Eaton Vance Floating-Rate Income Trust to Redeem $65 Million of Auction Preferred Shares

BOSTON, Oct. 21 /PRNewswire-FirstCall/ -- Eaton Vance Corp. (NYSE: EV) announced today that the Eaton Vance Floating-Rate Income Trust (NYSE: EFT) (the "Fund") managed by its affiliate, Eaton Vance Management, will redeem $65 million of its outstanding auction preferred shares ("APS") at a redemption price of $25,000 per share of APS plus the amount of accumulated but unpaid dividends. On a cumulative basis the Fund will have redeemed 82% of its APS once this redemption is completed. The Fund has arranged to increase the commitment under its existing financing arrangement to fund the redemption. Subject to satisfying the notice and other requirements that apply to APS redemptions, a proportionate amount of each series of the Fund's APS is expected to be redeemed at the next applicable dividend payable date.

       APS    Cusip        Shares       Liquidation    Next Dividend Payable
      Series              Redeemed     Preference of      Date (Redemption
                                      Shares Redeemed           Date)
    ------------------------------------------------------------------------
    A        278279203        520        $13,000,000    October 28, 2009
    B        278279302        520        $13,000,000    October 29, 2009
    C        278279401        520        $13,000,000    October 30, 2009
    D        278279500        520        $13,000,000   November 10, 2009
    E        278279609        520        $13,000,000    November 9, 2009

Eaton Vance manages closed-end funds that had approximately $5 billion of APS outstanding collectively as of December 31, 2007. Completion of the APS redemptions being announced today will reduce the amount of outstanding APS for Eaton Vance-sponsored closed-end funds to approximately $1.08 billion. Eaton Vance is working diligently to provide liquidity solutions for its funds' remaining APS holders.

Eaton Vance Corp. (NYSE: EV) is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $157.0 billion in assets as of September 30, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com .

This news release contains statements that are not historical facts, referred to as "forward-looking statements." The Company's actual future results may differ significantly from those stated in any forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and repurchases of fund shares, the continuation investment advisory, administration, distribution and service contracts, and other risks discussed from time to time in the Company's filings with the Securities and Exchange Commission.

SOURCE Eaton Vance Corp.