N-CSRS 1 d650066dncsrs.htm EATON VANCE FLOATING-RATE INCOME PLUS FUND Eaton Vance Floating-Rate Income Plus Fund

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-22821

 

 

Eaton Vance Floating-Rate Income Plus Fund

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

May 31

Date of Fiscal Year End

November 30, 2013

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Floating-Rate Income Plus Fund

(EFF)

Semiannual Report

November 30, 2013

 

 

 

 

LOGO


 

 

 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) 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 swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.


Semiannual Report November 30, 2013

Eaton Vance

Floating-Rate Income Plus Fund

Table of Contents

 

Performance

     2   

Fund Profile

     3   

Endnotes and Additional Disclosures

     4   

Financial Statements

     5   

Dividend Reinvestment Plan

     26   

Board of Trustees’ Contract Approval

     28   

Officers and Trustees

     30   

Important Notices

     31   


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Performance1,2

 

Portfolio Managers Scott H. Page, CFA, Craig P. Russ and Kathleen C. Gaffney, CFA

 

% Cumulative Total Returns    Inception Date      Six Months      One Year      Five Years      Since
Inception
 

Fund at NAV

     06/28/2013                                 4.28

Fund at Market Price

                                     –4.23   

S&P/LSTA Leveraged Loan Index

             1.83      5.62      13.58      2.45
              
% Premium/Discount to NAV3                                        
                 –8.16
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.399   

Distribution Rate at NAV

                 6.16

Distribution Rate at Market Price

                 6.70
              
% Total Leverage5                                        

Borrowings

                 22.66

Variable Rate Term Preferred Shares (VRTP Shares)

                 15.11   

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

  2  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Fund Profile

 

 

LOGO

LOGO

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

 

  3  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Endnotes and Additional Disclosures

 

 

1 

S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

 

2 

Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

 

3 

The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend.

 

4 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends and capital gains. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at www.eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

 

5 

Leverage represents the liquidation value of the Fund’s VRTP Shares and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus VRTP Shares and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

6 

Ratings are based on Moody’s, S&P or Fitch, as applicable. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by Standard and Poor’s or Fitch (Baa or higher by Moody’s) are considered to be investment grade quality. Credit ratings are based largely on the rating agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. Holdings designated as “Not Rated” are not rated by the national rating agencies stated above.

 

7 

Asset allocation as a percentage of the Fund’s net assets amounted to 161.9%.

 

   Fund profile subject to change due to active management.
 

 

  4  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Portfolio of Investments (Unaudited)

 

 

Senior Floating-Rate Interests — 134.7%(1)   
     
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Aerospace and Defense — 3.7%

  

       

DAE Aviation Holdings, Inc.

     

Term Loan, 6.25%, Maturing November 2, 2018

    $ 311      $ 313,669   

Term Loan, 6.25%, Maturing November 2, 2018

      686        691,917   

Sequa Corporation

     

Term Loan, 5.25%, Maturing December 19, 2017

      396        391,865   

Silver II US Holdings, LLC

     

Term Loan, 4.00%, Maturing December 13, 2019

      1,492        1,495,163   

Transdigm, Inc.

     

Term Loan, 3.75%, Maturing February 28, 2020

      2,494        2,510,169   
                     
      $ 5,402,783   
                     

Automotive — 3.5%

  

       

Affinia Group Intermediate Holdings Inc.

     

Term Loan, 4.75%, Maturing April 27, 2020

    $ 798      $ 807,975   

Metaldyne LLC

     

Term Loan, 5.00%, Maturing December 18, 2018

      1,592        1,606,415   

UCI International, Inc.

     

Term Loan, 5.50%, Maturing July 26, 2017

      1,994        1,998,175   

Veyance Technologies, Inc.

     

Term Loan, 5.25%, Maturing September 8, 2017

      796        796,995   
                     
      $ 5,209,560   
                     

Building and Development — 1.2%

  

       

CPG International Inc.

     

Term Loan, 4.75%, Maturing September 30, 2020

    $ 150      $ 150,281   

Quikrete Holdings, Inc.

     

Term Loan, 4.00%, Maturing September 28, 2020

      250        251,496   

Realogy Corporation

     

Term Loan, 4.50%, Maturing March 5, 2020

      798        807,471   

Summit Materials Companies I, LLC

     

Term Loan, 5.00%, Maturing January 30, 2019

      499        501,397   
                     
      $ 1,710,645   
                     

Business Equipment and Services — 11.8%

  

       

Advantage Sales & Marketing, Inc.

     

Term Loan, 4.25%, Maturing December 18, 2017

    $ 1,492      $ 1,502,278   

AlixPartners, LLP

     

Term Loan - Second Lien, 9.00%, Maturing July 9, 2021

      200        204,625   

Audio Visual Services Group, Inc.

     

Term Loan, 6.75%, Maturing November 9, 2018

      798        803,970   

BakerCorp International, Inc.

     

Term Loan, 4.25%, Maturing February 14, 2020

      746        744,375   
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Business Equipment and Services (continued)

  

       

CCC Information Services, Inc.

     

Term Loan, 4.00%, Maturing December 20, 2019

    $ 497      $ 498,190   

Ceridian Corp.

     

Term Loan, 4.42%, Maturing May 9, 2017

      300        302,156   

Crossmark Holdings, Inc.

     

Term Loan, 4.50%, Maturing December 20, 2019

      514        512,769   

Education Management LLC

     

Term Loan, 8.25%, Maturing March 29, 2018

      1,496        1,503,831   

EIG Investors Corp.

     

Term Loan, Maturing November 9, 2019(2)

      100        99,500   

Expert Global Solutions, Inc.

     

Term Loan, 8.50%, Maturing April 3, 2018

      790        797,599   

Garda World Security Corporation

     

Term Loan, 0.50%, Maturing November 6, 2020(3)

      31        30,778   

Term Loan, 4.00%, Maturing November 6, 2020

      119        120,315   

Information Resources, Inc.

     

Term Loan, 4.75%, Maturing September 30, 2020

      325        327,438   

ION Trading Technologies S.a.r.l.

     

Term Loan, 4.50%, Maturing May 22, 2020

      798        802,739   

Term Loan - Second Lien, 8.25%, Maturing May 21, 2021

      1,000        1,010,208   

Jason Incorporated

     

Term Loan, 5.00%, Maturing February 28, 2019

      798        798,952   

Kronos Incorporated

     

Term Loan, 4.50%, Maturing October 30, 2019

      1,845        1,861,199   

MCS AMS Sub-Holdings LLC

     

Term Loan, 7.00%, Maturing October 15, 2019

      150        145,688   

MEI Conlux Holdings (US), Inc.

     

Term Loan, 5.00%, Maturing August 21, 2020

      100        100,313   

Pacific Industrial Services US Finco LLC

     

Term Loan, 5.00%, Maturing October 2, 2018

      325        329,062   

Quintiles Transnational Corp.

     

Term Loan, 4.00%, Maturing June 8, 2018

      2,000        2,004,584   

ServiceMaster Company

     

Term Loan, 4.42%, Maturing January 31, 2017

      995        983,769   

SunGard Data Systems, Inc.

     

Term Loan, 4.00%, Maturing March 9, 2020

      1,990        2,008,300   

TransUnion, LLC

     

Term Loan, 4.25%, Maturing February 10, 2019

      50        50,328   
                     
      $ 17,542,966   
                     

Cable and Satellite Television — 1.7%

  

       

UPC Financing Partnership

     

Term Loan, 4.00%, Maturing January 29, 2021

    $ 2,500      $ 2,519,533   
                     
      $ 2,519,533   
                     
 

 

  5   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Chemicals and Plastics — 7.0%

  

       

Allnex USA, Inc.

     

Term Loan, 4.50%, Maturing October 3, 2019

    $ 273      $ 275,244   

Term Loan, 4.50%, Maturing October 3, 2019

      525        530,487   

Arysta LifeScience Corporation

     

Term Loan, 4.50%, Maturing May 29, 2020

      798        804,982   

Axalta Coating Systems US Holdings Inc.

     

Term Loan, 4.75%, Maturing February 1, 2020

      1,493        1,507,798   

Huntsman International, LLC

     

Term Loan, Maturing October 15, 2020(2)

      500        501,188   

Ineos US Finance LLC

     

Term Loan, 4.00%, Maturing May 4, 2018

      1,992        1,999,260   

OXEA Finance LLC

     

Term Loan - Second Lien, 8.25%, Maturing July 15, 2020

      1,000        1,021,250   

Polarpak Inc.

     

Term Loan, 4.50%, Maturing June 5, 2020

      322        324,618   

Tata Chemicals North America Inc.

     

Term Loan, 3.75%, Maturing August 7, 2020

      274        274,484   

Tronox Pigments (Netherlands) B.V.

     

Term Loan, 4.50%, Maturing March 19, 2020

      1,995        2,023,056   

Univar Inc.

     

Term Loan, 5.00%, Maturing June 30, 2017

      995        981,569   

WNA Holdings Inc.

     

Term Loan, 4.50%, Maturing June 5, 2020

      175        176,335   
                     
      $ 10,420,271   
                     

Conglomerates — 2.0%

  

       

RGIS Services, LLC

     

Term Loan, 5.50%, Maturing October 18, 2017

    $ 1,492      $ 1,474,701   

Spectrum Brands, Inc.

     

Term Loan, 4.50%, Maturing December 17, 2019

      1,532        1,539,435   
                     
      $ 3,014,136   
                     

Containers and Glass Products — 3.0%

  

       

Berry Plastics Holding Corporation

     

Term Loan, 3.50%, Maturing February 7, 2020

    $ 1,990      $ 1,987,357   

Pelican Products, Inc.

     

Term Loan, 7.00%, Maturing July 11, 2018

      497        499,347   

Reynolds Group Holdings Inc.

     

Term Loan, 4.00%, Maturing December 31, 2018

      1,995        2,008,989   
                     
      $ 4,495,693   
                     
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Cosmetics / Toiletries — 0.7%

  

       

Revlon Consumer Products Corporation

     

Term Loan, 4.00%, Maturing August 19, 2019

    $ 300      $ 301,453   

Sun Products Corporation (The)

     

Term Loan, 5.50%, Maturing March 23, 2020

      746        702,408   
                     
      $ 1,003,861   
                     

Drugs — 4.1%

  

       

Akorn, Inc.

     

Term Loan, Maturing August 27,
2020(2)

    $ 175      $ 175,820   

Aptalis Pharma, Inc.

     

Term Loan, 6.00%, Maturing September 18, 2020

      675        682,594   

Auxilium Pharmaceuticals, Inc.

     

Term Loan, 6.25%, Maturing April 26, 2017

      494        501,156   

Catalent Pharma Solutions Inc.

     

Term Loan, 4.25%, Maturing September 15, 2017

      1,496        1,506,705   

Ikaria Acquisition Inc.

     

Term Loan, 7.25%, Maturing July 3, 2018

      148        149,421   

Term Loan - Second Lien, 11.00%, Maturing July 3, 2019

      500        516,250   

Valeant Pharmaceuticals International, Inc.

     

Term Loan, 4.50%, Maturing August 5, 2020

      2,481        2,513,817   
                     
      $ 6,045,763   
                     

Ecological Services and Equipment — 0.7%

  

       

ADS Waste Holdings, Inc.

     

Term Loan, 4.25%, Maturing October 9, 2019

    $ 1,000      $ 1,006,696   
                     
      $ 1,006,696   
                     

Electronics / Electrical — 14.1%

  

       

Aeroflex Incorporated

     

Term Loan, 4.50%, Maturing November 11, 2019

    $ 959      $ 967,239   

Attachmate Corporation

     

Term Loan, 7.25%, Maturing November 22, 2017

      748        755,427   

Blue Coat Systems, Inc.

     

Term Loan - Second Lien, 9.50%, Maturing June 26, 2020

      1,000        1,016,250   

Dell Inc.

     

Term Loan, 3.75%, Maturing October 29, 2018

      425        424,203   

Term Loan, 4.50%, Maturing April 29, 2020

      2,350        2,331,303   

Digital Generation, Inc.

     

Term Loan, 7.25%, Maturing July 26, 2018

      783        787,323   

Edwards (Cayman Islands II) Limited

     

Term Loan, 4.50%, Maturing March 26, 2020

      663        665,035   
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Electronics / Electrical (continued)

  

       

Excelitas Technologies Corp.

     

Term Loan, 6.00%, Maturing October 30, 2020

    $ 223      $ 223,448   

Eze Castle Software Inc.

     

Term Loan, 4.75%, Maturing April 6, 2020

      798        804,151   

Go Daddy Operating Company, LLC

     

Term Loan, 4.00%, Maturing December 17, 2018

      871        873,661   

Infor (US), Inc.

     

Term Loan, 5.25%, Maturing April 5, 2018

      1,966        1,981,434   

Magic Newco LLC

     

Term Loan, 5.00%, Maturing December 12, 2018

      995        1,002,272   

NXP B.V.

     

Term Loan, 4.75%, Maturing January 11, 2020

      2,487        2,520,895   

Renaissance Learning, Inc.

     

Term Loan, 5.00%, Maturing October 16, 2020

      200        201,000   

RP Crown Parent, LLC

     

Term Loan, 6.75%, Maturing December 21, 2018

      995        1,005,170   

Term Loan - Second Lien, 11.25%, Maturing December 20, 2019

      1,000        1,042,500   

Sirius Computer Solutions, Inc.

     

Term Loan, 7.00%, Maturing November 30, 2018

      484        491,374   

StoneRiver Holdings, Inc.

     

Term Loan, 4.50%, Maturing November 29, 2019

      329        329,437   

SurveyMonkey.com, LLC

     

Term Loan, 5.50%, Maturing February 5, 2019

      499        504,670   

Vertafore, Inc.

     

Term Loan, 4.25%, Maturing October 3, 2019

      1,496        1,506,838   

Wall Street Systems, Inc.

     

Term Loan, 5.75%, Maturing October 25, 2019

      494        497,756   

Web.com Group, Inc.

     

Term Loan, 4.50%, Maturing October 27, 2017

      485        490,631   

Websense, Inc.

     

Term Loan, 4.50%, Maturing June 25, 2020

      499        499,997   
                     
      $ 20,922,014   
                     

Financial Intermediaries — 6.3%

  

       

American Beacon Advisors, Inc.

     

Term Loan, 4.75%, Maturing November 20, 2019

    $ 125      $ 124,844   

American Capital Holdings, Inc.

     

Term Loan, 4.00%, Maturing August 22, 2016

      1,144        1,147,667   

Cetera Financial Group, Inc.

     

Term Loan, 6.50%, Maturing August 2, 2019

      175        176,418   

First Data Corporation

     

Term Loan, 4.17%, Maturing September 24, 2018

      1,500        1,505,742   

Guggenheim Partners, LLC

     

Term Loan, 4.25%, Maturing July 17, 2020

      2,175        2,195,119   
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Financial Intermediaries (continued)

  

       

Nuveen Investments, Inc.

     

Term Loan, 4.16%, Maturing May 15, 2017

    $ 1,500      $ 1,486,312   

Ocwen Financial Corporation

     

Term Loan, 5.00%, Maturing February 15, 2018

      796        806,646   

Sesac Holdco II, LLC

     

Term Loan, 6.00%, Maturing February 8, 2019

      798        805,970   

Walter Investment Management Corp.

     

Term Loan, 5.75%, Maturing November 28, 2017

      1,024        1,033,435   
                     
      $ 9,282,153   
                     

Food Products — 4.5%

  

       

AdvancePierre Foods, Inc.

     

Term Loan, 5.75%, Maturing July 10, 2017

    $ 1,000      $ 997,500   

Blue Buffalo Company, Ltd.

     

Term Loan, Maturing August 8,
2019(2)

      1,000        1,009,583   

Del Monte Foods Company

     

Term Loan, 4.00%, Maturing March 8, 2018

      2,000        2,006,242   

Term Loan, Maturing November 6, 2020(2)

      150        150,812   

Dole Food Company Inc.

     

Term Loan, 4.50%, Maturing November 1, 2018

      1,600        1,610,250   

Hearthside Food Solutions, LLC

     

Term Loan, 4.51%, Maturing June 7, 2018

      499        497,503   

JBS USA Holdings Inc.

     

Term Loan, 3.75%, Maturing September 18, 2020

      425        424,646   
                     
      $ 6,696,536   
                     

Food Service — 1.8%

  

       

Landry’s, Inc.

     

Term Loan, 4.00%, Maturing April 24, 2018

    $ 729      $ 734,310   

US Foods, Inc.

     

Term Loan, 4.50%, Maturing March 29, 2019

      1,496        1,504,355   

Weight Watchers International, Inc.

     

Term Loan, 3.75%, Maturing April 2, 2020

      499        433,286   
                     
      $ 2,671,951   
                     

Food / Drug Retailers — 2.8%

  

       

Albertson’s, LLC

     

Term Loan, 4.75%, Maturing March 21, 2019

    $ 898      $ 901,176   

Rite Aid Corporation

     

Term Loan, 4.00%, Maturing February 21, 2020

      2,488        2,506,415   

Supervalu Inc.

     

Term Loan, 5.00%, Maturing March 21, 2019

      795        800,710   
                     
      $ 4,208,301   
                     
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Health Care — 10.7%

  

       

Amneal Pharmaceuticals LLC

     

Term Loan, 7.00%, Maturing November 1, 2019

    $ 150      $ 151,500   

Apria Healthcare Group I

     

Term Loan, 6.75%, Maturing March 20, 2020

      499        502,491   

CeramTec Acquisition Corporation

     

Term Loan, 4.25%, Maturing August 28, 2020

      54        54,950   

CHG Buyer Corporation

     

Term Loan, 4.25%, Maturing November 19, 2019

      800        805,500   

DJO Finance LLC

     

Term Loan, 4.75%, Maturing September 15, 2017

      1,492        1,511,137   

Envision Healthcare Corporation

     

Term Loan, 4.00%, Maturing May 25, 2018

      1,496        1,502,556   

Faenza Acquisition GmbH

     

Term Loan, 4.25%, Maturing August 28, 2020

      168        169,742   

Term Loan, 4.25%, Maturing August 31, 2020

      553        558,058   

Gentiva Health Services, Inc.

     

Term Loan, 6.50%, Maturing October 18, 2019

      350        345,844   

Hologic Inc.

     

Term Loan, 3.75%, Maturing August 1, 2019

      1,617        1,627,409   

Iasis Healthcare LLC

     

Term Loan, 4.50%, Maturing May 3, 2018

      798        804,470   

inVentiv Health, Inc.

     

Term Loan, 7.50%, Maturing August 4, 2016

      800        794,000   

Kinetic Concepts, Inc.

     

Term Loan, 4.50%, Maturing May 4, 2018

      1,496        1,514,242   

MMM Holdings, Inc.

     

Term Loan, 9.75%, Maturing December 12, 2017

      437        440,120   

MSO of Puerto Rico, Inc.

     

Term Loan, 9.75%, Maturing December 12, 2017

      318        320,285   

Multiplan, Inc.

     

Term Loan, 4.00%, Maturing August 25, 2017

      67        68,021   

One Call Medical, Inc.

     

Term Loan, Maturing November 20, 2020(2)

      275        273,281   

Onex Carestream Finance LP

     

Term Loan, 5.00%, Maturing June 7, 2019

      790        800,122   

Pharmaceutical Product Development LLC

     

Term Loan, 4.25%, Maturing December 5, 2018

      1,943        1,960,512   

PRA Holdings, Inc.

     

Term Loan, 5.00%, Maturing September 23, 2020

      350        351,566   

Truven Health Analytics Inc.

     

Term Loan, 4.50%, Maturing June 6, 2019

      498        497,649   

U.S. Renal Care, Inc.

     

Term Loan, 5.25%, Maturing July 3, 2019

      800        809,500   
                     
      $ 15,862,955   
                     
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Home Furnishings — 0.5%

  

       

Serta/Simmons Holdings, LLC

     

Term Loan, 4.25%, Maturing October 1, 2019

    $ 786      $ 789,275   
                     
      $ 789,275   
                     

Industrial Equipment — 5.0%

  

       

Apex Tool Group, LLC

     

Term Loan, 4.50%, Maturing January 31, 2020

    $ 1,493      $ 1,502,482   

Gardner Denver, Inc.

     

Term Loan, 4.25%, Maturing July 30, 2020

      900        896,881   

Husky Injection Molding Systems Ltd.

     

Term Loan, 4.25%, Maturing June 29, 2018

      1,400        1,411,861   

Milacron LLC

     

Term Loan, 4.25%, Maturing March 30, 2020

      995        997,072   

Paladin Brands Holding, Inc.

     

Term Loan, 6.75%, Maturing August 16, 2019

      500        495,937   

Rexnord LLC

     

Term Loan, 4.00%, Maturing August 21, 2020

      2,125        2,129,418   
                     
      $ 7,433,651   
                     

Insurance — 5.0%

  

       

Alliant Holdings I, Inc.

     

Term Loan, 5.00%, Maturing December 20, 2019

    $ 798      $ 802,603   

AmWINS Group, LLC

     

Term Loan, 5.00%, Maturing September 6, 2019

      1,792        1,802,340   

Asurion LLC

     

Term Loan, 4.50%, Maturing May 24, 2019

      2,487        2,491,192   

Term Loan, 3.50%, Maturing July 8, 2020

      200        196,650   

Cooper Gay Swett & Crawford Ltd.

     

Term Loan, 5.00%, Maturing April 16, 2020

      500        494,896   

Hub International Limited

     

Term Loan, 4.75%, Maturing October 2, 2020

      750        760,313   

USI, Inc.

     

Term Loan, 5.00%, Maturing December 27, 2019

      798        802,977   
                     
      $ 7,350,971   
                     

Leisure Goods / Activities / Movies — 5.0%

  

       

Bombardier Recreational Products, Inc.

     

Term Loan, 4.00%, Maturing January 30, 2019

    $ 2,000      $ 2,009,108   

Delta 2 (LUX) S.a.r.l.

     

Term Loan, 4.50%, Maturing April 30, 2019

      1,493        1,509,158   

Equinox Holdings, Inc.

     

Term Loan, 4.50%, Maturing January 31, 2020

      499        502,176   

Sabre, Inc.

     

Term Loan, 5.25%, Maturing February 19, 2019

      798        805,043   
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Leisure Goods / Activities / Movies (continued)

  

       

Town Sports International Inc.

     

Term Loan, 4.50%, Maturing November 16, 2020

    $ 325      $ 327,336   

US Finco LLC

     

Term Loan - Second Lien, 8.25%, Maturing November 30, 2020

      800        813,000   

Zuffa LLC

     

Term Loan, 4.50%, Maturing February 25, 2020

      1,496        1,511,193   
                     
      $ 7,477,014   
                     

Lodging and Casinos — 2.0%

  

       

Boyd Gaming Corporation

     

Term Loan, 4.00%, Maturing August 14, 2020

    $ 125      $ 125,664   

CityCenter Holdings, LLC

     

Term Loan, 5.00%, Maturing October 16, 2020

      225        228,140   

Golden Nugget, Inc.

     

Term Loan, 0.50%, Maturing November 21, 2019(3)

      30        30,309   

Term Loan, 5.50%, Maturing November 21, 2019

      70        70,743   

Hilton Worldwide Finance, LLC

     

Term Loan, 4.00%, Maturing October 26, 2020

      2,023        2,032,383   

Pinnacle Entertainment, Inc.

     

Term Loan, 3.75%, Maturing August 13, 2020

      224        225,488   

Playa Resorts Holding B.V.

     

Term Loan, 4.75%, Maturing August 6, 2019

      100        101,375   

Tropicana Entertainment Inc.

     

Term Loan, Maturing November 26, 2020(2)

      100        99,500   
                     
      $ 2,913,602   
                     

Nonferrous Metals / Minerals — 5.8%

  

       

Alpha Natural Resources, LLC

     

Term Loan, 3.50%, Maturing May 22, 2020

    $ 1,990      $ 1,960,150   

Arch Coal Inc.

     

Term Loan, 5.75%, Maturing May 16, 2018

      1,492        1,461,105   

Constellium Holdco B.V.

     

Term Loan, 6.00%, Maturing March 25, 2020

      499        512,463   

Fairmount Minerals LTD

     

Term Loan, 4.31%, Maturing March 15, 2017

      100        100,732   

Term Loan, 5.00%, Maturing September 5, 2019

      500        506,250   

Murray Energy Corporation

     

Term Loan, 4.75%, Maturing May 24, 2019

      1,995        1,997,494   

Noranda Aluminum Acquisition Corporation

     

Term Loan, 5.75%, Maturing February 28, 2019

      796        746,212   

Oxbow Carbon LLC

     

Term Loan, 4.25%, Maturing July 19, 2019

      99        99,120   

Term Loan - Second Lien, 8.00%, Maturing January 17, 2020

      175        178,281   
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Nonferrous Metals / Minerals (continued)

  

       

Walter Energy, Inc.

     

Term Loan, 6.75%, Maturing April 2, 2018

    $ 1,000      $ 982,681   
                     
      $ 8,544,488   
                     

Oil and Gas — 5.1%

  

       

Ameriforge Group, Inc.

     

Term Loan - Second Lien, 8.75%, Maturing December 18, 2020

    $ 800      $ 822,000   

Bronco Midstream Funding LLC

     

Term Loan, 5.00%, Maturing August 17, 2020

      1,000        1,015,000   

Fieldwood Energy LLC

     

Term Loan, 3.88%, Maturing September 28, 2018

      200        201,888   

Term Loan - Second Lien, 8.38%, Maturing September 30, 2020

      150        153,295   

Samson Investment Company

     

Term Loan - Second Lien, 6.00%, Maturing September 13, 2019

      1,500        1,513,125   

Sheridan Production Partners I, LLC

     

Term Loan, 5.00%, Maturing September 14, 2019

      1,236        1,241,815   

Term Loan, 5.00%, Maturing September 25, 2019

      100        100,509   

Term Loan, 5.00%, Maturing September 25, 2019

      164        164,551   

Tallgrass Operations, LLC

     

Term Loan, 5.25%, Maturing November 13, 2018

      1,593        1,603,183   

Tervita Corporation

     

Term Loan, 6.25%, Maturing May 15, 2018

      796        797,732   
                     
      $ 7,613,098   
                     

Publishing — 4.3%

  

       

American Greetings Corporation

     

Term Loan, 4.00%, Maturing August 9, 2019

    $ 250      $ 250,625   

Getty Images, Inc.

     

Term Loan, 4.75%, Maturing October 18, 2019

      1,990        1,848,004   

Laureate Education, Inc.

     

Term Loan, 5.00%, Maturing June 15, 2018

      995        1,003,222   

Merrill Communications, LLC

     

Term Loan, 7.25%, Maturing March 8, 2018

      487        494,450   

Multi Packaging Solutions, Inc.

     

Term Loan, 4.25%, Maturing August 21, 2020

      75        75,312   

Rentpath, Inc.

     

Term Loan, 6.25%, Maturing May 29, 2020

      499        492,042   

Springer Science+Business Media Deutschland GmbH

     

Term Loan, 5.00%, Maturing August 14, 2020

      250        250,703   

Tribune Company

     

Term Loan, 4.00%, Maturing December 31, 2019

      1,990        1,989,967   
                     
      $ 6,404,325   
                     
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Radio and Television — 4.6%

  

       

Clear Channel Communications, Inc.

     

Term Loan, 6.91%, Maturing January 30, 2019

    $ 1,000      $ 948,438   

Cumulus Media Holdings Inc.

     

Term Loan, 4.50%, Maturing September 17, 2018

      1,922        1,936,526   

Entercom Radio, LLC

     

Term Loan, 5.00%, Maturing November 23, 2018

      379        380,831   

Entravision Communications Corporation

     

Term Loan, 3.50%, Maturing May 29, 2020

      1,000        989,063   

TWCC Holding Corp.

     

Term Loan - Second Lien, 7.00%, Maturing June 26, 2020

      1,000        1,026,875   

Univision Communications Inc.

     

Term Loan, 4.50%, Maturing March 2, 2020

      1,496        1,504,190   
                     
      $ 6,785,923   
                     

Retailers (Except Food and Drug) — 7.1%

  

       

Bass Pro Group, LLC

     

Term Loan, Maturing November 20, 2019(2)

    $ 625      $ 628,516   

CDW LLC

     

Term Loan, 3.25%, Maturing April 29, 2020

      1,646        1,642,395   

David’s Bridal, Inc.

     

Term Loan, 5.00%, Maturing October 11, 2019

      499        500,510   

Harbor Freight Tools USA, Inc.

     

Term Loan, 4.75%, Maturing July 26, 2019

      249        252,522   

Hudson’s Bay Company

     

Term Loan, 4.75%, Maturing November 4, 2020

      1,025        1,040,119   

Jo-Ann Stores, Inc.

     

Term Loan, 4.00%, Maturing March 16, 2018

      1,990        2,001,791   

Michaels Stores, Inc.

     

Term Loan, 3.75%, Maturing January 28, 2020

      1,493        1,499,609   

Neiman Marcus Group, Inc. (The)

     

Term Loan, 5.00%, Maturing October 26, 2020

      1,100        1,108,171   

Party City Holdings Inc.

     

Term Loan, 4.25%, Maturing July 29, 2019

      1,492        1,500,293   

Spin Holdco Inc.

     

Term Loan, Maturing November 14, 2019(2)

      150        150,125   

Toys ‘R’ Us Property Company I, LLC

     

Term Loan, 6.00%, Maturing August 21, 2019

      150        146,362   
                     
      $ 10,470,413   
                     

Steel — 3.5%

  

       

FMG Resources (August 2006) Pty Ltd.

     

Term Loan, 4.25%, Maturing June 28, 2019

    $ 2,090      $ 2,113,462   

JFB Firth Rixson Inc.

     

Term Loan, 4.25%, Maturing June 30, 2017

      796        803,452   
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Steel (continued)

  

       

JMC Steel Group, Inc.

     

Term Loan, 4.75%, Maturing April 3, 2017

    $ 997      $ 1,001,486   

Neenah Foundry Company

     

Term Loan, 6.78%, Maturing April 26, 2017

      494        494,288   

Waupaca Foundry, Inc.

     

Term Loan, 4.50%, Maturing June 29, 2017

      790        792,059   
                     
      $ 5,204,747   
                     

Telecommunications — 4.9%

  

       

Cricket Communications, Inc.

     

Term Loan, 4.75%, Maturing March 9, 2020

    $ 1,496      $ 1,504,200   

Crown Castle International Corporation

     

Term Loan, 3.25%, Maturing January 31, 2019

      274        274,451   

Intelsat Jackson Holdings S.A.

     

Term Loan, Maturing June 30,
2019(2)

      1,950        1,950,000   

Syniverse Holdings, Inc.

     

Term Loan, 4.00%, Maturing April 23, 2019

      1,454        1,459,433   

Windstream Corporation

     

Term Loan, 4.00%, Maturing August 8, 2019

      1,995        2,003,055   
                     
      $ 7,191,139   
                     

Utilities — 2.3%

  

       

Calpine Corporation

     

Term Loan, 4.00%, Maturing April 2, 2018

    $ 1,990      $ 2,006,455   

Dynegy Holdings Inc.

     

Term Loan, 4.00%, Maturing April 23, 2020

      798        800,992   

EFS Cogen Holdings I Inc.

     

Term Loan, Maturing December 1, 2020(2)

      150        150,750   

PowerTeam Services, LLC

     

Term Loan, 4.23%, Maturing May 6, 2020(3)

      56        55,000   

Term Loan, 4.25%, Maturing May 6, 2020

      443        439,565   
                     
      $ 3,452,762   
                     

Total Senior Floating-Rate Interests
(identified cost $198,515,660)

      $ 199,647,225   
                     
Corporate Bonds & Notes — 12.1%     
     
Security        Principal
Amount
(000’s omitted)
    Value  

Automotive — 0.3%

  

       

Navistar International Corp.

     

8.25%, 11/1/21

    $ 400      $ 413,000   
                     
      $ 413,000   
                     
 

 

  10   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
     

Chemicals and Plastics — 0.2%

  

       

Tronox Finance, LLC

     

6.375%, 8/15/20

    $ 300      $ 301,875   
                     
      $ 301,875   
                     

Commercial Services — 0.7%

  

       

ADT Corp. (The)

     

3.50%, 7/15/22

    $ 600      $ 526,213   

Cielo SA/Cielo USA, Inc.

     

3.75%, 11/16/22(4)

      575        516,063   
                     
      $ 1,042,276   
                     

Containers and Glass Products — 0.4%

  

       

Reynolds Group Holdings, Inc.

     

9.875%, 8/15/19

    $ 500      $ 557,500   
                     
      $ 557,500   
                     

Diversified Financial Services — 0.5%

  

       

SLM Corp.

     

5.625%, 8/1/33

    $ 950      $ 788,500   
                     
      $ 788,500   
                     

Electronics / Electrical — 1.6%

  

       

Advanced Micro Devices, Inc.

     

7.50%, 8/15/22

    $ 500      $ 483,750   

Dell, Inc.

     

5.40%, 9/10/40

      1,575        1,067,062   

Hewlett-Packard Co.

     

6.00%, 9/15/41

      835        828,543   
                     
      $ 2,379,355   
                     

Financial Intermediaries — 0.1%

  

       

First Data Corp.

     

10.625%, 6/15/21(4)

    $ 200      $ 217,000   
                     
      $ 217,000   
                     

Food / Drug Retailers — 0.3%

  

       

Delhaize Group SA

     

5.70%, 10/1/40

    $ 380      $ 365,489   
                     
      $ 365,489   
                     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Health Care — 0.1%

  

       

Tenet Healthcare Corp.

     

8.125%, 4/1/22

    $ 165      $ 179,438   
                     
      $ 179,438   
                     

Insurance — 0.1%

  

       

Onex USI Acquisition Corp.

     

7.75%, 1/15/21(4)

    $ 200      $ 205,500   
                     
      $ 205,500   
                     

Metals / Mining — 0.5%

  

       

Newmont Mining Corp.

     

4.875%, 3/15/42

    $ 1,030      $ 768,230   
                     
      $ 768,230   
                     

Oil and Gas — 0.6%

  

       

MEG Energy Corp.

     

6.375%, 1/30/23(4)

    $ 400      $ 406,000   

PBF Holding Co., LLC/PBF Finance Corp.

     

8.25%, 2/15/20

      400        422,000   
                     
      $ 828,000   
                     

Retailers (Except Food and Drug) — 2.1%

  

       

Best Buy Co., Inc.

     

5.00%, 8/1/18

    $ 836      $ 873,620   

JC Penney Corp., Inc.

     

6.375%, 10/15/36

      2,900        2,233,000   
                     
      $ 3,106,620   
                     

Steel — 0.6%

  

       

Cliffs Natural Resources, Inc.

     

6.25%, 10/1/40

    $ 950      $ 832,495   
                     
      $ 832,495   
                     

Telecommunications — 3.4%

  

       

Alcoa, Inc.

     

5.95%, 2/1/37

    $ 885      $ 833,388   

Avaya, Inc.

     

10.50%, 3/1/21(4)

      650        591,500   

Sprint Capital Corp.

     

6.875%, 11/15/28

      500        477,500   

Sprint Corp.

     

7.875%, 9/15/23(4)

      1,000        1,097,500   
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
     

Telecommunications (continued)

  

       

Telecom Italia Capital SA

     

6.00%, 9/30/34

    $ 2,490      $ 2,099,722   
                     
      $ 5,099,610   
                     

Utilities — 0.6%

  

       

Enel Finance International NV

     

6.00%, 10/7/39(4)

    $ 860      $ 830,752   
                     
      $ 830,752   
                     

Total Corporate Bonds & Notes
(identified cost $17,659,190)

      $ 17,915,640   
                     
Foreign Government Bonds — 0.3%     
     
Security        Principal
Amount
(000’s omitted)
    Value  

Mexico — 0.3%

  

       

Mexican Bonos

     

5.00%, 6/15/17

  MXN     6,460      $ 500,211   
                     

Total Foreign Government Bonds
(identified cost $498,879)

      $ 500,211   
                     
Convertible Bonds — 2.0%      
Security        Principal
Amount
(000’s omitted)
    Value  

Automotive & Parts — 0.1%

  

       

Meritor, Inc.

     

7.875%, 3/1/26(4)

    $ 175      $ 220,172   
                     
      $ 220,172   
                     

Home Builders — 0.6%

  

       

KB Home

     

1.375%, 2/1/19

    $ 400      $ 397,250   

Ryland Group, Inc. (The)

     

0.25%, 6/1/19

      465        423,440   
                     
      $ 820,690   
                     

Semiconductors — 1.1%

  

       

Novellus Systems, Inc.

     

2.625%, 5/15/41

    $ 1,000      $ 1,604,375   
                     
      $ 1,604,375   
                     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Telecommunications — 0.2%

  

       

Ciena Corp.

     

3.75%, 10/15/18(4)

    $ 250      $ 344,844   
                     
      $ 344,844   
                     

Total Convertible Bonds
(identified cost $2,785,709)

      $ 2,990,081   
                     
Common Stocks — 5.7%      
     
Security        Shares     Value  

Chemicals and Plastics — 0.7%

  

       

E.I. du Pont de Nemours & Co.

      5,596      $ 343,482   

LyondellBasell Industries NV, Class A

      4,405        339,978   

Solvay SA

      2,347        357,189   
                     
      $ 1,040,649   
                     

Diversified Financial Services — 0.7%

  

       

Medley Capital Corp.

      74,500      $ 1,067,585   
                     
      $ 1,067,585   
                     

Electronics / Electrical — 0.9%

  

       

Applied Materials, Inc.

      39,300      $ 679,890   

Intel Corp.

      25,150        599,576   
                     
      $ 1,279,466   
                     

Investment Companies — 2.8%

  

       

Ares Capital Corp.

      59,000      $ 1,084,420   

PennantPark Investment Corp.

      71,000        864,070   

Solar Capital, Ltd.

      43,000        995,450   

THL Credit, Inc.

      67,000        1,136,990   
                     
      $ 4,080,930   
                     

Oil and Gas — 0.4%

  

       

Marathon Oil Corp.

      8,397      $ 302,628   

Occidental Petroleum Corp.

      3,312        314,508   
                     
      $ 617,136   
                     

Telecommunications — 0.2%

  

       

Corning, Inc.

      20,679      $ 353,197   
                     
      $ 353,197   
                     

Total Common Stocks
(identified cost $7,796,106)

      $ 8,438,963   
                     
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Convertible Preferred Stocks — 1.6%     
     
Security        Shares     Value  
     

Automotive & Parts — 0.0%(5)

  

       

Goodyear Tire & Rubber Co. (The), 5.875%

      600      $ 37,752   
                     
      $ 37,752   
                     

Health Care – Products — 0.2%

  

       

Alere, Inc., 3.00%

      900      $ 244,800   
                     
      $ 244,800   
                     

Oil & Gas — 0.3%

  

       

Chesapeake Energy Corp., 5.75%(4)

      400      $ 461,750   
                     
      $ 461,750   
                     

Real Estate Investment Trusts (REITs) — 0.8%

  

       

iStar Financial, Inc., 4.50%

      20,000      $ 1,167,600   
                     
      $ 1,167,600   
                     

Telecommunications — 0.3%

  

       

Lucent Technologies Capital Trust I, 7.75%

      400      $ 404,000   
                     
      $ 404,000   
                     

Total Convertible Preferred Stocks
(identified cost $2,076,164)

      $ 2,315,902   
                     
Preferred Stocks — 0.5%      
     
Security        Shares     Value  

Banks — 0.5%

  

       

First Tennessee Bank, 3.75%(4)(6)

      26      $ 184,636   

Lloyds Banking Group PLC, 6.657% to 5/21/37(4)(7)

      575        556,045   
                     

Total Preferred Stocks
(identified cost $711,809)

      $ 740,681   
                     
Tax-Exempt Investments — 0.7%     
     
Security        Principal
Amount
(000’s omitted)
    Value  

Water and Sewer — 0.7%

  

       

Detroit, MI, Water Supply System, 5.25%, 7/1/41

    $ 1,102      $ 1,009,134   
                     

Total Tax-Exempt Investments
(identified cost $976,692)

      $ 1,009,134   
                     
Short-Term Investments — 4.4%     
     
Description        Interest
(000’s omitted)
    Value  
     

Eaton Vance Cash Reserves Fund, LLC, 0.12%(8)

    $ 6,574      $ 6,574,089   
                     

Total Short-Term Investments
(identified cost $6,574,089)

      $ 6,574,089   
                     

Total Investments — 162.0%
(identified cost $237,594,298)

      $ 240,131,926   
                     

Less Unfunded Loan Commitments — (0.1)%

  

  $ (91,944
                     

Net Investments — 161.9%
(identified cost $237,502,354)

      $ 240,039,982   
                     

Notes Payable — (36.4)%

      $ (54,000,000
                     

Variable Rate Term Preferred Shares, at Liquidation Value — (24.3)%

  

  $ (36,000,000
                     

Other Assets, Less Liabilities — (1.2)%

      $ (1,759,555
                     

Net Assets Applicable to Common Shares — 100.0%

      $ 148,280,427   
                     

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

 

MXN     Mexican Peso

 

(1)

Senior floating-rate interests (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

 

(2)

This Senior Loan will settle after November 30, 2013, at which time the interest rate will be determined.

 

(3)

Unfunded or partially unfunded loan commitments. See Note 1G for description.

 

(4)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities May be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2013, the aggregate value of these securities is $5,631,762 or 3.8% of the Fund’s net assets applicable to common shares.

 

(5)

Amount is less than 0.05%.

 

 

  13   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

 

(6)

Variable rate security. The stated interest rate represents the rate in effect at November 30, 2013.

 

(7)

Security converts to floating rate after the indicated fixed-rate coupon period.

 

(8)

Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of November 30, 2013.

 

 

  14   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets   November 30, 2013  

Unaffiliated investments, at value (identified cost, $230,928,265)

  $ 233,465,893   

Affiliated investment, at value (identified cost, $6,574,089)

    6,574,089   

Cash

    1,214,105   

Interest and dividends receivable

    1,451,595   

Interest receivable from affiliated investment

    381   

Receivable for investments sold

    2,815,625   

Deferred offering costs

    273,741   

Prepaid upfront fees on variable rate term preferred shares

    156,329   

Prepaid expenses

    776   

Total assets

  $ 245,952,534   
Liabilities   

Notes payable

  $ 54,000,000   

Variable rate term preferred shares, at liquidation value

    36,000,000   

Payable for investments purchased

    7,386,719   

Payable to affiliates:

 

Investment adviser fee

    146,777   

Trustees’ fees

    506   

Interest payable

    41,791   

Accrued expenses

    96,314   

Total liabilities

  $ 97,672,107   

Net assets applicable to common shares

  $ 148,280,427   
Sources of Net Assets   

Common shares, $0.01 par value, unlimited number of shares authorized, 7,606,422 shares issued and outstanding

  $ 76,064   

Additional paid-in capital

    144,907,194   

Accumulated net realized gain

    562,491   

Accumulated undistributed net investment income

    197,196   

Net unrealized appreciation

    2,537,482   

Net assets applicable to common shares

  $ 148,280,427   
Net Asset Value Per Common Share   

($148,280,427 ÷ 7,606,422 common shares issued and outstanding)

  $ 19.49   

 

  15   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Statement of Operations (Unaudited)

 

 

Investment Income   Period Ended
November 30,  2013
(1)
 

Interest and other income

  $ 4,327,814   

Dividends

    255,499   

Interest income allocated from affiliated investment

    10,194   

Expenses allocated from affiliated investment

    (1,508

Total investment income

  $ 4,591,999   
Expenses   

Investment adviser fee

  $ 684,025   

Trustees’ fees and expenses

    2,040   

Custodian fee

    57,084   

Transfer and dividend disbursing agent fees

    12,359   

Legal and accounting services

    77,873   

Amortization of deferred offering costs

    40,098   

Printing and postage

    7,988   

Interest expense and fees

    432,342   

Miscellaneous

    46,375   

Total expenses

  $ 1,360,184   

Deduct —

 

Reduction of custodian fee

  $ 18   

Total expense reductions

  $ 18   

Net expenses

  $ 1,360,166   

Net investment income

  $ 3,231,833   
Realized and Unrealized Gain (Loss)        

Net realized gain (loss) —

 

Investment transactions

  $ 562,584   

Investment transactions allocated from affiliated investment

    48   

Foreign currency transactions

    (141

Net realized gain

  $ 562,491   

Change in unrealized appreciation (depreciation) —

 

Investments

  $ 2,537,628   

Foreign currency

    (146

Net change in unrealized appreciation (depreciation)

  $ 2,537,482   

Net realized and unrealized gain

  $ 3,099,973   

Net increase in net assets from operations

  $ 6,331,806   

 

(1)

For the period from the start of business, June 28, 2013, to November 30, 2013.

 

  16   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Statement of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets  

Period Ended

November 30, 2013

(Unaudited)(1)

 

From operations —

 

Net investment income

  $ 3,231,833   

Net realized gain from investment and foreign currency transactions

    562,491   

Net change in unrealized appreciation (depreciation) from investments and foreign currency

    2,537,482   

Net increase in net assets from operations

  $ 6,331,806   

Distributions to common shareholders —

 

From net investment income

  $ (3,034,637

Total distributions to common shareholders

  $ (3,034,637

Capital share transactions —

 

Proceeds from sale of common shares(2)

  $ 145,127,358   

Reinvestment of distributions to common shareholders

    59,990   

Offering costs on common shares

    (304,090

Net increase in net assets from capital share transactions

  $ 144,883,258   

Net increase in net assets

  $ 148,180,427   
Net Assets Applicable to Common Shares   

At beginning of period

  $ 100,000   

At end of period

  $ 148,280,427   

Accumulated undistributed net investment income

included in net assets applicable to common shares

  

  

At end of period

  $ 197,196   

 

(1)

For the period from the start of business, June 28, 2013, to November 30, 2013.

 

(2)

Proceeds from sale of common shares are net of sales load paid of $6,838,462 and include shares sold from the exercise of the underwriters’ over-allotment option of $16,202,358 (see Note 6).

 

  17   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Statement of Cash Flows (Unaudited)

 

 

Cash Flows From Operating Activities  

Period Ended

November 30, 2013(1)

 

Net increase in net assets from operations

  $ 6,331,806   

Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:

 

Investments purchased

    (255,537,794

Investments sold and principal repayments

    29,700,516   

Increase in short-term investments, net

    (6,574,089

Net amortization/accretion of premium (discount)

    (49,253

Amortization of offering costs and prepaid upfront fees on variable rate term preferred shares

    63,769   

Increase in interest and dividends receivable

    (1,451,595

Increase in interest receivable from affiliated investment

    (381

Increase in prepaid expenses

    (776

Increase in payable to affiliate for investment adviser fee

    146,777   

Increase in payable to affiliate for Trustees’ fees

    506   

Increase in interest payable

    41,791   

Increase in accrued expenses

    96,314   

Increase in unfunded loan commitments

    91,944   

Net change in unrealized (appreciation) depreciation from investments

    (2,537,628

Net realized gain from investments

    (562,584

Net cash used in operating activities

  $ (230,240,677
Cash Flows From Financing Activities        

Proceeds from common shares sold(2)

  $ 145,127,358   

Offering costs on common shares

    (304,090

Distributions paid to common shareholders, net of reinvestments

    (2,974,647

Proceeds from notes payable

    54,000,000   

Proceeds from variable rate term preferred shares issued

    36,000,000   

Payment of deferred offering costs on variable rate term preferred shares

    (313,839

Payment of prepaid upfront fees on variable rate term preferred shares

    (180,000

Net cash provided by financing activities

  $ 231,354,782   

Net increase in cash

  $ 1,114,105   

Cash at beginning of period

  $ 100,000   

Cash at end of period

  $ 1,214,105   
Supplemental disclosure of cash flow information:        

Noncash financing activities not included herein consist of:

 

Reinvestment of dividends and distributions

  $ 59,990   

Cash paid for interest and fees on borrowings and variable rate term preferred shares

    495,443   

 

(1)

For the period from the start of business, June 28, 2013, to November 30, 2013.

 

(2)

Proceeds from sale of common shares are net of sales load paid of $6,838,462.

 

  18   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    

Period Ended

November 30, 2013

(Unaudited) (1)

 

Net asset value — Beginning of period (Common shares)

  $ 19.100 (2) 
Income (Loss) From Operations        

Net investment income(3)

  $ 0.438   

Net realized and unrealized gain

    0.422   

Total income from operations

  $ 0.860   
Less Distributions to Common Shareholders        

From net investment income

  $ (0.399

Total distributions to common shareholders

  $ (0.399

Common shares offering costs charged to paid-in capital(3)

  $ (0.041

Discount related to exercise of underwriters’ over-allotment option

  $ (0.030

Net asset value — End of period (Common shares)

  $ 19.490   

Market value — End of period (Common shares)

  $ 17.900   

Total Investment Return on Net Asset Value(4)

    4.28 %(5)(6) 

Total Investment Return on Market Value(4)

    (4.23 )%(5)(6) 

 

  19   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

Ratios/Supplemental Data  

Period Ended

November 30, 2013

(Unaudited) (1)

 

Net assets applicable to common shares, end of period (000’s omitted)

  $ 148,280   

Ratios (as a percentage of average daily net assets applicable to common shares):

 

Expenses excluding interest and fees(7)

    1.53 %(8) 

Interest and fee expense(9)

    0.71 %(8) 

Total expenses(7)

    2.24 %(8) 

Net investment income

    5.31 %(8) 

Portfolio Turnover

    15 %(6) 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares and borrowings, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares plus preferred shares and borrowings):

  

Expenses excluding interest and fees(7)

    1.02 %(8) 

Interest and fee expense(9)

    0.47 %(8) 

Total expenses(7)

    1.49 %(8) 

Net investment income

    3.53 %(8) 

Senior Securities:

 

Total notes payable outstanding (in 000’s)

  $ 54,000   

Asset coverage per $1,000 of notes payable(10)

  $ 4,413   

Total preferred shares outstanding(11)

    360   

Asset coverage per preferred share(11)(12)

  $ 264,756   

Involuntary liquidation preference per preferred share(11)

  $ 100,000   

Approximate market value per preferred share(11)

  $ 100,000   

 

  (1)

For the period from the start of business, June 28, 2013, to November 30, 2013.

 

  (2)

Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share paid by the shareholders from the $20.00 offering price.

 

  (3)

Computed using average common shares outstanding.

 

  (4)

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 Fund’s dividend reinvestment plan.

 

  (5)

Total investment return on net asset value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the net asset value on the last day of the period reported with all distributions reinvested. Total investment return on market value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the current market price on the last day of the period reported with all distributions reinvested.

 

  (6)

Not annualized.

 

  (7)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (8)

Annualized.

 

  (9)

Interest and fee expense relates to variable rate term preferred shares and borrowings (see Note 2 and Note 8).

 

(10)

Calculated by subtracting the Fund’s total liabilities (not including the notes payable and preferred shares) from the Fund’s total assets, and dividing the result by the notes payable balance in thousands.

 

(11)

Preferred shares represent variable rate term preferred shares.

 

(12)

Calculated by subtracting the Fund’s total liabilities (not including the notes payable and preferred shares) from the Fund’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 265%.

 

  20   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Eaton Vance Floating-Rate Income Plus Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The trust was organized on April 5, 2013 and remained inactive until June 28, 2013, except for matters related to its organization, including the sale of 5,000 initial shares to Eaton Vance Management (EVM) for $100,000. The Fund’s investment objective is total return, with an emphasis on income.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Fund based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Fund. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Equity Securities. Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. The value of preferred equity securities that are valued by a pricing service on a bond basis will be adjusted by an income factor, to be determined by the investment adviser, to reflect the next anticipated regular dividend.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by EVM. The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. 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.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of

 

  21  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date.

D  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of November 30, 2013, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G  Unfunded Loan Commitments — The Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At November 30, 2013, the Fund had sufficient cash and/or securities to cover these commitments.

H  Organization and Offering Costs — Organization costs paid in connection with the organization of the Fund were borne directly by Eaton Vance Management (EVM), the Fund’s investment adviser. EVM agreed to pay all common share offering costs (other than sales loads) that exceed $0.04 per common share. Costs incurred by the Fund in connection with the offering of its common shares are recorded as a reduction of additional paid-in capital.

I  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

J  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

K  Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

L  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of the Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.

 

  22  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

M  Interim Financial Statements — The interim financial statements relating to November 30, 2013 and for the period then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Variable Rate Term Preferred Shares

On July 10, 2013, the Fund issued 360 shares of Series C-1 Variable Rate Term Preferred Shares (VRTP Shares) in a private offering to a commercial paper conduit sponsored by a large financial institution (the Conduit), all of which are outstanding at November 30, 2013.

The VRTP Shares are a form of preferred shares that represent stock of the Fund. The VRTP Shares have a par value of $0.01 per share, a liquidation preference of $100,000 per share, and a mandatory redemption date of July 8, 2016, unless extended. Dividends on the VRTP Shares are determined each day based on a spread of 1.2% to the Conduit’s current cost of funding. Such spread to the cost of funding is determined based on the current credit rating of the VRTP Shares.

The VRTP Shares are redeemable at the option of the Fund at a redemption price equal to $100,000 per share, plus accumulated and unpaid dividends, on any business day and solely for the purpose of reducing the leverage of the Fund. The VRTP Shares are also subject to mandatory redemption at a redemption price equal to $100,000 per share, plus accumulated and unpaid dividends, if the Fund is in default for an extended period on its asset maintenance or leverage ratio requirements with respect to the VRTP Shares. The holders of the VRTP Shares, voting as a class, are entitled to elect two Trustees of the Fund. If the dividends on the VRTP Shares remain unpaid in an amount equal to two full years’ dividends, the holders of the VRTP Shares as a class have the right to elect a majority of the Board of Trustees.

For financial reporting purposes, the liquidation value of the VRTP Shares is presented as a liability on the Statement of Assets and Liabilities and unpaid dividends are included in interest payable. Dividends accrued on VRTP Shares are treated as interest payments for financial reporting purposes and are included in interest expense and fees on the Statement of Operations. Costs incurred by the Fund in connection with its offering of VRTP Shares were capitalized as deferred offering costs and are being amortized over a period of three years to the mandatory redemption date of the VRTP Shares. In connection with the issuance of VRTP Shares, the Fund paid an initial upfront fee to the Conduit of $180,000 which is being amortized to interest expense and fees over a period of three years. The unamortized amount as of November 30, 2013 is presented as prepaid upfront fees on VRTP Shares on the Statement of Assets and Liabilities. If measured at fair value, the VRTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 11) at November 30, 2013.

The average liquidation preference of the VRTP Shares during the portion of the period ended November 30, 2013 in which the VRTP Shares were outstanding was $36 million.

3  Distributions to Shareholders

The Fund intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding VRTP Shares. In addition, at least annually, the Fund intends to distribute all or substantially all of its net realized capital gains. Distributions to common shareholders are recorded on the ex-dividend date. Dividends to VRTP shareholders are accrued daily and payable monthly. The dividend rate on the VRTP Shares at November 30, 2013 was 0.17%. The amount of dividends accrued and the average annual dividend rate of the VRTP Shares during the portion of the period ended November 30, 2013 in which the VRTP Shares were outstanding were $203,079 and 0.21%, respectively.

The Fund 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.

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.75% of the Fund’s average daily total managed assets and is payable monthly. Total managed assets as referred to herein represent total assets of the Fund (including assets attributable to borrowings, any outstanding preferred shares, or other forms of leverage) less accrued liabilities (other than liabilities representing borrowings or such other forms of leverage). For the period ended November 30, 2013, the investment adviser fee amounted to $684,025. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Fund, but receives no compensation.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the period ended November 30, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

 

  23  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $262,924,513 and $32,516,141, respectively, for the period ended November 30, 2013.

6  Common Shares of Beneficial Interest

In connection with the initial public offering of the Fund’s common shares, the underwriters were granted an option to purchase additional common shares at a price of $19.10 (after deduction of the sales load). Additional shares were issued by the Fund on August 9, 2013 pursuant to the exercise of the over-allotment option. The Fund’s net asset value per share on such date was $19.32, resulting in a discount of $186,624. The Fund may issue common shares pursuant to its dividend reinvestment plan. Transactions in common shares were as follows:

 

     Period Ended
November 30, 2013
(Unaudited)
(1)
 

Sales (initial public offering)

    6,750,000   

Exercise of over-allotment option by underwriters

    848,291   

Issued to shareholders electing to receive payments of distributions in Fund shares

    3,131   

Net increase

    7,601,422   

 

(1)

For the period from the start of business, June 28, 2013, to November 30, 2013.

On November 11, 2013, the Board of Trustees of the Fund authorized the repurchase by the Fund 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 Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the period ended November 30, 2013.

7  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at November 30, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

  $ 237,502,354   

Gross unrealized appreciation

  $ 3,238,243   

Gross unrealized depreciation

    (700,615

Net unrealized appreciation

  $ 2,537,628   

8  Revolving Credit and Security Agreement

On July 10, 2013, the Fund entered into a Revolving Credit and Security Agreement, as amended (the Agreement) with conduit lenders and a bank to borrow up to $54 million. Borrowings under the Agreement are secured by the assets of the Fund. Interest is charged at a rate above the conduits’ commercial paper issuance rate and is payable monthly. Under the terms of the Agreement, in effect through July 9, 2014, the Fund also pays a program fee of 0.80% 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 50% of the total facility size) per annum on the borrowing limit under the Agreement. Program and liquidity fees for the period ended November 30, 2013 totaled $170,994 and are included in interest expense and fees on the Statement of Operations. The Fund is required to maintain certain net asset levels during the term of the Agreement. At November 30, 2013, the Fund had borrowings outstanding under the Agreement of $54,000,000 at an interest rate of 0.17%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at November 30, 2013 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 11) at November 30, 2013. For the period from July 10, 2013 through November 30, 2013, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $41,951,389 and 0.21%, respectively.

 

  24  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

9  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. 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. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

10  Credit Risk

The Fund invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

11  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

Ÿ  

Level 1 – quoted prices in active markets for identical investments

 

Ÿ  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Ÿ  

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At November 30, 2013, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description   Level 1      Level 2      Level 3      Total  

Senior Floating-Rate Interests (Less Unfunded Loan Commitments)

  $       $ 199,555,281       $         —       $ 199,555,281   

Corporate Bonds & Notes

            17,915,640                 17,915,640   

Foreign Government Bonds

            500,211                 500,211   

Convertible Bonds

            2,990,081                 2,990,081   

Common Stocks

    8,081,774         357,189              8,438,963   

Convertible Preferred Stocks

    441,752         1,874,150                 2,315,902   

Preferred Stocks

            740,681                 740,681   

Tax-Exempt Investments

            1,009,134                 1,009,134   

Short-Term Investments

            6,574,089                 6,574,089   

Total Investments

  $ 8,523,526       $ 231,516,456       $       $ 240,039,982   

 

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

 

  25  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Dividend Reinvestment Plan

 

 

The Fund offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares (Shares) of the Fund unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by American Stock Transfer & Trust Company, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.

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 the Fund’s transfer agent re-register your Shares in your name or you will not be able to participate.

The Agent’s service fee for handling distributions will be paid by the Fund. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.

 

  26  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Application for Participation in Dividend Reinvestment Plan

 

 

 

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

 

 

Please print exact name on account:

 

Shareholder signature                                                           Date

 

Shareholder signature                                                           Date

Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Eaton Vance Floating-Rate Income Plus Fund

c/o American Stock Transfer & Trust Company

P.O. Box 922

Wall Street Station

New York, NY 10269-0560

 

 

Number of Employees

The Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company and has no employees.

Number of Shareholders

As of November 30, 2013, Fund records indicate that there are 3 registered shareholders and no shareholders owning the Fund shares in street name, such as through brokers, banks, and financial intermediaries.

If you are a street name shareholder and wish to receive Fund reports directly, which contain important information about the Fund, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

New York Stock Exchange MKT Symbol

The New York Stock Exchange MKT symbol is EFF.

 

  27  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Board of Trustees’ Contract Approval

 

 

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that for a fund to enter into an investment advisory agreement with an investment adviser, the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), must approve the agreement and its terms at an in-person meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on June 10, 2013, the Board, including a majority of the Independent Trustees, voted to approve the investment advisory and administrative agreement of Eaton Vance Floating-Rate Income Plus Fund (the “Fund”), with Eaton Vance Management (the “Adviser”). The Board reviewed information furnished with respect to the Fund at its meetings of April 22, 2013 and June 10, 2013, as well as information previously furnished throughout the year at meetings of the Board and its committees, including with respect to the approval of other investment advisory agreements for other Eaton Vance Funds. Such information included, among other things, the following:

Information about Fees and Expenses

 

Ÿ  

The advisory and related fees to be paid by the Fund and the anticipated expense ratio of the Fund;

 

Ÿ  

Comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those to be used in managing the Fund, if applicable, and concerning fees charged by other advisers for managing funds similar to the Fund;

Information about Portfolio Management and Trading

 

Ÿ  

Descriptions of the investment management services to be provided to the Fund, including the investment strategies and processes to be employed;

 

Ÿ  

Information concerning the allocation of brokerage and the benefits expected to be received by the Adviser as a result of brokerage allocation for the Fund, including information concerning the acquisition of research through client commission arrangements and the Fund’s policies with respect to “soft dollar” arrangements;

 

Ÿ  

Information about the Adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of the Adviser with respect to trading;

 

Ÿ  

The procedures and processes to be used to determine the fair value of the Fund’s assets and actions to be taken to monitor and test the effectiveness of such procedures and processes;

Information about the Adviser

 

Ÿ  

Reports detailing the financial results and condition of the Adviser;

 

Ÿ  

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the Fund, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

 

Ÿ  

Copies of the Codes of Ethics of the Adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

Ÿ  

Copies of or descriptions of the Adviser’s policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

 

Ÿ  

Information concerning the resources devoted to compliance efforts undertaken by the Adviser and its affiliates on behalf of the Eaton Vance Funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

 

Ÿ  

Descriptions of the business continuity and disaster recovery plans of the Adviser and its affiliates;

Other Relevant Information

 

Ÿ  

Information concerning the nature, cost and character of the administrative and other non-investment management services to be provided by Eaton Vance Management and its affiliates;

 

Ÿ  

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the Adviser (which is the administrator); and

 

Ÿ  

The terms of the investment advisory and administrative agreement of the Fund.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board concluded that the terms of the Fund’s investment advisory and administrative agreement with the Adviser, including its fee structure, is in the interests of shareholders and, therefore, the Board, including a majority of the Independent Trustees, voted to approve the terms of the investment advisory and administrative agreement for the Fund.

 

  28  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Board of Trustees’ Contract Approval — continued

 

 

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement of the Fund, the Board evaluated the nature, extent and quality of services to be provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments to be held by the Fund, including the education, experience and number of its investment professionals and other personnel who will provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered the abilities and experience of such investment personnel in analyzing special considerations relevant to investing in senior floating rate loans and other income-producing investments. The Board noted the experience of the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention expected to be devoted to Fund matters by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by the Adviser and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services to be provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.

Fund Performance

Because the Fund had not yet commenced operations when the contract was approved, it had no performance record.

Management Fees and Expenses

The Board reviewed contractual fee rates to be payable by the Fund for advisory and administrative services (referred to as “management fees”). As part of its review, the Board considered the Fund’s management fees as compared to a group of similarly managed funds selected by an independent data provider and the Fund’s estimated expense ratio for a one-year period.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services to be provided by the Adviser, the Board concluded that the management fees proposed to be charged for advisory and related services are reasonable.

Profitability

The Board reviewed the level of profits projected to be realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund. The Board considered the level of profits expected to be realized without regard to revenue sharing or other payments expected to be made by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits expected to be received by the Adviser and its affiliates in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services to be rendered, the profits expected to be realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. Based upon the foregoing, the Board concluded that the Fund can be expected to share in the benefits from economies of scale in the future. The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. The Board concluded that, in light of the level of the Adviser’s expected profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time.

 

  29  


Eaton Vance

Floating-Rate Income Plus Fund

November 30, 2013

 

Officers and Trustees

 

 

Officers of Eaton Vance Floating-Rate Income Plus Fund

 

 

Scott H. Page

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

 

 

Trustees of Eaton Vance Floating-Rate Income Plus Fund

 

 

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Allen R. Freedman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Lynn A. Stout

Harriett Tee Taggart

 

 

* Interested Trustee

 

  30  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

Ÿ  

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.

 

Ÿ  

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’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

Ÿ  

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

Ÿ  

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.

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’s Real Estate Investment Group and Boston Management and Research. 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’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  On November 11, 2013, the Fund’s Board of Trustees approved a share repurchase program authorizing the Fund to repurchase up to 10% of its currently outstanding common shares in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, will be disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

  31  


 

 

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

American Stock Transfer & Trust Company

6201 15th Avenue

Brooklyn, NY 11219

 

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

13724    11.30.13    


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.


Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

 

(a)(1)    Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)    Treasurer’s Section 302 certification.
(a)(2)(ii)    President’s Section 302 certification.
(b)    Combined Section 906 certification.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Floating-Rate Income Plus Fund

 

By:  

/s/ Scott H. Page

  Scott H. Page
  President
Date: January 8, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date: January 8, 2014
By:  

/s/ Scott H. Page

  Scott H. Page
  President
Date: January 8, 2014