and/or officer of 174 registered investment companies. Mr. Faust is an interested person because of his positions with BMR, Eaton Vance, EVC, EVD and EV, which are affiliates of the Trust. </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Director of EVC and Hexavest Inc. (investment management firm).</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Trust<BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3) </SUP></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Noninterested Trustees</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">MARK R. FETTING<BR>
1954</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class III <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2019. 3 years. <BR>
Since 2016.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor.&nbsp;&nbsp;Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004).&nbsp;&nbsp;Formerly, President of Legg Mason family of funds (2001-2008).&nbsp;&nbsp;Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> None </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">CYNTHIA E. FROST<BR>
1961</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class I <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2020. 3 years. <BR>
Since 2014.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Private investor.&nbsp;&nbsp;Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995).&nbsp;&nbsp;Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989).&nbsp;&nbsp;Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">GEORGE J. GORMAN<BR>
1952</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class II <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> Until 2021. 3 years. <BR>
Since 2014. </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst &amp; Young LLP (a registered public accounting firm) (1974-2009).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">VALERIE A. MOSLEY<BR>
1960</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class III <BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2019. 3 years. <BR>
Since 2014.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm).&nbsp;&nbsp;Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012).&nbsp;&nbsp;Former Chief Investment Officer, PG Corbin Asset Management (1990-1992).&nbsp;&nbsp;Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 71 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Floating-Rate Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated September 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Trust<BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3) </SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">WILLIAM H. PARK<BR>
1947</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Chairperson of the Board and Class II <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> Until 2021. 3 years. <BR>
&nbsp;Chairperson of the Board since 2016 and Trustee since 2004. </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group, L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">HELEN FRAME PETERS<BR>
1948<BR>
<BR>
</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class III <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2019. 3 years.<BR>
&nbsp;Since 2008.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999).&nbsp;&nbsp;Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> None </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> KEITH QUINTON <BR>
1958 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> Class II <BR>
Trustee effective 10/1/2018 </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> Until 2021. 3 years. <BR>
Since 2018. </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Director of New Hampshire Municipal Bond Bank (since 2016). </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> MARCUS L. SMITH <BR>
1966 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> Class III <BR>
Trustee effective 10/1/2018 </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> Until 2019. 1 year. <BR>
Since 2018. </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Director of DCT Industrial Trust Inc. (logistics real estate company) (since 2017). </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">SUSAN J. SUTHERLAND<BR>
1957</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class II <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> Until 2021. 3 years. <BR>
Since 2015. </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher &amp; Flom LLP (law firm) (1982-2013).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).</TD></TR>
</TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Floating-Rate Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated September 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Trust<BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3) </SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">HARRIETT TEE TAGGART<BR>
1948</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class II <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> Until 2021. 3 years. <BR>
Since 2011. </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006).&nbsp;&nbsp;Ms. Taggart has apprised the Board of Trustees that she intends to retire as a Trustee of all Eaton Vance Funds effective December 31, 2018. </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">SCOTT E. WENNERHOLM<BR>
1959</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class I <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2020. 3 years.<BR>
Since 2016.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011).&nbsp;&nbsp;Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004).&nbsp;&nbsp;Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt"> 174 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>The Board of Trustees is divided into three classes, each class having a term of three years to expire on the date of the third
annual meeting following its election.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>Includes both master and feeder funds in a master-feeder structure.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT> </TD><TD> During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton,
Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits<SUP>TM</SUP>
2 Year U.S. Market Participation Trust: Upside to Cap/Buffered Downside (launched in 2012 and terminated in 2014); and eUnits<SUP>TM</SUP>
2 Year U.S. Market Participation Trust II: Upside to Cap/Buffered Downside (launched in 2012 and terminated in 2014). However,
Ms. Mosley did not serve as a Board member of eUnits<SUP>TM</SUP> 2 Year U.S. Market Participation Trust: Upside to Cap/Buffered
Downside (launched in 2012 and terminated in 2014). </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD><TD>VRTP&nbsp;Trustee.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Principal Officers who are not Trustees</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Trust Position(s)</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five Years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">PAYSON F. SWAFFIELD<BR>
1956</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">President</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2017</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Vice President and Chief Income Investment Officer of Eaton Vance and BMR.&nbsp;&nbsp;Officer of 146 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of Calvert Research and Management (&#8220;CRM&#8221;) since 2016. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">MAUREEN A. GEMMA<BR>
1960</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Vice President, Secretary and Chief Legal Officer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Vice President of Eaton Vance and BMR.&nbsp;&nbsp;Officer of 174 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2016. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">JAMES F. KIRCHNER<BR>
1967</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Treasurer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2013</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Vice President of Eaton Vance and BMR.&nbsp;&nbsp;Officer of 174 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2016. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> &nbsp;RICHARD F. FROIO<BR> 1968 </TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> Chief Compliance Officer </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt"> Since 2017 </TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt"> Vice President of Eaton Vance
    and BMR since 2017. Officer of 174 registered investment companies managed by Eaton Vance or BMR. Formerly, Deputy Chief Compliance
    Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director of BlackRock/Barclays
    Global Investors (2009-2012). </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Board has general oversight responsibility with respect
to the business and affairs of the Trust. The Board has engaged an investment adviser and (if applicable) a sub-adviser(s) (collectively
the &#8220;adviser&#8221;) to manage the&nbsp;Trust and an administrator to administer the&nbsp;Trust and is responsible for overseeing
such adviser and administrator and other service providers to the Trust. Effective October 1, 2018, the Board is composed of twelve
Trustees, including eleven Trustees who are not &#8220;interested persons&#8221; of the&nbsp;Trust, as that term is defined in
the 1940 Act (each a &#8220;noninterested Trustee&#8221;). In addition to six regularly scheduled meetings per year, the Board
holds special meetings or informal conference calls to discuss specific matters that may require action prior to the next regular
meeting. As discussed below, the Board has established six committees to assist the Board in performing its oversight responsibilities. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has appointed a noninterested Trustee to serve in the
role of Chairperson. The Chairperson&#8217;s primary role is to participate in the preparation of the agenda for meetings of the
Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the Board.
The Chairperson also presides at all meetings of the Board and acts as a liaison with service providers, officers, attorneys, and
other Board members generally between meetings. The Chairperson may perform such other functions as may be requested by the Board
from time to time. In addition, the Board may appoint a noninterested Trustee to serve in the role of Vice-Chairperson. The Vice-Chairperson
has the power and authority to perform any or all of the duties and responsibilities of the Chairperson in the absence of the Chairperson
and/or as requested by the Chairperson. Except for any duties specified herein or pursuant to the Trust&#8217;s Declaration of
Trust or By-laws, the designation of Chairperson or Vice-Chairperson does not impose on such noninterested Trustee any duties,
obligations or liability that is greater than the duties, obligations or liability imposed on such person as a member of the Board,
generally.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is subject to a number of risks, including, among others,
investment, compliance, operational, and valuation risks. Risk oversight is part of the Board&#8217;s general oversight of the
Trust and is addressed as part of various activities of the Board and its Committees. As part of its oversight of the Trust, the
Board directly, or through a Committee, relies on and reviews reports from, among others, Trust management, the adviser, the administrator,
the principal underwriter, the Chief Compliance Officer (the &#8220;CCO&#8221;), and other Trust service providers responsible
for day-to-day oversight of Trust investments, operations and compliance to assist the Board in identifying and understanding the
nature and extent of risks and determining whether, and to what extent, such risks can or should be mitigated. The Board also interacts
with the CCO and with senior personnel of the adviser, administrator, principal underwriter and other Trust service providers and
provides input on risk management issues during meetings of the Board and its Committees. Each of the adviser, administrator, principal
underwriter and the other Trust service providers has its own, independent interest and responsibilities in risk management, and
its policies and methods for carrying out risk management functions will depend, in part, on its individual priorities, resources
and controls. It is not possible to identify all of the risks that may affect the&nbsp;Trust or to develop processes and controls
to eliminate or mitigate their occurrence or effects. Moreover, it is necessary to bear certain risks (such as investment-related
risks) to achieve the&nbsp;Trust&#8217;s goals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board, with the assistance of management and with input from
the Board's various committees, reviews investment policies and risks in connection with its review of Trust performance. The Board
has appointed a Trust CCO who oversees the implementation and testing of the Trust compliance program and reports to the Board
regarding compliance matters for the Trust and its principal service providers. In addition, as part of the Board&#8217;s periodic
review of the advisory, subadvisory (if applicable), distribution and other service provider agreements, the Board may consider
risk management aspects of their operations and the functions for which they are responsible. With respect to valuation, the Board
approves and periodically reviews valuation policies and procedures applicable to valuing the&nbsp;Trust&#8217;s shares. The administrator,
the investment adviser and the sub-adviser (if applicable) are responsible for the implementation and day-to-day administration
of these valuation policies and procedures and provides reports to the Audit Committee of the Board and the Board regarding these
and related matters. In addition, the Audit Committee of the Board or the Board receives reports periodically from the independent
public accounting firm for the Trust regarding tests performed by such firm on the valuation of all securities, as well as with
respect to other risks associated with mutual funds. Reports received from service providers, legal counsel and the independent
public accounting firm assist the Board in performing its oversight function.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&#8217;s Declaration of Trust&nbsp;does not set forth
any specific qualifications to serve as a Trustee. The Charter of the Governance Committee also does not set forth any specific
qualifications, but does set forth certain factors that the Committee may take into account in considering noninterested Trustee
candidates. In general, no one factor is decisive in the selection of an individual to join the Board. Among the factors the Board
considers when concluding that an individual should serve on the Board are the following: (i) knowledge in matters relating to
the mutual fund industry; (ii) experience as a director or senior officer of public companies; (iii) educational background; (iv)
reputation for high ethical</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">standards and professional integrity; (v) specific financial,
technical or other expertise, and the extent to which such expertise would complement the Board members&#8217; existing mix of
skills, core competencies and qualifications; (vi) perceived ability to contribute to the ongoing functions of the Board, including
the ability and commitment to attend meetings regularly and work collaboratively with other members of the Board; (vii) the ability
to qualify as a noninterested Trustee for purposes of the 1940 Act and any other actual or potential conflicts of interest involving
the individual and the Trust; and (viii) such other factors as the Board determines to be relevant in light of the existing composition
of the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Among the attributes or skills common to all Board members are
their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the
other members of the Board, management, sub-advisers, other service providers, counsel and independent registered public accounting
firms, and to exercise effective and independent business judgment in the performance of their duties as members of the Board.
Each Board member&#8217;s ability to perform his or her duties effectively has been attained through the Board member&#8217;s business,
consulting, public service and/or academic positions and through experience from service as a member of the Boards of the Eaton
Vance family of funds (&#8220;Eaton Vance Fund Boards&#8221;) (and/or in other capacities, including for any predecessor funds),
public companies, or non-profit entities or other organizations as set forth below. Each Board member&#8217;s ability to perform
his or her duties effectively also has been enhanced by his or her educational background, professional training, and/or other
life experiences.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In respect of each current member of the Board, the individual&#8217;s
substantial professional accomplishments and experience, including in fields related to the operations of registered investment
companies, were a significant factor in the determination that the individual should serve as a member of the Board. The following
is a summary of each Board member&#8217;s particular professional experience and additional considerations that contributed to
the Board&#8217;s conclusion that he or she should serve as a member of the Board:</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Thomas
E. Faust Jr.</I></FONT> Mr. Faust has served as a member of the Eaton Vance Fund Boards since 2007. He is currently Chairman, Chief
Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of Eaton Vance and
BMR, and Director of EVD. Mr. Faust has served as a Director of Hexavest Inc. since 2012 and of SigFig Wealth Management LLC since
2016. Mr. Faust previously served as an equity analyst, portfolio manager, Director of Equity Research and Management and Chief
Investment Officer of Eaton Vance from 1985-2007. He holds B.S. degrees in Mechanical Engineering and Economics from the Massachusetts
Institute of Technology and an MBA from Harvard Business School. Mr. Faust has been a Chartered Financial Analyst since 1988. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Mark
R. Fetting.</I></FONT> Mr. Fetting has served as a member of the Eaton Vance Fund Boards since 2016. He has over 30 years of experience
in the investment management industry as an executive and in various leadership roles. From 2000 through 2012, Mr. Fetting served
in several capacities at Legg Mason, Inc., including most recently serving as President, Chief Executive Officer, Director and
Chairman from 2008 to his retirement in 2012. He also served as a Director/Trustee and Chairman of the Legg Mason family of funds
from 2008-2012 and Director/Trustee of the Royce family of funds from 2001-2012. From 2001 through 2008, Mr. Fetting also served
as President of the Legg Mason family of funds. From 1991 through 2000, Mr. Fetting served as Division President and Senior Officer
of Prudential Financial Group, Inc. and related companies. Early in his professional career, Mr. Fetting was a Vice President at
T. Rowe Price and served in leadership roles within the firm&#8217;s mutual fund division from 1981-1987. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <I>Cynthia E. Frost</I>. Ms. Frost has served as a member
of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the Portfolio Management Committee. From 2000 through 2012,
Ms. Frost was the Chief Investment Officer of Brown University, where she oversaw the evaluation, selection and monitoring of the
third party investment managers who managed the university&#8217;s endowment. From 1995 through 2000, Ms. Frost was a Portfolio
Strategist for Duke Management Company, which oversaw Duke University&#8217;s endowment. Ms. Frost also served in various investment
and consulting roles at Cambridge Associates from 1989-1995, Bain and Company from 1987-1989 and BA Investment Management Company
from 1983-1985. She serves as a member of an advisory board of Creciente Partners Investment Management, LLC, a manager of a hedge
fund of funds, and has additional experience as a member of the investment committee of several non-profit organizations. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>George
J. Gorman</I></FONT>. Mr. Gorman has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the
Audit Committee. From 1974 through 2009, Mr. Gorman served in various capacities at Ernst &amp; Young LLP, including as a Senior
Partner in the Asset Management Group (from 1988) specializing in managing engagement teams responsible for auditing mutual funds
registered with the SEC, hedge funds and private equity funds. Mr. Gorman also has experience serving as an independent trustee
of other mutual fund complexes, including the Bank of America Money Market Funds Series Trust from 2011-2014 and the Ashmore Funds
from 2010-2014. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Valerie
A. Mosley.</I></FONT> Ms. Mosley has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the
Governance Committee&nbsp;and of the Ad Hoc Committee for Closed-End Fund Matters. She currently owns and manages a consulting
and investment firm, Valmo Ventures and is a Director of Progress Investment Management Company, a manager of emerging managers.
From 1992 through 2012, Ms. Mosley served in several capacities at Wellington Management Company, LLP, an investment management
firm, including as a Partner, Senior Vice President, Portfolio Manager and Investment Strategist. Ms. Mosley also served as Chief
Investment Officer at PG Corbin Asset Management from 1990-1992 and worked in institutional corporate bond sales at Kidder Peabody
from 1986-1990. Ms. Mosley is a Director of Dynex Capital, Inc., a mortgage REIT, where she serves on the board&#8217;s audit and
investment committees. She also serves as a trustee or board member of several major non-profit organizations and endowments, including
New Profit, a non-profit venture philanthropy fund. She is a member of the Risk Audit Committee of the United Auto Workers Retiree
Medical Benefits Trust and a member of the Investment Advisory Committee of New York State Common Retirement Fund. She is also
an advisor to New Technology Ventures, a venture capital firm. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>William
H. Park.</I></FONT> Mr. Park has served as a member of the Eaton Vance Fund Boards since 2003 and is the Independent Chairperson
of the Board. Mr. Park was formerly a consultant from 2012-2014 and formerly the Chief Financial Officer of Aveon Group, L.P. from
2010-2011. Mr. Park also served as Vice Chairman of Commercial Industrial Finance Corp. from 2006-2010, as President and Chief
Executive Officer of Prizm Capital Management, LLC from 2002-2005, as Executive Vice President and Chief Financial Officer of United
Asset Management Corporation from 1982-2001 and as Senior Manager of Price Waterhouse (now PricewaterhouseCoopers) from 1972-1981.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Helen
Frame Peters.</I></FONT> Dr. Peters has served as a member of the Eaton Vance Fund Boards since 2008. Dr. Peters is currently a
Professor of Finance at Carroll School of Management, Boston College and was formerly Dean of Carroll School of Management from
2000-2002. Dr. Peters was previously a Director of BJ&#8217;s Wholesale Club, Inc. from 2004-2011. In addition, Dr. Peters was
the Chief Investment Officer, Fixed Income at Scudder Kemper Investments from 1998-1999 and Chief Investment Officer, Equity and
Fixed Income at Colonial Management Associates from 1991-1998. Dr. Peters also served as a Trustee of SPDR Index Shares Funds and
SPDR Series Trust from 2000-2009 and as a Director of the Federal Home Loan Bank of Boston from 2007-2009. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Keith
Quinton. </I></FONT>Mr. Quinton has been appointed to serve as a member of the Eaton Vance Fund Boards effective October 1, 2018.
He had over thirty years of experience in the investment industry before retiring from Fidelity Investments in 2014. Prior to joining
Fidelity, Mr. Quinton was a vice president and quantitative analyst at MFS Investment Management from 2000-2001. From 1997 through
2000, he was a senior quantitative analyst at Santander Global Advisors and, from 1995 through 1997, Mr. Quinton was senior vice
president in the quantitative equity research department at Putnam Investments. Prior to joining Putnam Investments, Mr. Quinton
served in various investment roles at Eberstadt Fleming, Falconwood Securities Corporation and Burnham Lambert, where he began
his career in the investment industry as a senior quantitative analyst in 1983. Mr. Quinton currently serves as an Independent
Investment Committee Member of the New Hampshire Retirement System, a five member committee that manages investments based on the
investment policy and asset allocation approved by the board of trustees, and as a Director of the New Hampshire Municipal Bond
Bank. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Marcus
L. Smith.</I></FONT> Mr. Smith has been appointed to serve as a member of the Eaton Vance Fund Boards effective October 1, 2018.
Since 2017, Mr. Smith has been a Director of MSCI Inc., a leading provider of investment decision support tools worldwide, where
he serves on the Audit Committee, and a Director of DCT Industrial Trust Inc., a leading logistics real estate company, where he
is a member of the Nominating and Corporate Governance and Audit Committees. From 1994 through 2017, Mr. Smith served in several
capacities at MFS Investment Management, an investment management firm, where he managed the MFS Institutional International Fund
for 17 years and the MFS Concentrated International Fund for 10 years. In addition to his portfolio management duties, Mr. Smith
served as Director of Equity, Canada from 2012-2017, Director of Equity, Asia from 2010-2012, and Director of Asian Equity Research
from 2005-2010. Prior to joining MFS, Mr. Smith was a senior consultant at Andersen Consulting (now known as Accenture) from 1988-1992.
Mr. Smith served as a United States Army Reserve Officer from 1987-1992. He has also been a trustee of the University of Mount
Union since 2008 and has served as the chairman of the finance committee since 2015. Mr. Smith currently sits on the Boston advisory
board of the Posse Foundation. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Susan
J. Sutherland. </I></FONT>Ms. Sutherland has served as a member of the Eaton Vance Fund Boards since 2015 and is the Chairperson
of the Compliance Reports and Regulatory Matters Committee. She is also a Director of Ascot Group Limited which, through its related
businesses including Syndicate 1414 at Lloyd&#8217;s of London, is a leading global underwriter of specialty property and casualty
insurance and reinsurance. Ms. Sutherland was a Director of Montpelier Re Holdings Ltd., a global provider of customized reinsurance
and insurance products, from 2013 until its sale in 2015 and of Hagerty Holding Corp., a leading provider of specialized automobile
and marine insurance from 2015-2018. From 1982 through 2013, Ms. Sutherland was an associate, counsel and then a partner in the
Financial Institutions Group of Skadden, Arps, Slate, Meagher &amp; Flom LLP, where she primarily represented U.S. and international
insurance and </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">reinsurance companies, investment banks and private equity firms
in insurance-related corporate transactions. In addition, Ms. Sutherland is qualified as a Governance Fellow of the National Association
of Corporate Directors and has also served as a board member of prominent non-profit organizations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Harriett
Tee Taggart.</I></FONT> Ms. Taggart has served as a member of the Eaton Vance Fund Boards since 2011. Ms. Taggart currently manages
a professional practice, Taggart Associates. Since 2007, Ms. Taggart has been a Director of Albemarle Corporation, a specialty
chemical company where she serves as a member of the Executive Compensation Committee. Since 2009 she has served as a Director
of the Hanover Insurance Group, Inc. where she serves as Chair of the Nomination and Governance Committee. Ms. Taggart is also
a trustee or member of several major non-profit boards, advisory committees and endowment investment companies. From 1983 through
2006, Ms. Taggart served in several capacities at Wellington Management Company, LLP, an investment management firm, including
as a Partner, Senior Vice President and chemical industry sector portfolio manager. Ms. Taggart also served as a Director of the
Lubrizol Corporation, a specialty chemicals manufacturer from 2007-2011. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Scott
E. Wennerholm.</I></FONT> Mr. Wennerholm has served as a member of the Eaton Vance Fund Boards since 2016 and is the Chairperson
of the Contract Review Committee. He has over 30 years of experience in the financial services industry in various leadership and
executive roles. Mr. Wennerholm served as Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management from
2005-2011. He also served as Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management from 1997-2004
and was a Vice President at Fidelity Investments Institutional Services from 1994-1997. In addition, Mr. Wennerholm served as a
Trustee at Wheelock College, a postsecondary institution from 2012-2018. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board(s) of the Trust&nbsp;has several standing Committees,
including the Governance Committee, the Audit Committee, the Portfolio Management Committee, the Compliance Reports and Regulatory
Matters Committee, the Contract Review Committee and the Ad Hoc Committee for Closed-End Fund Matters. Each of the Committees are
comprised of only noninterested Trustees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Mmes. Mosley (Chairperson), Frost, Peters, Sutherland and
Taggart, and Messrs. Fetting, Gorman, Park and Wennerholm are members of the Governance Committee. Effective October 1, 2018, Messrs.
Quinton and Smith will become members of the Committee. The purpose of the Governance Committee is to consider, evaluate and make
recommendations to the Board with respect to the structure, membership and operation of the Board and the Committees thereof, including
the nomination and selection of noninterested Trustees and a Chairperson of the Board and the compensation of such persons. During
the fiscal year ended May 31, 2018, the Governance Committee convened five times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Governance Committee will, when a vacancy exists, consider
a nominee for Trustee recommended by a&nbsp;shareholder, provided that such recommendation is submitted in writing to the Trust&#8217;s
Secretary at the principal executive office of the Trust. Such recommendations must be accompanied by biographical and occupational
data on the candidate (including whether the candidate would be an &#8220;interested person&#8221; of the Trust), a written consent
by the candidate to be named as a nominee and to serve as Trustee if elected, record and ownership information for the recommending
shareholder with respect to the Trust, and a description of any arrangements or understandings regarding recommendation of the
candidate for consideration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Messrs. Gorman (Chairperson), Park and Wennerholm and Ms.
Mosley are members of the Audit Committee. The Board has designated Messrs. Gorman and Park, each a noninterested Trustee, as audit
committee financial experts. The Audit Committee&#8217;s purposes are to (i) oversee the&nbsp;Trust's accounting and financial
reporting processes, its internal control over financial reporting, and, as appropriate, the internal control over financial reporting
of certain service providers; (ii) oversee or, as appropriate, assist Board oversight of the quality and integrity of the&nbsp;Trust's
financial statements and the independent audit thereof; (iii) oversee, or, as appropriate, assist Board oversight of, the&nbsp;Trust's
compliance with legal and regulatory requirements that relate to the&nbsp;Trust's accounting and financial reporting, internal
control over financial reporting and independent audits; (iv) approve prior to appointment the engagement and, when appropriate,
replacement of the independent registered public accounting firm, and, if applicable, nominate the independent registered public
accounting firm to be proposed for shareholder ratification in any proxy statement of the&nbsp;Trust; (v) evaluate the qualifications,
independence and performance of the independent registered public accounting firm and the audit partner in charge of leading the
audit; and (vi) prepare, as necessary, audit committee reports consistent with the requirements of applicable SEC and stock exchange
rules for inclusion in the proxy statement of the&nbsp;Trust. During the fiscal year ended May 31, 2018, the Audit Committee convened
thirteen times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Messrs. Wennerholm (Chairperson), Fetting, Gorman
and Park, and Mmes. Frost, Mosley, Peters, Sutherland and Taggart are members of the Contract Review Committee. Effective
October 1, 2018, Messrs. Quinton and Smith will become members of the Committee. The purposes of the Contract Review
Committee are to consider, evaluate and make recommendations to the Board concerning the following matters: (i) contractual
arrangements with each service provider to the Trust, including advisory, sub-advisory, transfer agency, custodial and fund
accounting, distribution services and administrative services; (ii) any and all other matters in which any service provider
(including Eaton Vance or any affiliated entity thereof) has an actual or potential conflict of interest with the interests
of the Trust; and (iii) any other matter appropriate for review by the noninterested Trustees, unless the matter is within
the responsibilities of the other Committees of the Board. During the fiscal year ended May 31, 2018, the Contract
Review Committee convened seven times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Mmes. Frost (Chairperson), Mosley and Peters and Mr. Fetting
are members of the Portfolio Management Committee. Effective October 1, 2018, Mr. Smith will become a member of the Committee.
The purposes of the Portfolio Management Committee are to: (i) assist the Board in its oversight of the portfolio management process
employed by the Trust and its investment adviser and sub-adviser(s), if applicable, relative to the Trust's stated objective(s),
strategies and restrictions; (ii) assist the Board in its oversight of the trading policies and procedures and risk management
techniques applicable to the Trust; and (iii) assist the Board in its monitoring of the performance results of all funds and portfolios,
giving special attention to the performance of certain funds and portfolios that it or the Board identifies from time to time.
During the fiscal year ended May 31, 2018, the Portfolio Management Committee convened eight times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Mmes. Sutherland (Chairperson) and Taggart and Messrs. Gorman
and Wennerholm are members of the Compliance Reports and Regulatory Matters Committee. Effective October 1, 2018, Mr. Quinton will
become a member of the Committee. The purposes of the Compliance Reports and Regulatory Matters Committee are to: (i) assist the
Board in its oversight role with respect to compliance issues and certain other regulatory matters affecting the Trust; (ii) serve
as a liaison between the Board and the Trust's CCO; and (iii) serve as a &#8220;qualified legal compliance committee&#8221; within
the rules promulgated by the SEC. During the fiscal year ended May 31, 2018, the Compliance Reports and Regulatory Matters Committee
convened nine times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Ms. Mosley (Chairperson) and Messrs. Gorman and Park are members
of the Ad Hoc Committee for Closed-End Fund Matters. The purpose of the Ad Hoc Committee for Closed-End Fund Matters is to consider,
evaluate and make recommendations to the Board with respect to issues specifically related to Eaton Vance Closed-End Funds. During
the fiscal year ended May 31, 2018, the Ad Hoc Committee for Closed-End Fund Matters  did not meet. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Share
Ownership.</B></FONT> The following table shows the dollar range of equity securities beneficially owned by each Trustee in the
Trust and in the Eaton Vance family of funds overseen by the Trustee as of December 31, 2017. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Name of Trustee</TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Dollar Range of Equity Securities<BR>
Beneficially Owned in the Trust</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Aggregate Dollar Range of Equity Securities<BR>
Beneficially Owned in Funds Overseen<BR>
by Trustee in the<BR>
Eaton Vance Family of Funds</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Interested Trustee</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Thomas E. Faust Jr</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Noninterested Trustees</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> &nbsp; </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt"> Mark R. Fetting </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Cynthia E. Frost</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> Over $100,000 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">George J. Gorman</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Valerie A. Mosley</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">William H. Park</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Helen Frame Peters</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt"> Keith Quinton<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> None </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> None </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt"> Marcus L. Smith<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> None </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> Over $100,000 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Susan J. Sutherland</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Over $100,000<SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Harriett Tee Taggart</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt"> Scott E. Wennerholm </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 3pt; text-indent: 0in; line-height: 10pt"> <SUP>(1)</SUP> Messrs. Quinton and Smith have been appointed as Trustees effective October 1, 2018. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 3pt; text-indent: 0in; line-height: 10pt"><SUP>(2)</SUP> Includes shares which may be deemed to be beneficially owned through the Trustee Deferred Compensation Plan.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As of December 31, 2017, no noninterested Trustee or any of
their immediate family members owned beneficially or of record any class of securities of EVC, EVD, any sub-adviser, if applicable,
or any person controlling, controlled by or under common control with EVC or EVD or any sub-adviser, if applicable, collectively
(&#8220;Affiliated Entity&#8221;). </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> During the calendar years ended December 31, 2016 and December
31, 2017, no noninterested Trustee (or their immediate family members) had: </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"> (1) </TD><TD> Any direct or indirect interest in any Affiliated Entity; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"> (2) </TD><TD> Any direct or indirect material interest in any transaction or series of similar transactions with (i) the Trust; (ii) another
fund managed or distributed by any Affiliated Entity; (iii) any Affiliated Entity; or (iv) an officer of any of the above; or </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"> (3) </TD><TD> Any direct or indirect relationship with (i) the Trust; (ii) another fund managed or distributed by any Affiliated Entity;
(iii) any Affiliated Entity; or (iv) an officer of any of the above. </TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> During the calendar years ended December 31, 2016 and December
31, 2017, no officer of any Affiliated Entity served on the Board of Directors of a company where a noninterested Trustee of the
Trust or any of their immediate family members served as an officer. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Noninterested Trustees may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of a Trustees Deferred Compensation Plan (the &#8220;Deferred Compensation
Plan&#8221;). Under the Deferred Compensation Plan, an eligible Board member may elect to have his or her deferred fees invested
in the shares of one or more funds in the Eaton Vance family of funds, and the amount paid to the Board members under the Deferred
Compensation Plan will be determined based upon the performance of such investments. Deferral of Board members&#8217; fees in accordance
with the Deferred Compensation Plan will have a negligible effect on the assets, liabilities, and net income of a participating
fund or portfolio, and do not require that a participating Board member be retained. There is no retirement plan for Board members.</P>


<!-- Field: Page; Sequence: 80 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Floating-Rate Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated September 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The fees and expenses of the Trustees of the Trust are paid
by the Trust. (A Board member who is a member of the Eaton Vance organization receives no compensation from the Trust.) During
the fiscal year ended May 31, 2018, the Trustees of the Trust earned the following compensation in their capacities as Board members
from the Trust. For the year ended December 31, 2017, the Board members earned the following compensation in their capacities as
members of the Eaton Vance Fund Boards<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(1)</SUP></FONT>: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">Source of Compensation</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">Mark R.<BR>
Fetting</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">Cynthia E.<BR>
Frost</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">George J.<BR>
Gorman</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">Valerie A.<BR>
Mosley</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">William H.<BR>
Park</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">Helen Frame<BR>
Peters</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt"> Keith <BR>
Quinton </TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt"> Marcus L. <BR>
Smith </TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">Susan J.<BR>
Sutherland</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">Harriett Tee<BR>
Taggart</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">Scott E.<BR>
Wennerholm</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt">Trust</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $4,318 </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $4,411 </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $4,720 </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $4,318<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $5,992 </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $4,627 </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $4,273 </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $4,273 </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $4,612<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $4,720 </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 10pt"> $4,540<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 6pt; text-align: center; line-height: 10pt">Trust and Fund Complex<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $313,750 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $313,750 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $343,750 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $313,750<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $438,750 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $343,750 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $330,000 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $330,000 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $321,250<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $343,750 </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt"> $316,250<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT> </TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT> </TD><TD> As of September 25, 2018, the Eaton Vance fund complex consists of 174 registered investment companies or series thereof.
Messrs. Quinton and Smith have been appointed to serve as Trustees effective October 1, 2018, and thus the compensation figures
listed for the Trust and the Trust and Fund Complex are estimated based on amounts each would have received if they had been Trustees
for the fiscal year ended May 31, 2018 and for the calendar year ended December 31, 2017. Ralph F. Verni retired as a Trustee effective
July 1, 2017. For the fiscal year ended May 31, 2018, Mr. Verni received Trustee fees of $1,260 from the Trust. For the calendar
year ended December 31, 2017, he received $256,250 from the Trust and Fund Complex. Scott E. Eston retired as a Trustee effective
September 30, 2017. For the fiscal year ended May 31, 2018, Mr. Eston received Trustee fees of $2,484 from the Trust. For the calendar
year ended December 31, 2017, he received $341,250 from the Trust and Fund Complex. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT> </TD><TD> Includes $1,004 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT> </TD><TD> Includes $4,612 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT> </TD><TD> Includes $1,360 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT> </TD><TD> Includes $94,125 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT> </TD><TD> Includes $316,231 of deferred compensation. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT> </TD><TD> Includes $164,858 of deferred compensation. </TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proxy
Voting Policy.</B></FONT> The Board adopted a proxy voting policy and procedures (the &#8220;Trust Policy&#8221;), pursuant to
which the Board has delegated proxy voting responsibility to the Adviser and adopted the Adviser&#8217;s proxy voting policies
and procedures (the &#8220;Adviser Policies&#8221;). An independent proxy voting service has been retained to assist in the voting
of Trust proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The members
of the Board will review the Trust&#8217;s proxy voting records from time to time and will annually consider approving the Adviser
Policies for the upcoming year. In the event that a material conflict of interest exists between the Trust&#8217;s shareholders
and the Adviser or any of its affiliates or any affiliate of the Trust, the Adviser will generally refrain from voting the proxies
related to the companies giving rise to such conflict until it notifies and consults with the appropriate Board, or any committee,
sub-committee or group of Independent Trustees identified by the Board concerning the material conflict. The Trust&#8217;s and
the Adviser&#8217;s Proxy Voting Policies and Procedures are attached as Appendix B to this SAI. Pursuant to certain provisions
of the 1940 Act and certain exemptive orders relating to funds investing in other funds, a Trust may be required or may elect to
vote its interest in another fund in the same proportion as the holders of all other shares of that fund. Information on how the
Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without
charge, upon request, by calling 1-800-262-1122, and (2) on the SEC&#8217;s website at http://www.sec.gov.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">INVESTMENT ADVISORY AND OTHER SERVICES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Adviser.</B></FONT> Eaton Vance, its affiliates and its predecessor companies have been managing assets of individuals and institutions
since 1924 and of investment companies since 1931. They maintain a large staff of experienced fixed-income, senior loan and equity
investment professionals to service the needs of their clients. The fixed-income group focuses on all kinds of taxable investment-grade
and high-yield securities, tax-exempt investment-grade and high-yield securities, and U.S. Government securities. The senior loan
group focuses on senior floating rate loans, unsecured loans and other floating rate debt securities such as notes, bonds and asset-backed
securities. The equity group covers stocks ranging from blue chip to emerging growth companies. Eaton Vance and its affiliates
act as adviser to a family of mutual funds, and individual and various institutional accounts, including corporations, hospitals,
retirement plans, universities, foundations and trusts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will be responsible for all of its costs and expenses
not expressly stated to be payable by Eaton Vance under the Investment Advisory Agreement (the &#8220;Advisory Agreement&#8221;)
or the Amended and Restated Administrative Services Agreement (the &#8220;Administration Agreement&#8221;). Such costs and expenses
to be borne by the Trust include, without</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">limitation: (i) expenses of maintaining the Trust and continuing
its existence; (ii) commissions, fees and other expenses connected with the acquisition and disposition of securities and other
investments; (iii) auditing, accounting and legal expenses; (iv) taxes and interest; (v) governmental fees; (vi) expenses of repurchase
and redemption (if any) of shares, including all expenses incurred in conducting repurchase and tender offers for the purpose of
repurchasing Trust shares; (vii) expenses of registering and qualifying the Trust and its shares under federal and state securities
laws and of preparing registration statements and amendments for such purposes, and fees and expenses of registering and maintaining
registrations of the Trust under state securities laws; (viii) registration of the Trust under the Investment Company Act of 1940;
(ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; (x) expenses
of reports to regulatory bodies; (xi) insurance expenses; (xii) association membership dues; (xiii) fees, expenses and disbursements
of custodians and subcustodians for all services to the Trust (including without limitation safekeeping of funds, securities and
other investments, keeping of books and accounts and determination of net asset values); (xiv) fees, expenses and disbursements
of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Trust; (xv)
expenses of listing shares with a stock exchange; (xvi) any direct charges to shareholders approved by the Trustees of the Trust;
(xvii) compensation and expenses of Trustees of the Trust who are not members of the Administrator&#8217;s organization; (xviii)
all payments to be made and expenses to be assumed by the Trust in connection with the distribution of Trust shares; (xix) any
pricing and valuation services employed by the Trust to value its investments including primary and comparative valuation services;
(xx) any investment advisory, sub-advisory or similar management fee payable by the Trust; (xxi) all expenses incurred in connection
with the Trust&#8217;s use of a line of credit, or issuing and maintaining preferred shares; and (xxii) such non-recurring items
as may arise, including expenses incurred in Trust connection with litigation, proceedings and claims and the obligation of the
Trust to indemnify its Trustees and officers with respect thereto.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisory Agreement with the Adviser continues in effect indefinitely
so long as such continuance is approved at least annually (i) by the vote of a majority of those Trustees of the Trust who are
not interested persons of the Adviser or the Trust cast in person at a meeting specifically called for the purpose of voting on
such approval and (ii) by the Trust&#8217;s Board or by vote of a majority of the outstanding voting securities of the Trust. The
Trust&#8217;s Administration Agreement continues in effect indefinitely thereafter so long as such continuance is approved at least
annually by (i) the Trust&#8217;s Board and (ii) the vote of a majority of those Trustees of the Trust who are not interested persons
of the Eaton Vance or the Trust. Each agreement may be terminated at any time without penalty on sixty (60) days&#8217; written
notice by the Trustees of the Trust or Eaton Vance, as applicable, or by vote of the majority of the outstanding shares of the
Trust. Each agreement will terminate automatically in the event of its assignment. The Advisory Agreement provides that, in the
absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations or duties to the Trust under
the Advisory Agreement on the part of Eaton Vance, Eaton Vance shall not be subject to liability to the Trust or to any shareholder
of the Trust for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may
be sustained in the acquisition, holding or disposition of any interest in a loan or of any security, investment or other asset.
The Administration Agreement provides that in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard
of its obligations or duties to the Trust under the Administration Agreement on the part of the Eaton Vance, Eaton Vance shall
not be subject to liability to the Trust or to any shareholder of the Trust for any act or omission in the course of, or connected
with, rendering services under the Administration Agreement or for any losses which may be sustained in the acquisition, holding
or disposition of any security or other investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the Advisory Agreement, the Trust has agreed to pay
the Adviser as compensation for its investment advisory and administrative services an annual fee of 0.75% of the Trust&#8217;s
average daily gross assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> As of May 31, 2018, the Trust had net assets of $622,241,426.
For the fiscal years ended May 31, 2018, 2017 and 2016, the Trust incurred $7,112,007, $6,953,910 and $6,970,567, respectively,
in advisory fees. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the Administration Agreement, based on the current
level of compensation payable to Eaton Vance by the Trust under the Advisory Agreement, Eaton Vance receives no compensation from
the Trust in respect of the services rendered and the facilities provided as administrator under the Administration Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Information
About Eaton Vance.</B></FONT>&#8194;Eaton Vance&nbsp;is a business trust organized under the laws of The Commonwealth of Massachusetts.
EV serves as trustee of Eaton Vance. EV and Eaton Vance are wholly-owned subsidiaries of EVC, a Maryland corporation and publicly-held
holding company. BMR is an indirect subsidiary of EVC. EVC through its subsidiaries and affiliates engages primarily in investment
management, administration and marketing activities. The Directors of EVC are Thomas E. Faust Jr., Ann E. Berman, Leo I. Higdon,
Jr., Brian D. Langstraat, Dorothy E. Puhy, Winthrop H. Smith, Jr. and Richard A. Spillane, Jr. All shares of the outstanding Voting
Common Stock of EVC are deposited in a Voting Trust, the Voting Trustees of which are Mr. Faust, Craig R. Brandon, Daniel C. Cataldo,
Michael A. Cirami, Cynthia J. Clemson, James H. Evans, Maureen A. Gemma, Laurie G. Hylton, Mr. Langstraat, Frederick S. Marius,
David C. McCabe, Scott H. Page, Edward J. Perkin, Lewis R. Piantedosi, Charles B. Reed, Craig P. Russ, John L. Shea, </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eric A. Stein, Payson F. Swaffield, Michael W. Weilheimer, R.
Kelly Williams and Matthew J. Witkos (all of whom are officers of Eaton Vance or its affiliates). The Voting Trustees have unrestricted
voting rights for the election of Directors of EVC. All of the outstanding voting trust receipts issued under said Voting Trust
are owned by certain of the officers of Eaton Vance who may also be officers, or officers and Directors of EVC and EV. As indicated
under &#8220;Management and Organization,&#8221; all of the officers of the Trust&nbsp; (as well as Mr. Faust who is also a Trustee)
hold positions in the Eaton Vance organization.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Managers.</B></FONT> The portfolio managers of the Trust are listed below. The following table shows, as of the Trust&#8217;s most
recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets
(in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect
to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in
those accounts.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 0.1in; text-align: center; line-height: 10pt">Number of<BR>
All Accounts</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 0.1in; text-align: center; line-height: 10pt">Total Assets of<BR>
All Accounts</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 0.1in; text-align: center; line-height: 10pt">Number of Accounts<BR>
Paying a Performance Fee</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 0.1in; text-align: center; line-height: 10pt">Total Assets of Accounts<BR>
Paying a Performance Fee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.1in 3pt 13.7pt; line-height: 10pt">Scott H. Page</TD>
    <TD STYLE="padding: 3pt 0.1in; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0.1in; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0.1in; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0.1in; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.1in 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt"> 14 </TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt"> $31,487.1 </TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.1in 3pt 2.9pt; line-height: 10pt">Other Pooled Investment Vehicles</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt"> 13 </TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt"> $8,768.3 </TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">1</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">$2.4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.1in 3pt 2.9pt; line-height: 10pt">Other Accounts</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt"> 6 </TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt"> $6,520.5 </TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.1in 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.1in 3pt 13.7pt; line-height: 10pt">Ralph H. Hinckley, Jr.</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.1in 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">1</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt"> $1,035.8 </TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.1in 3pt 2.9pt; line-height: 10pt">Other Pooled Investment Vehicles</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">3</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt"> $6,613.3 </TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.1in 3pt 2.9pt; line-height: 10pt">Other Accounts</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">1</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt"> $933.0 </TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 0.1in; text-align: center; line-height: 10pt">$0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The following table shows the dollar range of equity securities
beneficially owned in the Trust by its portfolio manager(s) as of the Trust&#8217;s most recent fiscal year ended May 31, 2018
and in the Eaton Vance family of funds as of December 31, 2017. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Manager</TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Dollar Range of Equity Securities<BR>
Beneficially Owned in the Trust</TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Aggregate Dollar Range of Equity Securities<BR>
Beneficially Owned in<BR>
the Eaton Vance Family of Funds</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Scott H. Page</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$100,001 - $500,000</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Over $1,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Ralph H. Hinckley, Jr.</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$10,001 - $50,000</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$500,001 - $1,000,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">It is possible that conflicts of interest may arise in connection
with a portfolio manager&#8217;s management of the Trust&#8217;s investments on the one hand and the investments of other accounts
for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating
management time, resources and investment opportunities among the Trust and other accounts he advises. In addition, due to differences
in the investment strategies or restrictions between the Trust and the other accounts, the portfolio manager may take action with
respect to another account that differs from the action taken with respect to the Trust. In some cases, another account managed
by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The
existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation
of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor
to exercise his discretion in a manner that he believes is equitable to all interested persons. The Adviser has adopted several
policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment
adviser's trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations,
cross trades and best execution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Compensation
Structure for Eaton Vance. </I></FONT> Compensation of the Adviser's portfolio managers and other investment professionals has
three primary components: (1) a base salary, (2) an annual cash bonus, (3) annual non-cash compensation consisting of options to
purchase shares of EVC nonvoting common stock and/or restricted shares of EVC nonvoting common stock that generally are subject
to a vesting schedule and (4) (for equity portfolio managers) a Deferred Alpha Incentive Plan, which pays a deferred cash award
tied to future excess returns in certain equity strategy portfolios. The Adviser&#8217;s investment professionals also receive
certain retirement, insurance and other benefits that are </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">broadly available to the Adviser&#8217;s employees. Compensation
of the Adviser&#8217;s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation
awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end
of EVC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Method
to Determine Compensation.</I></FONT> The Adviser compensates its portfolio managers based primarily on the scale and complexity
of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated
in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds
on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance
measures include, but are not limited to, the Sharpe ratio (Sharpe ratio uses standard deviation and excess return to determine
reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund
performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When
a fund&#8217;s peer group as determined by Lipper or Morningstar is deemed by the Adviser&#8217;s management not to provide a fair
comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance
of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance
over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance
is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective
other than total return (such as current income), consideration will also be given to the fund&#8217;s success in achieving its
objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis,
based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory
fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. A portion of the compensation
payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts
managed by such manager to achieve a specified target average annual gross return over a three year period in excess of the account
benchmark. The cash award to be payable at the end of the three year term will be established at the inception of the term and
will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return.
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The compensation of portfolio managers with other job responsibilities
(such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope
of such responsibilities and the managers&#8217; performance in meeting them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser seeks to compensate portfolio managers commensurate
with their responsibilities and performance, and competitive with other firms within the investment management industry. The Adviser
participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and
stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation
are also influenced by the operating performance of the Adviser and its parent company. The overall annual cash bonus pool is generally
based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of the Adviser&#8217;s portfolio
managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based
on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses
and stock-based compensation may represent a substantial portion of total compensation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Advisory Services.</B></FONT> Under the general supervision of the Trust&#8217;s Board, Eaton Vance will carry out the investment
and reinvestment of the assets of the Trust, will furnish continuously an investment program with respect to the Trust, will determine
which securities should be purchased, sold or exchanged, and will implement such determinations. Eaton Vance will furnish to the
Trust investment advice and provide related office facilities and personnel for servicing the investments of the Trust. Eaton Vance
will compensate all Trustees and officers of the Trust who are members of the Eaton Vance organization and who render investment
services to the Trust, and will also compensate all other Eaton Vance personnel who provide research and investment services to
the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Commodity
Futures Trading Commission Registration. </B></FONT>Effective December 31, 2012, the Commodity Futures Trading Commission (&#8220;CFTC&#8221;)
adopted certain regulatory changes 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
swaps agreements) or markets itself as providing investment exposure to such instruments. The Trust has claimed an exclusion from
the definition of the term &#8220;commodity pool operator&#8221; under the Commodity Exchange Act. Accordingly, neither the Trust
nor the Adviser with respect to the operation of the Trust is subject to CFTC regulation. Because of its management of other strategies,
Eaton Vance is registered with the CFTC as a commodity pool operator. Eaton Vance is also registered as a commodity trading advisor.
The CFTC has neither reviewed nor approved the Trust's investment strategies or this SAI.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Administrative
Services.</B></FONT> Under the Administration Agreement, Eaton Vance is responsible for managing the business affairs of the Trust,
subject to the supervision of the Trust&#8217;s Board. Eaton Vance will furnish to the Trust all office facilities, equipment and
personnel for administering the affairs of the Trust. Eaton Vance will compensate all Trustees and officers of the Trust who are
members of the Eaton Vance organization and who render executive and administrative services to the Trust, and will also compensate
all other Eaton Vance personnel who perform management and administrative services for the Trust. Eaton Vance&#8217;s administrative
services include recordkeeping, preparation and filing of documents required to comply with federal and state securities laws,
supervising the activities of the Trust&#8217;s custodian and transfer agent, providing assistance in connection with the Trustees
and shareholders&#8217; meetings, providing services in connection with repurchase offers, if any, and other administrative services
necessary to conduct the Trust&#8217;s business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Code
of Ethics.</B></FONT> The Adviser and the Trust have adopted Codes of Ethics (the &#8220;Codes&#8221;) governing personal securities
transactions pursuant to Rule 17j-1 under the 1940 Act. Under the Codes, employees of the Adviser may purchase and sell securities
(including securities held or eligible for purchase by the Trust) subject to the provisions of the Codes and certain employees
are also subject to pre-clearance, reporting requirements and/or other procedures. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The Codes can be reviewed and copied at the Securities and
Exchange Commission&#8217;s public reference room in Washington, DC (call 1-202-551-8090 for information on the operation of the
public reference room); on the EDGAR Database on the SEC&#8217;s Internet site (http://www.sec.gov); or, upon payment of copying
fees, by writing the SEC&#8217;s public reference section, Washington, DC 20549-1520, or by electronic mail at publicinfo@sec.gov . </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">DETERMINATION OF NET ASSET VALUE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The net asset value of the Trust is determined by State Street
Bank and Trust Company (as agent and custodian) by subtracting the liabilities of the Trust from the value of its total assets.
&nbsp; The Trust is closed for business and will not issue a net asset value on the following business holidays and any other business
day that the New York Stock Exchange (the &#8220;Exchange&#8221;) is closed: New Year&#8217;s Day, Martin Luther King, Jr. Day,
Presidents&#8217; Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has approved procedures pursuant to which investments
are valued for purposes of determining the Trust&#8217;s net asset value. Listed below is a summary of the methods generally used
to value investments (some or all of which may be held by the Trust) under the procedures.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Equity securities (including common stock, exchange-traded funds, closed end funds, preferred equity securities, exchange-traded
notes and other instruments that trade on recognized stock exchanges) are valued at the last sale, official close or if there are
no reported sales at the mean between the bid and asked price on the primary exchange on which they are traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Most debt obligations are valued on the basis of market valuations furnished by a pricing service or at the mean of the bid
and asked prices provided by recognized broker/dealers of such securities. The pricing service may use a pricing matrix to determine
valuation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Short-term instruments with remaining maturities of less than 397 days are valued on the basis of market valuations furnished
by a pricing service or based on dealer quotations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange quotations supplied by a pricing
service.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Senior and Junior Loans are valued on the basis of prices furnished by a pricing service. The pricing service uses transactions
and market quotations from brokers in determining values.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Futures contracts are valued at the settlement or closing price on the primary exchange or board of trade on which they are
traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Exchange-traded options are valued at the mean of the bid and asked prices. Over-the-counter options are valued based on quotations
obtained from a pricing service or from a broker (typically the counterparty to the option).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Non-exchange traded derivatives (including swap agreements, forward contracts and equity participation notes) are generally
valued on the basis of valuations provided by a pricing service or using quotes provided by a broker/dealer (typically the counterparty).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Precious metals are valued at the New York Composite mean quotation.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Liabilities with a payment or maturity date of 364 days or less are stated at their principal value and longer dated liabilities
generally will be carried at their fair value.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Valuations of foreign equity securities and total return swaps and exchange-traded futures contracts on non-North American
equity indices may be adjusted from prices in effect at the close of trading on foreign exchanges to more accurately reflect their
fair value as of the close of regular trading on the Exchange. Such fair valuations may be based on information provided by a pricing
service.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments which are unable to be valued in accordance with
the foregoing methodologies are valued at fair value using methods determined in good faith by or at the direction of the members
of the Board. Such methods may include consideration of relevant factors, including but not limited to (i) the type of security,
the existence of any contractual restrictions on the security&#8217;s disposition, (ii) the price and extent of public trading
in similar securities of the issuer or of comparable companies or entities, (iii) quotations or relevant information obtained from
broker-dealers or other market participants, (iv) information obtained from the issuer, analysts, and/or the appropriate stock
exchange (for exchange-traded securities), (v) an analysis of the company&#8217;s or entity&#8217;s financial condition, (vi) an
evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (vii) an analysis
of the terms of any transaction involving the issuer of such securities; and (viii) any other factors deemed relevant by the investment
adviser. The portfolio managers of one Eaton Vance fund that invests in Senior and Junior Loans may not possess the same information
about a Senior or Junior Loan as the portfolio managers of another Eaton Vance fund. As such, at times the fair value of a Loan
determined by certain Eaton Vance portfolio managers may vary from the fair value of the same Loan determined by other portfolio
managers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash
Reserves Fund), an affiliated investment company managed by Eaton Vance. Cash Reserves Fund generally values its investment securities
utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially
valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium.
If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same
manner as debt obligations described above.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PORTFOLIO TRADING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will acquire Senior Loans from major international
banks, selected domestic regional banks, insurance companies, finance companies and other financial institutions. In selecting
financial institutions from which Senior Loans may be acquired, the investment adviser will consider, among other factors, the
financial strength, professional ability, level of service and research capability of the institution. While these financial institutions
are generally not required to repurchase Senior Loans which they have sold, they may act as principal or on an agency basis in
connection with their sale by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Decisions concerning the execution of portfolio security transactions,
including the selection of the market and the broker-dealer firm, are made by the investment adviser. The Trust is responsible
for the expenses associated with its portfolio transactions. The investment adviser is also responsible for the execution of transactions
for all other accounts managed by it. The investment adviser places the portfolio security transactions for execution with one
or more broker-dealer firms. The investment adviser uses its best efforts to obtain execution of portfolio security transactions
at prices which in the investment adviser&#8217;s judgment are advantageous to the client and at a reasonably competitive spread
or (when a disclosed commission is being charged) at reasonably competitive commission rates. In seeking such execution, the investment
adviser will use its best judgment in evaluating the terms of a transaction, and will give consideration to various relevant factors,
including without limitation the full range and quality of the broker-dealer firm&#8217;s services, responsiveness of the firm
to the investment adviser, the size and type of the transaction, the nature and character of the market for the security, the confidentiality,
speed and certainty of effective execution required for the transaction, the general execution and operational capabilities of
the broker-dealer firm, the reputation, reliability, experience and financial condition of the firm, the value and quality of the
services rendered by the firm in this and other transactions, and the amount of the spread or commission, if any. In addition,
the investment adviser may consider the receipt of Research Services (as defined below), provided it does not compromise the investment
adviser&#8217;s obligation to seek best overall execution for the&nbsp;Trust and is otherwise in compliance with applicable law.
The investment adviser may engage in portfolio brokerage transactions with a broker-dealer firm that sells shares of Eaton Vance
funds, provided such transactions are not directed to that firm as compensation for the promotion or sale of such shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Transactions on stock exchanges and other agency transactions
involve the payment of negotiated brokerage commissions. Such commissions vary among different broker-dealer firms, and a particular
broker-dealer may charge different commissions according to such factors as the difficulty and size of the transaction and the
volume of business done with such broker-dealer. Transactions in foreign securities often involve the payment of brokerage commissions,
</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> which may be higher than those in the United States. There
is generally no stated commission in the case of securities traded in the over-the-counter markets including transactions in fixed-income
securities which are generally purchased and sold on a net basis (i.e., without commission) through broker-dealers and banks acting
for their own account rather than as brokers. Such firms attempt to profit from such transactions by buying at the bid price and
selling at the higher asked price of the market for such obligations, and the difference between the bid and asked price is customarily
referred to as the spread. Fixed-income transactions may also be transacted directly with the issuer of the obligations. In an
underwritten offering the price paid often includes a disclosed fixed commission or discount retained by the underwriter or dealer.
Although spreads or commissions paid on portfolio security transactions will, in the judgment of the investment adviser, be reasonable
in relation to the value of the services provided, commissions exceeding those which another firm might charge may be paid to broker-dealers
who were selected to execute transactions on behalf of the investment adviser&#8217;s clients in part for providing brokerage and
research services to the investment adviser as permitted by applicable law. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the safe harbor provided in Section 28(e) of the
Securities Exchange Act of 1934, as amended (&#8220;Section 28(e)&#8221;) and to the extent permitted by other applicable law,
a broker or dealer who executes a portfolio transaction on behalf of the investment adviser client may receive a commission that
is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the investment
adviser determines in good faith that such compensation was reasonable in relation to the value of the brokerage and research services
provided. This determination may be made on the basis of either that particular transaction or on the basis of the overall responsibility
which the investment adviser and its affiliates have for accounts over which they exercise investment discretion. &#8220;Research
Services&#8221; as used herein includes any and all brokerage and research services to the extent permitted by Section 28(e) and
other applicable law. Generally, Research Services may include, but are not limited to, such matters as research, analytical and
quotation services, data, information and other services products and materials which assist the investment adviser in the performance
of its investment responsibilities. More specifically, Research Services may include general economic, political, business and
market information, industry and company reviews, evaluations of securities and portfolio strategies and transactions, technical
analysis of various aspects of the securities markets, recommendations as to the purchase and sale of securities and other portfolio
transactions, certain financial, industry and trade publications, certain news and information services, and certain research oriented
computer software, data bases and services. Any particular Research Service obtained through a broker-dealer may be used by the
investment adviser in connection with client accounts other than those accounts which pay commissions to such broker-dealer, to
the extent permitted by applicable law. Any such Research Service may be broadly useful and of value to the investment adviser
in rendering investment advisory services to all or a significant portion of its clients, or may be relevant and useful for the
management of only one client&#8217;s account or of a few clients&#8217; accounts, or may be useful for the management of merely
a segment of certain clients&#8217; accounts, regardless of whether any such account or accounts paid commissions to the broker-dealer
through which such Research Service was obtained. The investment adviser evaluates the nature and quality of the various Research
Services obtained through broker-dealer firms and, to the extent permitted by applicable law, may attempt to allocate sufficient
portfolio security transactions to such firms to ensure the continued receipt of Research Services which the investment adviser
believes are useful or of value to it in rendering investment advisory services to its clients. The investment adviser may also
receive brokerage and Research Services from underwriters and dealers in fixed-price offerings, when permitted under applicable
law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Research Services provided by (and produced by) broker-dealers
that execute portfolio transactions or from affiliates of executing broker-dealers are referred to as &#8220;Proprietary Research.&#8221;
Except for trades executed in jurisdictions where such consideration is not permissible, the investment adviser may and does consider
the receipt of Proprietary Research Services as a factor in selecting broker dealers to execute client portfolio transactions,
provided it does not compromise the investment adviser&#8217;s obligation to seek best overall execution. In jurisdictions where
permissible, the investment adviser also may consider the receipt of Research Services under so called &#8220;client commission
arrangements&#8221; or &#8220;commission sharing arrangements&#8221; (both referred to as &#8220;CCAs&#8221;) as a factor in selecting
broker dealers to execute transactions, provided it does not compromise the investment adviser&#8217;s obligation to seek best
overall execution. Under a CCA arrangement, the investment adviser may cause client accounts to effect transactions through a broker-dealer
and request that the broker-dealer allocate a portion of the commissions paid on those transactions to a pool of commission credits
that are paid to other firms that provide Research Services to the investment adviser. Under a CCA, the broker-dealer that provides
the Research Services need not execute the trade. Participating in CCAs may enable the investment adviser to consolidate payments
for research using accumulated client commission credits from transactions executed through a particular broker-dealer to periodically
pay for Research Services obtained from and provided by other firms, including other broker-dealers that supply Research Services.
The investment adviser believes that CCAs offer the potential to optimize the execution of trades and the acquisition of a variety
of high quality Research Services that the investment adviser might not be provided access to absent CCAs. The investment adviser
will only enter into and utilize CCAs to the extent permitted by Section 28(e) and other applicable law.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Fund trades executed by an affiliate of the investment adviser
licensed in the United Kingdom may implicate laws of the United Kingdom, including rules of the UK Financial Conduct Authority,
which govern client trading commissions and Research Services (&#8220;UK Law&#8221;). Broadly speaking, under UK Law the investment
adviser may not accept any good or service when executing an order unless that good or service either is directly related to the
execution of trades on behalf of its clients/customers or amounts to the provision of substantive research (as defined under UK
Law). These requirements may also apply with respect to orders in connection with which the investment adviser receives goods and
services under a CCA or other bundled brokerage arrangement. Fund trades may also implicate UK Law requiring the investment adviser
to direct any research portion of a brokerage commission to an account controlled by the investment adviser. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The investment companies sponsored by the investment adviser
or its affiliates also may allocate brokerage commissions to acquire information relating to the performance, fees and expenses
of such companies and other investment companies, which information is used by the members of the Board of such companies to fulfill
their responsibility to oversee the quality of the services provided to various entities, including the investment adviser, to
such companies. Such companies may also pay cash for such information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Securities considered as investments for the Trust may also be
appropriate for other investment accounts managed by the investment adviser or its affiliates. Whenever decisions are made to buy
or sell securities by the Trust and one or more of such other accounts simultaneously, the investment adviser will allocate the
security transactions (including &#8220;new&#8221; issues) in a manner which it believes to be equitable under the circumstances.
As a result of such allocations, there may be instances where the Trust will not participate in a transaction that is allocated
among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made on a pro rata basis.
An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to portfolio managers who have
been instrumental in developing or negotiating a particular investment; (ii) consideration is given to an account with specialized
investment policies that coincide with the particulars of a specific investment; (iii) pro rata allocation would result in odd-lot
or de minimis amounts being allocated to a portfolio or other client; or (iv) where the investment adviser reasonably determines
that departure from a pro rata allocation is advisable. While these aggregation and allocation policies could have a detrimental
effect on the price or amount of the securities available to the Trust from time to time, it is the opinion of the members of the
Board that the benefits from the investment adviser organization outweigh any disadvantage that may arise from exposure to simultaneous
transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The following table shows brokerage commissions paid during
the fiscal years ended May 31, 2018, 2017 and 2016, as well as the amount of Trust security transactions for the most recent fiscal
year (if any) that were directed to firms that provided some Research Services to the investment adviser or its affiliates (see
above), and the commissions paid in connection therewith. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Fiscal Year End</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Brokerage Commission Paid</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Amount of Transactions Directed to Firms Providing Research</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Commissions Paid on Transactions Directed to Firms Providing Research</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> May 31, 2018 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> $177 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> $453,464 </TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle"> $169 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">May 31, 2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">$2,072</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">May 31, 2016</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">$52</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>Brokerage commissions increased during the period due to an increase in the amount of securities purchased that involved the
payment of a commission.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> During the fiscal year ended May 31, 2018, the Trust held
securities of its &#8220;regular brokers or dealers&#8221;, as that term is defined in Rule 10b-1 of the 1940 Act, and the value
of such securities as of the Trust&#8217;s fiscal year end was as follows: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"><U>Regular Broker or Dealer (or Parent)</U></TD>
    <TD STYLE="width: 52%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><U>Aggregate Value</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">J.P. Morgan</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> $86,624 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">TAXES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust intends to qualify each year as a regulated investment
company (&#8220;RIC&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). Accordingly, the Trust
intends to satisfy certain requirements relating to sources of its income and diversification of its assets and to distribute substantially
all of its net income and net short-term and long-term capital gains (after reduction by any available capital loss carryforwards)
in accordance with the timing requirements</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">imposed by the Code, so as to maintain its RIC status and to
avoid paying any federal income or excise tax. To the extent it qualifies for treatment as a RIC and satisfies the above-mentioned
distribution requirements, the Trust will not be subject to federal income tax on income paid to its shareholders in the form of
dividends or capital gain distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To qualify as a RIC for federal income tax purposes, the Trust
must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains
from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to,
gains from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies,
and net income derived from an interest in a qualified publicly traded partnership. The Trust must also distribute to its shareholders
at least the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income for each taxable
year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust must also satisfy certain requirements with respect
to the diversification of its assets. The Trust must have, at the close of each quarter of its taxable year, at least 50% of the
value of its total assets represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities
that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the Trust or more than 10% of the
voting securities of that issuer. In addition, at those times, not more than 25% of the value of the Trust&#8217;s assets may be
invested in securities (other than U.S. Government securities or the securities of other RICs) of any one issuer, or of two or
more issuers that the Trust controls and which are engaged in the same or similar trades or businesses or related trades or businesses,
or of one or more qualified publicly traded partnerships. For purposes of asset diversification testing, obligations issued or
guaranteed by certain agencies or instrumentalities of the U.S. government, such as the Federal Agricultural Mortgage Corporation,
the Federal Farm Credit System Financial Assistance Corporation, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation,
Federal National Mortgage Association, Government National Mortgage Association, and Student Loan Marketing Corporation are treated
as U.S. government securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust also seeks to avoid the imposition of a federal excise
tax on its ordinary income and capital gain net income. However, if the Trust fails to distribute in a calendar year substantially
all of its ordinary income for such year and substantially all of its capital gain net income for the one-year period ending October
31 (or later if the Trust is permitted so to elect and so elects), plus any retained amount from the prior year, the Trust will
be subject to a 4% excise tax on the undistributed amounts. In order to avoid incurring a federal excise tax obligation, the Code
requires that a RIC distribute (or be deemed to have distributed) by December 31 of each calendar year (i) at least 98% of its
ordinary income (not including tax-exempt income) for such year, (ii) at least 98.2% of its capital gain net income (which is the
excess of its realized capital gains over its realized capital losses), generally computed on the basis of the one-year period
ending on October 31 of such year, after reduction by any available capital loss carryforwards and (iii) 100% of any income and
capital gains from the prior year (as previously computed) that were not distributed during such year and on which the Trust paid
no federal income tax. If the Trust fails to meet these requirements it will be subject to a nondeductible 4% excise tax on the
undistributed amounts. For the foregoing purposes, a RIC is treated as having distributed any amount on which it is subject to
income tax for any tax year ending in such calendar year and, if it so elects, the amounts on which qualified estimated tax payments
are made by it during such calendar year (in which case the amount it is treated as having distributed in the following calendar
year will be reduced.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Trust does not qualify as a RIC for any taxable year,
the Trust&#8217;s taxable income will be subject to corporate income taxes, and all distributions from earnings and profits, including
distributions of net capital gain (if any), will be taxable to the shareholder as ordinary income. Such distributions will be treated
as qualified dividend income with respect to shareholders who are individuals and will be eligible for the dividends received deduction
in the case of shareholders taxed as corporations, provided certain holding period requirements are met. In order to requalify
for taxation as a RIC, the Trust may be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial
distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust intends to make monthly distributions of net investment
income after payment of dividends on any outstanding preferred shares or interest on any outstanding borrowings. The Trust will
distribute annually any net short-term capital gain (which is taxable as ordinary income) and any net capital gain. Distributions
of the Trust's net capital gains (&#8220;capital gain dividends&#8221;), if any, are generally taxable to shareholders as long-term
capital gains, regardless of the length of time shares have been held by shareholders. Dividends paid to shareholders out of the
Trust's current and accumulated earnings and profits, except in the case of capital gain dividends and certain dividends received
by individuals, will be taxable as ordinary income. Dividends with respect to the shares generally will not constitute &#8220;qualified
dividends&#8221; for federal income tax purposes and thus will not be eligible for the favorable long-term capital gains tax rates.
Distributions, if any, in excess of the Trust's earnings and profits will first reduce the adjusted tax basis of a holder's shares
and, after that tax basis has been reduced to zero, will constitute capital gains to the shareholder (assuming the shares are held
as a capital asset) See below for a summary of the maximum tax rates applicable to capital gains (including capital gain dividends).
Dividends will not qualify for a dividends received deduction generally available to corporate shareholders.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Trust fails to meet the annual gross income test described
above, the Trust would nevertheless be considered to have satisfied the test if (i) (a) such failure was due to reasonable cause
and not due to willful neglect and (b) the Trust reported the failure pursuant to a schedule for such tax year filed in the manner
provided by the Internal Revenue Service (&#8220;IRS&#8221;), and (ii) the Trust pays an excise tax equal to the excess non-qualifying
income. If the Trust failed to meet the asset diversification test described above with respect to any quarter, the Trust would
nevertheless be considered to have satisfied the requirements for such quarter if the Trust cured such failure within 6 months
and either (i) such failure was de minimis or (ii) (a) such failure was due to reasonable cause and not due to willful neglect
and (b) the Trust reports the failure pursuant to a schedule for the quarter filed as provided by the IRS and pays an excise tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Gains or losses attributable to fluctuations in exchange rates
between the time the Trust accrues income or receivables or expenses or other liabilities denominated in a foreign currency and
the time the Trust actually collects such income or receivables or pays such liabilities are generally treated as ordinary income
or loss. Transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options,
futures contracts, forward contracts and similar instruments (to the extent permitted) may give rise to ordinary income or loss
to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may be subject to foreign withholding or other foreign
taxes with respect to income (possibly including, in some cases, capital gains) on certain foreign securities. These taxes may
be reduced or eliminated under the terms of an applicable U.S. income tax treaty. If more than 50% of the value of the total assets
of the Trust consists of securities issued by foreign issuers, the Trust may be eligible to pass through to shareholders its proportionate
share of any foreign taxes paid by the Trust, in which event shareholders will include in income, and will be entitled to take
any foreign tax credits or deductions for, such foreign taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust's investment in zero coupon and certain other securities
will cause it to realize income prior to the receipt of cash payments with respect to these securities. Such income will be accrued
daily by the Trust and, in order to avoid a tax payable by the Trust, the Trust may be required to liquidate securities that it
might otherwise have continued to hold in order to generate cash so that the Trust may make required distributions to its shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any recognized gain or income attributable to market discount
on long-term debt obligations (i.e., on obligations with a term of more than one year except to the extent of a portion of the
discount attributable to original issue discount) purchased by the Trust is taxable as ordinary income. A long-term debt obligation
is generally treated as acquired at a market discount if purchased after its original issue at a price less than (i) the stated
principal amount payable at maturity, in the case of an obligation that does not have original issue discount or (ii) in the case
of an obligation that does have original issue discount, the sum of the issue price and any original issue discount that accrued
before the obligation was purchased, subject to a de minimis exclusion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest a portion of its total assets in &#8220;high
yield&#8221; securities, commonly known as &#8220;junk bonds.&#8221; Investments in these types of securities may present special
tax issues for the Trust. Federal income tax rules are not entirely clear about issues such as when the Trust may cease to accrue
interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless
securities, how payments received on obligations in default should be allocated between principal and income and whether exchanges
of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Trust, in the
event it invests in such debt securities, in order to seek to preserve its status as a RIC and to not become subject to U.S. federal
income or excise tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust's investments in options, futures contracts, hedging
transactions, forward contracts (to the extent permitted) and certain other transactions will be subject to special tax rules (including
mark-to-market, constructive sale, straddle, wash sale, short sale and other rules), the effect of which may be to accelerate income
to the Trust, defer Trust losses, cause adjustments in the holding periods of securities held by the Trust, convert capital gain
into ordinary income and convert short-term capital losses into long-term capital losses. These rules could therefore affect the
amount, timing and character of distributions to shareholders. The Trust may be required to limit its activities in options and
futures contracts in order to enable it to maintain its RIC status.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Selling shareholders will generally recognize gain or loss in
an amount equal to the difference between the shareholder's adjusted tax basis in the shares sold and the amount received. If the
shares are held as a capital asset, the gain or loss will be a capital gain or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum tax rate applicable to net capital gains recognized
by individuals and other non-corporate taxpayers is (i) the same as the maximum ordinary income tax rate for gains recognized on
the sale of capital assets held for one year or less (39.6%), or (ii) 20% (for individuals in the 39.6% tax bracket) for gains
recognized on the sale of capital assets held for more than one year (as well as certain capital gain dividends) (0% for individuals
in the 10% or 15% tax brackets and</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">15% for individuals in tax brackets from 25% through 35%). Any
loss on a disposition of shares held for six months or less will be treated as a long-term capital loss to the extent of any capital
gain dividends received with respect to those shares. For purposes of determining whether shares have been held for six months
or less, the holding period is suspended for any periods during which the shareholder's risk of loss is diminished as a result
of holding one or more other positions in substantially similar or related property, or through certain options or short sales.
Any loss realized on a sale or exchange of shares will be disallowed to the extent those shares are replaced by other shares within
a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the shares (whether through the
reinvestment of distributions, which could occur, for example, if the shareholder is a participant in the dividend reinvestment
plan or otherwise). In that event, the basis of the replacement shares will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales charges paid upon a purchase of shares cannot be taken
into account for purposes of determining gain or loss on a sale of the shares before the 91st day after their purchase to the extent
a sales charge is reduced or eliminated in a subsequent acquisition of shares of the Trust (or of another fund) during the period
beginning on the date of such sale and ending on January 31 of the calendar year following the calendar year that includes the
date of such sale pursuant to the reinvestment or exchange privilege. Any disregarded amounts will result in an adjustment to the
shareholder's tax basis in some or all of any other shares acquired.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain net investment income received by an individual having
adjusted gross income in excess of $200,000 (or $250,000 for married individuals filing jointly or $125,000 for married individuals
filing separately) will be subject to a tax of 3.8 percent. Undistributed net investment income of trusts and estates in excess
of a specified amount also will be subject to this tax. Dividends and capital gains distributed by the Trust, and gain realized
on the sale of shares, will constitute investment income of the type subject to this tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Dividends and distributions on the Trust's shares are generally
subject to federal income tax as described herein to the extent they do not exceed the Trust's realized income and gains, even
though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions
are likely to occur in respect of shares purchased at a time when the Trust's net asset value reflects gains that are either unrealized,
or realized but not distributed. Such realized gains may be required to be distributed even when the Trust's net asset value also
reflects unrealized losses. Certain distributions declared in October, November or December and paid in the following January will
be taxed to shareholders as if received on December 31 of the year in which they were declared. In addition, certain other distributions
made after the close of a taxable year of the Trust may be &#8220;spilled back&#8221; and treated as paid by the Trust (except
for purposes of the 4% excise tax) during such taxable year. In such case, shareholders will be treated as having received such
dividends in the taxable year in which the distributions were actually made. Dividends paid out of the Trust's investment company
taxable income are generally taxable to a shareholder as ordinary income to the extent of the Trust's earnings and profits. Dividends
with respect to the shares generally will not constitute &#8220;qualified dividends&#8221; for federal income tax purposes and
thus will not be eligible for the favorable long-term capital gains tax rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Amounts paid by the Trust to individuals and certain other
shareholders who have not provided the Trust with their correct taxpayer identification number (&#8220;TIN&#8221;) and certain
certifications required by the IRS as well as shareholders with respect to whom the Trust has received certain information from
the IRS or a broker may be subject to &#8220;backup&#8221; withholding of federal income tax arising from the Trust's taxable dividends
and other distributions as well as the gross proceeds of sales of shares. An individual's TIN is generally his or her social security
number. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from payments made
to a shareholder may be refunded or credited against such shareholder's U.S. federal income tax liability, if any, provided that
the required information is furnished to the IRS and such shareholder makes a timely filing of an appropriate tax return or refund
claim. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will inform shareholders of the source and tax status
of all distributions promptly after the close of each calendar year. The IRS has taken the position that if a RIC has more than
one class of shares, it may designate distributions made to each class in any year as consisting of no more than that class's proportionate
share of particular types of income for that year, including ordinary income and net capital gain. A class's proportionate share
of a particular type of income for a year is determined according to the percentage of total dividends paid by the RIC during that
year to the class. Accordingly, the Trust intends to designate a portion of its distributions in capital gain dividends in accordance
with the IRS position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust (or its administrative agent) is required to report
to the IRS and furnish to shareholders the cost basis information and holding period for shares purchased on or after January 1,
2012, and redeemed by the Trust on or after that date. The Trust will permit shareholders to elect from among several permitted
cost basis methods. In the absence of an election, the Trust will use a default cost basis method. The cost basis method a shareholder
elects may not be changed with respect to a redemption of shares after the settlement date of the redemption. Shareholders should
consult with their tax advisors to determine the best permitted cost
basis method for their tax situation and to obtain more information about how the cost basis reporting rules apply to them.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The foregoing discussion may not address the special tax rules
applicable to certain classes of investors, such as tax-exempt entities, foreign investors, insurance companies and financial institutions.
Shareholders should consult their own tax advisers with respect to special tax rules that may apply in their particular situations,
as well as the state, local, and, where applicable, foreign tax consequences of investing in the Trust. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Although the matter is not free from doubt, due to the absence
of direct regulatory or judicial authority, the Trust intends to take the position that under current law the manner in which the
Trust intends to allocate items of ordinary income and net capital gain among the Trust's Common Shares and preferred shares will
be respected for federal income tax purposes. It is possible that the IRS could disagree with this conclusion and attempt to reallocate
the Trust's net capital gain or other taxable income. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Compliance
with FATCA.</B></FONT> A 30% withholding tax is imposed on U.S.-source dividends, including those paid by the Trust and, after
December 31, 2018, will be imposed on gross proceeds from the sale of property producing U.S.-source dividends, including interests
in the Trust, to (i) foreign financial institutions including non-U.S. investment funds and foreign financial institutions acting
as intermediaries unless they agree to collect and disclose to the IRS information regarding their direct and indirect U.S. account
holders and (ii) certain other foreign entities, unless they certify certain information regarding their direct and indirect U.S.
owners. If a payment by the Trust is subject to withholding under FATCA, the Trust is required to withhold even if such payment
would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., capital gain
dividends, short-term capital gain dividends, dividends attributable to qualified net interest income and dividends attributable
to tax-exempt interest income). To avoid withholding, foreign financial institutions will need to either enter into agreements
with the IRS that state that they will provide the IRS information, including the names, addresses and taxpayer identification
numbers of direct and indirect U.S. account holders, comply with due diligence procedures with respect to the identification of
U.S. accounts, report to the IRS certain information with respect to U.S. accounts maintained, agree to withhold tax on certain
payments made to non-compliant foreign financial institutions or to account holders who fail to provide the required information,
and determine certain other information as to their account holders or, in the event that an applicable intergovernmental agreement
and implementing legislation are adopted, agree to provide certain information to other revenue authorities for transmittal to
the IRS. Other foreign entities will need to either provide the name, address, and taxpayer identification number of each substantial
U.S. owner or certifications of no substantial U.S. ownership unless certain exceptions apply or agree to provide certain information
to other revenue authorities for transmittal to the IRS. Shareholders should consult their own tax advisors regarding the possible
implications of these requirements on their investment in the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The foregoing briefly summarizes some of the important federal
income tax consequences to Shareholders of investing in shares, reflects the federal tax law as of the date of this Statement of
Additional Information, and does not address special tax rules applicable to certain types of investors, such as tax-exempt entities,
corporate investors, foreign investors, insurance companies and financial institutions. This discussion is based upon current provisions
of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject
to change or differing interpretations by the courts or the IRS retroactively or prospectively. No attempt has been made to present
a complete explanation of the federal tax treatment of the Trust or the implications to Shareholders, and the discussions here
and in the prospectus are not intended as a substitute for careful tax planning. Investors should consult their tax advisors regarding
other federal, state, local and, where applicable, foreign tax considerations that may be applicable in their particular circumstances,
as well as any proposed tax law changes. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>State
and Local Taxes.</B></FONT> Shareholders should consult their own tax advisers as to the state or local tax consequences of investing
in the Trust.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">OTHER INFORMATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is an organization of the type commonly known as a
&#8220;Massachusetts business trust.&#8221; Under Massachusetts law, shareholders of such a trust may, in certain circumstances,
be held personally liable as partners for the obligations of the trust. The Declaration of Trust contains an express disclaimer
of shareholder liability in connection with the Trust property or the acts, obligations or affairs of the Trust. The Declaration
of Trust, in coordination with the Trust&#8217;s By-laws, also provides for indemnification out of the Trust property of any shareholder
held personally liable for the claims and liabilities to which a shareholder may become subject by reason of being or having been
a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances
in which the Trust itself is unable to meet its obligations. The Trust has been advised by its counsel that the risk of any shareholder
incurring any liability for the obligations of the Trust is remote.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust provides that the Trustees will not
be liable for errors of judgment or mistakes of fact or law; but nothing in the Declaration of Trust protects a Trustee against
any liability to the Trust or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance,
bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. Voting rights are
not cumulative, which means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100%
of the Trustees and, in such event, the holders of the remaining less than 50% of the shares voting on the matter will not be able
to elect any Trustees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust provides that no person shall serve
as a Trustee if shareholders holding two-thirds of the outstanding shares have removed him from that office either by a written
declaration filed with the Trust&#8217;s custodian or by votes cast at a meeting called for that purpose. The Declaration of Trust
further provides that the Trustees of the Trust shall promptly call a meeting of the shareholders for the purpose of voting upon
a question of removal of any such Trustee or Trustees when requested in writing so to do by the record holders of not less than
10 per centum of the outstanding shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&#8217;s Prospectus, any related Prospectus Supplement,
and this SAI do not contain all of the information set forth in the Registration Statement that the Trust has filed with the SEC.
The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its Rules and Regulations.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">CUSTODIAN</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> State Street Bank and Trust Company (&#8220;State Street&#8221;),
State Street Financial Center, One Lincoln Street, Boston, MA 02111, is the custodian of the Trust and will maintain custody of
the securities and cash of the Trust. State Street maintains the Trust&#8217;s general ledger and computes net asset value per
share at least weekly. State Street also attends to details in connection with the sale, exchange, substitution, transfer and other
dealings with the Trust&#8217;s investments, and receives and disburses all funds. State Street also assists in preparation of
shareholder reports and the electronic filing of such reports with the SEC. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Deloitte &amp; Touche LLP, 200 Berkeley Street, Boston, MA 02116,
independent registered public accounting firm, audits the Trust&#8217;s financial statements and provides other audit, tax and
related services.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">FINANCIAL STATEMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> The audited financial statements and the report of the independent
registered public accounting firm of the Trust, for the fiscal year ended May 31, 2018, are incorporated herein by reference from
the Trust&#8217;s most recent Annual Report to Common Shareholders filed with the SEC (Accession No. 0001193125-18-227686) on Form
N-CSR pursuant to Rule 30b2-1 under the 1940 Act. </P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0.25in 3pt 0; text-align: right">APPENDIX A</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The ratings indicated herein are believed to be the most recent
ratings available at the date of this SAI for the securities listed. Ratings are generally given to securities at the time of issuance.
While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings indicated
do not necessarily represent ratings which would be given to these securities on a particular date.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">MOODY&#8217;S INVESTORS SERVICE, INC. (&#8220;Moody&#8217;s&#8221;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Ratings assigned on Moody&#8217;s global long-term and short-term
rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates,
financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are
assigned to issuers or obligations with an original maturity of one year or more and reflect both the likelihood of a default on
contractually promised payments and the expected financial loss suffered in the event of default. Short-term ratings are assigned
to obligations with an original maturity of thirteen months or less and reflect the likelihood of a default on contractually promised
payments and the expected financial loss suffered in the event of a default. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">GLOBAL LONG-TERM RATINGS SCALE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Aaa:</B></FONT>
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Aa:</B></FONT>
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:</B></FONT>
Obligations rated A are considered upper-medium grade and are subject to low credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Baa:</B></FONT>
Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative
characteristics</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Ba:</B></FONT>
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
Obligations rated B are considered speculative and are subject to high credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Caa:</B></FONT>
Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Ca:</B></FONT>
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal
and interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Note:</B></FONT>
Moody&#8217;s appends numerical modifiers, 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier
1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking;
and the modifier 3 indicates a ranking in the lower end of that generic rating category.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">GLOBAL SHORT-TERM RATING SCALE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Moody&#8217;s short term ratings are opinions of the ability
of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual
short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly
noted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P-1:</B></FONT>
Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P-2:</B></FONT>
Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P-3:</B></FONT>
Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NP:</B></FONT>
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime ratings categories.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ISSUER RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Issuer Ratings are opinions of the ability of entities to
honor senior unsecured debt and debt like instruments. As such, Issuer Ratings incorporate any external support that is expected
to apply to all current and future issuance of senior unsecured financial obligations and contracts, such as explicit support stemming
from a guarantee of all senior unsecured financial obligations and contracts, and/or implicit support for issuers subject to joint
default analysis (e.g. banks and government-related issuers). Issuer Ratings do not incorporate support arrangements, such as guarantees,
that apply only to specific (but not to all) senior unsecured financial obligations and contracts. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">US MUNICIPAL SHORT-TERM OBLIGATION RATINGS AND DEMAND OBLIGATION
RATINGS</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SHORT-TERM OBLIGATION RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">While the global short-term &#8216;prime&#8217; rating scale
is applied to US municipal tax-exempt commercial paper, these programs are typically backed by external letters of credit or liquidity
facilities and their short-term prime ratings usually map to the long-term rating of the enhancing bank or financial institution
and not to the municipality&#8217;s rating. Other short-term municipal obligations, which generally have different funding sources
for repayment, are rated using two additional short-term rating scales (i.e., the MIG and VMIG scales discussed below).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Municipal Investment Grade (MIG) scale is used to rate US
municipal bond anticipation notes of up to three years maturity. Municipal notes rated on the MIG scale may be secured by either
pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the
obligation, and the issuer&#8217;s long-term rating is only one consideration in assigning the MIG rating. MIG ratings are divided
into three levels&#8212;MIG 1 through MIG 3&#8212;while speculative grade short-term obligations are designated SG.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MIG
1</B></FONT> This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly
reliable liquidity support, or demonstrated broad-based access to the market for refinancing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MIG
2</B></FONT> This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding
group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MIG
3</B></FONT> This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access
for refinancing is likely to be less well-established.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SG</B></FONT>
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Demand Obligation Ratings</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> In the case of variable rate demand obligations (VRDOs), a
two-component rating is assigned; a long or short-term rating and demand obligation rating. The first element represents Moody&#8217;s
evaluation of the degree of risk associated with scheduled principal and interest payments. The second element represents Moody&#8217;s
evaluation of the degree of risk associated with the ability to receive purchase price upon demand (&#8220;demand feature&#8221;),
The second element uses a rating from a variation of the MIG scale called the Variable Municipal Investment Grade (VMIG) scale.
VMIG ratings of demand obligations with unconditional liquidity support are mapped from the short-term debt rating (or counterparty
assessment) of the support provider, or the underlying obligor in the absence of third party liquidity support, with VMIG 1 corresponding
to P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime. Transitions of VMIG ratings of demand obligations with conditional liquidity
support, as shown in the diagram below, differ from transitions on the Prime scale to reflect the risk that external liquidity
support will terminate if to reflect the risk that external liquidity support will terminate if the issuer&#8217;s long-term rating
drops below investment grade. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VMIG
1:</B></FONT> This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit
strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VMIG
2:</B></FONT> This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength
of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VMIG
3:</B></FONT> This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term
credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price
upon demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SG:</B></FONT>
This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity
provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary
to ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> S&amp;P GLOBAL RATINGS (&#8220;S&amp;P&#8221;) </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ISSUE CREDIT RATINGS DEFINITIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> S&amp;P&#8217;s issue credit rating is a forward-looking opinion
about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations,
or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration
the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the
currency in which the obligation is denominated. The opinion reflects S&amp;P&#8217;s view of the obligor's capacity and willingness
to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which
could affect ultimate payment in the event of default. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Issue credit ratings can be either long-term or short-term.
Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term ratings
are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term
notes are assigned long-term ratings. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LONG-TERM ISSUE CREDIT RATINGS:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Issue credit ratings are based, in varying degrees, on S&amp;P&#8217;s
analysis of the following considerations: </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Symbol">&middot; </FONT>Likelihood
of payment&#8212;capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the
terms of the obligation; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Symbol">&middot; </FONT>Nature of
and provisions of the financial obligation and the promise that it is imputed; and </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Symbol">&middot; </FONT>Protection
afforded by, and relative position of, the financial obligation in the event of bankruptcy, reorganization, or other arrangement
under the laws of bankruptcy and other laws affecting creditors' rights. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issue ratings are an assessment of default risk, but may incorporate
an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower
than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity
has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AAA:</B></FONT>
An obligation rated &#8216;AAA&#8217; has the highest rating assigned by S&amp;P. The obligor&#8217;s capacity to meet its financial
commitment on the obligation is extremely strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AA:</B></FONT>
An obligation rated &#8216;AA&#8217; differs from the highest-rated obligors only to a small degree. The obligor&#8217;s capacity
to meet its financial commitments on the obligation is very strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:</B></FONT>
An obligation rated &#8216;A&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic
conditions than obligations in higher-rated categories. However, the obligor&#8217;s capacity to meet its financial commitments
on the obligation is still strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BBB:</B></FONT>
An obligation rated &#8216;BBB&#8217; exhibits adequate protection parameters. However, adverse economic conditions or changing
circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB, B, CCC, CC and C</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Obligations rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;,
&#8216;CC&#8217;, and &#8216;C&#8217; are regarded as having significant speculative characteristics. &#8216;BB&#8217; indicates
the least degree of speculation and &#8216;C&#8217; the highest. While such obligations will likely have some quality and protective
characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BB:</B></FONT>
An obligation rated &#8216;BB&#8217; is less vulnerable to non-payment than other speculative issues. However, it faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate
capacity to meet its financial commitment on the obligation. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
An obligation rated &#8216;B&#8217; is more vulnerable to nonpayment than obligations rated &#8216;BB&#8217;, but the obligor currently
has the capacity to meet its financial commitment on the obligation. Adverse business, financial or economic conditions will likely
impair the obligor&#8217;s capacity or willingness to meet its financial commitment on the obligation. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CCC:</B></FONT>
An obligation rated &#8216;CCC&#8217; is currently vulnerable to nonpayment, and is dependent upon favorable business, financial,
and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial
or, economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC:</B></FONT>
An obligation rated &#8216;CC&#8217; is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not
yet occurred, but S&amp;P expects default to be a virtual certainty, regardless of the anticipated time to default. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority
or lower ultimate recovery compared to obligations that are rated higher<FONT STYLE="font-size: 8pt">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category
is used when payments on an obligation are not made on the date due, unless S&amp;P believes that such payments will be made within
five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days.
The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on
an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if
it is subject to a distressed exchange offer. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that
S&amp;P does not rate a particular obligation as a matter of policy. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Plus
(+) or Minus (-):</B></FONT> The ratings from &#8216;AA&#8217; to&#8217; CCC&#8217; may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating categories.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SHORT-TERM ISSUE CREDIT RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-1:</B></FONT>
A short-term obligation rated &#8216;A-1&#8217; is rated in the highest category by S&amp;P. The obligor&#8217;s capacity to meet
its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign
(+). This indicates that the obligor&#8217;s capacity to meet its financial commitments on the obligation is extremely strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-2:</B></FONT>
A short-term obligation rated &#8216;A-2&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances
and economic conditions than obligations in higher rating categories. However, the obligor&#8217;s capacity to meet its financial
commitment on the obligation is satisfactory.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-3:</B></FONT>
A short-term obligation rated &#8216;A-3&#8217; exhibits adequate protection parameters. However, adverse economic conditions or
changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
A short-term obligation rated &#8216;B&#8217; is regarded as vulnerable and has significant speculative characteristics. The obligor
currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to
the obligor's inadequate capacity to meet its financial commitments<FONT STYLE="font-family: AmasisMT; font-size: 8pt">.</FONT> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
A short-term obligation rated &#8216;C&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial
and economic conditions for the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D'
rating category is used when payments on an obligation are not made on the date due, unless S&amp;P believes that such payments
will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as
five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action
and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating
is lowered to 'D' if it is subject to a distressed exchange offer. </P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ISSUER CREDIT RATINGS DEFINITIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> S&amp;P&#8217;s issuer credit rating is a forward-looking
opinion about an obligor's overall creditworthiness. This opinion focuses on the obligor's capacity and willingness to meet its
financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account
the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality
and enforceability of the obligation. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Counterparty credit ratings, corporate credit ratings and sovereign
credit ratings are all forms of issuer credit ratings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issuer credit ratings can be either long-term or short-term.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LONG-TERM ISSUER CREDIT RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AAA:</B></FONT>
An obligor rated &#8216;AAA&#8217; has extremely strong capacity to meet its financial commitments. &#8216;AAA&#8217; is the highest
issuer credit rating assigned by S&amp;P.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AA:</B></FONT>
An obligor rated &#8216;AA&#8217; has very strong capacity to meet its financial commitments. It differs from the highest-rated
obligors only to a small degree.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:</B></FONT>
An obligor rated &#8216;A&#8217; has strong capacity to meet its financial commitments but is somewhat more susceptible to the
adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BBB:</B></FONT>
An obligor rated &#8216;BBB&#8217; has adequate capacity to meet its financial commitments. However, adverse economic conditions
or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB, B, CCC and CC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Obligors rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;,
and &#8216;CC&#8217; are regarded as having significant speculative characteristics. &#8216;BB&#8217; indicates the least degree
of speculation and &#8216;CC&#8217; the highest. While such obligors will likely have some quality and protective characteristics,
these may be outweighed by large uncertainties or major exposures to adverse conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BB:</B></FONT>
An obligor &#8216;BB&#8217; is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing
uncertainties and exposure to adverse business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate
capacity to meet its financial commitments. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
An obligor rated &#8216;B&#8217; is more vulnerable than the obligors rated &#8216;BB&#8217;, but the obligor currently has the
capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor&#8217;s
capacity or willingness to meets its financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CCC:</B></FONT>
An obligor rated &#8216;CCC&#8217; is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions
to meet its financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC:</B></FONT>
An obligor rated &#8216;CC&#8217; is currently highly vulnerable. The 'CC' rating is used when a default has not yet occurred,
but S&amp;P&#8217;s expects default to be a virtual certainty, regardless of the anticipated time to default. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: NewsGoth Dm BT,sans-serif">R:</FONT>
An obligor rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision
the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: NewsGoth Dm BT,sans-serif">SD and
D</FONT><FONT STYLE="font-family: AmasisMT; font-size: 8pt">: </FONT>An obligor rated 'SD' (selective default) or 'D' is in default
on one or more of its financial obligations including rated and unrated financial obligations but excluding hybrid instruments
classified as regulatory capital or in non-payment according to terms. An obligor is considered in default unless S&amp;P believes
that such payments will be made within five business days of the due date in the absence of a stated grace period, or within the
earlier of the stated grace period or 30 calendar days. A 'D' rating is assigned when S&amp;P believes that the default will be
a general default and that the obligor will fail to pay all or substantially all of its obligations as they come due. An 'SD' rating
is assigned when </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> S&amp;P believes that the obligor has selectively defaulted
on a specific issue or class of obligations but it will continue to meet its payment obligations on other issues or classes of
obligations in a timely manner. An obligor's rating is lowered to 'D' or 'SD' if it is conducting a distressed exchange offer. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
An issuer designated as NR is not rated.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Plus
(+) or Minus (-):</B></FONT> The ratings from &#8216;AA&#8217; to&#8217; CCC&#8217; may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating categories.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SHORT-TERM ISSUER CREDIT RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-1:</B></FONT>
An obligor rated &#8216;A-1&#8217; has strong capacity to meet its financial commitments. It is rated in the highest category by
S&amp;P. Within this category, certain obligors are designated with a plus sign (+). This indicates that the obligor&#8217;s capacity
to meet its financial commitments is extremely strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-2:</B></FONT>
An obligor rated &#8216;A-2&#8217; has satisfactory capacity to meet its financial commitments. However, it is somewhat more susceptible
to the adverse effects of changes in circumstances and economic conditions than obligors in the highest rating category.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-3:</B></FONT>
An obligor rated &#8216;A-3&#8217; has adequate capacity to meet its financial obligations. However, adverse economic conditions
or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
An obligor rated &#8216;B&#8217; is regarded as vulnerable and has significant speculative characteristics. The obligor currently
has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor&#8217;s
inadequate capacity to meet its financial commitments. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
An obligor rated 'C' is currently vulnerable to nonpayment that would result in a 'SD' or 'D' issuer rating, and is dependent upon
favorable business, financial, and economic conditions for it to meet its financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>R:</B></FONT>
An obligor rated &#8216;R&#8217; is under regulatory supervision owing to its financial condition. During the pendency of the regulatory
supervision the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SD
and D:</B></FONT> An obligor rated 'SD' (selective default) or 'D' has failed to pay one or more of its financial obligations (rated
or unrated), excluding hybrid instruments classified as regulatory capital or in nonpayment according to terms, when it came due.
An obligor is considered in default unless S&amp;P believes that such payments will be made within any stated grace period. However,
any stated grace period longer than five business days will be treated as five business days. A 'D' rating is assigned when S&amp;P
believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its obligations
as they come due. An 'SD' rating is assigned when S&amp;P believes that the obligor has selectively defaulted on a specific issue
or class of obligations, excluding hybrid instruments classified as regulatory capital, but it will continue to meet its payment
obligations on other issues or classes of obligations in a timely manner. An obligor's rating is lowered to 'D' or 'SD' if it is
conducting a distressed exchange offer. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
An issuer designated as NR is not rated.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">MUNICIPAL SHORT-TERM NOTE RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SHORT-TERM
NOTES:</B></FONT> An S&amp;P U.S. municipal note ratings reflects S&amp;P opinions about the liquidity factors and market access
risks unique to notes. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Notes due in three years or less will likely receive a note
rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining
which type of rating, if any, to assign, S&amp;P&#8217;s analysis will review the following considerations: Amortization schedule--the
larger the final maturity relative to other maturities, the more likely it will be treated as a note; and Source of payment--the
more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Municipal Short-Term Note rating symbols are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SP-1:</B></FONT>
Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt will be given
a plus (+) designation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SP-2:</B></FONT>
Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the
term of the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SP-3:</B></FONT>
Speculative capacity to pay principal and interest.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">FITCH RATINGS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LONG-TERM CREDIT RATINGS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment Grade</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AAA:
Highest credit quality</B></FONT>. &#8216;AAA&#8217; ratings denote the lowest expectation of credit risk. They are assigned only
in case of exceptionally strong capacity for payment of financial commitments. The capacity is highly unlikely to be adversely
affected by foreseeable events. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AA:
Very high credit quality</B></FONT>. &#8216;AA&#8217; ratings denote expectations of very low credit risk. They indicate very strong
capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:
High credit quality</B></FONT>. &#8216;A&#8217; ratings denote expectations of low credit risk. The capacity for payment of financial
commitments is considered strong. The capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic
conditions that is the case for higher ratings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BBB:
Good credit quality.</B></FONT> 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment
of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BB:
Speculative.</B></FONT> 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes
in business or economic conditions over time; however, business or financial flexibility exist that supports the servicing of financial
commitments. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:
Highly speculative.</B></FONT> B' ratings indicate that material default risk is present, but a limited margin of safety remains.
Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business
and economic environment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CCC:
Substantial credit risk.</B></FONT> Default is a real possibility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC:
Very high levels of credit risk.</B></FONT> Default of some kind appears probable.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:
Near default.</B></FONT> A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle,
payment capacity is irrevocably impaired. Conditions that are indicative of a &#8216;C&#8217; category rating for an issuer include: </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; The issuer has entered into a grace or cure period
following non-payment of a material financial obligation; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; The issuer had entered into a temporary negotiated
waiver or standstill agreement following a payment default on a material financial obligation; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; The formal announcement by the issuer or their agent
of distressed debt exchange; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; A closed financing vehicle where payment capacity
is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction,
but where no payment default is imminent. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>RD:
Restricted Default.</B></FONT> &#8216;RD&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has experienced: </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; An uncured payment default on a bond, loan or other
material financial obligation, but </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; Has not entered into bankruptcy filings, administration,
receivership, liquidation, or other formal winding-up procedure, and </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; Has not otherwise ceased operating. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> This would include: </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; The selective payment default on specific class or
currency of debt; </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; The uncured expiry of any applicable grace period,
cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material
financial obligation; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; The extension of multiple waivers of forbearance periods
upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a
distressed debt exchange on one or more material financial obligations. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:
Default.</B></FONT> &#8216;D&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has entered into bankruptcy filings,
administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business. &nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; Default ratings are not assigned prospectively to
entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period
will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise
driven by bankruptcy or other similar circumstance, or by a distressed debt exchange. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> &#8226; In all cases, the assignment of default rating reflects
the agency&#8217;s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may
differ from the definition of default under the terms of an issuer&#8217;s financial obligations or local commercial practice. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Notes to Long-Term ratings:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The modifiers &#8220;+&#8221; or &#8220;-&#8221; may be appended
to a rating to denote relative status within major rating categories. Such suffixes are not added to the &#8216;AAA&#8217; Long-Term
IDR category, or to Long-Term IDR categories below &#8216;B&#8217;.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Short-Term Credit Ratings Assigned to Obligations in Corporate,
Public and Structured Finance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A short-term issuer or obligation rating is based in all cases
on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial
obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations
whose initial maturity is viewed as &#8220;short term&#8221; based on market convention. Typically, this means up to 13 months
for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F1:
Highest short-term credit quality</B></FONT><B>. </B>Indicates the strongest intrinsic capacity for timely payment of financial
commitments; may have an added &#8220;+&#8221; to denote any exceptionally strong credit feature.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F2:
Good short-term credit quality</B></FONT>. Good intrinsic capacity for timely payment of financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F3:
Fair short-term credit quality</B></FONT>. The intrinsic capacity for timely payment of financial commitments is adequate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:
Speculative short-term credit quality</B></FONT>. Minimal capacity for timely payment of financial commitments, plus vulnerability
to near term adverse changes in financial and economic conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:
High short-term default risk.</B></FONT> Default is a real possibility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>RD:
Restricted default.</B></FONT> Indicates an entity that has defaulted on one or more of its financial commitments, although it
continues to meet other financial obligations. Typically applicable to entity ratings only.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
Indicates a broad-based default event for an entity, or the default of a short-term obligation.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DESCRIPTION OF INSURANCE FINANCIAL STRENGTH RATINGS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Moody&#8217;s Investors Service, Inc. Insurance Financial
Strength Ratings</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Moody&#8217;s Insurance Financial Strength Ratings are opinions
of the ability of insurance companies to repay punctually senior policyholder claims and obligations and also reflect the expected
financial loss suffered in the event of default. Specific obligations are considered unrated unless they are individually rated
because the standing of a particular insurance obligation would depend on an assessment of its relative standing under those laws
governing both the obligation and the insurance company.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> S&amp;P Insurer Financial Strength Ratings </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> An S&amp;P insurer financial strength rating is a forward-looking
opinion about the financial security characteristics of an insurance organization with respect to its ability to pay under its
insurance policies and contracts in accordance with their terms. Insurer financial strength ratings are also assigned to health
maintenance organizations and similar health plans with respect to their ability to pay under their policies and contracts in accordance
with their terms. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This opinion is not specific to any particular policy or contract,
nor does it address the suitability of a particular policy or contract for a specific purpose or purchaser. Furthermore, the opinion
does not take into account deductibles, surrender or cancellation penalties, timeliness of payment, nor the likelihood of the use
of a defense such as fraud to deny claims.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Insurer financial strength ratings do not refer to an organization's
ability to meet nonpolicy (i.e., debt) obligations. Assignment of ratings to debt issued by insurers or to debt issues that are
fully or partially supported by insurance policies, contracts, or guarantees is a separate process from the determination of insurer
financial strength ratings, and follows procedures consistent with those used to assign an issue credit rating. An insurer financial
strength rating is not a recommendation to purchase or discontinue any policy or contract issued by an insurer.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Long-Term Insurer Financial Strength Ratings</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Category Definition</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">AAA</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> An insurer rated 'AAA' has extremely strong financial security
characteristics. 'AAA' is the highest insurer financial strength rating assigned by S&amp;P. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">AA</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'AA' has very strong financial security characteristics,
differing only slightly from those rated higher.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'A' has strong financial security characteristics,
but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BBB</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'BBB' has good financial security characteristics,
but is more likely to be affected by adverse business conditions than are higher-rated insurers.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB; CCC; and CC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'BB' or lower is regarded as having vulnerable
characteristics that may outweigh its strengths. 'BB' indicates the least degree of vulnerability within the range; 'CC' the highest.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'BB' has marginal financial security characteristics.
Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">B</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'B' has weak financial security characteristics.
Adverse business conditions will likely impair its ability to meet financial commitments.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CCC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'CCC' has very weak financial security characteristics,
and is dependent on favorable business conditions to meet financial commitments.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'CC' has extremely weak financial security characteristics
and is likely not to meet some of its financial commitments.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> R </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> An insurer rated 'R' is under regulatory supervision owing
to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class
of obligations over others or pay some obligations and not others. The rating does not apply to insurers subject only to non-financial
actions such as market conduct violations. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SD or D</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> An insurer rated 'SD' (selective default) or 'D' is in default
on one or more of its insurance policy obligations but is not under regulatory supervision that would involve a rating of 'R'.
The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on a policy
obligation are at risk. A 'D' rating is assigned when S&amp;P believes that the default will be a general default and that the
obligor will fail to pay substantially all of its obligations in full in accordance with the policy terms. An 'SD' rating is assigned
when S&amp;P believes that the insurer has selectively defaulted on a specific class of policies but it will continue to meet its
payment obligations on other classes of obligations. A selective default includes the completion of a distressed exchange offer.
Claim denials due to lack of coverage or other legally permitted defenses are not considered defaults. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">NR</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> An insurer designated 'NR' is not rated. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Plus
(+) or Minus (-):</B></FONT> The ratings from &#8216;AA&#8217; to&#8217; CCC&#8217; may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating categories.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Fitch Insurer Financial Strength Rating</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Insurer Financial Strength (IFS) Rating provides an assessment
of the financial strength of an insurance organization. The IFS Rating is assigned to the insurance company's policyholder obligations,
including assumed reinsurance obligations and contract holder obligations, such as guaranteed investment contracts. The IFS Rating
reflects both the ability of the insurer to meet these obligations on a timely basis, and expected recoveries received by claimants
in the event the insurer stops making payments or payments are interrupted, due to either the failure of the insurer or some form
of regulatory intervention. In the context of the IFS Rating, the timeliness of payments is considered relative to both contract
and/or policy terms but also recognizes the possibility of reasonable delays caused by circumstances common to the insurance industry,
including claims reviews, fraud investigations and coverage disputes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The IFS Rating does not encompass policyholder obligations residing
in separate accounts, unit-linked products or segregated funds, for which the policyholder bears investment or other risks. However,
any guarantees provided to the policyholder with respect to such obligations are included in the IFS Rating.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Expected recoveries are based on the agency's assessments of
the sufficiency of an insurance company's assets to fund policyholder obligations, in a scenario in which payments have ceased
or been interrupted. Accordingly, expected recoveries exclude the impact of recoveries obtained from any government sponsored guaranty
or policyholder protection funds. Expected recoveries also exclude the impact of collateralization or security, such as letters
of credit or trusteed assets, supporting select reinsurance obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">IFS Ratings can be assigned to insurance and reinsurance companies
in any insurance sector, including the life &amp; annuity, non-life, property/casualty, health, mortgage, financial guaranty, residual
value and title insurance sectors, as well as to managed care companies such as health maintenance organizations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The IFS Rating does not address the quality of an insurer's claims
handling services or the relative value of products sold.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The IFS Rating uses the same symbols used by the agency for its
International and National credit ratings of long-term or short-term debt issues. However, the definitions associated with the
ratings reflect the unique aspects of the IFS Rating within an insurance industry context.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Obligations for which a payment interruption has occurred due
to either the insolvency or failure of the insurer or some form of regulatory intervention will generally be rated between 'B'
and 'C' on the Long-Term IFS Rating scales (both International and National). International Short-Term IFS Ratings assigned under
the same circumstances will align with the insurer's International Long-Term IFS Ratings.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0.25in 3pt 0; text-align: right">APPENDIX B</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Funds</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Proxy Voting Policy and Procedures</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">I.&#8194; &#8194;Overview</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Boards of Trustees (the &#8220;Board&#8221;) of the Eaton
Vance Funds<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT> have determined that
it is in the interests of the Funds&#8217; shareholders to adopt these written proxy voting policy and procedures (the &#8220;Policy&#8221;).
For purposes of this Policy:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;Fund&#8221; means each registered investment company sponsored by the Eaton Vance organization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;Adviser&#8221; means the adviser or sub-adviser responsible for the day-to-day management of all or a portion of the
Fund&#8217;s assets.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">II.&#8194; &#8194;Delegation of Proxy Voting Responsibilities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board hereby delegates to the Adviser responsibility for
voting the Fund&#8217;s proxies as described in this Policy. In this connection, the Adviser is required to provide the Board with
a copy of its proxy voting policies and procedures (&#8220;Adviser Procedures&#8221;) and all Fund proxies will be voted in accordance
with the Adviser Procedures, provided that in the event a material conflict of interest arises with respect to a proxy to be voted
for the Fund (as described in Section IV below) the Adviser shall follow the process for voting such proxy as described in Section
IV below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser is required to report any material change to the
Adviser Procedures to the Board in the manner set forth in Section V below. In addition, the Board will review the Adviser Procedures
annually.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">III.&#8194; &#8194;Delegation of Proxy Voting Disclosure
Responsibilities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to Rule 30b1-4 promulgated under the Investment Company
Act of 1940, as amended (the &#8220;1940 Act&#8221;), the Fund is required to file Form N-PX no later than August 31st of each
year. On Form N-PX, the Fund is required to disclose, among other things, information concerning proxies relating to the Fund&#8217;s
portfolio investments, whether or not the Fund (or its Adviser) voted the proxies relating to securities held by the Fund and how
it voted on the matter and whether it voted for or against management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To facilitate the filing of Form N-PX for the Fund:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Adviser is required to record, compile and transmit in a timely manner all data required to be filed on Form N-PX for the
Fund that it manages. Such data shall be transmitted to Eaton Vance Management, which acts as administrator to the Fund (the &#8220;Administrator&#8221;)
or the third party service provider designated by the Administrator; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Administrator is required to file Form N-PX on behalf of the Fund with the Securities and Exchange Commission (&#8220;Commission&#8221;)
as required by the 1940 Act. The Administrator may delegate the filing to a third party service party provided each such filing
is reviewed and approved by the Administrator.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">IV.&#8194; &#8194;Conflicts of Interest</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board expects the Adviser, as a fiduciary to the Fund it
manages, to put the interests of the Fund and its shareholders above those of the Adviser. When required to vote a proxy for the
Fund, the Adviser may have material business relationships with the issuer soliciting the proxy that could give rise to a potential
material conflict of interest for the Adviser.<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT>
In the event such a material conflict of interest arises, the Adviser, to the extent it is aware or reasonably should have been
aware of the material conflict, will refrain from voting any proxies related to companies giving rise to such material conflict
until it notifies and consults with the appropriate Board, or any committee, sub-committee or group of Independent Trustees identified
by the Board (as long as such committee, sub-committee or group contains at least two or more Independent Trustees) (the &#8220;Board
Members&#8221;), concerning the material conflict.<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT>
For ease of communicating with the Board Members, the Adviser is required to provide the foregoing notice to the Fund&#8217;s Chief
Legal Officer who will then notify and facilitate a consultation with the Board Members.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Once the Board Members have been notified of the material conflict:&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>They shall convene a meeting to review and consider all relevant materials related to the proxies involved. This meeting shall
be convened within 3 business days, provided that it an effort will be made to convene the meeting sooner if the proxy must be
voted in less than 3 business days;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In considering such proxies, the Adviser shall make available all materials requested by the Board Members and make reasonably
available appropriate personnel to discuss the matter upon request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Board Members will then instruct the Adviser on the appropriate course of action with respect to the proxy at issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Board Members are unable to meet and the failure to vote
a proxy would have a material adverse impact on the Fund(s) involved, the Adviser will have the right to vote such proxy, provided
that it discloses the existence of the material conflict to the Chairperson of the Board as soon as practicable and to the Board
at its next meeting. Any determination regarding the voting of proxies of the Fund that is made by the Board Members shall be deemed
to be a good faith determination regarding the voting of proxies by the full Board.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">V.&#8194; &#8194; Reports and Review</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Administrator shall make copies of each Form N-PX filed on
behalf of the Fund available for the Boards&#8217; review upon the Boards&#8217; request. The Administrator (with input from the
Adviser for the Fund) shall also provide any reports reasonably requested by the Board regarding the proxy voting records of the
Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser shall report any material changes to the Adviser
Procedures to the Board as soon as practicable and the Boards will review the Adviser Procedures annually.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser also shall report any changes to the Adviser Procedures
to the Fund Chief Legal Officer prior to implementing such changes in order to enable the Administrator to effectively coordinate
the Fund&#8217;s disclosure relating to the Adviser Procedures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To the extent requested by the Commission, the Policy and the
Adviser Procedures shall be appended to the Fund&#8217;s statement of additional information included in its registration statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">_____________________</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></TD><TD>The Eaton Vance Funds may be organized as trusts or corporations. For ease of reference, the Funds may be referred to herein
as Trusts and the Funds&#8217; Board of Trustees or Board of Directors may be referred to collectively herein as the Board.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></TD><TD>An Adviser is expected to maintain a process for identifying a potential material conflict of interest. As an example only,
such potential conflicts may arise when the issuer is a client of the Adviser and generates a significant amount of fees to the
Adviser or the issuer is a distributor of the Adviser&#8217;s products.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></TD><TD>If a material conflict of interest exists with respect to a particular proxy and the proxy voting procedures of the relevant
Adviser require that proxies are to be voted in accordance with the recommendation of a third party proxy voting vendor, the requirements
of this Section IV shall only apply if the Adviser intends to vote such proxy in a manner inconsistent with such third party recommendation.</TD></TR></TABLE>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">BOSTON MANAGEMENT AND RESEARCH</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE INVESTMENT COUNSEL</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE TRUST COMPANY</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT (INTERNATIONAL)
LIMITED</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"> EATON VANCE ADVISERS INTERNATIONAL
LTD. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PROXY VOTING POLICIES AND PROCEDURES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">I. Introduction</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Eaton Vance Management, Boston Management and Research, Eaton
Vance Investment Counsel, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd. and Eaton Vance
Trust Company (each an &#8220;Adviser&#8221; and collectively the &#8220;Advisers&#8221;) have each adopted and implemented policies
and procedures that each Adviser believes are reasonably designed to ensure that proxies are voted in the best interest of clients,
in accordance with its fiduciary duties and, to the extent applicable, Rule 206(4)-6 under the Investment Advisers Act of 1940,
as amended. The Advisers&#8217; authority to vote the proxies of their clients is established by their advisory contracts or similar
documentation, such as the Eaton Vance Funds Proxy Voting Policy and Procedures. These proxy policies and procedures reflect the
U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) requirements governing advisers and the long-standing fiduciary standards
and responsibilities for ERISA accounts set out in the Department of Labor Bulletin 94-2 C.F.R. 2509.94-2 (July 29, 1994). </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">II. Overview</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Each Adviser manages its clients&#8217; assets with the overriding
goal of seeking to provide the greatest possible return to such clients consistent with governing laws and the investment policies
of each client. In pursuing that goal, each Adviser seeks to exercise its clients&#8217; rights as shareholders of voting securities
to support sound corporate governance of the companies issuing those securities with the principle aim of maintaining or enhancing
the companies&#8217; economic value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The exercise of shareholder rights is generally done by casting
votes by proxy at shareholder meetings on matters submitted to shareholders for approval (for example, the election of directors
or the approval of a company&#8217;s stock option plans for directors, officers or employees). Each Adviser has established guidelines
(&#8220;Guidelines&#8221;) as described below and generally will utilize such Guidelines in voting proxies on behalf of its clients.
The Guidelines are largely based on those developed by the Agent (defined below) but also reflect input from the Global Proxy Group
(defined below) and other Adviser investment professionals and are believed to be consistent with the views of the Adviser on the
various types of proxy proposals. These Guidelines are designed to promote accountability of a company&#8217;s management and board
of directors to its shareholders and to align the interests of management with those of shareholders. The Guidelines provide a
framework for analysis and decision making but do not address all potential issues.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Except as noted below, each Adviser will vote any proxies received
by a client for which it has sole investment discretion through a third-party proxy voting service (&#8220;Agent&#8221;) in accordance
with the Guidelines in a manner that is reasonably designed to eliminate any potential conflicts of interest, as described more
fully below. The Agent is currently Institutional Shareholder Services Inc. Where applicable, proxies will be voted in accordance
with client-specific guidelines or, in the case of an Eaton Vance Fund that is sub-advised, pursuant to the sub-adviser&#8217;s
proxy voting policies and procedures. Although an Adviser retains the services of the Agent for research and voting recommendations,
the Adviser remains responsible for proxy voting decisions.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">III. Roles and Responsibilities</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. Proxy Administrator</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Proxy Administrator and/or her designee coordinate
the consideration of proxies referred back to the Adviser by the Agent, and otherwise administers these Procedures. In the Proxy
Administrator&#8217;s absence, another employee of the Adviser may perform the Proxy Administrator&#8217;s responsibilities as
deemed appropriate by the Global Proxy Group. The Proxy Administrator also may designate another employee to perform certain of
the Proxy Administrator&#8217;s duties hereunder, subject to the oversight of the Proxy Administrator.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent is responsible for coordinating with the
clients&#8217; custodians and the Advisers to ensure that all proxy materials received by the custodians relating to the portfolio
securities are processed in a timely fashion. Each</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Adviser shall instruct the custodian for its clients
to deliver proxy ballots and related materials to the Agent. The Agent shall vote and/or refer all proxies in accordance with the
Guidelines. The Agent shall retain a record of all proxy votes handled by the Agent. With respect to each Eaton Vance Fund memorialized
therein, such record must reflect all of the information required to be disclosed in the Fund&#8217;s Form N-PX pursuant to Rule
30b1-4 under the Investment Company Act of 1940, to the extent applicable. In addition, the Agent is responsible for maintaining
copies of all proxy statements received by issuers and to promptly provide such materials to an Adviser upon request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Subject to the oversight of the Advisers, the Agent
shall establish and maintain adequate internal controls and policies in connection with the provision of proxy voting services
to the Advisers, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict
of interest, and shall disclose such controls and policies to the Advisers when and as provided for herein. Unless otherwise specified,
references herein to recommendations of the Agent shall refer to those in which no conflict of interest has been identified. The
Advisers are responsible for the ongoing oversight of the Agent as contemplated by SEC Staff Legal Bulletin No. 20 (June 30, 2014).
Such oversight currently may include one or more of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic review of Agent&#8217;s proxy voting platform and reporting capabilities (including recordkeeping);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic review of a sample of ballots for accuracy and correct application of the Guidelines;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic meetings with Agent&#8217;s client services team;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic in-person and/or web-based due diligence meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>receipt and review of annual certifications received from the Agent; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>annual review of due diligence materials provided by the Agent, including review of procedures and practices regarding potential
conflicts of interests.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Global Proxy Group</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Adviser shall establish a Global Proxy Group which
is responsible for establishing the Guidelines (described below) and reviewing such Guidelines at least annually. The Global Proxy
Group shall also review recommendations to vote proxies in a manner that is contrary to the Guidelines and when the proxy relates
to a conflicted company of the Adviser or the Agent as described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> The members of the Global Proxy Group shall include
the Chief Equity Investment Officer of Eaton Vance Management (&#8220;EVM&#8221;) and selected members of the Equity Departments
of EVM and Eaton Vance Advisers International Ltd. (&#8220;EVAIL&#8221;) and EVM&#8217;s Global Income Department. The Proxy Administrator
is not a voting member of the Global Proxy Group. Members of the Global Proxy Group may be changed from time to time at the Advisers&#8217;
discretion. Matters that require the approval of the Global Proxy Group may be acted upon by its member(s) available to consider
the matter. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">IV. Proxy Voting</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. The Guidelines</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Global Proxy Group shall establish recommendations
for the manner in which proxy proposals shall be voted (the &#8220;Guidelines&#8221;). The Guidelines shall identify when ballots
for specific types of proxy proposals shall be voted<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(1)
</SUP></FONT>or referred to the Adviser. The Guidelines shall address a wide variety of individual topics, including, among other
matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director
compensation, reorganizations, mergers, issues of corporate social responsibility and other proposals affecting shareholder rights.
In determining the Guidelines, the Global Proxy Group considers the recommendations of the Agent as well as input from the Advisers&#8217;
portfolio managers and analysts and/or other internally developed or third party research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Global Proxy Group shall review the Guidelines
at least annually and, in connection with proxies to be voted on behalf of the Eaton Vance Funds, the Adviser will submit amendments
to the Guidelines to the Fund Boards each year for approval.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">With respect to the types of proxy proposals listed
below, the Guidelines will generally provide as follows:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Proposals Regarding Mergers and Corporate
Restructurings/Disposition of Assets/Termination/Liquidation and Mergers</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent shall be directed to refer proxy proposals
accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee for all proposals
relating to Mergers and Corporate Restructurings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Corporate Structure Matters/Anti-Takeover
Defenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">As a general matter, the Advisers will normally vote
against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions
(except in the case of closed-end management investment companies).</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Proposals Regarding Proxy Contests</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent shall be directed to refer contested proxy
proposals accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Social and Environmental Issues</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"> The Advisers will vote social and environmental
proposals on a &#8220;case-by-case&#8221; basis taking into consideration industry best practices and existing management policies
and practices. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Interpretation and application of the Guidelines is
not intended to supersede any law, regulation, binding agreement or other legal requirement to which an issuer or the Adviser may
be or become subject. The Guidelines generally relate to the types of proposals that are most frequently presented in proxy statements
to shareholders. In certain circumstances, an Adviser may determine to vote contrary to the Guidelines subject to the voting procedures
set forth below.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Voting Procedures</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Except as noted in Section V below, the Proxy Administrator
and/or her designee shall instruct the Agent to vote proxies as follows:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Vote in Accordance with Guidelines</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If the Guidelines prescribe the manner in which the
proxy is to be voted, the Agent shall vote in accordance with the Guidelines, which for certain types of proposals, are recommendations
of the Agent made on a case-by-case basis.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Seek Guidance for a Referred Item or a Proposal
for which there is No Guideline</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If (i) the Guidelines state that the proxy shall be
referred to the Adviser to determine the manner in which it should be voted or (ii) a proxy is received for a proposal for which
there is no Guideline, the Proxy Administrator and/or her designee shall consult with the analyst(s) covering the company subject
to the proxy proposal and shall instruct the Agent to vote in accordance with the determination of the analyst. The Proxy Administrator
and/or her designee will maintain a record of all proxy proposals that are referred by the Agent, as well as all applicable recommendations,
analysis and research received and the resolution of the matter. Where more than one analyst covers a particular company and the
recommendations of such analysts for voting a proposal subject to this Section IV.B.2 conflict, the Global Proxy Group shall review
such recommendations and any other available information related to the proposal and determine the manner in which it should be
voted, which may result in different recommendations for clients (including Funds).</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Votes Contrary to the Guidelines or Where
Agent is Conflicted</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">In the event an analyst with respect to companies
within his or her coverage area may recommend a vote contrary to the Guidelines, the Proxy Administrator and/or her designee will
provide the Global Proxy Group with the Agent&#8217;s recommendation for the Proposal along with any other relevant materials,
including a description of the basis for the analyst&#8217;s recommendation via email and the Proxy Administrator and/or designee
will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. Should the vote <FONT STYLE="letter-spacing: 0.1pt">by</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">Global</FONT> <FONT STYLE="letter-spacing: 0.05pt">Proxy</FONT> Group concerning one
or <FONT STYLE="letter-spacing: -0.05pt">more recommendations</FONT> result in a <FONT STYLE="letter-spacing: -0.05pt">tie, EVM&#8217;s
Chief </FONT>Equity <FONT STYLE="letter-spacing: -0.05pt">Investment Officer </FONT>will <FONT STYLE="letter-spacing: -0.05pt">determine</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">manner </FONT>in <FONT STYLE="letter-spacing: -0.05pt">which</FONT> the proxy <FONT STYLE="letter-spacing: -0.05pt">will</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">voted. </FONT>The Adviser will provide a report to the Boards of Trustees of the Eaton
Vance Funds reflecting any votes cast on behalf of the Eaton Vance Funds contrary to the Guidelines, and shall do so quarterly.
A similar process will be followed if the Agent has a conflict of interest with respect to a proxy as described in Section VI.B.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Do Not Cast a Vote</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">It shall generally be the policy of the Advisers to
take no action on a proxy for which no client holds a position or otherwise maintains an economic interest in the relevant security
at the time the vote is to be cast. In addition, the Advisers may determine not to vote (i) if the economic effect on shareholders'
interests or the value of the portfolio holding is indeterminable or insignificant (<I>e.g.,</I> proxies in connection with securities
no longer held in the portfolio of a client or proxies being considered on behalf of a client that is no longer in existence);
(ii) if the cost of voting a proxy outweighs the benefits (<I>e.g.,</I> certain international proxies, particularly in cases in
which share blocking practices may impose trading restrictions on the relevant portfolio security); or (iii) in markets in which
shareholders' rights are limited, and the Adviser is unable to timely access
ballots or other proxy information. Non-Votes may also result in certain cases in which the Agent's recommendation has been deemed
to be conflicted, as provided for herein.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Securities on Loan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">When a fund client participates in the lending of
its securities and the securities are on loan at the record date for a shareholder meeting, proxies related to such securities
generally will not be forwarded to the relevant Adviser by the fund&#8217;s custodian and therefore will not be voted. In the event
that the Adviser determines that the matters involved would have a material effect on the applicable fund&#8217;s investment in
the loaned securities, the Adviser will make reasonable efforts to terminate the loan in time to be able to cast such vote or exercise
such consent. The Adviser shall instruct the fund&#8217;s security lending agent to refrain from lending the full position of any
security held by a fund to ensure that the Adviser receives notice of proxy proposals impacting the loaned security.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">V. Recordkeeping</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisers will maintain records relating to the proxies they
vote on behalf of their clients in accordance with Section 204-2 of the Investment Advisers Act of 1940, as amended. Those records
will include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A copy of the Advisers&#8217; proxy voting policies and procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Proxy statements received regarding client securities. Such proxy statements received from issuers are either in the SEC&#8217;s
EDGAR database or are kept by the Agent and are available upon request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A record of each vote cast;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A copy of any document created by the Advisers that was material to making a decision on how to vote a proxy for a client or
that memorializes the basis for such a decision; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Each written client request for proxy voting records and the Advisers&#8217; written response to any client request (whether
written or oral) for such records.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">All records described above will be maintained in an easily accessible
place for five years and will be maintained in the offices of the Advisers or their Agent for two years after they are created.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Notwithstanding anything contained in this Section V, Eaton
Vance Trust Company shall maintain records relating to the proxies it votes on behalf of its clients in accordance with laws and
regulations applicable to it and its activities. In addition, EVAIL shall maintain records relating to the proxies it votes on
behalf of its clients in accordance with UK law. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">VI. Assessment of Agent and Identification and Resolution
of Conflicts with Clients</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="text-transform: uppercase">A. A</FONT>ssessment
of Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Advisers shall establish that the Agent (i) is
independent from the Advisers, (ii) has resources that indicate it can competently provide analysis of proxy issues, and (iii)
can make recommendations in an impartial manner and in the best interests of the clients and, where applicable, their beneficial
owners. The Advisers shall utilize, and the Agent shall comply with, such methods for establishing the foregoing as the Advisers
may deem reasonably appropriate and shall do so not less than annually as well as prior to engaging the services of any new proxy
voting service. The Agent shall also notify the Advisers in writing within fifteen (15) calendar days of any material change to
information previously provided to an Adviser in connection with establishing the Agent&#8217;s independence, competence or impartiality.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Conflicts of Interest</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">As fiduciaries to their clients, each Adviser puts
the interests of its clients ahead of its own. In order to ensure that relevant personnel of the Advisers are able to identify
potential material conflicts of interest, each Adviser will take the following steps:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Quarterly, the Eaton Vance Legal and Compliance Department will seek information from the department heads of each department
of the Advisers and of Eaton Vance Distributors, Inc. (&#8220;EVD&#8221;) (an affiliate of the Advisers and principal underwriter
of certain Eaton Vance Funds). Each department head will be asked to provide a list of significant clients or prospective clients
of the Advisers or EVD.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A representative of the Legal and Compliance Department will compile a list of the companies identified (the &#8220;Conflicted
Companies&#8221;) and provide that list to the Proxy Administrator.</TD></TR></TABLE>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Floating-Rate Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated September 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Proxy Administrator will compare the list of Conflicted Companies with the names of companies for which he or she has been
referred a proxy statement (the &#8220;Proxy Companies&#8221;). If a Conflicted Company is also a Proxy Company, the Proxy Administrator
will report that fact to the Global Proxy Group.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If the Proxy Administrator expects to instruct the Agent to vote the proxy of the Conflicted Company strictly according to
the Guidelines contained in these Proxy Voting Policies and Procedures (the &#8220;Policies&#8221;) or the recommendation of the
Agent, as applicable, he or she will (i) inform the Global Proxy Group of that fact, (ii) instruct the Agent to vote the proxies
and (iii) record the existence of the material conflict and the resolution of the matter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy
Group will then determine if a material conflict of interest exists between the relevant Adviser and its clients (in consultation
with the Legal and Compliance Department if needed). If the Global Proxy Group determines that a material conflict exists, prior
to instructing the Agent to vote any proxies relating to these Conflicted Companies the Adviser will seek instruction on how the
proxy should be voted from:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The client, in the case of an individual, corporate, institutional or benefit plan client;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In the case of a Fund, its board of directors, any committee, sub-committee or group of Independent Trustees (as long as such
committee, sub-committee or group contains at least two or more Independent Trustees); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The adviser, in situations where the Adviser acts as a sub-adviser to such adviser.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser will provide all reasonable assistance to each party
to enable such party to make an informed decision.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the client, Fund board or adviser, as the case may be, fails
to instruct the Adviser on how to vote the proxy, the Adviser will generally instruct the Agent, through the Proxy Administrator,
to abstain from voting in order to avoid the appearance of impropriety. If however, the failure of the Adviser to vote its clients&#8217;
proxies would have a material adverse economic impact on the Advisers&#8217; clients&#8217; securities holdings in the Conflicted
Company, the Adviser may instruct the Agent, through the Proxy Administrator, to vote such proxies in order to protect its clients&#8217;
interests. In either case, the Proxy Administrator will record the existence of the material conflict and the resolution of the
matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisers shall also identify and address conflicts that may
arise from time to time concerning the Agent. Upon the Advisers&#8217; request, which shall be not less than annually, and within
fifteen (15) calendar days of any material change to such information previously provided to an Adviser, the Agent shall provide
the Advisers with such information as the Advisers deem reasonable and appropriate for use in determining material relationships
of the Agent that may pose a conflict of interest with respect to the Agent&#8217;s proxy analysis or recommendations. Such information
shall include, but is not limited to, a monthly report from the Agent detailing the Agent&#8217;s Corporate Securities Division
clients and related revenue data. The Advisers shall review such information on a monthly basis. The Proxy Administrator shall
instruct the Agent to refer any proxies for which a material conflict of the Agent is deemed to be present to the Proxy Administrator.
Any such proxy referred by the Agent shall be referred to the Global Proxy Group for consideration accompanied by the Agent&#8217;s
written analysis and voting recommendation. The Proxy Administrator will instruct the Agent to vote the proxy as recommended by
the Global Proxy Group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>The Guidelines will prescribe how a proposal shall be voted or provide factors to be considered on a case-by-case basis by
the Agent in recommending a vote pursuant to the Guidelines.</TD></TR></TABLE>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Floating-Rate Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated September 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Floating-Rate Income Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Statement of Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"> September 27, 2018<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">_______________<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&#8195;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Investment Adviser and Administrator</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Management</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Two International Place</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02110</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&#8195;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Custodian</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Bank and Trust Company</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Financial Center, One Lincoln
Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02111</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&#8195;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Transfer Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">American Stock Transfer &amp; Trust Company,
LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">6201 15<SUP>th</SUP> Avenue</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Brooklyn, NY 11219</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&#8195;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Independent Registered Public Accounting
Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Deloitte &amp; Touche LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">200 Berkeley Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02116</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 112 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Floating-Rate Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated September 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"></P>


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<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>PART C</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 25.</B></TD><TD><B>FINANCIAL STATEMENTS AND EXHIBITS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-indent: 0.5in">Included in Part A:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-indent: 0.5in">Financial Highlights</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Included in Part B:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-indent: 0.5in">Registrant&#8217;s Certified Shareholder
Reports on Form N-CSR filed July 26, 2018 (Accession No. 0001193125-18-227686) and incorporated herein by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(a)</FONT></TD>
    <TD STYLE="width: 6%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="width: 3%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 83%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Agreement and Declaration of Trust dated April 28, 2004 is incorporated herein by reference to the Registrant's initial Registration Statement on Form N-2 (File Nos. 333-115087 and 811-21574) as to the Registrant's common shares of beneficial interest (&quot;Common Shares&quot;) filed with the Securities and Exchange Commission on May 3, 2004 (Accession No. 0000898432-04-000406) (&quot;Initial Common Shares Registration Statement&quot;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated August 11, 2008 to Agreement and Declaration of Trust is incorporated herein by reference to the Registrant&#8217;s initial Registration Statement on Form N-2 (File Nos. 333-172869 and 811-21574) as to Registrant&#8217;s shelf offering filed with the Commission on March 16, 2011 (Accession No. 0000898432-11-000423) (&#8220;Initial Shelf Registration Statement&#8221;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By-Laws dated April 28, 2004 are incorporated herein by reference to the Registrant&#8217;s Initial Common Shares Registration Statement.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws incorporated herein by reference to the Registrant&#8217;s APS Pre-Effective Amendment No. 1 on Form N-2 (File No. 333-117357) and Amendment No. 1 (File No. 811-21574) filed with the Commission on September 8, 2004 (Accession No. 0000950135-04-004413) (&#8220;APS Pre-Effective Amendment No. 1&#8221;).&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws dated February 7, 2005 is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Initial Shelf Registration Statement under the Securities Act of 1933 (1933 Act File No. 333-172869) and Amendment No. 7 to the Registration Statement under the Investment Company Act of 1940 (1940 Act File No. 811-21574) as to the Registrant&#8217;s shelf offering filed with the Commission on September 28, 2012 (Accession No. 0000898432-12-001076) (&#8220;Pre-Effective Amendment No. 1 to the Initial Shelf Registration Statement&#8221;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws dated December 11, 2006 is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Initial Shelf Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws dated August 11, 2008 is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Initial Shelf Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws dated November 17, 2008 is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Initial Shelf Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws dated December 4, 2008 filed as Exhibit (b)(7) to Post-Effective Amendment No. 4 filed September 24, 2014 (Accession No. 0000940394-14-001305) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(8)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws dated October 19, 2009 filed as Exhibit (b)(8) to Post-Effective Amendment No. 4 filed September 24, 2014 (Accession No. 0000940394-14-001305) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(9)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws dated April 23, 2012 is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Initial Shelf Registration Statement.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(10)</FONT></TD>
    <TD STYLE="width: 3%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 83%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws dated December 18, 2012 filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(11)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws dated May 20, 2015 filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(12)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment to By-Laws dated December 22, 2015 filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(c)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(d)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Specimen Certificate for Common Shares of Beneficial Interest is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Initial Common Shares Registration Statement filed with the Commission on May 24, 2004 (Accession No. 0000950135-04-002778) (&quot;Pre-Effective Amendment No. 1 to the Registrant's Initial Common Shares Registration Statement&quot;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Specimen Certificate of Series A Auction Preferred Shares is incorporated herein by reference to the Registrant&#8217;s APS Pre-Effective Amendment No. 1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Specimen Certificate of Series B Auction Preferred Shares is incorporated herein by reference to Registrant&#8217;s APS Pre-Effective Amendment No. 1.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Specimen Certificate of Series C Auction Preferred Shares is incorporated herein by reference to Registrant&#8217;s APS Pre-Effective Amendment No. 1.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Specimen Certificate of Series D Auction Preferred Shares is incorporated herein by reference to Registrant&#8217;s APS Pre-Effective Amendment No. 1.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Specimen Certificate of Series E Auction Preferred Shares is incorporated herein by reference to Registrant&#8217;s APS Pre-Effective Amendment No. 1.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(e)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend Reinvestment Plan is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Initial Common Shares Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(f)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Advisory Agreement dated May 21, 2004 is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Initial Common Shares Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expense Reimbursement Arrangement dated May 21, 2004 is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Initial Common Shares Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(h)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Underwriting Agreement is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Initial Common Shares Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Master Agreement Among Underwriters is incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Master Selected Dealers Agreement is incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Underwriting Agreement as to Registrant&#8217;s Auction Preferred Shares incorporated herein by reference to Registrant&#8217;s APS Pre-Effective Amendment No. 1.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Auction Agent Agreement as to Registrant&#8217;s Auction Preferred Shares is incorporated herein by reference to APS Pre-Effective Amendment No. 1.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Broker-Dealer Agreement as to Registrant&#8217;s Auction Preferred Shares is incorporated herein by reference to APS Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Distribution Agreement with respect to the Rule 415 shelf offering is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Shelf Registration Statement filed with the Commission on May 12, 2016 (Accession No. 000940394-16-002542) (&#8220;Form of Distribution Agreement&#8221;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(8)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Sub-Placement Agent Agreement between Eaton Vance Distributors, Inc. and UBS Securities LLC is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Shelf Registration Statement filed with the Commission on May 12, 2016 (Accession No. 000940394-16-002542) (&#8220;Form of Sub-Placement Agent Agreement&#8221;).</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD>
    <TD STYLE="width: 6%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 83%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Securities and Exchange Commission has granted the Registrant an exemptive order that permits the Registrant to enter into deferred compensation arrangements with its independent Trustees. See in the matter of Capital Exchange Fund, Inc., Release No. IC- 20671 (November 1, 1994).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(j)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Master Custodian Agreement between Eaton Vance Funds and State Street Bank &amp; Trust Company dated September 1, 2013 filed as Exhibit (g)(1) to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as exhibit (g)(2) to Post-Effective Amendment No. 108 of Eaton Vance Special Investment Trust (File Nos. 02-27962, 811-1545) filed September 27, 2010 (Accession No. 0000940394-10-001000) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment Number 1 dated May 16, 2012 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (g)(3) to Post-Effective Amendment No. 39 of Eaton Vance Municipals Trust II (File Nos. 033-71320, 811-08134) filed May 29, 2012 (Accession No. 0000940394-12-000641) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated September 1, 2013 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company filed as Exhibit (g)(4) to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(k)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transfer Agency and Services Agreement dated April 13, 2017 filed as Exhibit (k)(1) to Pre-Effective Amendment No. 1 of Eaton Vance Floating-Rate 2022 Target Term Trust (File Nos. 333-216805, 811-23240) filed with the Commission on June 28, 2017 (Accession No. 0001193125-17-215501) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Administrative Services Agreement dated August 6, 2012 filed as Exhibit (k)(3) to Post-Effective Amendment No. 4 filed September 24, 2014 (Accession No. 0000940394-14-001305) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Shareholder Serving Agreement is incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Additional Compensation Agreement is incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(l)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Opinion of Internal Counsel filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(m)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(n)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consent of Independent Registered Public Accounting Firm filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(o)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(p)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Letter Agreement with Eaton Vance Management incorporated by reference to Pre-Effective Amendment No. 2 to the Registrant's Initial Common Shares Registration Statement filed with the Commission on June 23, 2004 (Accession No. 0000950135-04-003212).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(q)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(r)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Code of Ethics adopted by the Eaton Vance Entities and the Eaton Vance Funds effective September 1, 2000, as revised February 8, 2017 filed as Exhibit (r) to Post-Effective Amendment No. 1 on Form N-2 of Eaton Vance Senior Floating-Rate Trust (File Nos. 333-207589, 811-21411) filed February 23, 2017 (Accession No. 0000940394-17-000321) and incorporated herein by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(s)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Power of Attorney dated October 17, 2017 filed herewith.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 26.</B></TD><TD><B>MARKETING ARRANGEMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">See Form of Distribution Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">See Form of Sub-Placement Agent Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 27.</B></TD><TD><B>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">The approximate expenses in connection with the offering are
as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt NewsGoth Lt BT; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Registration and Filing Fees</FONT></TD>
    <TD STYLE="width: 15%; padding: 3pt 5.4pt; text-align: right; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&#9;7,278</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FINRA Fees</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&#9;11,340</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New York Stock Exchange Fees</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&#9;19,235</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Costs of Printing and Engraving</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accounting Fees and Expenses</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&#9;3,250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Legal Fees and Expenses&#9;</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-underline-style: double"><U>$&#9;37,000</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$&#9;78,103*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 12pt 5.4pt 3pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">* The Adviser will pay expenses of the offering (other than the applicable commissions).</FONT></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 28.</B></TD><TD><B>PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">None.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 29.</B></TD><TD><B>NUMBER OF HOLDERS OF SECURITIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Set forth below is the number of record holders as of August
31, 2018, of each class of securities of the Registrant:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt NewsGoth Lt BT; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Title of Class</B></FONT></TD>
    <TD STYLE="width: 6%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 28%; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Number of Record Holders</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Common Shares of Beneficial interest, par value $0.01 per share </FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22,385</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Preferred Stock, par value $0.01 VRTP Shares</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 30.</B></TD><TD><B>INDEMNIFICATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Registrant's By-Laws filed in the Registrant&#8217;s Initial
Common Shares Registration Statement, and the Form of Distribution Agreement contain provisions limiting the liability, and providing
for indemnification, of the Trustees and officers under certain circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Registrant's Trustees and officers are insured under a standard investment
company errors and omissions insurance policy covering loss incurred by reason of negligent errors and omissions committed in their
official capacities as such. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the
&#8220;Securities Act&#8221;), may be permitted to directors, officers and controlling persons of the Registrant pursuant to the
provisions described in this Item 30, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 31.</B></TD><TD><B>BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">Reference is made to: (i) the information set forth under the
caption Investment advisory and other services&#8221; in the Statement of Additional Information; (ii) the Eaton Vance Corp. 10-K
filed under the Securities Exchange Act of 1934 (File No. 001-8100); and (iii) the Form ADV of Eaton Vance Management (File No.
801-15930) filed with the Commission, all of which are incorporated herein by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 32.</B></TD><TD><B>LOCATION OF ACCOUNTS AND RECORDS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All applicable accounts, books and documents required to be maintained
by the Registrant by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder are in the possession
and custody of the Registrant's custodian, State Street Bank and Trust Company, State Street Financial Center, One Lincoln Street,
Boston, MA 02111, and its transfer agent, American Stock Transfer &amp; Trust Company, LLC, 6201 15<SUP>th</SUP> Avenue, Brooklyn,
NY 11219, with the exception of certain corporate documents and portfolio trading documents which are in the possession and custody
of Eaton Vance Management, Two International Place, Boston, MA 02110. Registrant is informed that all applicable accounts, books
and documents required to be maintained by registered investment advisers are in the custody and possession of Eaton Vance Management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 33.</B></TD><TD><B>MANAGEMENT SERVICES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 34.</B></TD><TD><B>UNDERTAKINGS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt NewsGoth Lt BT; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Registrant undertakes to suspend offering of Common Shares until
the prospectus is amended if (1) subsequent to the effective date of this Registration Statement, the net asset value declines
more than 10 percent from its net asset value as of the effective date of this Registration Statement or (2) the net asset value
increases to an amount greater than its net proceeds as stated in the prospectus.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt 0.25in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file,
during any period in which offers or sales are being made, a post-effective amendment to the registration statement:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
registration statement;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt 0.25in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall
be deemed to be the initial bona fide offering thereof;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt 0.25in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt 0.25in; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C:
Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act as part of a registration statement relating
to an offering, other than prospectus filed in reliance on Rule 430A under the Securities Act, shall be deemed to be part of and
included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such date of first use;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
of securities: The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller
to the purchaser and will be considered to offer or sell such securities to the purchaser:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule
497 under the Securities Act;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
portion of any advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information
about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
part of this Registration Statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant
pursuant to 497(h) under the Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared
effective; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the purpose of determining any liability under the Securities Act, each post- effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business
days of receipt of an oral or written request, its Statement of Additional Information.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>NOTICE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">A copy of the Agreement and Declaration of Trust of Eaton Vance
Floating-Rate Income Trust is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given
that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually
and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders
individually, but are binding only upon the assets and property of the Registrant.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Pursuant to the requirements of the Securities Act of 1933,
as amended and the Investment Company Act of 1940, as amended the Registrant has duly caused this Amendment to the Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boston and the Commonwealth of
Massachusetts, on the 27<SUP>th</SUP> day of September, 2018.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EATON VANCE FLOATING-RATE INCOME TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>By:</B></FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Payson F. Swaffield</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payson F. Swaffield, <I>President</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the requirements of the Securities Act of 1933, as
amended this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Signature</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Payson F. Swaffield</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">President (Chief Executive Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payson F. Swaffield</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ James F. Kirchner</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Treasurer (Principal Financial and Accounting Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">James F. Kirchner</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Signature</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Signature</B></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Thomas E. Faust Jr.*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">William H. Park*</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Thomas E. Faust Jr.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">William H. Park</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mark R. Fetting*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Helen Frame Peters*</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mark R. Fetting</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Helen Frame Peters</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cynthia E. Frost*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Susan J. Sutherland*</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cynthia E. Frost</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Susan J. Sutherland</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">George J. Gorman*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Harriett Tee Taggart*</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">George J. Gorman</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Harriett Tee Taggart</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Valerie A. Mosley*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Scott E. Wennerholm*</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Valerie A. Mosley</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Scott E. Wennerholm</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Maureen A. Gemma</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Maureen A. Gemma <I>(As attorney-in-fact)</I></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>INDEX TO EXHIBITS<BR>
<BR>
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-bottom: 12pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="width: 13%; padding-bottom: 12pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="width: 80%; padding-bottom: 12pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment to By-Laws dated December 18, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment to By-Laws dated May 20, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment to By-Laws dated December 22, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Opinion of Internal Counsel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(n)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consent of Independent Registered Public Account Firm</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(s)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Power of Attorney dated October 17, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-indent: 0.5in">&nbsp;</P>

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<TYPE>EX-99.(B)(10)
<SEQUENCE>2
<FILENAME>exhibitb10_ex-99zb10.htm
<DESCRIPTION>AMENDMENT TO BY-LAWS
<TEXT>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">EXHIBIT (b)(10)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">AMENDMENT NO. X TO THE BY-LAWS</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">OF</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EATON VANCE FLOATING-RATE INCOME TRUST</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>OF VARIABLE RATE TERM PREFERRED
SHARES</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 57.9pt 0 57.95pt; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.95pt 127.6pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.1pt; margin-bottom: 0; text-align: center; text-indent: 400pt"><B>Page</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 47.3pt 0 96pt; text-indent: -1.25in">ARTICLE I&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STATEMENT CREATING
MULTIPLE SERIES OF VARIABLE RATE TERM PREFERRED SHARES; DESIGNATION OF SERIES C-1 VRTP SHARES, SERIES C-2 VRTP SHARES, SERIES C-3
VRTP SHARES, SERIES C-4 VRTP SHARES SERIES L-1 VRTP</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 96pt">SHARES AND SERIES L-2 VRTP SHARES&#9;.........................................................2</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 5.9pt 0 0 42pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">1.1</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interpretation&#9;................................................................................................................16</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 6pt">ARTICLE II&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMS APPLICABLE TO THE VARIABLE RATE TERM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 96pt">PREFERRED SHARE..........................................................................................16</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.1</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Number of Shares; Ranking&#9;.......................................................................................17</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.2</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividends and Distributions&#9;........................................................................................17</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.3</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Liquidation Rights&#9;.......................................................................................................21</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.4</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Coverage &amp; Leverage Tests&#9;.......................................................................................22</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.5</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Redemption&#9;................................................................................................................24</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.6</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Voting Rights&#9;..............................................................................................................31</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.7</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rating Agencies&#9;.........................................................................................................35</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.8</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Issuance of Additional Preferred Shares....................................................................35</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.9</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Status of Redeemed, Repurchased or Deemed Cancelled VRTP Shares&#9;................35</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.10</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Term Redemption Liquidity Account and Liquidity Requirement&#9;...............................35</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.11</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Global Shares&#9;............................................................................................................38</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.12</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notice&#9;.........................................................................................................................38</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.13</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Termination&#9;................................................................................................................38</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.14</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Appendices&#9;................................................................................................................38</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.15</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Actions on Other than Business Days&#9;.......................................................................38</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.16</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Modification.................................................................................................................39</FONT></TD></TR></TABLE>

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<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.17</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transfers of VRTP Shares&#9;........................................................................................39</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.18</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Agreed Tax Treatment&#9;...............................................................................................39</FONT></TD></TR></TABLE>

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<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.19</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No Additional Rights&#9;..................................................................................................39</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 35.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.20</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Relationship of Declaration of Trust&#9;..........................................................................40</FONT></TD></TR></TABLE>

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<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; letter-spacing: -0.1pt">2.21</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Agent.&#9;.................................................................................................................40</FONT></TD></TR></TABLE>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">EATON VANCE FLOATING-RATE INCOME TRUST</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(the &#8220;Trust&#8221;)</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AMENDMENT NO. X TO BY-LAWS</B></P>

<P STYLE="font: 11pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(this &#8220;Amendment&#8221;)</B></P>

<P STYLE="font: 11pt/200% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CREATING MULTIPLE SERIES OF</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>VARIABLE RATE TERM PREFERRED SHARES</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.75pt 0 6pt; text-indent: 0.5in">WHEREAS, Section 5.1 of Article
VI of the Agreement and Declaration of Trust dated April 28, 2004 of Eaton Vance Floating-Rate Income Trust (as amended, the &#8220;<U>Declaration
of Trust</U>&#8221;), a copy of which is on file in the office of the Secretary of the Commonwealth of The Commonwealth of Massachusetts,
provides that the Board of Trustees may, without shareholder approval, authorize one or more classes of shares (which classes may
be divided into two or more series), shares of each such class or series having such preferences, voting powers, restrictions,
limitations as to dividends, qualifications, and terms and conditions of redemption, as the Board of Trustees may determine and
as shall be set forth in the By-laws; and</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 11.25pt 0 6pt; text-indent: 0.5in">WHEREAS, pursuant to authority
expressly vested in the Board of Trustees by the Trust by Section 5.1 of Article VI of the Declaration of Trust, the Board of Trustees
has authorized, in addition to the Trust&#8217;s common shares, a class of preferred shares to be issued in multiple series in
an aggregate of up to 800 shares at any time Outstanding of its authorized preferred shares, $0.01 par value, liquidation preference
$100,000 per share, classified as Variable Rate Term Preferred Shares; and</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 5.95pt 0 6pt; text-indent: 0.5in">WHEREAS, the Board of Trustees
has authorized six Series of VRTP Shares to be designated as &#8220;Series C-1 Variable Rate Term Preferred Shares,&#8221; &#8220;Series
C-2 Variable Rate Term Preferred Shares,&#8221; &#8220;Series C-3 Variable Rate Term Preferred Shares,&#8221; &#8220;Series C-4
Variable Rate Term Preferred Shares,&#8221; &#8220;Series L-1 Variable Rate Term Preferred Shares,&#8221; and &#8220;Series L-2
Variable Rate Term Preferred Shares;&#8221; and</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 37.75pt 0 6pt; text-indent: 0.5in">NOW, THEREFORE, the By-laws of
Eaton Vance Floating-Rate Income Trust are hereby amended as follows:</P>

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<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ARTICLES VIII through XIII shall be redesignated as ARTICLES IX
through XIV and all affected cross references therein are amended accordingly.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 23.9pt 0 6pt; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A new ARTICLE VIII shall be added as follows:</FONT></TD></TR></TABLE>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 3.95pt 127.6pt 0; text-align: center">ARTICLE I</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.15pt 0 6.25pt; text-align: center; text-indent: -0.1pt"><B>STATEMENT
CREATING MULTIPLE SERIES OF VARIABLE RATE TERM PREFERRED SHARES; DESIGNATION OF SERIES C-1 VRTP SHARES, SERIES C-2 VRTP SHARES,
SERIES C-3 VRTP SHARES, SERIES C-4 VRTP SHARES, SERIES L-1 VRTP SHARES AND SERIES L-2 VRTP SHARES</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 10.25pt 0 5.95pt; text-indent: 0.5in">Series C-1: A series of
up to 800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized and designated
as the &#8220;Series C-1 Variable Rate Term Preferred Shares&#8221; and also referred to herein as the &#8220;<U>Series C-1 VRTP
Shares</U>&#8221; (and such series and any other series of Variable Rate Term Preferred Shares authorized and designated herein
or hereafter authorized and designated being referred to herein as a &#8220;<U>Series</U>,&#8221; a &#8220;<U>Series of VRTP Shares</U>&#8221;
or &#8220;<U>VRTP Shares of a Series</U>,&#8221; and shares of all such Series being referred to herein, individually, as a &#8220;<U>VRTP
Share</U>&#8221; and, collectively, as the &#8220;<U>VRTP Shares</U>&#8221;). Shares of Series C-1 VRTP Shares shall be issued
on one or more dates determined by the Board of Trustees of the Trust or pursuant to their delegated authority; have, in the case
of the initial issuance of Series C-1 VRTP Shares, a Dividend Rate equal to the &#8220;Index Rate&#8221; plus 1.45% per annum for
the first Dividend Period; and have such other preferences, voting powers, limitations as to dividends, qualifications and terms
and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable law or
as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix A hereto. The Series C-1 VRTP Shares
shall constitute a separate series of preferred shares of the Trust and each share of Series C-1 VRTP Shares shall be identical.
Any reference to a &#8220;Series of VRTP Shares&#8221; herein shall be deemed to include a reference to the Series C-1 VRTP Shares
and any reference to the Series C-1 VRTP Shares or other terms designated above specifically with respect to the Series C-1 VRTP
Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of VRTP Shares. Except as otherwise
provided with respect to any additional Series of VRTP Shares, the terms and conditions of this Amendment apply to each Series
of VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.3pt 0 5.95pt; text-indent: 0.5in">Series C-2: A series of up to
800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized and designated
as the &#8220;Series C-2 Variable Rate Term Preferred Shares&#8221; and also referred to herein as the &#8220;<U>Series C-2 VRTP
Shares</U>.&#8221; Shares of Series C-2 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees of
the Trust or pursuant to their delegated authority and have such preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable
law or as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix B hereto. The Series C-2 VRTP
Shares shall constitute a separate series of preferred shares of the Trust and each share of Series C-2 VRTP Shares shall be identical.
Any reference to a &#8220;Series of VRTP Shares&#8221; herein shall be deemed to include a reference to the Series C-2 VRTP Shares
and any reference to the Series C-2 VRTP Shares or other terms designated above specifically with respect to the Series C-2 VRTP
Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of VRTP Shares. Except as otherwise
provided with respect to any additional Series of VRTP Shares, the terms and conditions of this Amendment apply to each Series
of VRTP Shares.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 6.3pt 0 5.95pt; text-indent: 0.5in">Series C-3: A series of up
to 800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized and designated
as the &#8220;Series C-3 Variable Rate Term Preferred Shares&#8221; and also referred to herein as the &#8220;<U>Series C-3 VRTP
Shares</U>.&#8221; Shares of Series C-3 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees of
the Trust or pursuant to their delegated authority and have such preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable
law or as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix C hereto. The Series C-3 VRTP
Shares shall constitute a separate series of preferred shares of the Trust and each share of Series C-3 VRTP Shares shall be identical.
Any reference to a &#8220;Series of VRTP Shares&#8221; herein shall be deemed to include a reference to the Series C-3 VRTP Shares
and any reference to the Series C-3 VRTP Shares or other terms designated above specifically with respect to the Series C-3 VRTP
Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of VRTP Shares. Except as otherwise
provided with respect to any additional Series of VRTP Shares, the terms and conditions of this Amendment apply to each Series
of VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.3pt 0 5.95pt; text-indent: 0.5in">Series C-4: A series of up to
800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized and designated
as the &#8220;Series C-4 Variable Rate Term Preferred Shares&#8221; and also referred to herein as the &#8220;<U>Series C-4 VRTP
Shares</U>.&#8221; Shares of Series C-4 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees of
the Trust or pursuant to their delegated authority and have such preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable
law or as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix D hereto. The Series C-4 VRTP
Shares shall constitute a separate series of preferred shares of the Trust and each share of Series C-4 VRTP Shares shall be identical.
Any reference to a &#8220;Series of VRTP Shares&#8221; herein shall be deemed to include a reference to the Series C-4 VRTP Shares
and any reference to the Series C-4 VRTP Shares or other terms designated above specifically with respect to the Series C-4 VRTP
Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of VRTP Shares. Except as otherwise
provided with respect to any additional Series of VRTP Shares, the terms and conditions of this Amendment apply to each Series
of VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.3pt 0 5.95pt; text-indent: 0.5in">Series L-1: A series of up to
800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized and designated
as the &#8220;Series L-1 Variable Rate Term Preferred Shares&#8221; and also referred to herein as the &#8220;<U>Series L-1 VRTP
Shares</U>.&#8221; Shares of Series L-1 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees of
the Trust or pursuant to their delegated authority and have such preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable
law or as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix E hereto. The Series L-1 VRTP
Shares shall constitute a separate series of preferred shares of the Trust and each share of Series L-1 VRTP Shares shall be identical.
Any reference to a &#8220;Series of VRTP Shares&#8221; herein shall be deemed to include a reference to the Series L-1 VRTP Shares
and any reference to the Series L-1 VRTP Shares or other terms designated above specifically with respect to the Series L-1 VRTP
Shares shall be deemed to apply only to such Series of VRTP</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 16.9pt 0 6pt; text-align: justify">Shares and not to any other
Series of VRTP Shares. Except as otherwise provided with respect to any additional Series of VRTP Shares, the terms and conditions
of this Amendment apply to each Series of VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.3pt 0 6pt; text-indent: 0.5in">Series L-2: A series of up to
800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized and designated
as the &#8220;Series L-2 Variable Rate Term Preferred Shares&#8221; and also referred to herein as the &#8220;<U>Series L-2 VRTP
Shares</U>.&#8221; Shares of Series L-2 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees of
the Trust or pursuant to their delegated authority and have such preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable
law or as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix F hereto. The Series L-2 VRTP
Shares shall constitute a separate series of preferred shares of the Trust and each share of Series L-2 VRTP Shares shall be identical.
Any reference to a &#8220;Series of VRTP Shares&#8221; herein shall be deemed to include a reference to the Series L-2 VRTP Shares
and any reference to the Series L-2 VRTP Shares or other terms designated above specifically with respect to the Series L-2 VRTP
Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of VRTP Shares. Except as otherwise
provided with respect to any additional Series of VRTP Shares, the terms and conditions of this Amendment apply to each Series
of VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 15.1pt 0 6pt; text-indent: 0.5in">The number of VRTP Shares which
the Board of Trustees has initially authorized for issuance is up to eight-hundred (800) and the aggregate number of VRTP Shares
outstanding at any time shall not exceed eight-hundred (800).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 200.3pt">DEFINITIONS</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 7.85pt 0 5.95pt; text-indent: 0.5in">Unless the context or use
indicates another or different meaning or intent and except with respect to any Series as specifically provided in the Appendix
applicable to such Series, each of the following terms when used in this Amendment shall have the meaning ascribed to it below,
whether such term is used in the singular or plural and regardless of tense:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>1940 Act</U>&#8221; means the Investment Company
Act of 1940, as amended, or any successor</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 6pt">statute.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">&#8220;<U>1940 Act Asset Coverage</U>&#8221; means
&#8220;asset coverage,&#8221; as defined in Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior
securities of the Trust which are shares of stock for purposes of the 1940 Act, including all outstanding VRTP Shares (or such
other asset coverage as may in the future be specified in or under the 1940 Act or by rule, regulation or order of the SEC as the
minimum asset coverage for senior securities which are shares of stock of a closed-end investment company as a condition of declaring
dividends on its common stock).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 19.8pt 0 6pt; text-indent: 0.5in">&#8220;<U>Adviser</U>&#8221; means
Eaton Vance Management, a direct subsidiary of Eaton Vance Corp., together with its permitted successors and assigns.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>Affected Person</U>&#8221; shall have the meaning
set forth in Appendix E.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 19.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Agent</U>&#8221; means
Citibank, as agent for certain of the Designated Owners pursuant to the Initial Purchase Agreement, and its successors.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 10.75pt 0 6pt; text-indent: 0.5in">&#8220;<U>Agent Member</U>&#8221;
means a Person with an account at the Securities Depository that holds one or more VRTP Shares through the Securities Depository,
directly or indirectly, for a Designated Owner and that will be authorized and instructed, directly or indirectly, by a Designated
Owner to disclose information to the Redemption and Paying Agent with respect to such Designated Owner.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 5.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Amendment</U>&#8221;
means this Amendment No. X to the By-Laws, as it may be amended from time to time in accordance with its terms.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 46.45pt 0 6pt; text-indent: 0.5in"><U>&#8220;Appendix</U>&#8221; means
each Appendix attached hereto from time to time relating to a particular Series of VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Applicable Spread</U>&#8221;
means, with respect to any Dividend Period for any Series of VRTP Shares, the percentage per annum set forth in the table directly
below opposite the lowest applicable credit rating assigned to such Series by any Rating Agency on the Rate Determination Date
for such Dividend Period.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border: black 1pt solid; padding-right: 134.4pt; padding-left: 152.85pt; line-height: 13.7pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Long&#8211;Term Ratings</U>*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 2.35pt; padding-left: 47.35pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Moody&#8217;s</U></B></FONT></TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 2.35pt; padding-left: 56.35pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Fitch</U></B></FONT></TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 33.2pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Applicable Spread</U>**</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Aaa to Aa3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AAA to AA-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.7pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A+</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.45%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.70%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.95%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.7pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB+</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.70%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.7pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.95%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baa3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.7pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BBB-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 8.55pt; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Below Investment Grade</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8.55pt; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Below Investment Grade</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 23.75pt; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 11pt/98% Arial, Helvetica, Sans-Serif; margin: 3.1pt 10.9pt 0 20.15pt"><B>*</B>And/or the equivalent long-term
        rating of any Other Rating Agency then rating the relevant Series of VRTP Shares, in all cases utilizing the lowest of the ratings
        of the Rating Agencies then rating such Series.</P>
        <P STYLE="font: 11pt/98% Arial, Helvetica, Sans-Serif; margin: 3.45pt 9.25pt 0 20.15pt"><B>**</B>On any day on which an Increased
        Rate Event is continuing, the Dividend Rate shall equal the Increased Rate.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 6pt; text-indent: 0.5in">&#8220;<U>Approved Pricing Service</U>&#8221;
means any of the following pricing services: Bloomberg, Bridge Information Services, Data Resources Inc., Interactive Data Services,
International Securities Market Association, Merrill Lynch Securities Pricing Service, Muller Data Corp., Thomson Reuters Pricing
Service, Telerate, Markit Partners or Pricing Direct.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 21.8pt 0 6pt; text-indent: 0.5in">&#8220;<U>Asset Coverage</U>&#8221;
means &#8220;asset coverage,&#8221; as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof, with
respect to all outstanding senior securities of the Trust which are shares of stock for purposes of the 1940 Act, including all
Outstanding VRTP Shares, determined on the basis of values calculated as of a time within 48 hours (only including Business Days)
next preceding the time of such determination.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 18.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Asset Coverage Cure
Date</U>&#8221; means, with respect to the failure by the Trust to maintain Asset Coverage of at least 225% as of the close of
business on a Business Day (as required by <U>Section 2.4(a)</U>), the close of business on the date that is five (5) Business
Days following such Business Day.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 14.3pt 0 6pt; text-indent: 0.5in">&#8220;<U>Auction Preferred
Shares</U>&#8221; means any series of auction rate preferred shares issued by the Trust pursuant to Section 5.1 of Article VI of
the Declaration of Trust and Article VII of the By-Laws (prior to giving effect to this Amendment), and for which the per annum
rate of cash dividends payable to holders of such shares are determined periodically pursuant to the auction procedures set forth
in paragraph 10 of Article VII of the By-Laws (prior to giving effect to this Amendment).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>Bank Rate</U>&#8221; shall have the meaning set
forth in Appendix E.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 15.4pt 0 6pt; text-indent: 0.5in">&#8220;<U>Below Investment Grade</U>&#8221;
means, with respect to any Series of VRTP Shares and as of any date, the following ratings with respect to each Rating Agency (to
the extent it is a Rating Agency on such date):</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 42pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">lower than &#8220;BBB-&#8221; in the case of Fitch and lower than
&#8220;Baa3&#8221;, in the case of Moody&#8217;s; and</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 42pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">lower than the long-term rating equivalent to the credit ratings
set forth in clause (i), in the case of any Other Rating Agency.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 29.75pt 0 6pt; text-indent: 0.5in">&#8220;<U>Board of Trustees</U>&#8221;
means the Board of Trustees of the Trust or any duly authorized committee thereof as permitted by applicable law.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 29.75pt 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 41.75pt">&#8220;<U>Bond Asset</U>&#8221; means any asset that
is a direct interest in a corporate bond obligation.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#8220;<U>Business Day</U>&#8221; means any day
on which (i) banks are not authorized or required to close in New York, New York and the NYSE is not authorized or required to
close and (ii) if this definition of &#8220;Business Day&#8221; is utilized in connection with the Eurodollar Rate, dealings are
carried out in the London interbank market.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">&#8220;<U>By-Laws</U>&#8221; means the By-Laws of the Trust,
as amended from time to time.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">&#8220;<U>CAFCO</U>&#8221; means CAFCO, LLC and its successors.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">&#8220;<U>CHARTA</U>&#8221; means CHARTA, LLC and its successors.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">&#8220;<U>CIESCO</U>&#8221; means CIESCO, LLC and its successors.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 0 0 42pt">&#8220;<U>Citibank</U>&#8221; means Citibank, N.A. and
its successors.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>Code</U>&#8221; means the Internal Revenue Code
of 1986, as amended.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 15.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Common Shares</U>&#8221;
means the common shares of the Trust that do not have priority over any other class or series of shares as to distributions of
assets or payments of dividends.</P>

<P STYLE="font: 11pt/25.5pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 31.35pt 0 42pt">&#8220;<U>Compliance Date</U>&#8221; shall
have the meaning set forth in <U>Section 2.10(b)</U>.</P>

<P STYLE="font: 11pt/25.5pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 31.35pt 0 42pt">&#8220;<U>Conditional Acceptance</U>&#8221; shall have the meaning set forth
in <U>Section 2.5(a)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 31.35pt 0 42pt">&#8220;<U>Conduit
Purchasers</U>&#8221; means any or each of CHARTA, CAFCO, CIESCO and CRC, together with their permitted successors and
assigns that constitute special purpose entities that issue short-term commercial paper notes or other debt securities to
fund or maintain their investments, including in the VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">&#8220;<U>CRC</U>&#8221; means CRC Funding, LLC
and its successors.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 13.05pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Credit Facility</U>&#8221;
means the Revolving Credit and Security Agreement, dated as of January 11, 2012, among the Trust, CHARTA, CAFCO, CIESCO and CRC,
as conduit lenders, and the other secondary lenders party thereto, and Citibank, as agent, as amended, modified or supplemented
from time to time.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 12.15pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Custodian</U>&#8221;
means a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in paragraph 1 of Section 26(a)
of the 1940 Act, or such other entity as shall be providing custodian services to the Trust as permitted by the 1940 Act or any
rule, regulation, or order thereunder, and shall include, as appropriate, any similarly qualified sub- custodian duly appointed
by the Custodian.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.75pt 0 6pt; text-indent: 0.5in">&#8220;<U>Custodian Agreement</U>&#8221;
means, with respect to any Series, the Custodian Agreement, by and between the Custodian and the Trust with respect to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 68.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Declaration of Trust</U>&#8221;
shall have the meaning set forth in the Recitals of this Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.35pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Deposit Securities</U>&#8221;
means, as of any date, any United States dollar-denominated security or other investment of a type described below that either
(i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory redemption
date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Dividend Payment Date, Redemption
Date or other payment date in respect of which such security or other investment has been deposited or set aside as a Deposit Security:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">cash or any cash equivalent;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any U.S. Government Obligation;</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 24.3pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any investment in any money market fund registered under the 1940
Act that qualifies under Rule 2a-7 under the 1940 Act, or similar investment vehicle described in Rule 12d1-1(b)(2) under the 1940
Act, that invests principally in U.S. Government Obligations; or</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.65pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(4)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any letter of credit from a bank or other financial institution
that has a credit rating from at least one NRSRO that is the highest applicable rating generally ascribed by such NRSRO to bank
deposits or short-term debt of banks or other financial institutions as of the date of this Amendment (or such rating&#8217;s future
equivalent).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 21.15pt 0 6pt; text-indent: 0.5in">&#8220;<U>Derivative Contract</U>&#8221;
means any financial futures contract, option, forward contract, warrant, swap, swaption, collar, floor, cap and other agreement,
instrument and derivative and other transactions of a similar nature (whether currency linked, index linked, insurance risk linked,
credit risk linked or otherwise).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 19.8pt 0 6pt; text-indent: 0.5in">&#8220;<U>Derivative Termination
Value</U>&#8221; means, in respect of any one or more Derivative Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Derivative Contracts, (a) for any date on or after the date such Derivative Contracts
have been closed out and termination value(s) determined in accordance therewith, such termination value(s) and (b) for any date
prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Derivative Contracts,
as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such
Derivative Contracts (which may include Citibank or any affiliate thereof).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.5pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Designated Owner</U>&#8221;
means a Person in whose name VRTP Shares are recorded as beneficial owner of such VRTP Shares by the Securities Depository, an
Agent Member or other securities intermediary on the records of such Securities Depository, Agent Member or securities intermediary,
as the case may be.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>Dividend Failure</U>&#8221; shall have the meaning
set forth in <U>Section 2.2(g)(A)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 9.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Dividend Payment Date</U>&#8221;
means, with respect to any Series, the Dividend Payment Date for such Series in the Appendix hereto relating to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 38.9pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&#8220;<U>Dividend
Payment Failure Event</U>&#8221; means a Dividend Failure that has not ended as contemplated by <U>Section 2.2(g)(ii)</U> on or
prior to the third (3<SUP>rd</SUP>) Business Day following the related Dividend Payment Date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.4pt 0 6pt; text-indent: 0.5in">&#8220;<U>Dividend Period</U>&#8221;
means, with respect to any Series, the Dividend Period for such Series set forth in the Appendix hereto relating to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.5pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Dividend Rate</U>&#8221;
means, with respect to any Series of VRTP Shares Outstanding on any day during a Dividend Period, the Index Rate in effect for
such Series on such day plus the Applicable Spread for the related Dividend Period; <U>provided</U>, <U>however</U>, that with
respect to any day on which the Increased Rate applies, the Dividend Rate for such Series shall be the Increased Rate for such
day; and provided further that the Dividend Rate for any day shall in no event exceed the Maximum Rate.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 0 0 42pt">&#8220;<U>Effective Leverage Ratio</U>&#8221; shall
have the meaning set forth in <U>Section 2.4(d)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 46.45pt 0 6pt; text-indent: 0.5in">&#8220;<U>Effective Leverage Ratio
Cure Date</U>&#8221; shall have the meaning set forth in Section <U>2.5(b)(ii)(A)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 23.85pt 0 6pt; text-indent: 0.5in">&#8220;<U>Electronic Means</U>&#8221;
means email transmission, facsimile transmission or similar electronic transmission (but excluding online communications systems
covered by a separate agreement) acceptable to the sending party and the receiving party, in any case if operative as between such
parties.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">&#8220;<U>Exchange Act</U>&#8221; means the Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 42.4pt 0 6pt; text-indent: 0.5in">&#8220;<U>Fitch</U>&#8221; means
Fitch Ratings, a part of the Fitch Group, which is a majority owned subsidiary of Fimalac, S.A., and any successor or successors
thereto.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.05pt 0 6pt; text-indent: 0.5in">&#8220;<U>Force Majeure Event</U>&#8221;
means a force majeure event beyond the reasonable control of the Fund including, without limitation, earthquakes, flood, terrorism,
wars and other military disturbances, sabotage, epidemics, riots, interruptions, loss or malfunctions of third-party utilities
or communication services, acts of civil or military authority and governmental action.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 15.4pt 0 6pt; text-indent: 0.5in">&#8220;<U>Foreign Asset</U>&#8221;
means any asset issued, guaranteed or owing by any Obligor organized under the laws of any OECD Country (other than the United
States of America) and which is denominated and payable in United States dollars, Canadian dollars, Euros, Sterling, Swiss Francs
or Australian dollars.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 28.75pt 0 6pt; text-indent: 0.5in">&#8220;<U>Holder</U>&#8221; means,
with respect to the VRTP Shares of any Series or any other security issued by the Trust, the Person in whose name such security
is registered in the registration books of the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 16.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Increased Rate</U>&#8221;
means, with respect to any Series and any day of any Dividend Period to which the Increased Rate applies, the Index Rate for such
day plus an Applicable Spread of 6.25%.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 38.5pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Increased Rate
Event</U>&#8221; means any of the events under <U>Section 2.2(g)(i)</U> or <U>(iii)</U> that causes the Dividend Rate to be adjusted
to the Increased Rate.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 20.15pt 0 6pt; text-indent: 0.5in">&#8220;<U>Index Rate</U>&#8221;
means, with respect to any Series, the rate specified as the Index Rate for such Series in the Appendix hereto relating to such
Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 5.15pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Industry Class</U>&#8221;
means any industry class set forth on Schedule I hereto, as the same may be amended, restated, supplemented or otherwise modified
from time to time in accordance with the prior written consent of the Majority Holders.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 46.45pt 0 6pt; text-indent: 0.5in">&#8220;<U>Initial Purchase
Agreement</U>&#8221; shall have the meaning set forth in the definition of Purchase Agreement.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 13.05pt 0 6pt; text-indent: 0.5in">&#8220;<U>Insolvency Event</U>&#8221;
means the Trust, the Adviser or Eaton Vance Corp. shall generally not pay its debts as such debts become due, or shall admit in
writing its inability to pay its debts</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 6.55pt 0 5.95pt">generally, or shall make a general assignment
for the benefit of creditors; or any proceeding shall be instituted by or against the Trust, the Adviser or Eaton Vance Corp. seeking
to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors,
or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for
it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted
by it), either such proceeding shall remain undismissed or unstayed for a period of forty (40) days, or any of the actions sought
in such proceeding (including an order for relief against, or the appointment of a receiver, trustee, custodian or other similar
official for, it or for any substantial part of its property) shall occur; or the Trust, the Adviser, Eaton Vance Corp. or the
Custodian shall take any action to authorize any of the actions set forth above in this subsection.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.45pt 0 6pt; text-indent: 0.5in">&#8220;<U>Investment Management
Agreement</U>&#8221; means the Investment Advisory and Administration Agreement, dated as of May 21, 2004, between the Trust and
the Adviser, as the same may be amended, supplemented, waived or modified.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 15.15pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Investment Policies
and Restrictions</U>&#8221; means the policies of the Trust with respect to investments, distributions, investment restrictions,
tender offers, repurchases and leverage as of the date hereof (as set forth in the Offering Memorandum) and as such policies and
restrictions may be amended, revised or supplemented from time to time by the Board of Trustees of the Trust (as reflected in shareholder
reports distributed by the Trust).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 6pt; text-align: justify; text-indent: 0.5in">&#8220;<U>Issuance
Date</U>&#8221; means, with respect to any Series of VRTP Shares, the Issuance Date for the Outstanding VRTP Shares of such Series
as specified in the Appendix hereto relating to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 7.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Legally Available Funds</U>&#8221;
means, as of any determination date, the aggregate gross asset value of the Trust as of such date, minus the sum as of such date
of (i) the liabilities of the Trust and (ii) the aggregate par value of the shares issued by the Trust and outstanding.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&#8220;<U>Liquidation
Fee</U>&#8221; means, with respect to the Series L VRTP Shares, the compensation, if any, payable by the Trust to any Affected
Person following an optional redemption of any VRTP Shares of such Series as specified in Appendix E or Appendix F, as applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 16.5pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Liquidation Preference</U>&#8221;
means, with respect to any Series, the amount specified as the liquidation preference per share for that Series in the Appendix
hereto relating to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.85pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Liquidity Account
Initial Date</U>&#8221; means, with respect to any Series, the date designated as the Liquidity Account Initial Date in the Appendix
hereto relating to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.45pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Liquidity Account
Investment</U>&#8221; means (i) any Deposit Security, (ii) any Loan Asset owned by the Trust that has a loan facility credit rating
of &#8220;B&#8221; or better from S&amp;P or &#8220;B2&#8221; or better from Moody&#8217;s and is not assigned a loan facility
credit rating lower than &#8220;B&#8221; from S&amp;P or &#8220;B2&#8221; from Moody&#8217;s or (iii) any Bond Asset owned by the
Trust that has a long-term credit rating of &#8220;B&#8221; or better from S&amp;P or &#8220;B2&#8221; or better from Moody&#8217;s
and is not assigned a long-term credit rating lower than &#8220;B&#8221; from S&amp;P or &#8220;B2&#8221; from Moody&#8217;s.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 0 0 42pt">&#8220;<U>Liquidity Requirement</U>&#8221; shall have
the meaning set forth in <U>Section 2.11(b)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Loan Asset</U>&#8221; means
a direct or participation or sub-participation interest in or assignment or novation of a loan or other extension of credit.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 8.05pt 0 6pt; text-indent: 0.5in">&#8220;<U>Loan Documents</U>&#8221;
means, with respect to any Loan Asset, each loan agreement, promissory note, collateral security agreement, participation certificate,
guarantee and any other agreement or document evidencing, securing, governing or executed in connection with such Loan Asset including,
without limitation, the agreements and instruments in respect of which the Trust acquired such Loan Asset.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 11.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Majority Holders</U>&#8221;
means, at any time, the Holder(s) of more than 50% of the aggregate Liquidation Preference of the Outstanding VRTP Shares at such
time.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.15pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Mandatory Redemption
Event</U>&#8221; means any of the events under <U>Section 2.5(b)</U> or <U>(c)</U> that requires the Trust to redeem any VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.15pt 0 5.95pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 11.5pt 0 9pt; text-indent: 32.75pt">&#8220;<U>Mandatory Redemption
Price</U>&#8221; shall have the meaning set forth in <U>Section 2.5(b)(i)(A)</U>. &#8220;<U>Market Value</U>&#8221; means, as of
any day of determination (a) in respect of cash, the amount of such cash, (b) in respect of any Loan Asset, the lower of (i) the
value of such Loan Asset provided by Thomson Reuters Pricing Service or another Approved Pricing Service, and (ii) the Value of
such Loan Asset determined by the Trust based upon the Matrix Price of such Loan Asset or such other Value as determined by the
Trust in a manner which is in accordance with the Investment Policies and Restrictions of the Trust and in accordance with applicable
law, including without limitation the rules, regulations and interpretations of the SEC under the 1940 Act, and (c) in respect
of any other asset, the lower of (i) the value of such asset provided by an Approved Pricing Service, and (ii) the Value of such
asset computed in the manner as such Value is required to be computed by the Trust in accordance with the Investment Policies and
Restrictions of the Trust and in accordance with applicable law, including without limitation the rules, regulations and interpretations
of the SEC under the 1940 Act; provided, that the Market Value of any asset shall be net of the Trust&#8217;s liabilities relating
thereto, including without limitation all of the Trust&#8217;s obligations to pay any unpaid portion of the purchase price therefor;
<U>provided</U>, <U>further</U>, that the Market Value of any Liquidity Account Investment or Deposit Security shall be zero if
the Value of such asset is not determined as expressly set forth above.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.1pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Matrix Price</U>&#8221;
means, with respect to any Loan Asset, the matrix price derived from an Approved Pricing Service in a manner approved by the Board
of Trustees of the Trust and in accordance with the Investment Policies and Restrictions of the Trust and in accordance with applicable
law, including without limitation the rules, regulations and interpretations of the SEC under the 1940 Act.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>Maximum Rate</U>&#8221; means 15.00% per annum.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 36.4pt 0 6pt; text-indent: 0.5in">&#8220;<U>Moody&#8217;s</U>&#8221;
means Moody&#8217;s Investors Service, Inc. and any successor or successors thereto.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 11.15pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>NAV</U>&#8221;
means, with respect to the Trust, the net asset value of the Trust computed in the manner such net asset value is required to be
computed in accordance with the 1940 Act and as described in its Investment Policies and Restrictions.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 11.15pt 0 5.95pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 29.5pt 0 0; text-indent: 41.75pt">&#8220;<U>Notice of Redemption</U>&#8221;
shall have the meaning set forth in <U>Section 2.5(e)(i)</U>. &#8220;<U>NRSRO</U>&#8221; means (a) each of Fitch, Moody&#8217;s
and S&amp;P so long as such Person is a nationally recognized statistical rating organization within the meaning of Section 3(a)(62)
of the Exchange Act and (b) any other nationally recognized statistical rating organization within the meaning of Section 3(a)(62)
of the Exchange Act that is not an &#8220;affiliated person&#8221; (as defined in Section 2(a)(3) of the 1940 Act) of the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 29.5pt 0 0; text-indent: 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 29.5pt 0 0; text-indent: 0.5in">&#8220;<U>NYSE</U>&#8221; means NYSE
Euronext, Inc., a Delaware corporation, and its successors. &#8220;<U>Obligor</U>&#8221; means, (i) with respect to any Loan Asset,
the Person or Persons primarily obligated under the related Loan Documents to repay the loan or extension of credit which is the
subject of the Loan Asset and (ii) with respect to any other asset, the Person or Persons primarily obligated to make payments
under the transaction documents and other instruments evidencing the related asset.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 23.15pt 0 6pt; text-indent: 0.5in">&#8220;<U>OECD Country</U>&#8221;
means any country which is a member of the Organization for Economic Cooperation and Development and which has a sovereign credit
rating for &#8220;foreign currency&#8221; of at least &#8220;AA-&#8220; and &#8220;Aa3&#8221; from S&amp;P and Moody's, respectively.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 6pt; text-indent: 0.5in">&#8220;<U>Offering Memorandum</U>&#8221;
means the Offering Memorandum of the Issuer relating to the offering and sale of the VRTP Shares dated December 18, 2012, as amended,
revised or supplemented from time to time.</P>

<P STYLE="font: 11pt/25.5pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 40.25pt 0 41.95pt; text-align: justify">&#8220;<U>Optional
Redemption Date</U>&#8221; shall have the meaning set forth in <U>Section 2.5(d)(i)</U>. &#8220;<U>Optional Redemption Price</U>&#8221;
shall have the meaning set forth in <U>Section 2.5(d)(i)</U>. &#8220;<U>Other Rating Agency</U>&#8221; means, at any time, each
Rating Agency, if any, other than</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 1.55pt 30.4pt 0 6pt">Fitch or Moody&#8217;s then providing a rating
for the VRTP Shares pursuant to the request of the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 33.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Outstanding</U>&#8221;
means, as of any date with respect to VRTP Shares of any Series, the number of VRTP Shares of such Series theretofore issued by
the Trust except (without duplication):</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0.4in 0 42pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.35pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -1.35pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any VRTP Shares of such Series theretofore cancelled (including
deemed cancelled pursuant to the provisions of any Appendix hereto) or redeemed or delivered to the Redemption and Paying Agent
for cancellation or redemption in accordance with the terms hereof;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0.4in 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.4in 0 42pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.35pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -1.35pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any VRTP Shares of such Series as to which the Trust shall have
given a Notice of Redemption and irrevocably deposited with the Redemption and Paying Agent</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 0 0 42pt">Deposit Securities with an aggregate Market Value sufficient
to redeem such shares in accordance with <U>Section 2.5</U> hereof;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.9pt 0 42pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.35pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -1.35pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any VRTP Shares of such Series as to which the Trust shall be the
Holder or the Designated Owner; and</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.85pt 0 42pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.35pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -1.35pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any VRTP Shares of such Series represented by any security certificate
in lieu of which any new security certificate has been executed and delivered by the Trust.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 8.15pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Overconcentration
Amount</U>&#8221; means, as of any date of determination of the Effective Leverage Ratio for the Trust, an amount equal to the
sum of: (i) the Market Value of the Trust&#8217;s total assets that are obligations of any single Obligor (together with all affiliates
of such Obligor) in excess of 5% of the Market Value of the Trust&#8217;s total assets; (ii) the Market Value of the Trust&#8217;s
total assets constituting obligations in any single Industry Class in excess of 25% of the Market Value of the Trust&#8217;s total
assets; (iii) the Market Value of the Trust&#8217;s total assets constituting Foreign Assets in excess of 20% of the Market Value
of the Trust&#8217;s total assets; (iv) the Market Value of the Trust&#8217;s total assets constituting Foreign Assets which relate
to Obligors from any single OECD Country (other than the United States of America) in excess of 10% of the Market Value of the
Trust&#8217;s total assets; (v) the Market Value of the Trust&#8217;s total assets that are obligations of Obligors organized under
the laws of any country that is not an OECD Country in excess of 5% of the Market Value of the Trust&#8217;s total assets; and
(vi) the Market Value of the Trust&#8217;s total assets that are Unrated Obligations in excess of 20% of the Market Value of the
Trust&#8217;s total assets.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 28.4pt 0 6pt; text-indent: 0.5in">&#8220;<U>Person</U>&#8221; means
and includes natural persons, corporations, partnerships, limited partnerships, statutory trusts and foreign statutory trusts,
trusts, limited liability companies, associations, joint ventures, estates, and any other individual or entity, whether or not
a legal entity, in its own or any representative capacity, and governments and agencies and political subdivisions thereof, in
each case whether domestic or foreign.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.2pt 0 6pt; text-align: justify; text-indent: 0.5in">&#8220;<U>Preferred
Shares</U>&#8221; means shares issued by the Trust, including the VRTP Shares of each Series, that have priority over the Common
Shares or any other class of shares as to distribution of assets or payments of dividends.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>Pro Rata Allocation</U>&#8221; has the meaning
set forth in <U>Section 2.5(b)(i)(A)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Purchase Agreement</U>&#8221;
means (i) with respect to the Specified Series, the VRTP Purchase Agreement, dated as of December 18, 2012, among the Trust, CHARTA,
CAFCO, CIESCO, CRC Funding and Citibank, as purchasers, and Citibank, in its capacity as agent for the purchasers (the &#8220;<U>Initial
Purchase Agreement</U>&#8221;) and (ii) with respect to any subsequent Series of VRTP Shares, the purchase agreement or other similar
agreement for the VRTP Shares of such Series (if any) specified in the Appendix hereto relating to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 18.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Rate Determination Date</U>&#8221;
means, with respect to any Dividend Period, the date that is two (2) Business Days before the first day of such Dividend Period.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>Rating Agencies</U>&#8221; means, as of any date
and in respect of a Series of VRTP Shares,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 6pt">(i) each of Fitch and Moody&#8217;s, and (ii) any other NRSRO
designated as a Rating Agency on such</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 6.25pt 0 5.95pt">date in accordance with <U>Section 2.7</U>, in
each case above, only if it maintains a current credit rating for the VRTP Shares of such Series on such date and the Board of
Trustees has not terminated its designation as a Rating Agency in accordance with <U>Section 2.7</U>. Fitch and Moody&#8217;s have
initially been designated as the Rating Agencies for purposes of the VRTP Shares. In the event that at any time any Rating Agency
(i) ceases to be a Rating Agency for purposes of any Series of VRTP Shares and such Rating Agency has been replaced by another
Rating Agency in accordance with <U>Section 2.7</U>, any references to any credit rating of such replaced Rating Agency in this
Amendment or any Appendix shall be deleted for purposes hereof as provided below and shall be deemed instead to be references to
the equivalent credit rating of the Rating Agency that has replaced such Rating Agency or (ii) designates a new rating definition
for any credit rating of such Rating Agency with a corresponding replacement rating definition for such credit rating of such Rating
Agency, any references to such replaced rating definition of such Rating Agency contained in this Amendment or any Appendix shall
instead be deemed to be references to such corresponding replacement rating definition. In the event that at any time the designation
of any NRSRO as a Rating Agency for purposes of any Series of VRTP Shares is terminated in accordance with <U>Section 2.7</U>,
any credit rating of such terminated Rating Agency, to the extent it would have been taken into account in any of the provisions
of this Amendment or the Appendix hereto relating to such Series, shall be disregarded, and only the credit ratings of the then-designated
Rating Agencies for such Series shall thereafter be taken into account for purposes of this Amendment and such Appendix, <U>provided</U>
that, for purposes of determining the Applicable Spread applicable to a Dividend Period, any designation of a Rating Agency after
the Rate Determination Date for such Dividend Period will take effect on or as of the next succeeding Rate Determination Date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.75pt 0 6pt; text-indent: 0.5in">&#8220;<U>Rating Agency Guidelines</U>&#8221;
means the guidelines of any Rating Agency, compliance with which is required to cause such Rating Agency to continue to issue a
rating with respect to a Series of VRTP Shares for so long as such Series is Outstanding.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.4pt 0 6pt; text-indent: 0.5in">&#8220;<U>Redemption and Paying Agent</U>&#8221;
means, with respect to any Series, Deutsche Bank Trust Company Americas and its successors or any other redemption and paying agent
appointed by the Trust with respect to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.75pt 0 6pt; text-indent: 0.5in">&#8220;<U>Redemption and Paying
Agent Agreement</U>&#8221; means, with respect to any Series, the Redemption and Paying Agent Agreement dated as of December 18,
2012 by and among the Redemption and Paying Agent and the Trust, as the same may be amended, restated or modified from time to
time, or any similar agreement between the Trust and any other redemption and paying agent appointed by the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 61.1pt 0 42pt">&#8220;<U>Redemption Date</U>&#8221; shall have
the meaning set forth in <U>Section 2.5(e)(i)</U>. &#8220;<U>Redemption Failure</U>&#8221; shall have the meaning set forth in
<U>Section 2.2(g)(i)(B)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.45pt 0 6pt; text-indent: 0.5in">&#8220;<U>Redemption Price</U>&#8221;
shall mean the Term Redemption Price, the Mandatory Redemption Price or the Optional Redemption Price, as applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 31.4pt 0 6pt; text-indent: 0.5in">&#8220;<U>Registration Rights Failure</U>&#8221;
means any (i) failure by the Trust to file a Registration Statement with the SEC relating to such of the Registrable Securities
(as defined in the</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 7.15pt 0 5.95pt">Registration Rights Agreement, but excluding
any that are properly excluded pursuant to Section 3.3(c) or (d) of the Registration Rights Agreement) which the Trust has been
properly requested to register under Section 3.1 of the Registration Rights Agreement within thirty (30) calendar days (or, if
the thirtieth calendar day shall not be a Business Day, the next succeeding Business Day) of the later of (a) the date on which
the holders of such Registrable Securities are required to give written notice to the Trust of their intent to register such Registrable
Securities pursuant to Section 3.1 of the Registration Rights Agreement and (b) if properly exercised by the Trust, the end of
any deferral period specified in accordance with the provisions of Section 3.2 of the Registration Rights Agreement or (ii) failure
by the Trust to reply to any written comments on such Registration Statement received by the Trust from the staff of the SEC (it
being understood that the reply referenced herein shall not require the Trust to accept or agree with any comment, in whole or
in part) within thirty (30) calendar days (or, if the thirtieth calendar day shall not be a Business Day, the next succeeding Business
Day) of receipt thereof by the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 47.7pt 0 6pt; text-indent: 0.5in">&#8220;<U>S&amp;P</U>&#8221; means
Standard &amp; Poor&#8217;s Rating Services, a Standard &amp; Poor&#8217;s Financial Services LLC business, and any successor or
successors thereto.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 12.45pt 0 6pt; text-indent: 0.5in">&#8220;<U>SEC</U>&#8221; means
the Securities and Exchange Commission or any other governmental authority of the United States of America at the time administrating
the Securities Act, the 1940 Act or the Exchange Act.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>Securities Act</U>&#8221; means the Securities
Act of 1933, as amended.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 12.4pt 0 6pt; text-indent: 0.5in">&#8220;<U>Securities Depository</U>&#8221;
shall mean The Depository Trust Company and its successors and assigns or any other securities depository selected by the Trust
that agrees to follow the procedures required to be followed by such securities depository as set forth in this Amendment with
respect to the VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 32.8pt 0 41.95pt">&#8220;<U>Series</U>&#8221; and &#8220;<U>Series
of VRTP Shares</U>&#8221; shall have the meanings set forth in Article I. &#8220;<U>Series C-1 VRTP Shares</U>&#8221; shall have
the meaning set forth in Article I.</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 93.5pt 0 42pt; text-align: justify">&#8220;<U>Series C-2 VRTP
Shares</U>&#8221; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 93.5pt 0 42pt; text-align: justify">&#8220;<U>Series C-3 VRTP
Shares</U>&#8221; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 93.5pt 0 42pt; text-align: justify">&#8220;<U>Series C-4 VRTP
Shares</U>&#8221; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 34.15pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Series L VRTP Shares</U>&#8221;
all or any (as the context requires) of the Series L-1 VRTP Shares and the Series L-2 VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0.05pt 87.9pt 0 42pt; text-align: justify">&#8220;<U>Series L-1
VRTP Shares</U>&#8221; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0.05pt 87.9pt 0 42pt; text-align: justify">&#8220;<U>Series L-2
VRTP Shares</U>&#8221; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0.05pt 87.9pt 0 42pt; text-align: justify">&#8220;<U>Settlement
Deadline Date</U>&#8221; has the meaning set forth in <U>Section 2.10(b)</U>.</P>


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<P STYLE="font: 12pt/186% Times New Roman, Times, Serif; margin: 0.05pt 87.9pt 0 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 8.5pt 0 5.95pt; text-indent: 0.5in">&#8220;<U>Specified Holder</U>&#8221;
means, as of any date of determination, with respect to the Series C-1 VRTP Shares, CHARTA, with respect to the Series C-2 VRTP
Shares, CAFCO, with respect to the Series C-3 VRTP Shares, CIESCO, with respect to the Series C-4 VRTP Shares, CRC and with respect
to the Series L VRTP Shares, if such VRTP Shares are not Outstanding as of such date of determination, Citibank and, if any Series
L VRTP Shares are Outstanding as of such date of determination, the Person in whose name such security is registered in the registration
books of the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 9.3pt 0 6pt; text-indent: 0.5in">&#8220;<U>Specified Series</U>&#8221;
all or any (as the context requires) of the Series C-1 VRTP Shares, the Series C-2 VRTP Shares, the Series C-3 VRTP Shares, the
Series C-4 VRTP Shares, the Series L-1 VRTP Shares and the Series L-2 VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 98.4pt 0 42pt">&#8220;<U>Tax Event</U>&#8221; shall have the
meaning set forth in <U>Section 2.2(g)(i)(E)</U>. &#8220;<U>Term Extension Request</U>&#8221; has the meaning set forth in <U>Section
2.5(a)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>Term Redemption Amount</U>&#8221; shall have the
meaning set forth in <U>Section 2.10(a)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 29.5pt 0 6pt; text-indent: 35.95pt">&#8220;<U>Term Redemption
Date</U>&#8221; means, with respect to any Series, the date specified as the Term Redemption Date in the Appendix hereto relating
to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 40.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Term Redemption Liquidity
Account</U>&#8221; shall have the meaning set forth in <U>Section 2.10(a)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">&#8220;<U>Term Redemption Price</U>&#8221; shall have the
meaning set forth in <U>Section 2.5(a)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 14.5pt 0 6pt; text-indent: 0.5in">&#8220;<U>Transfer Date</U>&#8221;
means, with respect to any Series, the date defined as the Transfer Date in the Appendix hereto relating to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 75.4pt 0 42pt">&#8220;<U>Trust</U>&#8221; shall have the meaning
set forth in the Recitals to this Amendment. &#8220;<U>Trustee</U>&#8221; means a member of the Board of Trustees.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 15.1pt 0 6pt; text-indent: 0.5in">&#8220;<U>Unrated Obligation</U>&#8221;
means, at any time, an asset of the Trust that is not rated by either Moody&#8217;s or S&amp;P.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.75pt 0 6pt; text-indent: 0.5in">&#8220;<U>U.S. Government Obligations</U>&#8221;
means direct obligations of the United States or of its agencies or instrumentalities that are entitled to the full faith and credit
of the United States and that, other than United States Treasury Bills, provide for the periodic payment of interest and the full
payment of principal at maturity or call for redemption.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-indent: 19.5pt">&#8220;<U>Value</U>&#8221; shall have
the meaning assigned to such term in Section 2(a)(41) of the 1940 Act.</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 10.85pt 105.05pt 0 6pt; text-indent: 19.5pt">&#8220;<U>Voting Period</U>&#8221; shall
have the meaning set forth in <U>Section 2.6(b)(i)</U>. &#8220;<U>VRTP</U>&#8221; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 6pt; text-indent: 20pt">&#8220;<U>VRTP Shares</U>&#8221; shall have the meaning set
forth in Article I.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 0 0 42pt">&#8220;<U>VRTP Shares of a Series</U>&#8221; shall have
the meaning set forth in Article I.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 6pt; text-indent: 0.5in">With respect to any Series, any additional
definitions specifically set forth in the Appendix relating to such Series and any amendments to any definitions specifically set
forth in the Appendix relating to such Series, as such Appendix may be amended from time to time, shall be incorporated herein
and made part hereof by reference thereto, but only with respect to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 7.55pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.2pt">1.1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Interpretation</U>. The headings preceding the text of Sections
included in this Amendment are for convenience only and shall not be deemed part of this Amendment or be given any effect in interpreting
this Amendment. The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit
any provision of this Amendment. The use of the terms &#8220;including&#8221; or &#8220;include&#8221; shall in all cases herein
mean &#8220;including, without limitation&#8221; or &#8220;include, without limitation,&#8221; respectively. Reference to any Person
includes such Person&#8217;s successors and assigns to the extent such successors and assigns are permitted by the terms of any
applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually.
Reference to any agreement (including this Amendment), document or instrument means such agreement, document or instrument as amended
or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Except as
otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified, replaced or re-enacted,
in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder. Underscored
references to Sections shall refer to those portions of this Amendment. The use of the terms &#8220;hereunder,&#8221; &#8220;hereof,&#8221;
&#8220;hereto&#8221; and words of similar import shall refer to this Amendment as a whole (including the Appendices hereto) and
not to any particular Article, Section or clause of this Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: bold 11pt/13.7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">TERMS APPLICABLE TO THE</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.95pt 0 0; text-align: center; text-indent: 3.8pt"><B>VARIABLE RATE
TERM PREFERRED SHARE</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.95pt 0 5.95pt; text-indent: 3.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.95pt 0 5.95pt; text-indent: 39.05pt">Except for such changes and
amendments hereto with respect to a Series of VRTP Shares that are specifically contemplated by the Appendix relating to such Series,
each Series of VRTP Shares shall have the following terms: <U>Number of Shares; Ranking</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.9pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The number of authorized shares constituting any Series of VRTP
Shares shall be as set forth with respect to such Series in the Appendix hereto relating to such Series. No fractional VRTP Shares
shall be issued. The VRTP Shares of each Series shall rank on a parity with VRTP Shares of each other Series and with shares of
any other series of Preferred Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation
or winding up of the affairs of the Trust. The VRTP Shares of each Series shall have preference with respect to the payment of
dividends and as to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Trust over the Common
Shares as set forth herein. No Holder of VRTP Shares shall have, solely by reason of being such a Holder, any preemptive or other
right to acquire, purchase or subscribe for any VRTP Shares or Common Shares or other securities of the Trust which it may hereafter
issue or sell.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Dividends and Distributions</U>.</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 18.95pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Holders of VRTP Shares of a Series shall be entitled to receive,
when, as and if declared by, or under authority granted by, the Board of Trustees, out of then existing Legally Available Funds
and in preference to dividends and other distributions on Common Shares, cumulative cash dividends and other distributions on each
share of such Series at the Dividend Rate as set forth below, and no more. Dividends and other distributions on each Outstanding
VRTP Share of a Series shall accumulate from such VRTP Share&#8217;s Issuance Date. The amount of dividends per share payable on
VRTP Shares of a Series on any Dividend Payment Date shall equal the sum of the dividends accumulated but not yet paid for each
day during the related Dividend Period, provided such dividends have been declared by, or under authority granted by, the Board
of Trustees as described above. The amount of dividends per VRTP Share of each Series accumulated for each day in a Dividend Period
shall be equal to (i) the Dividend Rate for such day <U>multiplied</U> by the Liquidation Preference <U>divided</U> by (ii) 360
(or, with respect to any Series L VRTP Share, if the Index Rate for such Dividend Period is based on the Base Rate, 365 or 366,
as applicable for the year in which such day occurs).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.2pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Subject to <U>Section 2.2(a)</U>, dividends on VRTP Shares of each
Series with respect to any Dividend Period shall be declared to the Holders of such shares as their names shall appear on the registration
books of the Trust at the close of business on each day in such Dividend Period and shall be paid as provided in <U>Section 2.2(f)</U>
hereof.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)&#9;No full dividends or other distributions shall be declared
or paid on shares of a Series of VRTP Shares for any Dividend Period or part thereof unless full cumulative dividends and other
distributions due through the most recent dividend payment dates therefor for all outstanding Preferred Shares (including shares
of other outstanding Series of VRTP Shares) ranking on a parity with such Series of VRTP Shares have been or contemporaneously
are declared and paid (or have been or contemporaneously are declared and Deposit Securities (in the case of the VRTP Shares) or
sufficient securities or funds (in accordance with the terms of such other Preferred Shares) for the payment thereof have been
deposited irrevocably with the paying agent for such Preferred Shares) through the most recent dividend payment dates therefor.
If full cumulative dividends and other distributions due have not been declared and paid on all such outstanding Preferred Shares
of any series, any dividends and other distributions being declared and paid on VRTP Shares of a Series will be declared and paid
as nearly pro rata as possible in proportion to the respective amounts of dividends and other distributions accumulated but unpaid
on each such series of Preferred Shares on the respective dividend payment dates for each such series. No Holders of VRTP Shares
shall be entitled to receive any dividends and other distributions, whether payable in cash, property or shares, in excess of full
cumulative dividends and other distributions as provided in this <U>Section 2.2(c)(i)</U> on such VRTP Shares.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.25pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For so long as any VRTP Shares are Outstanding, the Trust shall
not: (x) declare or pay any dividend or other distribution (other than a dividend or distribution paid in Common Shares) in respect
of the Common Shares or warrants of the Trust, (y) call for redemption or redeem, purchase or otherwise acquire for consideration
any Common Shares or warrants of the Trust, or (z) pay any proceeds of the liquidation of the Trust in respect of the Common Shares,
unless, in each case, (A) immediately thereafter, the Trust shall have 1940 Act Asset Coverage after deducting the amount of such
dividend, distribution, payment or reimbursement or the consideration paid in respect of any such redemption, purchase, acquisition
or liquidation, (B) all cumulative dividends and other distributions on all VRTP Shares and all</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 5.15pt 0 5.95pt">cumulative dividends and other distributions
on all other series of Preferred Shares ranking on a parity with the VRTP Shares, in each case due on or prior to the date of such
declaration, payment, call for redemption, redemption, purchase or acquisition, as applicable, shall have been declared and paid
(or shall have been declared and Deposit Securities (in the case of the VRTP Shares) or sufficient securities or funds (in accordance
with the terms of such other Preferred Shares) for the payment thereof shall have been deposited irrevocably with the paying agent
for such Preferred Shares), (C) the Trust shall have deposited Deposit Securities pursuant to and in accordance with the requirements
of <U>Section 2.5(e)(ii)</U> hereof with respect to Outstanding VRTP Shares of any Series to be redeemed pursuant to <U>Section
2.5(a)</U> or <U>Section 2.5(b)</U> hereof for which a Notice of Redemption shall have been given or shall have been required to
be given in accordance with the terms hereof on or prior to the date of such declaration, payment, call for redemption, redemption,
purchase or acquisition, as applicable, (D) the Trust shall be in compliance with <U>Section 2.10</U> and (E) no Increased Rate
Event or Mandatory Redemption Event shall have occurred and be continuing, or would occur as result of thereof.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No full dividends or other distributions shall be declared or paid
on the shares of any class or series of shares of beneficial interest of the Trust ranking, as to the payment of dividends, on
a parity with the VRTP Shares for any dividend period therefor or part thereof unless full cumulative dividends and other distributions
have been or contemporaneously are declared and paid on the VRTP Shares (or have been or contemporaneously are declared and Deposit
Securities for the payment thereof shall have been deposited irrevocably with the Redemption and Paying Agent for the VRTP Shares)
through the most recent Dividend Payment Date and the Trust has redeemed the full number of VRTP Shares required to be redeemed
by any provision for mandatory redemption pertaining thereto. If full cumulative dividends and other distributions due have not
been declared and paid on the VRTP Shares through the most recent Dividend Payment Date or upon the shares of any other class or
series of shares of beneficial interest of the Trust ranking on a parity as to the payment of dividends with the VRTP Shares through
their most recent respective dividend payment dates, any dividends being declared and paid upon the VRTP Shares and any other such
class or series of shares of beneficial interest ranking on a parity as to the payment of dividends with the VRTP Shares will be
declared and paid as nearly pro rata as possible in proportion to the respective amounts of dividends and other distributions accumulated
but unpaid on the VRTP Shares and each such other class or series of shares of beneficial interest on the relevant dividend payment
dates therefor.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 27.85pt 0 6pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(iv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any dividend payment made on VRTP Shares of a Series shall first
be credited against the dividends and other distributions accumulated with respect to the earliest Dividend Period for such Series
for which dividends and other distributions have not been paid.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 5.95pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not later than 11:00 a.m., New York City time, on the Dividend Payment
Date for a Series of VRTP Shares, the Trust shall deposit with the Redemption and Paying Agent Deposit Securities having an aggregate
Market Value on such date sufficient to pay the dividends and other distributions that are payable on such Dividend Payment Date
in respect of such Series. The Trust may direct the Redemption and Paying Agent with respect to the investment or reinvestment
of any such Deposit Securities so deposited prior to the Dividend Payment Date, provided that such investment consists exclusively
of Deposit Securities and provided further</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 20.8pt 0 6pt">that the proceeds of any such investment will be
available as same day funds at the opening of business on such Dividend Payment Date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6pt 0; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All Deposit Securities deposited with the Redemption and Paying
Agent for the payment of dividends payable on a Series of VRTP Shares shall be held in trust for the payment of such dividends
by the Redemption and Paying Agent for the benefit of the Holders of such Series entitled to the payment of such dividends pursuant
to <U>Section 2.2(f)</U>. Any moneys paid to the Redemption and Paying Agent in accordance with the foregoing but not applied by
the Redemption and Paying Agent to the payment of dividends, including interest earned on such moneys while so held, will, to the
extent permitted by law, be repaid to the Trust as soon as possible after the date on which such moneys were to have been so applied,
upon request of the Trust.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 12.75pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividends on VRTP Shares of a Series shall be paid on each Dividend
Payment Date for such Series to the Holders of the VRTP Shares of such Series as their names appear on the registration books of
the Trust at the close of business on the day immediately preceding such Dividend Payment Date (or, if such day is not a Business
Day, the immediately preceding Business Day). Dividends in arrears on VRTP Shares of a Series for any past Dividend Period may
be declared and paid at any time out of then existing Legally Available Funds, without reference to any regular Dividend Payment
Date, to the Holders of the VRTP Shares of such Series as their names appear on the registration books of the Trust on a date,
not exceeding fifteen (15) calendar days preceding the payment date thereof, as may be fixed by the Board of Trustees. No interest
or sum of money in lieu of interest will be payable in respect of any dividend payment or payments on VRTP Shares of any Series
which may be in arrears.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.85pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)&#9;The Dividend Rate on a Series of VRTP Shares shall be adjusted
to the Increased Rate for any day on which:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 12.85pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(A)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Trust has failed to deposit with the Redemption and Paying Agent
by 11:00 a.m., New York City time, on a Dividend Payment Date for such Series, Deposit Securities (as a result of complying with
<U>Section 2.2(c)</U> or otherwise) that will provide same-day funds available to the Redemption and Paying Agent on such Dividend
Payment Date sufficient to pay the full amount of any dividend on such Series payable on such Dividend Payment Date (a &#8220;<U>Dividend
Failure</U>&#8221;) and such Dividend Failure has not ended as contemplated by <U>Section 2.2(g)(ii)</U> on or prior to the third
(3<SUP>rd</SUP>) Business Day from such Dividend Payment Date;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 15.95pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(B)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Trust has failed to deposit with the Redemption and Paying Agent
by 11:00 a.m., New York City time, on an applicable Redemption Date for such Series, Deposit Securities that will provide same-day
funds available to the Redemption and Paying Agent on such Redemption Date sufficient to pay the full amount of the Redemption
Price payable in respect of such Series on such Redemption Date (a &#8220;<U>Redemption Failure</U>&#8221;) and such Redemption
Failure has not ended as contemplated by <U>Section 2.2(g)(ii)</U> on or prior to the Business Day immediately following such Redemption
Date;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 22.95pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(C)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i) any Rating Agency has withdrawn its credit rating on such Series
of VRTP Shares other than due to the Rating Agency ceasing to rate closed-end</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 6.2pt 0 5.95pt">management investment companies generally or (ii)
the Board of Trustees has terminated the designation of a Rating Agency without complying with the requirements of <U>Section 2.7</U>
and, in the case of clause (i) above, such withdrawal is continuing (unless the VRTP Shares of such Series are then rated by at
least two (2) Rating Agencies) and, in the case of clause (ii) above, the VRTP Shares of such Series are not then rated by at least
two Rating Agencies;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(D)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a Registration Rights Failure has occurred and is continuing with
respect to such Series;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 40.15pt 0 5.95pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(E)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Trust or the Internal Revenue Service has made a final determination
that for federal tax purposes such Series of VRTP Shares are not equity in a regulated investment company for federal income tax
purposes (a &#8220;Tax Event&#8221;) and such determination has not been reversed, revoked or rescinded;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 14.65pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(F)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Trust has failed, on or before the applicable Asset Coverage
Cure Date, to cure a failure to maintain Asset Coverage as required by <U>Section 2.4(a)</U> and such failure to achieve the required
Asset Coverage is continuing, <U>provided</U> that, to the extent the Trust seeks to achieve the required Asset Coverage through
the redemption of VRTP Shares and/or of other Preferred Shares, compliance with the Asset Coverage requirements of <U>Section 2.4(a)</U>
for purposes of this clause (F) will not be deemed to be achieved until the day on which the Trust issued a notice of redemption
for such VRTP Shares or other Preferred Shares, and the Trust has deposited Deposit Securities (in the case of the VRTP Shares)
and/or other funds or securities (in accordance with the terms of any other Preferred Shares) in trust with the paying agent for
such VRTP Shares or other Preferred Shares, sufficient to pay in same day funds the full redemption price for such VRTP Shares
or other Preferred Shares (or the portion thereof to be redeemed);</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 7.15pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(G)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Trust has failed, on or before the applicable Effective Leverage
Ratio Cure Date, to cure a failure to maintain the Effective Leverage Ratio as required by <U>Section 2.4(c)</U> and such failure
to achieve the required Effective Leverage Ratio is continuing, <U>provided</U> that, to the extent the Trust seeks to achieve
the required Effective Leverage Ratio through the redemption of &#8220;senior securities&#8221; (as defined in the 1940 Act), compliance
with the Effective Leverage Ratio requirements of <U>Section 2.4(c)</U> for purposes of this clause (G) will not be deemed to be
achieved until the day on which the Trust has issued a notice of redemption for such senior securities and the Trust has delivered
sufficient Deposit Securities (in the case of VRTP Shares) or sufficient securities and/or other funds or securities (in accordance
with the terms of any other senior securities) in trust to the Redemption and Paying Agent or other applicable paying agent for
such senior securities, sufficient to pay in same day funds the full redemption price for such VRTP Shares or other senior securities;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 17.5pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(H)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Trust has failed to deliver the information required by Section
6.1(o) of the Initial Purchase Agreement within five (5) Business Days following notification from the Agent of such failure and
such failure is continuing;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.7pt 0 6pt; text-align: justify; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(I)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Trust has failed to comply with Section 6.8, Section 6.9 or
Section 7.15(b) of the Initial Purchase Agreement and such failure is continuing for more than five (5) Business Days;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 5.9pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(J)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Trust has failed to declare dividends on the VRTP Shares of
a Series out of then existing Legally Available Funds in accordance with <U>Section 2.2(b)</U> and such failure is continuing;
or</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.95pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(K)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the failure of the Trust to redeem in full (or repurchase and retire)
all of the outstanding Auction Preferred Shares on or prior to January 31, 2013.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 14.25pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Dividend Failure or a Redemption Failure on a Series of VRTP Shares
shall end on the Business Day on which, by 11:00 a.m., New York City time, Deposit Securities that will provide an aggregate amount
of same-day funds on such date equal to all accumulated but unpaid dividends on the VRTP Shares of such Series or the entire unpaid
Redemption Price of the VRTP Shares of such Series, respectively, shall have been deposited irrevocably in trust with the Redemption
and Paying Agent.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 14.6pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the NAV determined as of the last Business Day of any Dividend
Period is less than seventy-five per cent (75%) of the NAV determined as of the last Business Day of the preceding Dividend Period
(the &#8220;<U>Triggering NAV</U>&#8221;), the Dividend Rate on such Series of VRTP Shares shall be adjusted to the Increased Rate
for each day until the NAV determined as of the last Business Day of any subsequent Dividend Period is equal to or greater than
seventy-five (75%) of the Triggering NAV.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Liquidation Rights</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In the event of any liquidation, dissolution or winding up of the
affairs of the Trust, whether voluntary or involuntary, the Holders of VRTP Shares shall be entitled to receive out of the assets
of the Trust available for distribution to shareholders, after satisfying claims against, and obligations of, the Trust to the
extent required by applicable law but before any distribution or payment shall be made in respect of the Common Shares or any other
class of shares of the Trust ranking junior to the VRTP Shares upon dissolution, liquidation or winding up, a liquidation distribution
equal to the Liquidation Preference for such VRTP Shares, <U>plus</U> an amount equal to all dividends thereon (whether or not
earned or declared) accumulated but unpaid to (but excluding) the date of the final liquidation distribution in same-day funds.
After the payment to the Holders of VRTP Shares of the full preferential amounts provided for in this <U>Section 2.3(a)</U>, the
Holders of VRTP Shares shall have no right or claim to any of the remaining assets of the Trust.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.25pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If, upon any liquidation, dissolution or winding up of the affairs
of the Trust, whether voluntary or involuntary, the assets of the Trust available for distribution among the Holders of all Outstanding
VRTP Shares and any other outstanding Preferred Shares ranking on a parity with the VRTP Shares shall be insufficient to permit
the payment in full to such Holders of the Liquidation Preference of such VRTP Shares plus accumulated and unpaid dividends and
other distributions on such VRTP Shares as provided in <U>Section 2.3(a)</U> above and the amounts due upon liquidation with respect
to such other Preferred Shares, then such available assets shall be distributed among the Holders of such VRTP Shares and such
other Preferred Shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. In
connection with any liquidation, dissolution or winding up of the affairs of the Trust, whether voluntary or involuntary, unless
and until the Liquidation Preference on each</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 6.35pt 0 6pt">Outstanding VRTP Share plus accumulated and unpaid
dividends and other distributions on such VRTP Shares as provided in <U>Section 2.3(a)</U> above have been paid in full to the
Holders thereof, no dividends, distributions or other payments will be made on, and no redemption, purchase or other acquisition
by the Trust will be made by the Trust in respect of, the Common Shares or any other class of shares of the Trust ranking junior
to the VRTP Shares upon dissolution, liquidation or winding up.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 6.3pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Neither the sale of all or substantially all of the property or
business of the Trust, nor the merger, consolidation or reorganization of the Trust into or with any other business or statutory
trust, corporation or other entity, nor the merger, consolidation or reorganization of any other business or statutory trust, corporation
or other entity into or with the Trust, shall be a dissolution, liquidation or winding up, whether voluntary or involuntary, for
the purpose of this <U>Section 2.3</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Coverage &amp; Leverage Tests</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.5pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Asset Coverage Requirement</U>. For so long as any VRTP Shares
of any Series are Outstanding, the Trust shall have Asset Coverage of at least 225% as of the close of business on each Business
Day. If the Trust shall fail to maintain such Asset Coverage as of any time as of which such compliance is required to be determined
as aforesaid, the provisions of <U>Section 2.5(b)(i)</U> shall apply, which provisions to the extent complied with, along with
the payment of any applicable Increased Rate, shall constitute the sole remedy for the Trust&#8217;s failure to comply with the
provisions of this <U>Section 2.4(a)</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.35pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Calculation of Asset Coverage</U>. For purposes of determining
whether the requirements of <U>Section 2.4(a)</U> are satisfied, (i) no VRTP Shares of any Series or other Preferred Shares shall
be deemed to be Outstanding for purposes of any computation required by <U>Section 2.4(a)</U> if, prior to or concurrently with
such determination, Deposit Securities (in the case of the VRTP Shares) and/or other funds or securities (in accordance with the
terms of such other Preferred Shares) sufficient to pay in same day funds the full redemption price for such Series or other Preferred
Shares (or the portion thereof to be redeemed) shall have been deposited in trust with the paying agent for such Series or other
Preferred Shares and the requisite notice of redemption for such Series or other Preferred Shares (or the portion thereof to be
redeemed) shall have been given, and (ii) the Deposit Securities or such other sufficient securities or funds that shall have been
so deposited with the applicable paying agent shall not be included as assets of the Trust for purposes of such computation.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.65pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Effective Leverage Ratio Requirement</U>. For so long as VRTP
Shares of any Series are Outstanding, the Effective Leverage Ratio shall not exceed 45% (or 46% solely by reason of fluctuations
in the Market Value of the Trust&#8217;s assets) as of the close of business on any Business Day. If the Effective Leverage Ratio
shall exceed the applicable percentage provided in the preceding sentence as of any time as of which such compliance is required
to be determined as aforesaid, the provisions of <U>Section 2.5(b)(ii)</U> shall apply, which provisions to the extent complied
with, along with the payment of any applicable Increased Rate, shall constitute the sole remedy for the Trust&#8217;s failure to
comply with the provisions of this <U>Section 2.4(c)</U>.</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 17.75pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Calculation of Effective Leverage Ratio</U>. For purposes of
determining whether the requirements of <U>Section 2.4(c)</U> are satisfied, the &#8220;<U>Effective Leverage Ratio</U>&#8221;
on any date of determination shall mean the quotient of:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 11.9pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The sum of (A) the aggregate liquidation preference of the Trust&#8217;s
&#8220;senior securities&#8221; (as that term is defined in the 1940 Act) that are stock for purposes of the 1940 Act, plus any
accumulated but unpaid dividends thereon, excluding, without duplication, (x) any such senior securities for which the Trust has
issued a notice of redemption and either has delivered sufficient Deposit Securities (in the case of VRTP Shares) or sufficient
securities or funds (in accordance with the terms of any other such senior securities) to the Redemption and Paying Agent or other
applicable paying agent for such senior securities or otherwise has adequate Deposit Securities (in the case of the VRTP Shares)
or sufficient securities or funds (in the case of any other such senior securities) on hand for the purpose of such redemption
and (y) any such senior securities that are to be redeemed with net proceeds from the sale of the VRTP Shares, for which the Trust
has delivered sufficient Deposit Securities (in the case of the VRTP Shares) or sufficient securities or funds (in accordance with
the terms of such other senior securities) to the Redemption and Paying Agent or other applicable paying agent for such senior
securities or otherwise has adequate Deposit Securities (in the case of the VRTP Shares) or sufficient securities or funds (in
the case of any other such senior securities) on hand for the purpose of such redemption and (B) the aggregate principal amount
of the Trust&#8217;s &#8220;senior securities representing indebtedness&#8221; (as that term is defined in the 1940 Act), plus
any accrued but unpaid interest thereon; <U>divided by</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An amount equal to (A) the Market Value of the Trust&#8217;s total
assets (including amounts attributable to senior securities, but excluding any assets consisting of Deposit Securities or securities
or funds referred to in clauses (A)(x) and A(y) of <U>Section 2.4(d)(i)</U> above), less the amount of the Trust&#8217;s accrued
liabilities (which accrued liabilities shall include net obligations of the Trust under each Derivative Contract in an amount equal
to the Derivative Termination Value thereof payable by the Trust to the related counterparty) other than liabilities for the aggregate
principal amount of the Trust&#8217;s outstanding &#8220;senior securities representing indebtedness&#8221; (as that term is defined
in the 1940 Act) <U>minus</U> (B) the Overconcentration Amount.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.55pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Redemption</U>. Each Series of VRTP Shares shall be subject to
redemption by the Trust as provided below:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.35pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Term Redemption</U>. The Trust shall redeem all of the VRTP Shares
of a Series on the Term Redemption Date for such Series, out of then existing Legally Available Funds, at a price per share equal
to the Liquidation Preference for such Series plus an amount equal to all unpaid dividends and other distributions on such VRTP
Shares accumulated in respect of such VRTP Shares through (but excluding) the Term Redemption Date for such Series (whether or
not earned or declared by the Trust, but without interest thereon, and subject to <U>Section 2.5(e)(vi)</U>) (the &#8220;<U>Term
Redemption Price</U>&#8221;); <U>provided</U>, <U>however</U>, that the Trust shall have the right, exercisable not more than 365
days nor less than 90 days prior to the Term Redemption Date of a Specified Series, to request that the Specified Holder extend
the Term Redemption Date for such Specified Series by at least an additional 364-days (a &#8220;<U>Term Extension Request</U>&#8221;),
which request may be conditioned upon terms and conditions that are different from the terms</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 6.05pt 0 5.95pt">and conditions set forth herein. Each Specified
Holder shall, no later than 30 days after receiving a Term Extension Request, notify the Trust and the Redemption and Paying Agent
of its acceptance or rejection of such request, which acceptance by such Specified Holder may be conditioned upon terms and conditions
which are different from the terms and conditions set forth herein or the terms and conditions proposed by the Trust in making
an extension request (a &#8220;<U>Conditional Acceptance</U>&#8221;). If any Specified Holder fails to notify the Trust and the
Redemption and Paying Agent of its acceptance or rejection of the Trust&#8217;s request for extension within such 30-day period,
such failure to respond shall constitute a rejection of such request. If any Specified Holder provides a Conditional Acceptance,
then the Trust shall have 30 days thereafter to notify such Specified Holder and each other Specified Holder of its acceptance
or rejection of the terms and conditions specified in the Conditional Acceptance. The Trust&#8217;s failure to notify all Specified
Holders within such 30-day period will be deemed a rejection of the terms and conditions specified in the Conditional Acceptance.
Each Specified Holder may grant or deny any request for an extension of the Term Redemption Date of its Specified Series in its
sole and absolute discretion.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Asset Coverage and Effective Leverage Ratio Mandatory Redemption</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Asset Coverage Mandatory Redemption</U>. (A) If the Trust fails
to comply with the Asset Coverage requirement as provided in <U>Section 2.4(a)</U> and such failure is not cured as of the related
Asset Coverage Cure Date, the Trust shall, to the extent permitted by the 1940 Act and Massachusetts law, by the close of business
on the Business Day next following such Asset Coverage Cure Date, (x) cause a notice of redemption to be issued, and cause to be
deposited Deposit Securities (in the case of the VRTP Shares) or sufficient securities or funds (in the case of any other Preferred
Shares) in trust with the Redemption and Paying Agent or other applicable paying agent, in each case in accordance with the terms
of the Preferred Shares to be redeemed, for the redemption of a sufficient number of Preferred Shares, that, to the extent permitted
by the 1940 Act and Massachusetts law, would enable the Trust to meet the requirements of <U>Section 2.5(b)(i)(B)</U> or (y) deliver
to the Holders of VRTP Shares a certificate signed by a duly authorized officer of the Trust that specifies the identity and Market
Value of assets of the Trust for which the Trust has entered into corrective trades in order to satisfy the Asset Coverage requirement
as provided in <U>Section 2.4(a)</U> and certifies that the Asset Coverage requirement as provided in <U>Section 2.4(a)</U> shall
be satisfied by reason of such trades on or prior to the twentieth (20th) day following such Asset Coverage Cure Date. If the Trust
elects to effect a redemption pursuant to Section 2.5(b)(i)(A)(x), the Trust shall allocate such redemption on a pro rata basis
among different series of Preferred Shares (including each Series of VRTP Shares) based upon the proportion the aggregate liquidation
preference of the outstanding Preferred Shares of any series bears to the aggregate liquidation preference of all outstanding series
of Preferred Shares (a &#8220;<U>Pro Rata Allocation</U>&#8221;). In the event that any VRTP Shares of a Series then Outstanding
are to be redeemed pursuant to <U>Section 2.5(b)(i)(A)(x)</U>, the Trust shall redeem such VRTP Shares, out of then existing Legally
Available Funds, at a price per share equal to the Liquidation Preference plus an amount equal to all unpaid dividends and other
distributions on such VRTP Shares accumulated in respect of such VRTP Shares through (but excluding) the date fixed for such redemption
by the Board of Trustees (whether or not earned or declared by the Trust, but without interest thereon, and subject to <U>Section
2.5(e)(vi)</U>) (the &#8220;<U>Mandatory Redemption Price</U>&#8221;).</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 7.35pt 0 5.95pt; text-indent: 2in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Redemption Date for a redemption contemplated by <U>Section 2.5(b)(i)(A)(x)</U>, the Trust shall redeem at the Mandatory Redemption
Price, out of then existing Legally Available Funds, such number of Preferred Shares (based upon a number and proportion of each
series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation) as shall be equal to the lesser of (x) the minimum
number of Preferred Shares, the redemption of which, if deemed to have occurred immediately prior to the opening of business on
the day following the Asset Coverage Cure Date, would result in the Trust having Asset Coverage on such Asset Coverage Cure Date
of at least 225% (<U>provided, however</U>, that if there is no such minimum number of VRTP Shares and other Preferred Shares the
redemption or retirement of which would have such result, all VRTP Shares and other Preferred Shares then outstanding shall be
redeemed) and (y) the maximum number of Preferred Shares that can be redeemed out of then existing Legally Available Funds in accordance
with the Declaration of Trust and applicable law. The Trust shall effect any such redemption on the date fixed by the Trust therefor,
which date shall not be later than thirty (30) calendar days after such Asset Coverage Cure Date, except that if the Trust does
not have Legally Available Funds for the redemption of all of the required number of VRTP Shares and other Preferred Shares which
have been designated to be redeemed or the Trust is otherwise unable to effect such redemption on or prior to thirty (30) calendar
days after such Asset Coverage Cure Date, the Trust shall (i) redeem those VRTP Shares and other Preferred Shares that it is able
to redeem (based upon a number and proportion of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation)
and (ii) redeem those VRTP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date on
that it is able to effect such redemption (based upon a number and proportion of each series of Preferred Shares as shall be necessary
to effect a Pro Rata Allocation). If fewer than all of the Outstanding VRTP Shares of a Series are to be redeemed pursuant to this
<U>Section 2.5(b)(i)(B)</U>, the number of VRTP Shares of such Series to be redeemed shall be redeemed (A) pro rata among the Outstanding
VRTP Shares of such Series,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 29.45pt 0 6pt">(B) by lot or (C) in such other manner as the Board
of Trustees may determine to be fair and equitable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 6.45pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Effective Leverage Ratio Mandatory Redemption</U>. (A) If (x)
the Trust fails to comply with the Effective Leverage Ratio requirement as provided in <U>Section 2.4(c)</U>, (y) with respect
to the Specified Series, the Trust fails to comply with the Effective Leverage Ratio requirement determined as set forth in <U>Section
6.10</U> of the Initial Purchase Agreement if such requirement shall still be in effect in accordance with the terms of the Initial
Purchase Agreement, or (z) with respect to any other Series of VRTP Shares issued pursuant to this Amendment, the Trust fails to
comply with any additional requirements relating to the determination of the Effective Leverage Ratio requirement determined pursuant
to the Purchase Agreement or Appendix applicable to such Series, and, in any such case, such failure is not cured as of the close
of business on the date that is seven (7) Business Days following the Business Day on which such non-compliance is first determined
(the &#8220;<U>Effective Leverage Ratio Cure Date</U>&#8221;), the Trust shall not later than the close of business on the Business
Day next following the Effective Leverage Ratio Cure Date initiate procedures to cause the Effective Leverage Ratio (determined,
as applicable, in accordance with the requirements applicable to the determination of the Effective Leverage Ratio under this Amendment
and the related Appendix, the Initial Purchase Agreement or other Purchase Agreement for any applicable Series of VRTP Shares in
respect of which the Effective Leverage Ratio is being determined) not to exceed the Effective Leverage Ratio required under <U>Section
2.4(c)</U> (without giving effect to the parenthetical</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 7.55pt 0 5.95pt">provision in the first sentence of <U>Section
2.4(c)</U>) as so determined, by (x) to the extent permitted by the 1940 Act and Massachusetts law, causing a notice of redemption
to be issued fixing a redemption date, and causing to be deposited sufficient Deposit Securities (in the case of the VRTP Shares)
or sufficient securities or funds (in the case of any other Preferred Shares) in trust with the Redemption and Paying Agent or
other applicable paying agent, in each case in accordance with the terms of the Preferred Shares to be redeemed, for the redemption
of a sufficient number of Preferred Shares, based upon a number and proportion of each series of Preferred Shares as shall be necessary
to effect a Pro Rata Allocation, or (y) delivering to the Holders of the VRTP Shares a certificate signed by a duly authorized
officer of the Trust that specifies the identity and Market Value of assets of the Trust for which the Trust has entered into corrective
trades in order to satisfy the Effective Leverage Ratio requirement as provided in <U>Section 2.4(c)</U> and certifies that the
Effective Leverage Ratio requirement as provided for in <U>Section 2.4(c)</U> shall be satisfied by reason of such trades on or
prior to the twentieth (20<SUP>th</SUP>) day following the Effective Leverage Ratio Cure Date. In the event that any VRTP Shares
of a Series are to be redeemed pursuant to clause (x) of the preceding sentence of this <U>Section 2.5(b)(ii)(A)</U>, the Trust
shall redeem such VRTP Shares at a price per VRTP Share equal to the Mandatory Redemption Price.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 17.45pt 0 6pt; text-indent: 2in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Redemption Date selected by the Trust for a redemption contemplated by clause (x) of <U>Section 2.5(b)(ii)(A)</U> (which date
shall not be later than the later of (i) thirty (30) calendar days after such Effective Leverage Ratio Cure Date and (ii) the date
on which shares of each outstanding series of Preferred Shares of the Trust may be redeemed in accordance with the redemption procedures
applicable to such Preferred Shares), the Trust shall not redeem more than the maximum number of Preferred Shares that can be redeemed
out of then existing Legally Available Funds in accordance with the Declaration of Trust and applicable law. If the Trust is unable
to redeem the required number of VRTP Shares and other Preferred Shares which have been designated to be redeemed in accordance
with clause (x) of <U>Section 2.5(b)(ii)(A)</U> due to the unavailability of Legally Available Funds, the Trust shall (i) redeem
those VRTP Shares and other Preferred Shares that it is able to redeem (based upon the number and proportion of each series of
Preferred Shares as shall be necessary to effect a Pro Rata Allocation) and (ii) redeem those VRTP Shares and other Preferred Shares
which it was unable to redeem on the earliest practicable date on that it is able to effect such redemption (based upon the number
and proportion of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation). If fewer than all of
the Outstanding VRTP Shares of a Series are to be redeemed pursuant to clause (x) of <U>Section 2.5(b)(ii)(A)</U>, the number of
VRTP Shares of such Series to be redeemed shall be redeemed (A) pro rata among the Outstanding VRTP Shares of such Series, (B)
by lot or (C) in such other manner as the Board of Trustees may determine to be fair and equitable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Redemption upon the Occurrence of Certain Events</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 59.85pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Trust shall redeem all of the VRTP Shares upon the occurrence
of any of the following events:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.3pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(A)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the occurrence of a Dividend Payment Failure Event (other than a
Dividend Payment Failure Event that was directly caused by a Force Majuere Event) for a</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 16.1pt 0 6pt">third time for any reason and without regard to
whether the first two Dividend Payment Failure Events have ended as contemplated pursuant to <U>Section 2.2(g)(ii)</U>;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(B)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an Insolvency Event occurs;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 7.95pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(C)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Investment Management Agreement terminates or otherwise ceases
to be in full force or effect for any reason or the Trust or the Adviser challenges the validity or the enforceability thereof;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 12.25pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(D)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">without limiting the obligations of the Trust to redeem any or all
of the VRTP Shares pursuant to, and in accordance with the provisions hereof relating to, any other Mandatory Redemption Event,
an Increased Rate Event continues for more than one hundred and eighty (180) days;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.95pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(E)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Credit Facility (i) terminates prior to the Term Redemption
Date of any Specified Series or otherwise ceases to be in full force or effect for any reason, (ii) the Trust challenges the validity
or the enforceability of the Credit Facility or (iii) any amounts due and payable in respect of Advances (as defined therein) have
been accelerated as a result of an Event of Default (as defined therein) thereunder; or</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.95pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(F)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the failure of the Trust to redeem in full (or repurchase and retire)
all of the outstanding Auction Preferred Shares on or prior to January 31, 2013.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Upon the occurrence of any such event, referenced in <U>Section
2.5(c)</U>, the Trust shall redeem all of the VRTP Shares, at a price equal to the Liquidation Preference for such VRTP Shares,
plus an amount equal to all unpaid dividends and other distributions on such VRTP Shares accumulated in respect of such VRTP Shares
through (but excluding) the Redemption Date (whether or not earned or declared, by the Trust, but without interest thereon) and
subject to <U>Section 2.5(e)(vi)</U>. The Trust shall effect any such redemption on the date fixed by the Trust therefor pursuant
to <U>Section 2.5(e)</U>, except that if the Trust does not have Legally Available Funds for the redemption of all of the VRTP
Shares, the Trust shall (i) redeem those VRTP Shares that it is able to redeem (based upon a number and proportion of each series
of VRTP Shares as shall be necessary to effect a Pro Rata Allocation) and (ii) redeem those VRTP Shares which it was unable to
redeem on the earliest practicable date on that it is able to effect such redemption (based upon a number and proportion of each
series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Optional Redemption</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.25pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Subject to the provisions of <U>Section 2.5(d)(ii)</U> and <U>Section
2.5(d)(iv)</U>, the Trust may, solely for purposes of decreasing the leverage of the Trust, at its option on any Business Day (an
&#8220;<U>Optional Redemption Date</U>&#8221;) redeem in whole or from time to time in part the Outstanding VRTP Shares of any
Series, out of then existing Legally Available Funds, at a redemption price per VRTP Share (the &#8220;<U>Optional Redemption Price</U>&#8221;)
equal to (x) the Liquidation Preference for such VRTP Shares <U>plus</U> (y) an amount equal to all unpaid dividends and other
distributions on such VRTP Share of such Series accumulated in respect of such VRTP Shares through (but excluding) the Optional
Redemption Date (whether or not earned or declared</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 16.75pt 0 6pt">by the Trust, but without interest thereon, and
subject to <U>Section 2.5(e)(vi)</U> and any Liquidation Fee payable in respect of the Series L VRTP Shares).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.9pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If fewer than all of the outstanding VRTP Shares of a Series are
to be redeemed pursuant to <U>Section 2.5(d)(i)</U>, the VRTP Shares of such Series to be redeemed shall be selected either (A)
pro rata among the Outstanding shares of such Series, (B) by lot or (C) in such other manner as the Board of Trustees may determine
to be fair and equitable. Subject to the provisions of this Amendment and applicable law, the Board of Trustees will have the full
power and authority to prescribe the terms and conditions upon which VRTP Shares will be redeemed pursuant to this <U>Section 2.5(d)</U>
from time to time.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.65pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Trust may not on any date deliver a Notice of Redemption pursuant
to <U>Section 2.5(e)</U> in respect of a redemption contemplated to be effected pursuant to this <U>Section 2.5(d)</U> unless on
such date the Trust has available Deposit Securities having a Market Value not less than the amount that will be due to Holders
of VRTP Shares by reason of the redemption of such VRTP Shares on the Optional Redemption Date contemplated by such Notice of Redemption.
Subject to <U>Section 2.5(d)(iv)</U>, the Trust may not, without the consent of the Majority Holders, use proceeds from the issuance
of senior securities (as the term is defined under the 1940 Act) in order to effect a redemption of VRTP Shares pursuant to <U>Section
2.5(d)(i)</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 14.6pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(iv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding the foregoing, solely during the period of 180 days
immediately preceding the Term Redemption Date for VRTP Shares of a Series, the Trust may effect a redemption of all Outstanding
VRTP Shares of such Series pursuant to <U>Section 2.5(d)(i)</U> without reducing the leverage of the Trust and may use the proceeds
from the issuance of senior securities to effect such redemption.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Procedures for Redemption</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.85pt 0 5.95pt; text-indent: 108.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the Trust shall elect or be required to redeem, in whole or in
part, VRTP Shares of a Series pursuant to <U>Section 2.5(a), (b)</U>, <U>(c)</U>, or <U>(d)</U>, the Trust shall deliver a notice
of redemption (the &#8220;<U>Notice of Redemption</U>&#8221;), by overnight delivery, by first class mail, postage prepaid or by
Electronic Means to Holders thereof, or request the Redemption and Paying Agent, on behalf of the Trust, to promptly do so by overnight
delivery, by first class mail, postage prepaid or by Electronic Means. A Notice of Redemption shall be provided not more than forty-five
(45) calendar days and not less than fifteen (15) calendar days (or such shorter or longer notice period as specified in or as
required to comply with <U>Section 2.5(b)(i)</U> and <U>Section 2.5(b)(ii)</U> or as may be consented to by all of the Holders)
prior to the date, which shall be a Business Day, fixed for redemption in such Notice of Redemption (the &#8220;<U>Redemption Date</U>&#8221;).
Each such Notice of Redemption shall state: (A) the Redemption Date; (B) the Series and number of VRTP Shares to be redeemed; (C)
the CUSIP number for VRTP Shares of such Series; (D) the applicable Redemption Price on a per share basis; (E) if applicable, the
place or places where the security certificate(s) for such shares (properly endorsed or assigned for transfer, if the Board of
Trustees requires and the Notice of Redemption states) are to be surrendered for payment of the Redemption Price; (F) that, except
as expressly provided in this Amendment, dividends on the VRTP Shares to be redeemed will cease to accumulate from and after such
Redemption Date; and (G) the provisions of this Amendment under which such</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 8.15pt 0 5.95pt">redemption is made. If fewer than all VRTP Shares
held by any Holder are to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the number of VRTP
Shares to be redeemed from such Holder and, if applicable, the method of determining such number. The Trust may provide in any
Notice of Redemption relating to an optional redemption contemplated to be effected pursuant to this Amendment that such redemption
is subject to one or more conditions precedent not otherwise expressly set forth herein and that the Trust shall not be required
to effect such redemption unless each such condition has been satisfied at the time or times and in the manner specified in such
Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall affect the validity of redemption proceedings,
except as required by applicable law.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 9.95pt 0 5.95pt; text-indent: 108.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the Trust shall give a Notice of Redemption, then at any time
from and after the giving of such Notice of Redemption and prior to 11:00 a.m., New York City time, on the Redemption Date (so
long as any conditions precedent to such redemption have been met or waived by the Trust), the Trust shall (A) deposit with the
Redemption and Paying Agent Deposit Securities having an aggregate Market Value on the date thereof no less than the Redemption
Price of the VRTP Shares to be redeemed on the Redemption Date and (B) give the Redemption and Paying Agent irrevocable instructions
and authority to pay the applicable Redemption Price to the Holders of VRTP Shares called for redemption on the Redemption Date.
The Trust may direct the Redemption and Paying Agent with respect to the investment of any Deposit Securities consisting of cash
so deposited prior to the Redemption Date, provided that the proceeds of any such investment shall be available at the opening
of business on the Redemption Date as same-day funds. Notwithstanding the provisions of the preceding sentence, if the Redemption
Date is the Term Redemption Date, then such deposit of Deposit Securities (which may come in whole or in part from the Term Redemption
Liquidity Account) shall be made no later than the 15th calendar day (or, if such day is not a Business Day, the next succeeding
Business Day) of the month prior to the month in which the Term Redemption Date occurs.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 6.8pt 0 5.95pt; text-indent: 108.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Upon the date of the deposit of such Deposit Securities, all rights
of the Holders of VRTP Shares so called for redemption shall cease and terminate except the right of the Holders thereof to receive
the Redemption Price thereof and such VRTP Shares shall no longer be deemed Outstanding for any purpose whatsoever (other than
(A) the transfer thereof prior to the applicable Redemption Date and (B) the accumulation of dividends thereon in accordance with
the terms hereof, including <U>Section 2.5(e)(vi)</U>, up to (but excluding) the applicable date of redemption of such VRTP Shares,
which accumulated dividends shall be payable only as part of the applicable Redemption Price on the date of redemption of such
VRTP Shares). The Trust shall be entitled to receive, promptly after the date of redemption of any VRTP Shares called for redemption
on a Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of such VRTP Shares. Any Deposit Securities
so deposited that are unclaimed at the end of three hundred sixty-five (365) calendar days from the date of redemption of any VRTP
Shares called for redemption on a Redemption Date shall, to the extent permitted by law, be repaid to the Trust, after which the
Holders of VRTP Shares so called for redemption shall look only to the Trust for payment of the Redemption Price thereof. The Trust
shall be entitled to receive, from time to time after the date of redemption of any VRTP Shares called for redemption on a Redemption
Date, any interest on the Deposit Securities deposited to effect such redemption that is not applied therefor.</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 8.55pt 0 5.95pt; text-indent: 108.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(iv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding the other provisions of this <U>Section 2.5</U>,
except as otherwise required by law, the Trust shall not redeem any VRTP Shares or other series of Preferred Shares ranking on
a parity with the VRTP Shares with respect to dividends and other distributions unless all accumulated and unpaid dividends and
other distributions on all Outstanding VRTP Shares and such other series of Preferred Shares for all applicable past dividend periods
(whether or not earned or declared by the Trust) (x) shall have been or are contemporaneously paid or (y) shall have been or are
contemporaneously declared and sufficient Deposit Securities (in the case of the VRTP Shares) or sufficient securities or funds
(in accordance with the terms of such other Preferred Shares) for the payment of such dividends and other distributions shall have
been or are contemporaneously deposited with the Redemption and Paying Agent or other applicable paying agent for such VRTP Shares
or other Preferred Shares in accordance with the terms of the VRTP Shares or other Preferred Shares, <U>provided</U>, <U>however</U>,
that the foregoing shall not prevent the purchase or acquisition by the Trust of Outstanding VRTP Shares pursuant to an otherwise
lawful purchase or exchange offer made on the same terms to Holders of all Outstanding VRTP Shares and any such other series of
Preferred Shares for which all accumulated and unpaid dividends and other distributions have not been paid.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.85pt 0 5.95pt; text-indent: 108.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(v)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To the extent that any redemption for which a Notice of Redemption
has been provided is not made by reason of the absence of Legally Available Funds therefor in accordance with the Declaration of
Trust, this Amendment, and applicable law, such redemption shall be made as soon as practicable to the extent such funds become
available. In the case of any redemption of VRTP Shares pursuant to <U>Section 2.5(d)</U>, no Redemption Failure shall be deemed
to have occurred if the Trust shall fail to deposit in trust with the Redemption and Paying Agent the Redemption Price with respect
to any shares where (x) the Notice of Redemption relating to such redemption provided that such redemption was subject to one or
more conditions precedent and (y) any such condition precedent shall not have been satisfied at the time or times and in the manner
specified in such Notice of Redemption.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.35pt 0 5.95pt; text-indent: 108.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt">(vi)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding anything to the contrary herein or in any Notice
of Redemption, if the Trust shall not have redeemed VRTP Shares on the applicable Redemption Date for which a Notice of Redemption
has been provided, the Holders of VRTP Shares shall continue to be entitled to receive dividends on such VRTP Shares at the Dividend
Rate for the period from, and including, such Redemption Date through, but excluding, the date on which such VRTP Shares are actually
redeemed and such dividends, to the extent accumulated, but unpaid, during such period (whether or not earned or declared but without
interest thereon), shall be included in the Redemption Price for such VRTP Shares.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.05pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Redemption and Paying Agent as Trustee of Redemption Payments
by Trust</U>. All Deposit Securities transferred to the Redemption and Paying Agent for payment of the Redemption Price of VRTP
Shares called for redemption shall be held in trust by the Redemption and Paying Agent for the benefit of Holders of VRTP Shares
so to be redeemed until paid to such Holders in accordance with the terms hereof or returned to the Trust in accordance with the
provisions of <U>Section 2.5(e)(iii)</U> above.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.95pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Compliance With Applicable Law</U>. In effecting any redemption
pursuant to this <U>Section 2.5</U>, the Trust shall use its best efforts to comply with all applicable conditions precedent to
effecting such redemption under the 1940 Act and any applicable Massachusetts</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 19.8pt 0 6pt">law, but shall effect no redemption except in accordance
with the 1940 Act and any applicable Massachusetts law.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 15.65pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(h)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Modification of Redemption Procedures</U>. Notwithstanding the
foregoing provisions of this <U>Section 2.5</U>, the Trust may, in its sole discretion and without a shareholder vote, modify the
procedures set forth above with respect to notification of redemption for the VRTP Shares (other than the 15-day period for delivery
of a Notice of Redemption), provided that such modification does not materially and adversely affect the Holders of VRTP Shares
or cause the Trust to violate any applicable law, rule or regulation; and provided further that no such modification shall in any
way alter the rights or obligations of the Redemption and Paying Agent without its prior consent.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Voting Rights</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.9pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>One Vote Per VRTP Share</U>. Except as otherwise provided in
the Declaration of Trust, this Amendment, or as otherwise required by law, (i) each Holder of Outstanding VRTP Shares shall be
entitled to one vote for each Outstanding VRTP Share held by such Holder on each matter submitted to a vote of all shareholders
of the Trust, and (ii) the Holders of outstanding Preferred Shares, including VRTP Shares, and Common Shares shall vote together
as a single class; <U>provided</U>, <U>however</U>, that, as provided in Article IV, Section 2 of the Declaration of Trust, the
Holders of outstanding Preferred Shares, including VRTP Shares, shall be entitled, as a class, to the exclusion of the Holders
of Common Shares and all other securities of the Trust, to elect two Trustees of the Trust at all times. Two of the existing Trustees
as of the date of this Amendment will be designated by the Trustees as of that date as the initial Trustees elected by the Holders
of the outstanding Preferred Shares. Subject to <U>Section 2.6(b)</U>, the Holders of outstanding Common Shares and Preferred Shares,
including VRTP Shares, voting together as a single class, shall elect the balance of the Trustees.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Voting For Additional Trustees</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.6pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Voting Period</U>. During any period in which any one or more
of the conditions described in clauses (A) or (B) of this <U>Section 2.6(b)(i)</U> shall exist (such period being referred to herein
as a &#8220;<U>Voting Period</U>&#8221;), the number of Trustees constituting the Board of Trustees shall be automatically increased
by the smallest number that, when added to the two Trustees elected exclusively by the Holders of outstanding Preferred Shares,
including VRTP Shares, would constitute a majority of the Board of Trustees as so increased by such smallest number; and the Holders
of outstanding Preferred Shares, including VRTP Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to
the exclusion of the Holders of all other securities and classes of shares of the Trust), to elect such smallest number of additional
Trustees, together with the two Trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.65pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(A)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if, at the close of business on any dividend payment date, accumulated
dividends (whether or not earned or declared) on any outstanding Preferred Share, including any VRTP Shares, equal to at least
two (2) full years&#8217; dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited
with the</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 50.75pt 0 6pt">Redemption and Paying Agent or other applicable
paying agent for the payment of such accumulated dividends; or</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 26.2pt 0 6pt; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">(B)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if at any time Holders of Preferred Shares are otherwise entitled
under the 1940 Act to elect a majority of the Board of Trustees.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.75pt 0 6pt; text-indent: 0.5in">A Voting Period shall terminate
upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described in this <U>Section
2.6(b)(i)</U> shall cease, subject always, however, to the revesting of such voting rights in the Holders of Preferred Shares upon
the further occurrence of any of the events described in this <U>Section 2.6(b)(i)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.55pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Notice of Special Meeting</U>. As soon as practicable after the
accrual of any right of the Holders of Preferred Shares to elect additional Trustees as described in <U>Section 2.6(b)(i)</U>,
the Trust shall call a special meeting of such Holders and notify the Redemption and Paying Agent and/or such other Person as is
specified in the terms of such Preferred Shares to receive notice (i) by mailing or delivery by Electronic Means or (ii) by delivering
in such other manner and by such other means as are specified in the terms of such Preferred Shares a notice of such special meeting
to such Holders, such meeting to be held not less than ten (10) nor more than thirty (30) calendar days after the date of the delivery
by Electronic Means or mailing of such notice or the delivery of such notice by such other manner or means as are described in
clause (ii) above. If the Trust fails to call such a special meeting, it may be called at the expense of the Trust by any such
Holder on like notice. The record date for determining the Holders of Preferred Shares entitled to notice of and to vote at such
special meeting shall be the close of business on the fifth (5<SUP>th</SUP>) Business Day preceding the calendar day on which such
notice is mailed or otherwise delivered. At any such special meeting and at each meeting of Holders of Preferred Shares held during
a Voting Period at which Trustees are to be elected, such Holders, voting together as a class (to the exclusion of the Holders
of all other securities and classes of capital stock of the Trust), shall be entitled to elect the number of Trustees prescribed
in <U>Section 2.6(b)(i)</U> on a one-vote-per-share basis.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.8pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Terms of Office of Existing Trustees</U>. The terms of office
of the incumbent Trustees of the Trust at the time of a special meeting of Holders of Preferred Shares to elect additional Trustees
in accordance with <U>Section 2.6(b)(i)</U> shall not be affected by the election at such meeting by the Holders of VRTP Shares
and such other Holders of Preferred Shares of the number of Trustees that they are entitled to elect, and the Trustees so elected
by the Holders of VRTP Shares and such other Holders of Preferred Shares, together with the two (2) Trustees elected by the Holders
of Preferred Shares in accordance with <U>Section 2.6(a)</U> hereof and the remaining Trustees elected by the Holders of the Common
Shares and Preferred Shares, shall constitute the duly elected Trustees of the Trust.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 9.7pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(iv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Terms of Office of Certain Trustees to Terminate Upon Termination
of Voting Period</U>. Simultaneously with the termination of a Voting Period, the terms of office of the additional Trustees elected
by the Holders of the Preferred Shares pursuant to <U>Section 2.6(b)(i)</U> shall terminate, the remaining Trustees shall constitute
the Trustees of the Trust and the voting rights of the Holders of Preferred Shares to elect additional Trustees pursuant to <U>Section
2.6(b)(i)</U> shall cease, subject to the provisions of the last sentence of <U>Section 2.6(b)(i)</U>.</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Holders of VRTP Shares to Vote on Certain Matters</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 9.55pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 11pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Amendments Requiring Approval of VRTP Shares</U>. Except as otherwise permitted by the terms of this Amendment, so long as any
VRTP Shares are Outstanding, the Trust shall not, without the affirmative vote or consent of the Majority Holders, voting together
as a separate class, amend, alter or repeal the provisions of this Amendment, whether by merger, consolidation or otherwise, so
as to materially and adversely affect any preference, right or power of such VRTP Shares; <U>provided</U>, <U>however</U>, that
(i) a change in the capitalization of the Trust in accordance with <U>Section 2.8</U> hereof shall not be considered to materially
and adversely affect the rights and preferences of the VRTP Shares and (ii) a division of a VRTP Share shall be deemed to materially
and adversely affect such preferences, rights or powers only if the terms of such division materially and adversely affect the
Holders of the VRTP Shares. For purposes of the foregoing, no matter shall be deemed to materially and adversely affect any preference,
right or power of a VRTP Share of any Series unless such matter (i) </FONT>alters or abolishes any preferential right or power
of such VRTP Share or of the Holder thereof or (ii) creates, alters or abolishes any right in respect of redemption of such VRTP
Share (other than solely as a result of a division of a VRTP Share). To the furthest extent permitted by law, so long as any VRTP
Shares are Outstanding, the Trust shall not, without the affirmative vote or consent of the Holders of at least 66 2/3% of the
VRTP Shares Outstanding at the time, voting as a separate class, file a voluntary application for relief under Federal bankruptcy
law or any similar application under state law for so long as the Trust is solvent and does not foresee becoming insolvent</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 8.2pt 0 0; text-indent: 149.95pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Amendments Requiring Approval of Specific Series of VRTP Shares</U>. Except as otherwise permitted by the terms of this Amendment,
so long as any VRTP Shares of a Series are Outstanding, the Trust shall not, without the affirmative vote or consent of the Majority
Holders, voting as a separate class, amend, alter or repeal the provisions of the Appendix relating to such Series, whether by
merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power of the VRTP Shares
of such Series or of the Holders thereof set forth in such Appendix; <U>provided, however</U>, that (i) a change in the capitalization
of the Trust in accordance with <U>Section 2.8</U> hereof shall not be considered to materially and adversely affect the rights
and preferences of the VRTP Shares of such Series, and (ii) a division of a VRTP Share shall be deemed to affect such preferences,
rights or powers only if the terms of such division materially and adversely affect the VRTP Shares of such Series or the Holders
thereof; and <U>provided, further</U>, that no amendment, alteration or repeal of (x) the obligation of the Trust to (i) pay the
Term Redemption Price on the Term Redemption Date for a Series or (ii) accumulate dividends at the Dividend Rate (as set forth
in this Amendment and the applicable Appendix hereto) or adjust the basis for calculating the Dividend Rate or (y) the provisions
of the Appendix setting forth the Term Redemption Date or the Liquidation Preference for the VRTP Shares, in each case, for a Series,
or the provisions of this Amendment relating to the extension of the Term Redemption Date of a Series, shall be effected without,
in each case, the prior unanimous vote or consent of the Holders of such Series of VRTP Shares. For purposes of the foregoing,
no matter shall be deemed to adversely affect any preference, right or power of a VRTP Share of a Series or of the Holder thereof
unless such matter (i) alters or abolishes any preferential right or power of such VRTP Share or of the Holder thereof, or (ii)
creates, alters or abolishes any right in respect of redemption of such VRTP Share.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 7.95pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Voting Rights Set Forth Herein Are Sole Voting Rights</U>. Unless
otherwise required by law, the Declaration of Trust or this Amendment, the Holders of VRTP Shares shall not have any relative rights
or preferences or other special rights with respect to voting such VRTP Shares other than those specifically set forth in this
<U>Section 2.6</U>; <U>provided</U>, <U>however</U>, that nothing in this Amendment or the Declaration of Trust shall be deemed
to preclude or limit the right of the Trust (to the extent permitted by applicable law) to contractually agree with any Holder,
Designated Owner or Specified Holder of VRTP Shares of any Series that any action or inaction by the Trust shall require the consent
or approval of such Holder, Designated Owner or Specified Holder.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 9pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>No Cumulative Voting</U>. The Holders of VRTP Shares shall have
no rights to cumulative voting.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.5pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Voting for Trustees Sole Remedy for Trust&#8217;s Failure to
Declare or Pay Dividends</U>. In the event that the Trust fails to pay any dividends on any Series of any VRTP Shares on the Dividend
Payment Date therefor, the exclusive remedy of the Holders of VRTP Shares shall be the right to vote for Trustees pursuant to the
provisions of this <U>Section 2.6</U>. Nothing in this <U>Section 2.6(f)</U> shall be deemed to affect the obligation of the Trust
to accumulate and, if permitted by applicable law, the Declaration of Trust and this Amendment, pay dividends at the Increased
Rate in the circumstances contemplated by <U>Section 2.2(g)</U> hereof.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.9pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Holders Entitled to Vote</U>. For purposes of determining any
rights of the Holders of VRTP Shares to vote on any matter, whether such right is created by this Amendment, by the Declaration
of Trust, by statute or otherwise, no Holder of VRTP Shares shall be entitled to vote any VRTP Share and no VRTP Share shall be
deemed to be &#8220;Outstanding&#8221; for the purpose of voting or determining the number of shares required to constitute a quorum
if, prior to or concurrently with the time of determination of shares entitled to vote or shares deemed outstanding for quorum
purposes, as the case may be, the requisite Notice of Redemption with respect to such VRTP Share shall have been given in accordance
with this Amendment and Deposit Securities for the payment of the Redemption Price of such VRTP Share shall have been deposited
in trust with the Redemption and Paying Agent for that purpose. No VRTP Share held (legally or beneficially) or controlled by the
Trust shall have any voting rights or be deemed to be Outstanding for voting or for calculating the voting percentage required
on any other matter or other purposes.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 14.55pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(h)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Grant of Irrevocable Proxy</U>. To the fullest extent permitted
by applicable law, each Holder, Designated Owner and Specified Holder may in its discretion grant an irrevocable proxy with respect
to the VRTP Shares.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Rating Agencies</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.2pt 0 6pt; text-indent: 0.5in">The Trust shall use commercially
reasonable efforts to cause at least two Rating Agencies to issue long-term credit ratings with respect to each Series of VRTP
Shares for so long as such Series is Outstanding. The Trust shall use commercially reasonable efforts to comply with any applicable
Rating Agency Guidelines. If a Rating Agency shall cease to rate the securities of closed-end management investment companies generally,
the Board of Trustees shall terminate the designation of such Rating Agency as a Rating Agency hereunder. The Board of Trustees</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 7.65pt 0 5.95pt">may elect to terminate the designation of any
Rating Agency as a Rating Agency hereunder with respect to a Series of VRTP Shares so long as either (x) immediately following
such termination, there would be at least two Rating Agencies with respect to such Series or (y) it replaces the terminated Rating
Agency with another NRSRO and provides notice thereof to the Holders of such Series; provided that such replacement shall not occur
unless such NRSRO shall have at the time of such replacement (i) published a rating for the VRTP Shares of such Series and (ii)
entered into an agreement with the Trust to continue to publish such rating subject to such NRSRO&#8217;s customary conditions.
The Board of Trustees may also elect to designate one or more other NRSROs as Other Rating Agencies hereunder with respect to a
Series of VRTP Shares by notice to the Holders of VRTP Shares. The Rating Agency Guidelines of any Rating Agency may be amended
by such Rating Agency without the vote, consent or approval of the Trust, the Board of Trustees or any Holder of Preferred Shares,
including any VRTP Shares, or Common Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.8</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Issuance of Additional Preferred Shares</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.75pt 0 6pt; text-indent: 0.5in">Except as permitted under <U>Section
2.5(d)(iv)</U> or with the consent of the Majority Holders, so long as any VRTP Shares are Outstanding, the Trust shall not authorize,
establish and create and issue and sell shares of one or more series of a class of senior securities of the Trust representing
stock under Section 18 of the 1940 Act.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.9</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Status of Redeemed, Repurchased or Deemed Cancelled VRTP Shares</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 14.1pt 0 6pt; text-indent: 0.5in">VRTP Shares that at any time have
been redeemed or purchased by the Trust or deemed cancelled pursuant to an Appendix hereto shall, after such redemption or purchase
or deemed cancellation, have the status of authorized but unissued Preferred Shares, unless otherwise expressly provided in an
Appendix hereto.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.10</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Term Redemption Liquidity Account and Liquidity Requirement</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.95pt 0; text-indent: 72.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On or prior to the Liquidity Account Initial Date with respect to
any Series of VRTP Shares, the Trust shall cause the Custodian to segregate, by means of appropriate identification on its books
and records or otherwise in accordance with the Custodian&#8217;s normal procedures, from the other assets of the Trust (the &#8220;<U>Term
Redemption Liquidity Account</U>&#8221;) Liquidity Account Investments with a Market Value equal to at least One Hundred Ten Percent
(110%) of the Term Redemption Amount with respect to such Series. The &#8220;<U>Term Redemption Amount</U>&#8221; for any Series
of VRTP Shares shall be equal to the Term Redemption Price to be paid on the Term Redemption Date for such Series, based on the
number of shares of such Series then Outstanding, assuming for this purpose that the Dividend Rate for such Series in effect at
the time of the creation of the Term Redemption Liquidity Account for such Series will be the Dividend Rate in effect for such
Series until the Term Redemption Date for such Series. If, on any date after the Liquidity Account Initial Date, the aggregate
Market Value of the Liquidity Account Investments included in the Term Redemption Liquidity Account for a Series of VRTP Shares
as of the close of business on any Business Day is less than One Hundred Ten Percent (110%) of the Term Redemption Amount with
respect to such Series, then the Trust shall cause the Custodian and the Adviser to take all such necessary actions, including
segregating additional assets of the Trust as Liquidity Account Investments, so that the aggregate Market Value of the</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 6.45pt 0 5.95pt">Liquidity Account Investments included in the
Term Redemption Liquidity Account for such Series is at least equal to One Hundred Ten Percent (110%) of the Term Redemption Amount
with respect to such Series not later than the close of business on the next succeeding Business Day. With respect to assets of
the Trust segregated as Liquidity Account Investments with respect to a Series of VRTP Shares, the Adviser, on behalf of the Trust,
shall be entitled to instruct the Custodian on any date to release any Liquidity Account Investments from such segregation and
to substitute therefor other Liquidity Account Investments, so long as (i) the assets of the Trust segregated as Liquidity Account
Investments in the Term Redemption Liquidity Account at the close of business on such date have a Market Value equal to at least
One Hundred Ten Percent (110%) of the Term Redemption Amount with respect to such Series and (ii) the Deposit Securities included
in the Term Redemption Liquidity Account at the close of business on such date have a Market Value equal to at least the Liquidity
Requirement (if any) determined in accordance with <U>Section 2.10(b)</U> with respect such Series for such date. The Trust shall
cause the Custodian not to permit any lien, security interest or encumbrance to be created or permitted to exist on or in respect
of any Liquidity Account Investments included in the Term Redemption Liquidity Account for any Series of VRTP Shares, other than
liens, security interests or encumbrances permitted under the Credit Facility.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.4pt 0 5.95pt; text-indent: 72.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Market Value of the Deposit Securities held in the Term Redemption
Liquidity Account for a Series of VRTP Shares, from and after the 15th day of the calendar month (or, if such day is not a Business
Day, the next succeeding Business Day) that is the number of months preceding the calendar month in which the Term Redemption Date
for such Series occurs, in each case as specified in the table set forth below, shall not be less than the percentage of the Term
Redemption Amount for such Series set forth below opposite such number of months (the &#8220;<U>Liquidity Requirement</U>&#8221;),
but in all cases subject to the provisions of <U>Section 2.11(c)</U> below:</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: black 1pt solid; padding-right: 4.35pt; padding-left: 4.95pt; line-height: 13.7pt; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Number of Months Preceding Month of Term Redemption Date</U></FONT></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.1pt; padding-left: 2.4pt; line-height: 13.7pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Market Value of Deposit Securities as Percentage of Term Redemption Amount</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: center; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 52.05pt; padding-left: 52.45pt; text-align: center; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: center; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 52.05pt; padding-left: 52.45pt; text-align: center; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: center; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 52.05pt; padding-left: 52.45pt; text-align: center; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">60%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: center; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 52.05pt; padding-left: 52.45pt; text-align: center; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">80%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: center; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 52.05pt; padding-left: 52.45pt; text-align: center; line-height: 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 8.05pt 0 6pt">To the extent the Trust enters into a binding commitment
to sell certain of its Liquidity Account Investments already held in the Term Redemption Liquidity Account in order to comply with
the Liquidity Requirement on a given date as set forth in the table above (any such date, a &#8220;<U>Compliance Date</U>&#8221;),
the Trust may include the sale price of such Liquidity Account Investments for purposes of determining the Market Value of Deposit
Securities in the Term Redemption Liquidity Account even if the settlement date with respect to such sale occurs after the Compliance
Date so long as (i) the trade date with respect to such sale occurs on or prior to such Compliance Date and (ii) the expected settlement
date with respect to such sale is not more than twenty (20) days from the trade date (the date that is twenty (20) days from the
trade date, the &#8220;<U>Settlement Deadline Date</U>&#8221;). If any such sale does not settle on or prior to its Settlement
Deadline Date, the sale price of the applicable Liquidity Account Investments shall not be included in determining the Market Value
of Deposit Securities in the Term Redemption Liquidity Account on or after 5:30 pm. (New York City time) on the Settlement Deadline
Date for purposes of <U>Section 2.10(b)</U> or <U>(c)</U>.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.55pt 0 5.95pt; text-indent: 72.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the aggregate Market Value of the Deposit Securities included
in the Term Redemption Liquidity Account for a Series of VRTP Shares as of the close of business on any Business Day is less than
the Liquidity Requirement in respect of such Series for such Business Day, then the Trust shall cause the segregation of additional
or substitute Deposit Securities in respect of the Term Redemption Liquidity Account for such Series, so that the aggregate Market
Value of the Deposit Securities included in the Term Redemption Liquidity Account for such Series is at least equal to the Liquidity
Requirement for such Series not later than the close of business on the next succeeding Business Day.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.05pt 0 5.95pt; text-indent: 72.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Deposit Securities included in the Term Redemption Liquidity
Account for a Series of VRTP Shares may be applied by the Trust, in its discretion, towards payment of the Term Redemption Price
for such Series as contemplated by <U>Section 2.5(e)</U>. Upon the deposit by the Trust with the Redemption and Paying Agent of
Deposit Securities having an initial combined Market Value sufficient to effect the redemption of VRTP Shares of a Series on the
Term Redemption Date for such Series in accordance with <U>Section 2.5(e)(ii)</U>, the requirement of the Trust to maintain the
Term Redemption Liquidity Account as contemplated by this <U>Section</U> shall lapse and be of no further force and effect. Upon
any extension of the Term Redemption Date for a Series of VRTP Shares pursuant to <U>Section 2.5(a)</U>, the then-current Liquidity
Account Initial Date for such Series shall be extended as provided in the Appendix hereto relating to such Series, and the requirement
of the Trust to maintain the Term Redemption</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 13.4pt 0 6pt">Liquidity Account with respect to such Series in
connection with such Liquidity Account Initial Date shall lapse and shall thereafter apply in respect of the Liquidity Account
Initial Date for such Series as so extended.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.11</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Global Shares</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 12.95pt 0 6pt; text-indent: 0.5in">Unless the Board of Trustees
determines otherwise, the VRTP Shares will be issued in book-entry form as global securities. Such global securities will be deposited
with, or on behalf of, the Depository Trust Company and registered in the name of Cede &amp; Co., its nominee. Beneficial interests
in the global securities will be held only through the Depositary Trust Company and any of its participants.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.12</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Notice</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.85pt 0 5.95pt; text-indent: 0.5in">All notices or communications
hereunder, unless otherwise specified in this Amendment, shall be sufficiently given if in writing and delivered in person, by
telecopier, by other Electronic Means or by overnight delivery. Notices delivered pursuant to this <U>Section 2.12</U> shall be
deemed given on the date received. Notices given by Electronic Means to the Redemption and Paying Agent and the Custodian shall
be sent by such means to their representatives set forth in the Redemption and Paying Agent Agreement and the Custodian Agreement,
respectively.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.13</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Termination</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.75pt 0 6pt; text-indent: 0.5in">Except as provided in any relevant
Appendix hereto, in the event that no VRTP Shares of a Series are Outstanding, all rights and preferences of the VRTP Shares of
such Series established and designated hereunder shall cease and terminate, and all obligations of the Trust under this Amendment
with respect such Series shall terminate, other than in respect of the payment of and the right to receive the Redemption Price
in accordance with <U>Section 2.5</U> of this Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.14</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Appendices</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 15.75pt 0 6pt; text-indent: 0.5in">The designation of each Series
of VRTP Shares shall be set forth in an Appendix to this Amendment. The Board of Trustees may, by resolution duly adopted, without
shareholder approval (except as otherwise provided by this Amendment or required by applicable law) (x) amend the Appendix to this
Amendment relating to a Series so as to reflect any amendments to the terms applicable to such Series including an increase in
the number of authorized shares of such Series and (y) add additional Series of VRTP Shares by including a new Appendix to this
Amendment relating to such Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 27.2pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.15</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Actions on Other than Business Days</U>. Unless otherwise provided
herein, if the date for making any payment, performing any act or exercising any right, in each case as provided for in this Amendment,
is not a Business Day, such payment shall be made, act performed or right exercised on the next succeeding Business Day, with the
same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends,
interest or other amount shall accrue for the period between such nominal date and the date of payment.</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.16</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Modification</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 12.5pt 0 5.95pt; text-indent: 0.5in">To the extent permitted by applicable
law, the Board of Trustees, without the vote of the Holders of the VRTP Shares, may interpret or amend the provisions of this Amendment
or any Appendix hereto to resolve any inconsistency or ambiguity or to remedy any defect in connection therewith, in each case
above, so long as any such interpretation or amendment does not materially and adversely affect any preference, right or power
of the VRTP Shares or of the Holders thereof and, in addition to amendments permitted by <U>Section 2.5(h)</U> and <U>2.6(c)</U>
hereof, may amend this Amendment with respect to any Series of VRTP Shares prior to the issuance of VRTP Shares of such Series</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.17</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Transfers of VRTP Shares</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.6pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Designated Owner or Holder of any VRTP Shares may sell, transfer
or otherwise dispose of VRTP Shares only in whole shares and only to (i) Persons that such Designated Owner or Holder reasonably
believes are &#8220;qualified institutional buyers&#8221; (as defined in Rule 144A under the Securities Act or any successor provision)
that are banks, insurance companies or registered open-end management investment companies, in each case, pursuant to Rule 144A
or another available exemption from registration under the Securities Act, in a manner not involving any public offering within
the meaning of Section 4(a)(2) of the Securities Act, (ii) Citibank, any commercial paper conduit which is a Person administered
by Citibank (including any Conduit Purchaser) or an affiliate of any of the foregoing, in each case, that such Designated Owner
or Holder reasonably believes to be a &#8220;qualified institutional buyer&#8221; (as defined in Rule 144A under the Securities
Act or any successor provision) pursuant to Rule 144A or another available exemption from registration under the Securities Act,
in a manner not involving any public offering within the meaning of Section 4(a)(2) of the Securities Act or (iii) other investors
with the prior written consent of the Trust. The restrictions on transfer contained in this <U>Section 2.17(a)</U> shall not apply
to any VRTP Shares that are being registered and sold pursuant to an effective registration statement under the Securities Act
or to any subsequent transfer of such VRTP Shares.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.35pt 0 6pt; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If at any time the Trust is not furnishing information pursuant
to Section 13 or 15(d) of the Exchange Act, in order to preserve the exemption for resales and transfers under Rule 144A, the Trust
shall furnish, or cause to be furnished, to Holders of VRTP Shares and prospective purchasers of VRTP Shares, upon request, information
with respect to the Trust satisfying the requirements of subsection (d)(4) of Rule 144A.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.18</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Agreed Tax Treatment</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.2pt 0 5.95pt; text-indent: 0.5in">The Trust shall, and each Holder
and Designated Owner of any VRTP Shares, by virtue of acquiring VRTP Shares, shall be deemed to have agreed to, treat the VRTP
Shares as equity in the Trust for U.S. federal, state and local income and other tax purposes, applicable state law and the 1940
Act.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.19</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>No Additional Rights</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 29.45pt 0 6pt; text-indent: 0.5in">Unless otherwise required by law
or the Declaration of Trust, the Holders of VRTP Shares shall not have any relative rights or preferences or other special rights
with respect to</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 7.35pt 0 5.95pt; text-align: justify">such VRTP Shares other than
those specifically set forth in this Amendment; <U>provided</U>, <U>however</U>, that nothing in this Amendment shall be deemed
to preclude or limit the right of the Trust (to the extent permitted by applicable law) to contractually agree with any Holder,
Designated Owner or Specified Holder of VRTP Shares of any Series with regard to any special rights of such Holder, Designated
Owner or Specified Holder with respect to its investment in the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.20</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Relationship of Declaration of Trust</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 7.75pt 0 5.95pt; text-indent: 0.5in">This Amendment is being
entered into pursuant to Section 5.1 of Article VII of the Declaration of Trust and shall be considered part of the governing instrument
of the Trust. As provided in such Section of the Declaration of Trust, to the extent the provisions set forth in this Amendment
conflict with the provisions of the Declaration of Trust with respect to any such rights, powers and privileges of the VRTP Shares,
this Amendment shall control. Except as contemplated by the immediately preceding sentence, the VRTP Shares, and the Holders thereof,
shall otherwise be subject to, bound by and entitled to the benefits of the Declaration of Trust and its provisions relating to
Shares and Shareholders. In connection with the entering into of this Amendment and with respect to all matters related in any
way to this Amendment, the Trustees shall be entitled to all of the benefits, rights, protections, indemnities, limitations of
liability and other provisions of the Declaration of Trust</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.21</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>The Agent</U>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 6pt; text-indent: 0.5in">The Agent may, upon thirty (30) days&#8217;
notice to the Trust and the Holders of the VRTP Shares, resign as Agent. If the Agent shall resign, then the Majority Holders shall
appoint a successor agent. If for any reason a successor agent is not so appointed and does not accept such appointment during
such thirty (30) day period, the Agent may appoint a successor agent. Any resignation of the Agent shall be effective upon the
appointment of a successor agent pursuant to this <U>Section 2.21</U> and the acceptance of such appointment by such successor.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.75in">[Signature Page Begins on the Following Page]</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">[Signature Page to the Amendment to the By-Laws of
Eaton Vance Floating-Rate Income Trust]</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 8.2pt">&nbsp;&nbsp;</P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 3.95pt 5.85pt 0 0; text-align: right">APPENDIX A</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 95.25pt"><B>EATON VANCE FLOATING RATE-INCOME TRUST</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 71.8pt"><B>VARIABLE RATE TERM PREFERRED SHARES, SERIES C-1</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Preliminary Statement and Incorporation By Reference</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 16.8pt 0 5.95pt; text-indent: 0.5in">This Appendix establishes a Series
of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below, this Appendix incorporates
by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares in that &#8220;Amendment
No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and Preferences of Variable Rate
Term Preferred Shares&#8221; dated December 18, 2012 (the &#8220;<U>VRTP Amendment</U>&#8221;). This Appendix has been adopted
by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used herein but not defined
herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7pt 0 5.95pt; text-indent: 0.5in">Variable Rate Term Preferred Shares,
Series C-1: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term Preferred Shares is hereby
designated as &#8220;Series C-1 Variable Rate Term Preferred Shares&#8221; (the &#8220;<U>Series C-1 VRTP Shares</U>&#8221;). Each
Series C-1 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by this Appendix),
as are set forth in this Appendix A. The Series C-1 VRTP Shares shall constitute a separate series of Preferred Shares and of the
Variable Rate Term Preferred Shares and each Series C-1 VRTP Share shall be identical. The following terms and conditions shall
apply solely to the Series C-1 VRTP Shares:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 2.&#9;Number of Authorized Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.5pt 0 5.95pt; text-indent: 0.5in">The number of authorized Series
C-1 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each other Specified Series
Outstanding at such time.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 42pt">Section 3.&#9;Issuance Date of Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.1pt 0 6pt; text-indent: 0.5in">The &#8220;Issuance Date&#8221; for
each Series C-1 VRTP Share issued on December 18, 2012 is December 18, 2012 and, with respect to each Series C-1 VRTP Share issued
subsequent to December 18, 2012, the &#8220;Issuance Date&#8221; for such Series C-1 VRTP Share will be deemed to be the date that
a VRTP Share of any other Specified Series is exchanged for such Series C-1 VRTP Share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 42pt">Section 4.&#9;Liquidation Preference Applicable to Series.</P>


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<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 3.8pt 149.25pt 0 42pt">The Liquidation Preference is $100,000.00
per share. Section 5.&#9;Term Redemption Date Applicable to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 35.75pt 0 6pt; text-indent: 0.5in">The Term Redemption Date is December
18, 2015, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 6.&#9;Dividend Payment Dates Applicable to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0.15in 0 5.95pt; text-indent: 0.5in">The Dividend Payment Date is
the date that is two (2) Business Days after the last calendar day of each Dividend Period; provided, that all accrued but unpaid
dividends on any Series C-1 VRTP Share that has been transferred by CHARTA shall be payable to CHARTA on the second Business Day
after the related Transfer Date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 7.&#9;Liquidity Account Initial Date Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The Liquidity
Account Initial Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date as extended
pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment or, in each case, if such date is not a Business Day, the Business Day
immediately preceding such date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 8.&#9;Exceptions to Certain Definitions Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 44.4pt 0 6pt; text-indent: 0.5in">The following definitions contained
under the heading &#8220;Definitions&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Not applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 9.&#9;Additional Definitions Applicable to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 6pt; text-indent: 0.5in">The following terms shall have the
following meanings (with terms defined in the singular having comparable meanings when used in the plural and vice versa), unless
the context otherwise requires:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.1pt 0 6pt; text-indent: 0.5in">&#8220;Dividend Period&#8221; means,
with respect to each Outstanding Series C-1 VRTP Share, in the case of the first Dividend Period following the Issuance Date of
such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including) the last calendar day
of the month in which such Issuance Date occurs and, for each subsequent Dividend Period, the period beginning on (and including)
the first calendar day of the month following the month in which the previous Dividend Period ended and ending on (and including)
the last calendar day of such month.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.45pt 0 6pt; text-indent: 0.5in">&#8220;Index Rate&#8221; means,
for each day during a Dividend Period and solely with respect to any Series C-1 VRTP Shares Outstanding on such day, the per annum
rate equivalent to the weighted average of the per annum rates paid or payable by CHARTA from time to time as interest on or otherwise
(by means of interest rate hedges or otherwise) in respect of those commercial paper notes issued by CHARTA that are allocated,
in whole or in part, by the Agent (on behalf of CHARTA) to fund or maintain the investment by CHARTA in the Series C-1</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 5.75pt 0 6pt">VRTP Shares Outstanding on such day, as determined
by the Agent (on behalf of CHARTA) and reported to the Trust, which rates shall reflect and give effect to the commissions of placement
agents and dealers in respect of such commercial paper notes, to the extent such commissions are allocated, in whole or in part,
to such commercial paper notes by the Agent (on behalf of CHARTA); provided, however, that if any component of such rate is a discount
rate, in calculating the &#8220;Index Rate&#8221; for such day, the Agent shall for such component use the rate resulting from
converting such discount rate to an interest bearing equivalent rate per annum.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 42.1pt 0 6pt; text-indent: 0.5in">&#8220;Transfer Date&#8221;
means, with respect to any Series C-1 VRTP Share transferred by CHARTA, the settlement date for the transfer of such VRTP Share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 10.&#9;Amendments to Terms of VRTP Shares Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 21.05pt 0 6pt; text-indent: 0.5in">The following provisions contained
under the heading &#8220;Terms of the VRTP Shares&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt"><U>Reporting of Index Rate and Dividend Rate</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.15pt 0 5.95pt; text-indent: 0.5in">With respect to any Outstanding
Series C-1 VRTP Shares, the Agent shall determine in accordance with the terms hereof the applicable Dividend Rate for such Series
for each day in a Dividend Period and shall provide notice thereof to the Trust and the Redemption and Paying Agent by 3:00 p.m.
(New York City time) on such day. Such notice shall set forth the Index Rate and the Applicable Spread (which may be the Applicable
Spread for the Increased Rate, if applicable) used in connection with the calculation of the Dividend Rate for such Series. Each
determination of the Dividend Rate for such Series by the Agent shall be conclusive and binding for all purposes on the Trust,
absent manifest error.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers to Persons other than Conduit Purchasers</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 18.15pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-1 VRTP
Shares by CHARTA to any Person that (x) is not a Conduit Purchaser and (y) is a member bank of the Federal Reserve System (or any
successor) (or is otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in such
Series C-1 VRTP Shares being exchanged for an equal number of Series L-1 VRTP Shares. The Series L-1 VRTP Shares shall have preferences,
voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust and the VRTP
Amendment (except as the VRTP Amendment may be expressly modified by Appendix E), as are set forth in Appendix E.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-1 VRTP Shares
by CHARTA to any Person that (x) is not a Conduit Purchaser and (y) is not a member bank of the Federal Reserve System (or any
successor) (or is not otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in
such Series C-1 VRTP Shares being exchanged for an equal number of Series L-2 VRTP Shares. The Series L-2 VRTP Shares shall have
preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions
of redemption, in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust
and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix F), as are set forth in Appendix F.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 0 0 42pt"><U>Transfers to other Conduit Purchasers</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 6pt; text-indent: 0.5in">Any transfer of Series C-1 VRTP
Shares by CHARTA to CAFCO shall result in such Series C-1 VRTP Shares being exchanged for an equal number of Series C-2 VRTP Shares.
The Series C-2 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix
B), as are set forth in Appendix B.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 5.95pt 0 6pt; text-indent: 0.5in">Any transfer of Series C-1
VRTP Shares by CHARTA to CIESCO shall result in such Series C-1 VRTP Shares being exchanged for an equal number of Series C-3 VRTP
Shares. The Series C-3 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by the Appendix
C), as are set forth in Appendix C.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.25pt 0 6pt; text-indent: 0.5in">Any transfer of Series C-1 VRTP
Shares by CHARTA to CRC shall result in such Series C-1 VRTP Shares being exchanged for an equal number of Series C-4 VRTP Shares.
The Series C-4 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by the Appendix
D), as are set forth in Appendix D.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.05pt 0 6pt; text-indent: 0.5in">Any transfer of Series C-1 VRTP
Shares by CHARTA shall require delivery of a written notice to the Trust and the Redemption and Paying Agent by CHARTA (which may
be given at or prior to 3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer Date, the transferee,
the amount of Series C-1 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares being exchanged for
such Series C-1 VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.15pt 0 5.95pt; text-indent: 0.5in">As of any Transfer Date, without
any requirement for any further approval by the Board of Trustees or any other Person (but subject to the transfer restrictions
set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number of Series C-1 VRTP Shares
in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series C-1 VRTP Shares on such Transfer
Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800). As of the
settlement date for the transfer of any other Series of VRTP Shares to CHARTA, without any requirement for any further approval
by the Board of Trustees or any other Person, the Trust shall be deemed to have increased the authorized number of and issued Series
C-1 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares being exchanged for Series C-1 VRTP
Shares, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800).</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 11.7pt 0 6pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series C-1 VRTP Shares that
have been exchanged for any other Specified Series of VRTP Shares shall be payable by the Trust to CHARTA on the second Business
Day after the related Transfer Date notwithstanding that such Series C-1 VRTP Shares have been deemed cancelled pursuant to the
preceding paragraph.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 10.75pt 0 6pt; text-indent: 0.5in">If the VRTP Shares of the
Specified Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall only be required to
redeem Outstanding VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series are redeemed, the
number of authorized shares of each Specified Series and the permitted maximum aggregate number of Outstanding VRTP Shares of all
Specified Series shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 3.95pt 5.85pt 0 0; text-align: right">APPENDIX B</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 95.25pt"><B>EATON VANCE FLOATING RATE-INCOME TRUST</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 71.8pt"><B>VARIABLE RATE TERM PREFERRED SHARES, SERIES C-2</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Preliminary Statement and Incorporation By Reference</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 16.8pt 0 5.95pt; text-indent: 0.5in">This Appendix establishes a Series
of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below, this Appendix incorporates
by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares in that &#8220;Amendment
No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and Preferences of Variable Rate
Term Preferred Shares&#8221; dated December 18, 2012 (the &#8220;<U>VRTP Amendment</U>&#8221;). This Appendix has been adopted
by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used herein but not defined
herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.65pt 0 5.95pt; text-indent: 0.5in">Variable Rate Term Preferred
Shares, Series C-2: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term Preferred Shares is
hereby designated as &#8220;Series C-2 Variable Rate Term Preferred Shares&#8221; (the &#8220;<U>Series C-2 VRTP Shares</U>&#8221;).
Each Series C-2 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by this Appendix),
as are set forth in this Appendix B. The Series C-2 VRTP Shares shall constitute a separate series of Preferred Shares and of the
Variable Rate Term Preferred Shares and each Series C-2 VRTP Share shall be identical. The following terms and conditions shall
apply solely to the Series C-2 VRTP Shares:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 2.&#9;Number of Authorized Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.5pt 0 5.95pt; text-indent: 0.5in">The number of authorized Series
C-2 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each other Specified Series
Outstanding at such time.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 42pt">Section 3.&#9;Issuance Date of Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.45pt 0 6pt; text-indent: 0.5in">The &#8220;Issuance Date&#8221;
for each Series C-2 VRTP Share will be deemed to be the date that a VRTP Share of any other Specified Series is exchanged for such
Series C-2 VRTP Share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 152.2pt 0 42pt">Section 4.&#9;Liquidation Preference Applicable
to Series. The Liquidation Preference is $100,000.00 per share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 5.&#9;Term Redemption Date Applicable to Series.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 35.75pt 0 6pt; text-indent: 0.5in">The Term Redemption Date is
December 18, 2015, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 6.&#9;Dividend Payment Dates Applicable to
Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 11.75pt 0 5.95pt; text-indent: 0.5in">The Dividend Payment Date
is the date that is two (2) Business Days after the last calendar day of each Dividend Period; provided, that all accrued but unpaid
dividends on any Series C-2 VRTP Share that has been transferred by CAFCO shall be payable to CAFCO on the second Business Day
after the related Transfer Date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 7.&#9;Liquidity Account Initial Date Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The Liquidity
Account Initial Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date as extended
pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment or, in each case, if such date is not a Business Day, the Business Day
immediately preceding such date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 8.&#9;Exceptions to Certain Definitions Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 44.4pt 0 6pt; text-indent: 0.5in">The following definitions contained
under the heading &#8220;Definitions&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Not applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 9.&#9;Additional Definitions Applicable to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 6pt; text-indent: 0.5in">The following terms shall have the
following meanings (with terms defined in the singular having comparable meanings when used in the plural and vice versa), unless
the context otherwise requires:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.1pt 0 6pt; text-indent: 0.5in">&#8220;Dividend Period&#8221; means,
with respect to each Outstanding Series C-2 VRTP Share, in the case of the first Dividend Period following the Issuance Date of
such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including) the last calendar day
of the month in which such Issuance Date occurs and, for each subsequent Dividend Period, the period beginning on (and including)
the first calendar day of the month following the month in which the previous Dividend Period ended and ending on (and including)
the last calendar day of such month.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.55pt 0 6pt; text-indent: 0.5in">&#8220;Index Rate&#8221; means,
for each day during a Dividend Period and solely with respect to any Series C-2 VRTP Shares Outstanding on such day, the per annum
rate equivalent to the weighted average of the per annum rates paid or payable by CAFCO from time to time as interest on or otherwise
(by means of interest rate hedges or otherwise) in respect of those commercial paper notes issued by CAFCO that are allocated,
in whole or in part, by the Agent (on behalf of CAFCO) to fund or maintain the investment by CAFCO in the Series C-2 VRTP Shares
Outstanding on such day, as determined by the Agent (on behalf of CAFCO) and reported to the Trust, which rates shall reflect and
give effect to the commissions of placement agents and dealers in respect of such commercial paper notes, to the extent such commissions
are allocated, in whole or in part, to such commercial paper notes by the Agent (on behalf of CAFCO);</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 41.3pt 0 6pt; text-align: justify">provided, however, that if
any component of such rate is a discount rate, in calculating the &#8220;Index Rate&#8221; for such day, the Agent shall for such
component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 42.1pt 0 6pt; text-indent: 0.5in">&#8220;Transfer Date&#8221;
means, with respect to any Series C-2 VRTP Share transferred by CAFCO, the settlement date for the transfer of such VRTP Share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 10.&#9;Amendments to Terms of VRTP Shares Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 21.05pt 0 6pt; text-indent: 0.5in">The following provisions contained
under the heading &#8220;Terms of the VRTP Shares&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt"><U>Reporting of Index Rate and Dividend Rate</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.15pt 0 5.95pt; text-indent: 0.5in">With respect to any Outstanding
Series C-2 VRTP Shares, the Agent shall determine in accordance with the terms hereof the applicable Dividend Rate for such Series
for each day in a Dividend Period and shall provide notice thereof to the Trust and the Redemption and Paying Agent by 3:00 p.m.
(New York City time) on such day. Such notice shall set forth the Index Rate and the Applicable Spread (which may be the Applicable
Spread for the Increased Rate, if applicable) used in connection with the calculation of the Dividend Rate for such Series. Each
determination of the Dividend Rate for such Series by the Agent shall be conclusive and binding for all purposes on the Trust,
absent manifest error.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers to Persons other than Conduit Purchasers</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 18.15pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-2 VRTP
Shares by CAFCO to any Person that (x) is not a Conduit Purchaser and (y) is a member bank of the Federal Reserve System (or any
successor) (or is otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in such
Series C-2 VRTP Shares being exchanged for an equal number of Series L-1 VRTP Shares. The Series L-1 VRTP Shares shall have preferences,
voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust and the VRTP
Amendment (except as the VRTP Amendment may be expressly modified by Appendix E), as are set forth in Appendix E.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-2 VRTP Shares
by CAFCO to any Person that (x) is not a Conduit Purchaser and (y) is not a member bank of the Federal Reserve System (or any successor)
(or is not otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in such Series
C-2 VRTP Shares being exchanged for an equal number of Series L-2 VRTP Shares. The Series L-2 VRTP Shares shall have preferences,
voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust and the VRTP
Amendment (except as the VRTP Amendment may be expressly modified by Appendix F), as are set forth in Appendix F.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers to other Conduit Purchasers</U></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 5.95pt 0; text-indent: 0.5in">Any transfer of Series C-2 VRTP
Shares by CAFCO to CHARTA shall result in such Series C-2 VRTP Shares being exchanged for an equal number of Series C-1 VRTP Shares.
The Series C-1 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix
A), as are set forth in Appendix A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 5.95pt 0; text-indent: 0.5in">Any transfer of Series C-2 VRTP
Shares by CAFCO to CIESCO shall result in such Series C-2 VRTP Shares being exchanged for an equal number of Series C-3 VRTP Shares.
The Series C-3 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by the Appendix
C), as are set forth in Appendix C.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt">Any transfer of Series C-2 VRTP Shares by CAFCO to CRC
shall result in such Series</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.25pt 0 5.95pt">C-2 VRTP Shares being exchanged for an equal number
of Series C-4 VRTP Shares. The Series C-4 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law
and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be
expressly modified by the Appendix D), as are set forth in Appendix D.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-2 VRTP
Shares by CAFCO shall require delivery of a written notice to the Trust and the Redemption and Paying Agent by CAFCO (which may
be given at or prior to 3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer Date, the transferee,
the amount of Series C-2 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares being exchanged for
such Series C-2 VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11pt 0 5.95pt; text-indent: 0.5in">As of any Transfer Date, without
any requirement for any further approval by the Board of Trustees or any other Person (but subject to the transfer restrictions
set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number of Series C-2 VRTP Shares
in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series C-2 VRTP Shares on such Transfer
Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800). As of the
settlement date for the transfer of any other Series of VRTP Shares to CAFCO, without any requirement for any further approval
by the Board of Trustees or any other Person, the Trust shall be deemed to have increased the authorized number of and issued Series
C-2 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares being exchanged for Series C-2 VRTP
Shares, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.85pt 0 5.95pt; text-indent: 0.5in">Notwithstanding anything to
the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series C-2 VRTP Shares that have been
exchanged for any</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 11.85pt 0 6pt; text-align: justify">other Specified Series of
VRTP Shares shall be payable by the Trust to CHARTA on the second Business Day after the related Transfer Date notwithstanding
that such Series C-2 VRTP Shares have been deemed cancelled pursuant to the preceding paragraph.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 8.4pt 0 6pt; text-indent: 0.5in">If the VRTP Shares of the Specified
Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall only be required to redeem Outstanding
VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series are redeemed, the number of authorized
shares of each Specified Series and the permitted maximum aggregate number of Outstanding VRTP Shares of all Specified Series permitted
shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 3.95pt 5.85pt 0 0; text-align: right">APPENDIX C</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 95.25pt"><B>EATON VANCE FLOATING RATE-INCOME TRUST</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 71.8pt"><B>VARIABLE RATE TERM PREFERRED SHARES, SERIES C-3</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Preliminary Statement and Incorporation By Reference</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 16.8pt 0 5.95pt; text-indent: 0.5in">This Appendix establishes a Series
of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below, this Appendix incorporates
by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares in that &#8220;Amendment
No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and Preferences of Variable Rate
Term Preferred Shares&#8221; dated December 18, 2012 (the &#8220;<U>VRTP Amendment</U>&#8221;). This Appendix has been adopted
by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used herein but not defined
herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7pt 0 5.95pt; text-indent: 0.5in">Variable Rate Term Preferred Shares,
Series C-3: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term Preferred Shares is hereby
designated as &#8220;Series C-3 Variable Rate Term Preferred Shares&#8221; (the &#8220;<U>Series C-3 VRTP Shares</U>&#8221;). Each
Series C-3 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by this Appendix),
as are set forth in this Appendix A. The Series C-3 VRTP Shares shall constitute a separate series of Preferred Shares and of the
Variable Rate Term Preferred Shares and each Series C-3 VRTP Share shall be identical. The following terms and conditions shall
apply solely to the Series C-3 VRTP Shares:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 2.&#9;Number of Authorized Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.5pt 0 5.95pt; text-indent: 0.5in">The number of authorized Series
C-3 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each other Specified Series
Outstanding at such time.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 42pt">Section 3.&#9;Issuance Date of Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.45pt 0 6pt; text-indent: 0.5in">The &#8220;Issuance Date&#8221;
for each Series C-3 VRTP Share will be deemed to be the date that a VRTP Share of any other Specified Series is exchanged for such
Series C-3 VRTP Share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 152.2pt 0 42pt">Section 4.&#9;Liquidation Preference Applicable
to Series. The Liquidation Preference is $100,000.00 per share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 5.&#9;Term Redemption Date Applicable to Series.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 35.75pt 0 6pt; text-indent: 0.5in">The Term Redemption Date is
December 18, 2015, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 6.&#9;Dividend Payment Dates Applicable to
Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.45pt 0 5.95pt; text-indent: 0.5in">The Dividend Payment Date
is the date that is two (2) Business Days after the last calendar day of each Dividend Period; provided, that all accrued but unpaid
dividends on any Series C-3 VRTP Share that has been transferred by CIESCO shall be payable to CIESCO on the second Business Day
after the related Transfer Date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 7.&#9;Liquidity Account Initial Date Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The Liquidity
Account Initial Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date as extended
pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment or, in each case, if such date is not a Business Day, the Business Day
immediately preceding such date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 8.&#9;Exceptions to Certain Definitions Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 44.4pt 0 6pt; text-indent: 0.5in">The following definitions contained
under the heading &#8220;Definitions&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Not applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 9.&#9;Additional Definitions Applicable to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 6pt; text-indent: 0.5in">The following terms shall have the
following meanings (with terms defined in the singular having comparable meanings when used in the plural and vice versa), unless
the context otherwise requires:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.1pt 0 6pt; text-indent: 0.5in">&#8220;Dividend Period&#8221; means,
with respect to each Outstanding Series C-3 VRTP Share, in the case of the first Dividend Period following the Issuance Date of
such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including) the last calendar day
of the month in which such Issuance Date occurs and, for each subsequent Dividend Period, the period beginning on (and including)
the first calendar day of the month following the month in which the previous Dividend Period ended and ending on (and including)
the last calendar day of such month.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.25pt 0 6pt; text-indent: 0.5in">&#8220;Index Rate&#8221; means,
for each day during a Dividend Period and solely with respect to any Series C-3 VRTP Shares Outstanding on such day, the per annum
rate equivalent to the weighted average of the per annum rates paid or payable by CIESCO from time to time as interest on or otherwise
(by means of interest rate hedges or otherwise) in respect of those commercial paper notes issued by CIESCO that are allocated,
in whole or in part, by the Agent (on behalf of CIESCO) to fund or maintain the investment by CIESCO in the Series C-3 VRTP Shares
Outstanding on such day, as determined by the Agent (on behalf of CIESCO) and reported to the Trust, which rates shall reflect
and give effect to the commissions of placement agents and dealers in respect of such commercial paper notes, to the extent such
commissions are allocated, in whole or in part, to such commercial paper notes by the Agent (on behalf of</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 5.1pt 0 6pt">CIESCO); provided, however, that if any component
of such rate is a discount rate, in calculating the &#8220;Index Rate&#8221; for such day, the Agent shall for such component use
the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 42.1pt 0 6pt; text-indent: 0.5in">&#8220;Transfer Date&#8221;
means, with respect to any Series C-3 VRTP Share transferred by CIESCO, the settlement date for the transfer of such VRTP Share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 10.&#9;Amendments to Terms of VRTP Shares Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 21.05pt 0 6pt; text-indent: 0.5in">The following provisions contained
under the heading &#8220;Terms of the VRTP Shares&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt"><U>Reporting of Index Rate and Dividend Rate</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.15pt 0 5.95pt; text-indent: 0.5in">With respect to any Outstanding
Series C-3 VRTP Shares, the Agent shall determine in accordance with the terms hereof the applicable Dividend Rate for such Series
for each day in a Dividend Period and shall provide notice thereof to the Trust and the Redemption and Paying Agent by 3:00 p.m.
(New York City time) on such day. Such notice shall set forth the Index Rate and the Applicable Spread (which may be the Applicable
Spread for the Increased Rate, if applicable) used in connection with the calculation of the Dividend Rate for such Series. Each
determination of the Dividend Rate for such Series by the Agent shall be conclusive and binding for all purposes on the Trust,
absent manifest error.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers to Persons other than Conduit Purchasers</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.8pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-3 VRTP
Shares by CIESCO to any Person that (x) is not a Conduit Purchaser and (y) is a member of the Federal Reserve System (or any successor)
(or is otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in such Series C-3
VRTP Shares being exchanged for an equal number of Series L-1 VRTP Shares. The Series L-1 VRTP Shares shall have preferences, voting
powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust and the VRTP
Amendment (except as the VRTP Amendment may be expressly modified by Appendix E), as are set forth in Appendix E.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 9.8pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-3 VRTP
Shares by CIESCO to any Person that (x) is not a Conduit Purchaser and (y) is not a member of the Federal Reserve System (or any
successor) (or is not otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in
such Series C-3 VRTP Shares being exchanged for an equal number of Series L-2 VRTP Shares. The Series L-2 VRTP Shares shall have
preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions
of redemption, in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust
and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix F), as are set forth in Appendix F.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers to other Conduit Purchasers</U></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 5.95pt 0; text-indent: 0.5in">Any transfer of Series C-3 VRTP
Shares by CIESCO to CHARTA shall result in such Series C-3 VRTP Shares being exchanged for an equal number of Series C-1 VRTP Shares.
The Series C-1 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix
A), as are set forth in Appendix B.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 5.95pt 0; text-indent: 0.5in">Any transfer of Series C-3 VRTP
Shares by CIESCO to CAFCO shall result in such Series C-3 VRTP Shares being exchanged for an equal number of Series C-2 VRTP Shares.
The Series C-2 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by the Appendix
B), as are set forth in Appendix B.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.25pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-3 VRTP
Shares by CIESCO to CRC shall result in such Series C-3 VRTP Shares being exchanged for an equal number of Series C-4 VRTP Shares.
The Series C-4 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by the Appendix
D), as are set forth in Appendix D.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.45pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-3 VRTP
Shares by CIESCO shall require delivery of a written notice to the Trust and the Redemption and Paying Agent by CIESCO (which may
be given at or prior to 3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer Date, the transferee,
the amount of Series C-3 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares being exchanged for
such Series C-3 VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11pt 0 5.95pt; text-indent: 0.5in">As of any Transfer Date, without
any requirement for any further approval by the Board of Trustees or any other Person (but subject to the transfer restrictions
set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number of Series C-3 VRTP Shares
in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series C-3 VRTP Shares on such Transfer
Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800). As of the
settlement date for the transfer of any other Series of VRTP Shares to CIESCO, without any requirement for any further approval
by the Board of Trustees or any other Person, the Trust shall be deemed to have increased the authorized number of and issued Series
C-3 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares being exchanged for Series C-3 VRTP
Shares, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.85pt 0 5.95pt; text-indent: 0.5in">Notwithstanding anything to
the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series C-3 VRTP Shares that have been
exchanged for any</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 11.4pt 0 6pt">other Specified Series of VRTP Shares shall be payable
by the Trust to CIESCO on the second Business Day after the related Transfer Date notwithstanding that such Series C-3 VRTP Shares
have been deemed cancelled pursuant to the preceding paragraph.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 8.4pt 0 6pt; text-indent: 0.5in">If the VRTP Shares of the Specified
Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall only be required to redeem Outstanding
VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series are redeemed, the number of authorized
shares of each Specified Series and the permitted maximum aggregate number of Outstanding VRTP Shares of all Specified Series permitted
shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 3.95pt 5.85pt 0 0; text-align: right">APPENDIX D</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 95.25pt"><B>EATON VANCE FLOATING RATE-INCOME TRUST</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 71.8pt"><B>VARIABLE RATE TERM PREFERRED SHARES, SERIES C-4</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Preliminary Statement and Incorporation By Reference</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 16.8pt 0 5.95pt; text-indent: 0.5in">This Appendix establishes a Series
of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below, this Appendix incorporates
by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares in that &#8220;Amendment
No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and Preferences of Variable Rate
Term Preferred Shares&#8221; dated December 18, 2012 (the &#8220;<U>VRTP Amendment</U>&#8221;). This Appendix has been adopted
by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used herein but not defined
herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7pt 0 5.95pt; text-indent: 0.5in">Variable Rate Term Preferred Shares,
Series C-4: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term Preferred Shares is hereby
designated as &#8220;Series C-4 Variable Rate Term Preferred Shares&#8221; (the &#8220;<U>Series C-4 VRTP Shares</U>&#8221;). Each
Series C-4 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by this Appendix),
as are set forth in this Appendix A. The Series C-4 VRTP Shares shall constitute a separate series of Preferred Shares and of the
Variable Rate Term Preferred Shares and each Series C-4 VRTP Share shall be identical. The following terms and conditions shall
apply solely to the Series C-4 VRTP Shares:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 2.&#9;Number of Authorized Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 23.45pt 0 5.95pt; text-indent: 0.5in">The number of authorized Series
C-4 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each other Series Outstanding
at such time.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 3.&#9;Issuance Date of Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 19.8pt 0 6pt; text-indent: 0.5in">The &#8220;Issuance Date&#8221;
for each Series C-4 VRTP Share will deemed to be the date that a VRTP Share of any other Specified Series is exchanged for such
Series C-4 VRTP Share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0.05pt 152.2pt 0 41.95pt">Section 4.&#9;Liquidation Preference
Applicable to Series. The Liquidation Preference is $100,000.00 per share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt">Section 5.&#9;Term Redemption Date Applicable to Series.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 35.75pt 0 6pt; text-indent: 0.5in">The Term Redemption Date is
December 18, 2015, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 6.&#9;Dividend Payment Dates Applicable to
Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 7.4pt 0 6pt; text-indent: 0.5in">The Dividend Payment Date is
the date that is two (2) Business Days after the last calendar day of each Dividend Period; provided, that all accrued but unpaid
dividends on any Series C-4 VRTP Share that has been transferred by CRC shall be payable to CRC on the second Business Day after
the related Transfer Date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 7.&#9;Liquidity Account Initial Date Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The Liquidity
Account Initial Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date as extended
pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment or, in each case, if such date is not a Business Day, the Business Day
immediately preceding such date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 8.&#9;Exceptions to Certain Definitions Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 44.4pt 0 6pt; text-indent: 0.5in">The following definitions contained
under the heading &#8220;Definitions&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Not applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 9.&#9;Additional Definitions Applicable to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 6pt; text-indent: 0.5in">The following terms shall have the
following meanings (with terms defined in the singular having comparable meanings when used in the plural and vice versa), unless
the context otherwise requires:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.1pt 0 6pt; text-indent: 0.5in">&#8220;Dividend Period&#8221; means,
with respect to each Outstanding Series C-4 VRTP Share, in the case of the first Dividend Period following the Issuance Date of
such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including) the last calendar day
of the month in which such Issuance Date occurs and, for each subsequent Dividend Period, the period beginning on (and including)
the first calendar day of the month following the month in which the previous Dividend Period ended and ending on (and including)
the last calendar day of such month.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.2pt 0 6pt; text-indent: 0.5in">&#8220;Index Rate&#8221; means, for
each day during a Dividend Period and solely with respect to any Series C-4 VRTP Shares Outstanding on such day, the per annum
rate equivalent to the weighted average of the per annum rates paid or payable by CRC from time to time as interest on or otherwise
(by means of interest rate hedges or otherwise) in respect of those commercial paper notes issued by CRC that are allocated, in
whole or in part, by the Agent (on behalf of CRC) to fund or maintain the investment by CRC in the Series C-4 VRTP Shares Outstanding
on such day, as determined by the Agent (on behalf of CRC) and reported to the Trust, which rates shall reflect and give effect
to the commissions of placement agents and dealers in respect of such commercial paper notes, to the extent such commissions are
allocated, in whole or in part, to such commercial paper notes by the Agent (on behalf of CRC); provided, however, that if any</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 6.85pt 0 5.95pt">component of such rate is a discount rate, in
calculating the &#8220;Index Rate&#8221; for such day, the Agent shall for such component use the rate resulting from converting
such discount rate to an interest bearing equivalent rate per annum.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 12.15pt 0 5.95pt; text-indent: 0.5in">&#8220;Transfer Date&#8221;
means, with respect to any Series C-4 VRTP Share transferred by CRC, the settlement date for the transfer of such VRTP Share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 10.&#9;Amendments to Terms of VRTP Shares
Applicable to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 21.1pt 0 5.95pt; text-indent: 0.5in">The following provisions
contained under the heading &#8220;Terms of the VRTP Shares&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Reporting of Index Rate and Dividend Rate</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.15pt 0 5.95pt; text-indent: 0.5in">With respect to any Outstanding
Series C-4 VRTP Shares, the Agent shall determine in accordance with the terms hereof the applicable Dividend Rate for such Series
for each day in a Dividend Period and shall provide notice thereof to the Trust and the Redemption and Paying Agent by 3:00 p.m.
(New York City time) on such day. Such notice shall set forth the Index Rate and the Applicable Spread (which may be the Applicable
Spread for the Increased Rate, if applicable) used in connection with the calculation of the Dividend Rate for such Series. Each
determination of the Dividend Rate for such Series by the Agent shall be conclusive and binding for all purposes on the Trust,
absent manifest error.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers to Persons other than Conduit Purchasers</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.15pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-4 VRTP
Shares by CRC to any Person that (x) is not a Conduit Purchaser and (y) is a member of the Federal Reserve System (or any successor)
(or is otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in such Series C-4
VRTP Shares being exchanged for an equal number of Series L-1 VRTP Shares. The Series L-1 VRTP Shares shall have preferences, voting
powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust and the VRTP
Amendment (except as the VRTP Amendment may be expressly modified by Appendix E), as are set forth in Appendix E.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.8pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-4 VRTP
Shares by CRC to any Person that (x) is not a Conduit Purchaser and (y) is not a member of the Federal Reserve System (or any successor)
(or is not otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in such Series
C-4 VRTP Shares being exchanged for an equal number of Series L-2 VRTP Shares. The Series L-2 VRTP Shares shall have preferences,
voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust and the VRTP
Amendment (except as the VRTP Amendment may be expressly modified by Appendix F), as are set forth in Appendix F.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers to other Conduit Purchasers</U></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 8.25pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-4
VRTP Shares by CRC to CHARTA shall result in such Series C-4 VRTP Shares being exchanged for an equal number of Series C-1 VRTP
Shares. The Series C-1 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix
A), as are set forth in Appendix B.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Any transfer of Series C-4 VRTP Shares by CRC to
CAFCO shall result in such Series</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.25pt 0 5.95pt">C-4 VRTP Shares being exchanged for an equal number
of Series C-2 VRTP Shares. The Series C-2 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law
and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be
expressly modified by the Appendix B), as are set forth in Appendix B.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.25pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series C-4 VRTP
Shares by CRC to CIESCO shall result in such Series C-4 VRTP Shares being exchanged for an equal number of Series C-3 VRTP Shares.
The Series C-3 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by the Appendix
C), as are set forth in Appendix C.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 23.1pt 0 6pt; text-indent: 0.5in">Any transfer of Series C-4 VRTP
Shares by CRC shall require delivery of a written notice to the Trust and the Redemption and Paying Agent by CRC (which may be
given at or prior to 3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer Date, the transferee,
the amount of Series C-4 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares being exchanged for
such Series C-4 VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11pt 0 5.95pt; text-indent: 0.5in">As of any Transfer Date, without
any requirement for any further approval by the Board of Trustees or any other Person (but subject to the transfer restrictions
set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number of Series C-4 VRTP Shares
in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series C-4 VRTP Shares on such Transfer
Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800). As of the
settlement date for the transfer of any other Series of VRTP Shares to CRC, without any requirement for any further approval by
the Board of Trustees or any other Person, the Trust shall be deemed to have increased the authorized number of and issued Series
C-4 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares being exchanged for Series C-4 VRTP
Shares, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0.15in 0 6pt; text-indent: 0.5in">Notwithstanding anything to the
contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series C-4 VRTP Shares that have been exchanged
for any</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 11.4pt 0 6pt">other Specified Series of VRTP Shares shall be payable
by the Trust to CRC on the second Business Day after the related Transfer Date notwithstanding that such Series C-4 VRTP Shares
have been deemed cancelled pursuant to the preceding paragraph.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 8.4pt 0 6pt; text-indent: 0.5in">If the VRTP Shares of the Specified
Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall only be required to redeem Outstanding
VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series are redeemed, the number of authorized
shares of each Specified Series and the permitted maximum aggregate number of Outstanding VRTP Shares of all Specified Series permitted
shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 3.95pt 5.85pt 0 0; text-align: right">APPENDIX E</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 95.25pt"><B>EATON VANCE FLOATING RATE-INCOME TRUST</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 72.15pt"><B>VARIABLE RATE TERM PREFERRED SHARES, SERIES L-1</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Preliminary Statement and Incorporation By Reference</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 16.8pt 0 5.95pt; text-indent: 0.5in">This Appendix establishes a Series
of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below, this Appendix incorporates
by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares in that &#8220;Amendment
No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and Preferences of Variable Rate
Term Preferred Shares&#8221; dated December 18, 2012 (the &#8220;<U>VRTP Amendment</U>&#8221;). This Appendix has been adopted
by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used herein but not defined
herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 9.05pt 0 5.95pt; text-indent: 0.5in">Variable Rate Term Preferred
Shares, Series L-1: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term Preferred Shares is
hereby designated as &#8220;Series L-1 Variable Rate Term Preferred Shares&#8221; (the &#8220;<U>Series L-1 VRTP Shares</U>&#8221;).
Each Series L-1 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by this Appendix),
as are set forth in this Appendix E. The Series L-1 VRTP Shares shall constitute a separate series of Preferred Shares and of the
Variable Rate Term Preferred Shares and each Series L-1 VRTP Share shall be identical. The following terms and conditions shall
apply solely to the Series L-1 VRTP Shares:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 2.&#9;Number of Authorized Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 24.15pt 0 5.95pt; text-indent: 0.5in">The number of authorized Series
L-1 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each other Series Outstanding
at such time.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 3.&#9;Issuance Date of Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.15pt 0 6pt; text-indent: 0.5in">The &#8220;Issuance Date&#8221;
for each Series L-1 VRTP Share will be deemed to be the date that a VRTP Share of any other Specified Series is exchanged for such
Series L-1 VRTP Share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0.05pt 152.2pt 0 41.95pt">Section 4.&#9;Liquidation Preference
Applicable to Series. The Liquidation Preference is $100,000.00 per share.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 0 0 42pt">Section 5.&#9;Term Redemption Date Applicable to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 35.75pt 0 6pt; text-indent: 0.5in">The Term Redemption Date is December
18, 2015, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 6.&#9;Dividend Payment Dates Applicable to
Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 12.45pt 0 6pt; text-indent: 0.5in">The Dividend Payment Date
is the date that is two (2) Business Days after the end of each Dividend Period; provided, that all accrued but unpaid dividends
on any Series L-1 VRTP Share that has been transferred to any Person other than a Conduit Purchaser shall be payable to the transferor
on the second Business Day after the related Transfer Date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 7.&#9;Liquidity Account Initial Date Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.45pt 0 5.95pt; text-indent: 0.5in">The Liquidity Account Initial
Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date as extended pursuant to
<U>Section 2.5(a)</U> of the VRTP Amendment or, if such date is not a Business Day, the Business Day immediately preceding such
date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 41.95pt">Section 8.&#9;Exceptions to Certain Definitions Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 44.45pt 0 5.95pt; text-indent: 0.5in">The following definitions contained
under the heading &#8220;Definitions&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt">Not applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 9.&#9;Additional Definitions Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 8.15pt 0 5.95pt; text-indent: 0.5in">The following terms shall
have the following meanings (with terms defined in the singular having comparable meanings when used in the plural and vice versa),
unless the context otherwise requires:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 8.15pt 0 5.95pt; text-indent: 0.5in">&#8220;Bank Rate&#8221;
means, with respect to any Dividend Period, an interest rate per annum equal to the Eurodollar Rate for such Dividend Period; provided,
however, in the case of any Dividend Period commencing after the Agent shall have notified the Trust that the introduction of or
any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental authority
asserts that it is unlawful, for any or all of the Holders or Designated Owners of the Series L-1 VRTP Shares to maintain investments
in such VRTP Shares at the Eurodollar Rate, the Bank Rate for such Dividend Period shall be an interest rate per annum equal to
the Base Rate in effect on the first day of such Dividend Period.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 10.45pt 0 6pt; text-indent: 0.5in">&#8220;Base Rate&#8221; means
the rate of interest from time to time announced publicly by Citibank at its Principal Office as its base rate. The &#8220;Base
Rate&#8221; is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer of
Citibank.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.1pt 0 6pt; text-indent: 0.5in">&#8220;Dividend Period&#8221; means,
with respect to each Outstanding Series L-1 VRTP Share, in the case of the first Dividend Period following the Issuance Date of
such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including) the last calendar</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 6.75pt 0 6pt">day of the month in which such Issuance Date occurs
and, for each subsequent Dividend Period, the period beginning on (and including) the first calendar day of the month following
the month in which the previous Dividend Period ended and ending on (and including) the last calendar day of such month.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 9.75pt 0 6pt; text-indent: 0.5in">&#8220;Eurocurrency Liabilities&#8221;
shall have the meaning assigned to such term in Regulation D of the Board of Governors of the Federal Reserve System, as in effect
from time to time.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 6pt; text-indent: 0.5in">&#8220;Eurodollar Rate&#8221; means,
with respect to any Dividend Period, an interest rate per annum obtained by dividing (a) the rate per annum at which deposits in
Dollars are offered by the principal office of Citibank in London, England to prime banks in the London interbank market at 11:00
A.M. (London time) on the related Rate Determination Date in an amount substantially equal to the aggregate Liquidation Preference
of the Outstanding Series L-1 VRTP Shares on such Rate Determination Date and for a period substantially equal to one month by
(b) the amount equal to 1.00 minus the Eurodollar Rate Reserve Percentage (expressed as a decimal) for such Dividend Period.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 5.95pt; text-indent: 0.5in">&#8220;Eurodollar Rate Reserve
Percentage&#8221; means, with respect to any Dividend Period, the reserve percentage applicable on the related Rate Determination
Date under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) (or
if more than one such percentage shall be applicable, the daily average of such percentages for those days in such period during
which any such percentage shall be so applicable) for determining the maximum reserve requirement (including, without limitation,
any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System (or any successor)
with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or any other category of liabilities
that includes deposits by reference to which the interest rate on Eurocurrency Liabilities is determined) having a term comparable
to such period.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 39.45pt 0 6pt; text-indent: 0.5in">&#8220;Index Rate&#8221; means,
with respect to each day in a Dividend Period and solely with respect to any Series L-1 VRTP Shares Outstanding on such day, the
Bank Rate.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.4pt 0 6pt; text-indent: 0.5in">&#8220;Principal Office&#8221; means
the principal office of Citibank presently located at 399 Park Avenue, New York, New York or at such other location as Citibank
shall designate in writing to the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.15pt 0 6pt; text-indent: 0.5in">&#8220;Transfer Date&#8221; means,
with respect to any Series L-1 VRTP Share being transferred for a VRTP Share of any other Series, the settlement date for such
transfer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 10.&#9;Amendments to Terms of VRTP Shares Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 21.05pt 0 6pt; text-indent: 0.5in">The following provisions contained
under the heading &#8220;Terms of the VRTP Shares&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt"><U>Reporting of Index Rate and Dividend Rate</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 23.8pt 0 5.95pt; text-indent: 0.5in">Prior to each Dividend Period,
the Agent shall determine the applicable Bank Rate for such Dividend Period and provide notice thereof to the Trust and the Redemption
and Paying</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 7.35pt 0 5.95pt">Agent by 3:00 p.m. (New York City time) on or
prior to the first day of such Dividend Period. With respect to any Outstanding Series L-1 VRTP Shares, the Agent shall determine
in accordance with the terms hereof the applicable initial Dividend Rate for such Series for each Dividend Period and provide notice
thereof to the Trust and the Redemption and Paying Agent by 3:00 p.m. (New York City time) on or prior to the first day of such
Dividend Period. The Agent shall also determine in accordance with the terms hereof each adjustment that is required to be made
to the then-applicable Dividend Rate for such Series during each Dividend Period and provide notice thereof to the Trust and the
Redemption and Paying Agent by 3:00 p.m. (New York City time) on the day such adjustment is required to be made or as soon as practicable
thereafter. Such notices shall set forth the Index Rate and the Applicable Spread (which may be the Applicable Spread for the Increased
Rate, if applicable) used in connection with the calculation of the Dividend Rate for such Series. Each determination of the Dividend
Rate for such Series and any adjustments thereof by the Agent shall be conclusive and binding for all purposes on the Trust, absent
manifest error.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Liquidation Fee</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.9pt 0 6pt; text-indent: 0.5in">The Trust shall compensate any Designated
Owner of the Series L-1 VRTP Shares and any of its affiliates (each such Person, an &#8220;<U>Affected Person</U>&#8221;), upon
the Agent&#8217;s written request (which request shall set forth the basis for requesting such amounts), for all reasonable losses,
expenses and liabilities (including, without limitation, any interest paid by such Affected Person to lenders of funds borrowed
by it to make or carry its investment in such Series L-1 VRTP Shares and any loss sustained by such Affected Person in connection
with the re-employment of such funds), which such Affected Person may sustain if any optional redemption of such Series L-1 VRTP
Shares under <U>Section 2.5</U> is not made on the date specified in the related Notice of Redemption or occurs on a date which
is not the last day of a Dividend Period.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 17.75pt 0 6pt; text-indent: 0.5in"><U>Transfers to a Person (other
than a Conduit Purchaser) that is not a member bank of the Federal Reserve System</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.45pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series L-1 VRTP
Shares to any Person that (x) is not a Conduit Purchaser and (y) is not a member of the Federal Reserve System (or any successor)
(or is not otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in such Series
L-1 VRTP Shares being exchanged for an equal number of Series L-2 VRTP Shares. The Series L-2 VRTP Shares shall have preferences,
voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust and the VRTP
Amendment (except as the VRTP Amendment may be expressly modified by Appendix F), as are set forth in Appendix F.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers to Conduit Purchasers</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.95pt; text-indent: 0.5in">Any transfer of Series L-1 VRTP Shares
to CHARTA shall result in such Series L-1 VRTP Shares being exchanged for an equal number of Series C-1 VRTP Shares. The Series
C-1 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth
in the Declaration of Trust and</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 49.75pt 0 6pt">the VRTP Amendment (except as the VRTP Amendment
may be expressly modified by Appendix A), as are set forth in Appendix A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.4pt 0 6pt; text-indent: 0.5in">Any transfer of Series L-1 VRTP
Shares to CAFCO shall result in such Series L-1 VRTP Shares being exchanged for an equal number of Series C-2 VRTP Shares. The
Series C-2 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix
B), as are set forth in Appendix B</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.1pt 0 6pt; text-indent: 0.5in">Any transfer of Series L-1 VRTP
Shares to CIESCO shall result in such Series L-1 VRTP Shares being exchanged for an equal number of Series C-3 VRTP Shares. The
Series C-3 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by the Appendix
C), as are set forth in Appendix C.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.4pt 0 6pt; text-indent: 0.5in">Any transfer of Series L-1 VRTP Shares
to CRC shall result in such Series L-1 VRTP Shares being exchanged for an equal number of Series C-4 VRTP Shares. The Series C-4
VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth
in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by the Appendix D),
as are set forth in Appendix D.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.5pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series L-1 VRTP
Shares shall require delivery of a written notice to the Trust by the applicable transferor (which may be given at or prior to
3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer Date, the transferee, the amount of Series
L-1 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares being exchanged for such Series L-1 VRTP
Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.9pt 0 5.95pt; text-indent: 0.5in">As of any Transfer Date, without
any requirement for any further approval by the Board of Trustees or any other Person (but subject to the transfer restrictions
set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number of Series L-1 VRTP Shares
in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series L-1 VRTP Shares on such Transfer
Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800). As of the
settlement date for the transfer of any Series of VRTP Shares other than Series L-1 VRTP Shares to any Person that (x) is not a
Conduit Purchaser and (y) is a member bank of the Federal Reserve System (or any successor) (or is otherwise subject to Regulation
D of the Board of Governors of the Federal Reserve System), without any requirement for any further approval by the Board of Trustees
or any other Person, the Trust shall be deemed to have increased the authorized number of and issued Series L-1 VRTP Shares in
an amount equal to the</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 21.45pt 0 6pt; text-align: justify">corresponding number of other
Series of VRTP Shares being exchanged for Series L-1 VRTP Shares, provided that the aggregate number of VRTP Shares Outstanding
at any time shall not exceed eight-hundred (800).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 12.35pt 0 6pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series L-1 VRTP Shares that
have been exchanged for any other Specified Series of VRTP Shares shall be payable by the Trust to the applicable transferor on
the second Business Day after the related Transfer Date notwithstanding that such Series L-1 VRTP Shares have been deemed cancelled
pursuant to the preceding paragraph.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 8.4pt 0 6pt; text-indent: 0.5in">If the VRTP Shares of the Specified
Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall only be required to redeem Outstanding
VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series are redeemed, the number of authorized
shares of each Specified Series and the permitted maximum aggregate number of Outstanding VRTP Shares of all Specified Series permitted
shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 3.95pt 5.85pt 0 0; text-align: right">APPENDIX F</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 95.25pt"><B>EATON VANCE FLOATING RATE-INCOME TRUST</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 72.15pt"><B>VARIABLE RATE TERM PREFERRED SHARES, SERIES L-2</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Preliminary Statement and Incorporation By Reference</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 16.8pt 0 5.95pt; text-indent: 0.5in">This Appendix establishes a Series
of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below, this Appendix incorporates
by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares in that &#8220;Amendment
No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and Preferences of Variable Rate
Term Preferred Shares&#8221; dated December 18, 2012 (the &#8220;<U>VRTP Amendment</U>&#8221;). This Appendix has been adopted
by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used herein but not defined
herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 9.7pt 0 5.95pt; text-indent: 0.5in">Variable Rate Term Preferred Shares,
Series L-2: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term Preferred Shares is hereby
designated as &#8220;Series L-2 Variable Rate Term Preferred Shares&#8221; (the &#8220;<U>Series L-2 VRTP Shares</U>&#8221;). Each
Series L-2 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by this Appendix),
as are set forth in this Appendix F. The Series L-2 VRTP Shares shall constitute a separate series of Preferred Shares and of the
Variable Rate Term Preferred Shares and each Series L-2 VRTP Share shall be identical. The following terms and conditions shall
apply solely to the Series L-2 VRTP Shares:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 2.&#9;Number of Authorized Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 24.15pt 0 5.95pt; text-indent: 0.5in">The number of authorized Series
L-2 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each other Series Outstanding
at such time.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 3.&#9;Issuance Date of Shares of Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.15pt 0 6pt; text-indent: 0.5in">The &#8220;Issuance Date&#8221;
for each Series L-2 VRTP Share will be deemed to be the date that a VRTP Share of any other Specified Series is exchanged for such
Series L-2 VRTP Share.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0.05pt 152.2pt 0 41.95pt">Section 4.&#9;Liquidation Preference
Applicable to Series. The Liquidation Preference is $100,000.00 per share.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 0 0 42pt">Section 5.&#9;Term Redemption Date Applicable to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 35.75pt 0 6pt; text-indent: 0.5in">The Term Redemption Date is December
18, 2015, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt">Section 6.&#9;Dividend Payment Dates Applicable to
Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 12.45pt 0 6pt; text-indent: 0.5in">The Dividend Payment Date
is the date that is two (2) Business Days after the end of each Dividend Period; provided, that all accrued but unpaid dividends
on any Series L-2 VRTP Share that has been transferred to any Person other than a Conduit Purchaser shall be payable to the transferor
on the second Business Day after the related Transfer Date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 7.&#9;Liquidity Account Initial Date Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.45pt 0 5.95pt; text-indent: 0.5in">The Liquidity Account Initial
Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date as extended pursuant to
<U>Section 2.5(a)</U> of the VRTP Amendment or, if such date is not a Business Day, the Business Day immediately preceding such
date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0 41.95pt">Section 8.&#9;Exceptions to Certain Definitions Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 44.45pt 0 5.95pt; text-indent: 0.5in">The following definitions contained
under the heading &#8220;Definitions&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt">Not applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 41.95pt">Section 9.&#9;Additional Definitions Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 8.15pt 0 5.95pt; text-indent: 0.5in">The following terms shall
have the following meanings (with terms defined in the singular having comparable meanings when used in the plural and vice versa),
unless the context otherwise requires:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 8.15pt 0 5.95pt; text-indent: 0.5in">&#8220;Bank Rate&#8221;
means, with respect to any Dividend Period, an interest rate per annum equal to the Eurodollar Rate for such Dividend Period; provided,
however, in the case of any Dividend Period commencing after the Agent shall have notified the Trust that the introduction of or
any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental authority
asserts that it is unlawful, for any or all of the Holders or Designated Owners of the Series L-2 VRTP Shares to maintain investments
in such VRTP Shares at the Eurodollar Rate, the Bank Rate for such Dividend Period shall be an interest rate per annum equal to
the Base Rate in effect on the first day of such Dividend Period.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 10.45pt 0 6pt; text-indent: 0.5in">&#8220;Base Rate&#8221; means
the rate of interest from time to time announced publicly by Citibank at its Principal Office as its base rate. The &#8220;Base
Rate&#8221; is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer of
Citibank.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.1pt 0 6pt; text-indent: 0.5in">&#8220;Dividend Period&#8221; means,
with respect to each Outstanding Series L-2 VRTP Share, in the case of the first Dividend Period following the Issuance Date of
such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including) the last calendar</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 6.75pt 0 6pt">day of the month in which such Issuance Date occurs
and, for each subsequent Dividend Period, the period beginning on (and including) the first calendar day of the month following
the month in which the previous Dividend Period ended and ending on (and including) the last calendar day of such month.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.8pt 0 6pt; text-indent: 0.5in">&#8220;Eurodollar Rate&#8221;
means, with respect to any Dividend Period, an interest rate per annum equal to the rate per annum at which deposits in Dollars
are offered by the principal office of Citibank in London, England to prime banks in the London interbank market at 11:00 A.M.
(London time) on the related Rate Determination Date in an amount substantially equal to the aggregate Liquidation Preference of
the Outstanding Series L-2 VRTP Shares on such Rate Determination Date and for a period substantially equal to one month.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 39.45pt 0 6pt; text-indent: 0.5in">&#8220;Index Rate&#8221; means,
with respect to each day in a Dividend Period and solely with respect to any Series L-2 VRTP Shares Outstanding on such day, the
Bank Rate.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 10.4pt 0 6pt; text-indent: 0.5in">&#8220;Principal Office&#8221; means
the principal office of Citibank presently located at 399 Park Avenue, New York, New York or at such other location as Citibank
shall designate in writing to the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 11.15pt 0 6pt; text-indent: 0.5in">&#8220;Transfer Date&#8221; means,
with respect to any Series L-2 VRTP Share being transferred for a VRTP Share of any other Series, the settlement date for such
transfer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Section 10.&#9;Amendments to Terms of VRTP Shares Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 21.05pt 0 6pt; text-indent: 0.5in">The following provisions contained
under the heading &#8220;Terms of the VRTP Shares&#8221; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt"><U>Reporting of Index Rate and Dividend Rate</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 7.35pt 0 5.95pt; text-indent: 0.5in">Prior to each Dividend Period,
the Agent shall determine the applicable Bank Rate for such Dividend Period and provide notice thereof to the Trust and the Redemption
and Paying Agent by 3:00 p.m. (New York City time) on or prior to the first day of such Dividend Period. With respect to any Outstanding
Series L-2 VRTP Shares, the Agent shall determine in accordance with the terms hereof the applicable initial Dividend Rate for
such Series for each Dividend Period and provide notice thereof to the Trust and the Redemption and Paying Agent by 3:00 p.m. (New
York City time) on or prior to the first day of such Dividend Period. The Agent shall also determine in accordance with the terms
hereof each adjustment that is required to be made to the then-applicable Dividend Rate for such Series during each Dividend Period
and provide notice thereof to the Trust and the Redemption and Paying Agent by 3:00 p.m. (New York City time) on the day such adjustment
is required to be made or as soon as practicable thereafter. Such notices shall set forth the Index Rate and the Applicable Spread
(which may be the Applicable Spread for the Increased Rate, if applicable) used in connection with the calculation of the Dividend
Rate for such Series. Each determination of the Dividend Rate for such Series and any adjustments thereof by the Agent shall be
conclusive and binding for all purposes on the Trust, absent manifest error.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Liquidation Fee</U></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 11.9pt 0 6pt; text-indent: 0.5in">The Trust shall compensate any
Designated Owner of the Series L-2 VRTP Shares and any of its affiliates (each such Person, an &#8220;<U>Affected Person</U>&#8221;),
upon the Agent&#8217;s written request (which request shall set forth the basis for requesting such amounts), for all reasonable
losses, expenses and liabilities (including, without limitation, any interest paid by such Affected Person to lenders of funds
borrowed by it to make or carry its investment in such Series L-2 VRTP Shares and any loss sustained by such Affected Person in
connection with the re-employment of such funds), which such Affected Person may sustain if any optional redemption of such Series
L-2 VRTP Shares under <U>Section 2.5</U> is not made on the date specified in the related Notice of Redemption or occurs on a date
which is not the last day of a Dividend Period.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 36.1pt 0 6pt; text-indent: 0.5in"><U>Transfers to a Person (other
than a Conduit Purchaser) that is a member bank of the Federal Reserve System</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.45pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series L-2 VRTP
Shares to any Person that (x) is not a Conduit Purchaser and (y) is a member of the Federal Reserve System (or any successor) (or
is otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in such Series L-2 VRTP
Shares being exchanged for an equal number of Series L-1 VRTP Shares. The Series L-1 VRTP Shares shall have preferences, voting
powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption,
in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust and the VRTP
Amendment (except as the VRTP Amendment may be expressly modified by Appendix E), as are set forth in Appendix E.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt"><U>Transfers to Conduit Purchasers</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.95pt; text-indent: 0.5in">Any transfer of Series L-2 VRTP Shares
to CHARTA shall result in such Series L-2 VRTP Shares being exchanged for an equal number of Series C-1 VRTP Shares. The Series
C-1 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth
in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix A), as are
set forth in Appendix A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.45pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series L-2 VRTP
Shares to CAFCO shall result in such Series L-2 VRTP Shares being exchanged for an equal number of Series C-2 VRTP Shares. The
Series C-2 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix
B), as are set forth in Appendix B</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.4pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series L-2 VRTP
Shares to CIESCO shall result in such Series L-2 VRTP Shares being exchanged for an equal number of Series C-3 VRTP Shares. The
Series C-3 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 15.1pt 0 6pt">Amendment (except as the VRTP Amendment may be expressly
modified by the Appendix C), as are set forth in Appendix C.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6.4pt 0 6pt; text-indent: 0.5in">Any transfer of Series L-2 VRTP
Shares to CRC shall result in such Series L-2 VRTP Shares being exchanged for an equal number of Series C-4 VRTP Shares. The Series
C-4 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth
in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by the Appendix D),
as are set forth in Appendix D.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 42pt"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.5pt 0 5.95pt; text-indent: 0.5in">Any transfer of Series L-2 VRTP
Shares shall require delivery of a written notice to the Trust by the applicable transferor (which may be given at or prior to
3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer Date, the transferee, the amount of Series
L-2 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares being exchanged for such Series L-2 VRTP
Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 5.95pt; text-indent: 0.5in">As of any Transfer Date, without any requirement
for any further approval by the Board of Trustees or any other Person (but subject to the transfer restrictions set forth in Section
2.17), the Trust shall be deemed to have cancelled and reduced the authorized number of Series L-2 VRTP Shares in an amount equal
to the corresponding number of other Series of VRTP Shares exchanged for Series L-2 VRTP Shares on such Transfer Date, provided
that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800). As of the settlement date
for the transfer of any Series of VRTP Shares other than Series L-2 VRTP Shares to any Person that (x) is not a Conduit Purchaser
and (y) is not a member bank of the Federal Reserve System (or any successor) (or is not otherwise subject to Regulation D of the
Board of Governors of the Federal Reserve System), without any requirement for any further approval by the Board of Trustees or
any other Person, the Trust shall be deemed to have increased the authorized number of and issued Series L-2 VRTP Shares in an
amount equal to the corresponding number of other Series of VRTP Shares being exchanged for Series L-2 VRTP Shares, provided that
the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 12.35pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series L-2 VRTP Shares that
have been exchanged for any other Specified Series of VRTP Shares shall be payable by the Trust to the applicable transferor on
the second Business Day after the related Transfer Date notwithstanding that such Series L-2 VRTP Shares have been deemed cancelled
pursuant to the preceding paragraph.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 8.45pt 0 5.95pt; text-indent: 0.5in">If the VRTP Shares of the Specified
Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall only be required to redeem Outstanding
VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series are redeemed, the number of authorized
shares of each Specified Series and the permitted maximum aggregate number of Outstanding VRTP Shares of all Specified Series permitted
shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 11.15pt 0 0 41.95pt">Aerospace and Defense Air Transport Automotive</P>

<P STYLE="font: 11pt/13.8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt">Beverage and Tobacco</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 133.05pt 0 11.9pt; text-align: center">SCHEDULE I</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 133.1pt 0 11.9pt; text-align: center">[INDUSTRY CLASSIFICATIONS]</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 4.5pt 249.4pt 0 41.95pt">Brokers, Dealers &amp; Investment Houses
Building and Development</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 275.5pt 0 41.95pt">Business Equipment and Services Cable and
Satellite TV Chemicals and Plastics</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 346.35pt 0 41.95pt">Clothing - Textiles Conglomerates</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 290.05pt 0 41.95pt">Containers and Glass Products Cosmetics/Toiletries</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 41.95pt">Drugs</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 266.1pt 0 41.95pt">Ecological Services and Equipment Electronics
&#8211; Electrical</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 318.7pt 0 41.95pt">Equipment Leasing Farming/Agriculture Financial
Intermediaries Food and Drug Retailers Food Products</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 362.05pt 0 41.95pt">Food Service Forest Products</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2.15pt 127.6pt 0; text-align: center">Schedule I-1</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.8pt 0 0 42pt">Healthcare</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 335.35pt 0 42pt">Home Furnishings Industrial Equipment Insurance</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 262pt 0 42pt">Leisure Goods &#8211; Activities - Movies Lodging
and Casinos</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 281.35pt 0 42pt">Nonferrous Materials - Minerals Oil and Gas</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Publishing</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 334.35pt 0 42pt">Radio and Television Rail Industries</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 289.65pt 0 42pt">Retailers (Not Food and Drug) Steel</P>

<P STYLE="font: 11pt/186% Arial, Helvetica, Sans-Serif; margin: 0 350.7pt 0 42pt">Surface Transport Telecom</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42pt">Utilities</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 127.6pt 0; text-align: center">Schedule I-2</P>


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<DOCUMENT>
<TYPE>EX-99.(B)(11)
<SEQUENCE>3
<FILENAME>exhibitb11_ex-99zb11.htm
<DESCRIPTION>AMENDMENT TO BY-LAWS
<TEXT>
<HTML>
<HEAD>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EXHIBIT (b)(11)</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AMENDMENT NO. 1</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TO</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AMENDMENT X TO THE BY-LAWS</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.05pt"><B>EATON VANCE FLOATING-RATE
INCOME TRUST</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.05pt"><B>ESTABLISHING AND FIXING
THE RIGHTS AND PREFERENCES</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.05pt"><B>OF</B></P>

<P STYLE="font: 11pt/13.7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>VARIABLE RATE TERM PREFERRED SHARES
(&#8220;VRTP SHARES&#8221;)</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.2pt"><B>DATED December 18, 2012</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.2pt"><B>(THE &#8220;VRTP AMENDMENT&#8221;)</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>WHEREAS</B>, pursuant to authority expressly
vested in the Board of Trustees of Eaton Vance Floating-Rate Income Trust (the &#8220;Fund&#8221;) by the Declaration of Trust
of the Fund, the Board of Trustees of the Fund may transact the Fund&#8217;s affairs;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6pt 0 0; text-indent: 0.5in"><B>WHEREAS</B>, the Board of Trustees
has determined that it is in the best interest of the Fund to extend the Term Redemption Date of the VRTP Shares to July 8, 2016,
and has approved such change; and</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 6pt 0 0; text-indent: 0.5in"><B>WHEREAS</B>, this change in the
Term Redemption Date has been consented to in writing by the sole shareholder of the Fund&#8217;s Outstanding VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-indent: 0.5in"><B>NOW THEREFORE</B>, the undersigned
officer of the Fund hereby certifies as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.4pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Board of Trustees of the Fund has adopted resolutions to extend
the Term Redemption Date to July 8, 2016.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.4pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section 5 of each Appendix to the VRTP Amendment is deleted in its
entirety and replaced with the following:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#8220;Section 5. Term Redemption Date Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/98% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The Term Redemption Date is July 8, 2016,
subject to extension pursuant to Section 2.5(a) of the VRTP Amendment.&#8221;</P>

<P STYLE="font: 11pt/98% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.4pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any capitalized terms used herein but not defined herein shall have
the meanings given to such capitalized terms in the VRTP Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.4pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Except as amended hereby, the VRTP Amendment remains in full force
and effect.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.4pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An original copy of this amendment shall be lodged with the records
of the Fund and filed in such places as the Board of Trustees deems appropriate.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: center; text-indent: 0in">[<I>Signature Page Follows</I>]</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Dated this 20<SUP>th</SUP> day of May, 2015.</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/101% Arial, Helvetica, Sans-Serif; margin: 0"><B>EATON VANCE FLOATING-RATE<BR>
        INCOME TRUST</B></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>By:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>/s/ Maureen A. Gemma</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Name:</B></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Maureen A. Gemma</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Title:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Secretary</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: center; text-indent: 0in">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.(B)(12)
<SEQUENCE>4
<FILENAME>exhibitb12_ex-99zb12.htm
<DESCRIPTION>AMENDMENT TO BY-LAWS
<TEXT>
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<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EXHIBIT (b)(12)</B></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AMENDMENT NO. 2</B></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TO</B></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AMENDMENT X TO THE BY-LAWS</B></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 11pt/101% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EATON VANCE FLOATING-RATE INCOME TRUST</B></P>

<P STYLE="font: 11pt/101% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ESTABLISHING AND FIXING THE RIGHTS AND
PREFERENCES OF</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>VARIABLE RATE TERM PREFERRED SHARES (&quot;VRTP
SHARES&quot;)</B></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DATED December 18, 2012</B></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(THE &quot;VRTP <FONT STYLE="letter-spacing: -1.55pt">A</FONT>MENDMENT'')</B></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/102% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>WHEREAS, </B>pursuant to authority expressly
vested in the Board of Trustees of Eaton Vance Floating-Rate Income Trust (the &quot;Fund&quot;) by the Declaration of Trust of
the Fund, the Board of Trustees of the Fund may transact the Fund's affairs;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>WHEREAS, </B>the Board of Trustees has
determined that it is in the best interest of the Fund to extend the Term Redemption Date of the VRTP Shares to January 8, 2017,
and has approved such change; and</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>WHEREAS, </B>this change in the Term
Redemption Date has been consented to in writing by the sole shareholder of the Fund's Outstanding VRTP Shares.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>NOW THEREFORE, </B>the undersigned officer
of the Fund hereby certifies as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Board of Trustees of the Fund has adopted resolutions to extend
the Term Redemption Date to January 8, 2017.</FONT></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section <I>5</I> of each Appendix to the VRTP Amendment is deleted
in its entirety and replaced with the following:</FONT></P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;Section 5. Term Redemption Date Applicable
to Series.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The Term Redemption Date is January 8, 2017,
subject to extension pursuant to Section 2.5(a) of the VRTP Amendment.&quot;</P>

<P STYLE="font: 11pt/103% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any capitalized terms used herein but not defined herein shall have
the meanings given to such capitalized terms in the VRTP Amendment.</FONT></P>

<P STYLE="font: 11pt/105% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Except as amended hereby, the VRTP Amendment remains in full force
and effect.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An original copy of this amendment shall be lodged with the records
of the Fund and filed in such places as the Board of Trustees deems appropriate.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>[Signature Page Follows]</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>


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<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11.5pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Dated this 22<SUP>nd</SUP> day of December, 2015.</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/101% Arial, Helvetica, Sans-Serif; margin: 0"><B>EATON VANCE FLOATING-RATE<BR>
        INCOME TRUST</B></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>By:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>/s/ Maureen A. Gemma</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Name:</B></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Maureen A. Gemma</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Title:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Secretary</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)
<SEQUENCE>5
<FILENAME>exhibitl_ex-99zl.htm
<DESCRIPTION>OPINION OF INTERNAL COUNSEL
<TEXT>
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<P STYLE="font: 9pt NewsGoth BT, Sans-Serif; margin: 0; letter-spacing: -0.2pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 36px; width: 180px">&#9;</P>

<P STYLE="font: 9pt NewsGoth BT, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">Eaton Vance Management</P>

<P STYLE="font: 9pt NewsGoth BT, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">Two International Place</P>

<P STYLE="font: 9pt NewsGoth BT, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">Boston, MA 02110</P>

<P STYLE="font: 9pt NewsGoth BT, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">(617) 482-8260</P>

<P STYLE="font: 9pt NewsGoth BT, Sans-Serif; margin: 0 0 0 4.5in; letter-spacing: -0.2pt">www.eatonvance.com</P>

<P STYLE="font: 11pt CG Times (WN); margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Dm BT,sans-serif; margin: 0; letter-spacing: -0.2pt; text-align: right">EXHIBIT (l)</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">September 27, 2018</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">Eaton Vance Floating-Rate Income Trust</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">Two International Place</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">Boston, MA 02110</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">Eaton Vance Floating-Rate
Income Trust (the &#8220;Trust&#8221;) is a voluntary association (commonly referred to as a &#8220;business trust&#8221;) established
under Massachusetts law with the powers and authority set forth under its Declaration of Trust dated April 30, 2004, as amended
(the &#8220;Declaration of Trust&#8221;).</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">I am a member of the Massachusetts
bar and have acted as counsel to the Trust in connection with Post-Effective Amendment No. 3 to the Trust&#8217;s Registration
Statement on Form N-2 to be filed with the Securities and Exchange Commission on September 27, 2018 (as so amended, the &#8220;Registration
Statement&#8221;), with respect to the issuance of common shares (&#8220;Shares&#8221;) of the Trust. I provide this opinion in
connection with the Trust&#8217;s filing of the Registration Statement.</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">I have examined originals,
or copies, certified or otherwise identified to my satisfaction, of such certificates, records and other documents as I have deemed
necessary or appropriate for the purpose of this opinion. Based upon the foregoing, and with respect to Massachusetts law (other
than the Massachusetts Uniform Securities Act), only to the extent that Massachusetts law may be applicable and without reference
to the laws of the other several states or of the United States of America, I am of the opinion that the Shares have been duly
authorized for issuance by the Trust and, when issued and delivered against payment therefore as described in the Prospectus included
in the Registration Statement, will be validly issued, fully paid and nonassessable. In this regard, however, I note that, under
certain circumstances, shareholders of a Massachusetts business trust could be held personally liable for the obligations of the
Trust.</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">I hereby consent to the
filing of this opinion with the Securities and Exchange Commission as an exhibit to Post-Effective Amendment No. 3 to the Registration
Statement pursuant to the 1933 Act.</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Very truly yours,</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt"><U>/s/ Jeanmarie Valle Lee&#9;&#9;</U></P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Jeanmarie Valle Lee, Esq.</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Vice President</P>

<P STYLE="font: 11pt NewsGoth Lt BT,sans-serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Eaton Vance Management</P>


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<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>6
<FILENAME>exhibitn_ex-99zn.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EXHIBIT (n)</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We consent to the incorporation by reference
in this Post-Effective Amendment No. 3 to Registration Statement No. 333-208995 on Form N-2 of our report dated July 17, 2018,
relating to the financial statements and financial highlights of Eaton Vance Floating-Rate Income Trust (the &ldquo;Trust&rdquo;),
appearing in the Annual Report on Form N-CSR of the Trust for the year ended May 31, 2018, and to the references to us under the
headings &ldquo;Financial Highlights&rdquo; and &ldquo;Independent Registered Public Accounting Firm&rdquo; in the Prospectus and
&ldquo;Independent Registered Public Accounting Firm&rdquo; and &ldquo;Financial Statements&rdquo; in the Statement of Additional
Information, which are part of such Registration Statement.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">/s/ Deloitte &amp; Touche LLP</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Boston, Massachusetts</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">September 27, 2018</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.(S)
<SEQUENCE>7
<FILENAME>exhibits_ex-99zs.htm
<DESCRIPTION>POWER OF ATTORNEY DTD 10-17-2017
<TEXT>
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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: right"><B>EXHIBIT (s)</B></P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">We, the undersigned officers and Trustees/Directors
of the Trusts, Corporations and Portfolios listed on Schedule A attached hereto (collectively, the &ldquo;Entities&rdquo;), do
hereby severally constitute and appoint Thomas E. Faust Jr., Maureen A. Gemma, James F. Kirchner or Deidre E. Walsh, or any of
them, to be true, sufficient and lawful attorneys, or attorney for each of us, to sign for each of us, in the name of each of us
in the capacities indicated below, any Registration Statement on the prescribed form (including, but not limited to, Form N-1A,
Form N-2 or Form N-14) and any and all amendments (including pre-effective and post-effective amendments) to a Registration Statement
filed with the Securities and Exchange Commission on behalf of each of the respective Entities listed on Schedule A, in respect
of shares or units of beneficial interest or common stock and other documents and papers relating thereto:</P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">IN WITNESS WHEREOF we have hereunto
set our hands on the date set forth opposite our respective signatures.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Signature</U></FONT></TD>
    <TD STYLE="width: 52%; padding-left: 0.05in; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Title</U></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Date</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><U>/s/ Edward J. Perkin&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Edward J. Perkin</P></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">President and Principal Executive Officer of Enhanced Equity Income Fund, Enhanced Equity Income Fund II, NextShares Trust, Risk-Managed Diversified Equity Income Fund, Tax-Advantaged Dividend Income Fund, Tax-Advantaged Global Dividend Income Fund, Tax-Advantaged Global Dividend Opportunities Fund, Tax-Managed Buy-Write Income Fund, Tax-Managed Buy-Write Opportunities Fund, Tax-Managed Diversified Equity Income Fund, Tax-Managed Global Buy-Write Opportunities Fund, Tax-Managed Global Diversified Equity Income Fund, Dividend Builder Portfolio, Global Income Builder Portfolio, Greater India Portfolio, Growth Portfolio, Large-Cap Value Portfolio, SMID-Cap Portfolio, Stock Portfolio, Tax-Managed Global Small-Cap Portfolio, Tax-Managed Growth Portfolio, Tax-Managed International Equity Portfolio, Tax-Managed Multi-Cap Growth Portfolio, Tax-Managed Small-Cap Portfolio, Tax-Managed Value Portfolio and Worldwide Health Sciences Portfolio</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><U>/s/ Payson F. Swaffield&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Payson F. Swaffield</P></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">President and Principal Executive Officer of California Municipal Bond Fund, California Municipal Bond Fund II, California Municipal Income Trust, Floating-Rate 2022 Target Term Trust, Floating-Rate Income Plus Fund, Floating-Rate Income Trust, Growth Trust, Investment Trust, High Income 2021 Target Term Trust, Limited Duration Income Fund, Massachusetts Municipal Bond Fund, Massachusetts Municipal Income Trust, Michigan Municipal Bond Fund, Michigan Municipal Income Trust, Municipal Bond Fund, Municipal Bond Fund II, Municipal Income 2028 Term Trust, Municipal Income Trust, Municipals Trust, Municipals Trust II, Mutual Funds Trust, National Municipal Opportunities Trust, New Jersey Municipal Bond Fund, New Jersey Municipal Income Trust, New York Municipal Bond Fund, New York Municipal Bond Fund II, New York Municipal Income Trust, NextShares Trust II, Ohio Municipal Bond Fund, Ohio Municipal Income Trust, Pennsylvania Municipal Bond Fund, Pennsylvania Municipal Income Trust, Senior Floating-Rate Trust, Senior Income Trust, Series Fund, Inc., Series Trust, Series Trust II, Short Duration Diversified Income Fund, Special Investment Trust, Tax-Advantaged Bond and Option Strategies Fund, Variable Trust, 5-to-15 Year Laddered Municipal Bond Portfolio, Boston Income Portfolio, Core Bond Portfolio, Emerging Markets Local Income Portfolio, Eaton Vance Floating Rate Portfolio, Global Macro Absolute Return Advantage Portfolio, Global Macro Capital Opportunities Portfolio, Global Macro Portfolio, Global Opportunities Portfolio, Government Obligations Portfolio, High Income Opportunities Portfolio, High Yield Municipal Income Portfolio, International Income Portfolio, Multisector Income Portfolio, MSAR Completion Portfolio, Senior Debt Portfolio, Short Duration High Income Portfolio and Short-Term U.S. Government Portfolio</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ James F. Kirchner&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">James F. Kirchner</P></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Treasurer and Principal Financial and Accounting Officer</FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: center"><BR STYLE="clear: both">
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Signature</U></FONT></TD>
    <TD STYLE="width: 39%; padding-left: 0.05in; line-height: 107%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Title</U></FONT></TD>
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Date</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ Thomas E. Faust Jr.&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Thomas E. Faust Jr.</P></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee/Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ Mark R. Fetting&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Mark R. Fetting</P></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee/Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ Cynthia E. Frost&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Cynthia E. Frost</P></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee/Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ George J. Gorman&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">George J. Gorman</P></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee/Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ Valerie A. Mosley&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Valerie A. Mosley</P></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee/Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ William H. Park&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">William H. Park</P></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee/Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ Helen Frame Peters&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Helen Frame Peters</P></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee/Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ Susan J. Sutherland&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Susan J. Sutherland</P></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee/Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ Harriett Tee Taggart&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Harriett Tee Taggart</P></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee/Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify"><U>/s/ Scott E. Wennerholm&#9;</U></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Scott E. Wennerholm</P></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee/Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2017</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>SCHEDULE A</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Growth Trust (&ldquo;Growth Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Investment Trust (&ldquo;Investment Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Municipals Trust (&ldquo;Municipals Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Municipals Trust II (&ldquo;Municipals Trust II&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Mutual Funds Trust (&ldquo;Mutual Funds Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance NextShares Trust (&ldquo;NextShares Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance NextShares Trust II (&ldquo;NextShares Trust II&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Series Fund, Inc. (&ldquo;Series Fund, Inc.&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Series Trust (&ldquo;Series Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Series Trust II (&ldquo;Series Trust II&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Special Investment Trust (&ldquo;Special Investment Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Variable Trust (&ldquo;Variable Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance California Municipal Bond Fund (&ldquo;California Municipal Bond Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance California Municipal Bond Fund II (&ldquo;California Municipal Bond Fund II&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance California Municipal Income Trust (&ldquo;California Municipal Income Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Enhanced Equity Income Fund (&ldquo;Enhanced Equity Income Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Enhanced Equity Income Fund II (&ldquo;Enhanced Equity Income Fund II&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Floating-Rate 2022 Target Term Trust (&ldquo;Floating-Rate 2022 Target Term Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Floating-Rate Income Plus Fund (&ldquo;Floating-Rate Income Plus Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Floating-Rate Income Trust (&ldquo;Floating-Rate Income Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance High Income 2021 Target Term Trust (&ldquo;High Income 2021 Target Term Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Limited Duration Income Fund (&ldquo;Limited Duration Income Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Massachusetts Municipal Bond Fund (&ldquo;Massachusetts Municipal Bond Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Massachusetts Municipal Income Trust (&ldquo;Massachusetts Municipal Income Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Michigan Municipal Bond Fund (&ldquo;Michigan Municipal Bond Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Michigan Municipal Income Trust (&ldquo;Michigan Municipal Income Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Municipal Bond Fund (&ldquo;Municipal Bond Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Municipal Bond Fund II (&ldquo;Municipal Bond Fund II&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Municipal Income Trust (&ldquo;Municipal Income Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Municipal Income 2028 Term Trust (&ldquo;Municipal Income 2028 Term Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance National Municipal Opportunities Trust (&ldquo;National Municipal Opportunities Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance New Jersey Municipal Bond Fund (&ldquo;New Jersey Municipal Bond Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance New Jersey Municipal Income Trust (&ldquo;New Jersey Municipal Income Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance New York Municipal Bond Fund (&ldquo;New York Municipal Bond Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance New York Municipal Bond Fund II (&ldquo;New York Municipal Bond Fund II&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance New York Municipal Income Trust (&ldquo;New York Municipal Income Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Ohio Municipal Bond Fund (&ldquo;Ohio Municipal Bond Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Ohio Municipal Income Trust (&ldquo;Ohio Municipal Income Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Pennsylvania Municipal Bond Fund (&ldquo;Pennsylvania Municipal Bond Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Pennsylvania Municipal Income Trust (&ldquo;Pennsylvania Municipal Income Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Risk-Managed Diversified Equity Income Fund (&ldquo;Risk-Managed Diversified Equity Income Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Senior Floating-Rate Trust (&ldquo;Senior Floating-Rate Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Senior Income Trust (&ldquo;Senior Income Trust&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Short Duration Diversified Income Fund (&ldquo;Short Duration Diversified Income Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Tax-Advantaged Bond and Option Strategies Fund (&ldquo;Tax-Advantaged Bond and Option Strategies Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Tax-Advantaged Dividend Income Fund (&ldquo;Tax-Advantaged Dividend Income Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Tax-Advantaged Global Dividend Income Fund (&ldquo;Tax-Advantaged Global Dividend Income Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (&ldquo;Tax-Advantaged Global Dividend Opportunities Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Tax-Managed Buy-Write Income Fund (&ldquo;Tax-Managed Buy-Write Income Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Tax-Managed Buy-Write Opportunities Fund (&ldquo;Tax-Managed Buy-Write Opportunities Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Tax-Managed Diversified Equity Income Fund (&ldquo;Tax-Managed Diversified Equity Income Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (&ldquo;Tax-Managed Global Buy-Write Opportunities Fund&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance Tax-Managed Global Diversified Equity Income Fund (&ldquo;Tax-Managed Global Diversified Equity Income Fund&rdquo;)</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 107%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt"><U>Portfolio Name</U></FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 107%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt"><U>Trust Name</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">5-to-15 Year Laddered Municipal Bond Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Municipals Trust II</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance NextShares Trust II</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Boston Income Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Series Trust II</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Core Bond Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Special Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Dividend Builder Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Special Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Floating Rate Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Special Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Emerging Markets Local Income Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Global Income Builder Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance NextShares Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Global Macro Absolute Return Advantage Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Global Macro Capital Opportunities Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Global Macro Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Global Opportunities Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Government Obligations Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Greater India Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Special Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Growth Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Special Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">High Income Opportunities Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">High Yield Municipal Income Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Municipals Trust II</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance NextShares Trust II</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">International Income Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Large-Cap Value Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Special Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Multisector Income Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Special Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MSAR Completion Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Debt Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Special Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Short Duration High Income Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Short-Term U.S. Government Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Special Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SMID-Cap Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Growth Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Stock Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance NextShares Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Special Investment Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Tax-Managed Global Small-Cap Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Tax-Managed Growth Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Series Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Tax-Managed International Equity Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Tax-Managed Multi-Cap Growth Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Tax-Managed Small-Cap Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Tax-Managed Value Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Mutual Funds Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Worldwide Health Sciences Portfolio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; letter-spacing: -0.1pt">Eaton Vance Growth Trust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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