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
(Registrants Telephone Number)
May 31
Date of Fiscal Year End
November 30, 2014
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Floating-Rate Income Plus Fund
(EFF)
Semiannual Report
November 30, 2014
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. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Funds 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, 2014
Eaton Vance
Floating-Rate Income Plus Fund
Table of Contents
Performance |
2 | |||
Fund Profile |
2 | |||
Endnotes and Additional Disclosures |
3 | |||
Financial Statements |
4 | |||
Officers and Trustees |
28 | |||
Important Notices |
29 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Performance1,2
Portfolio Managers Scott H. Page, CFA, Craig P. Russ and Kathleen C. Gaffney, CFA
% Average Annual Total Returns | Inception Date | Six Months | One Year | Five Years | Since Inception |
|||||||||||||||
Fund at NAV |
06/28/2013 | 0.02 | % | 3.55 | % | | 5.54 | % | ||||||||||||
Fund at Market Price |
| 2.67 | 0.73 | | 2.49 | |||||||||||||||
S&P/LSTA Leveraged Loan Index |
0.86 | 3.37 | % | 6.45 | % | 4.09 | % | |||||||||||||
% Premium/Discount to NAV3 | ||||||||||||||||||||
10.67 | % | |||||||||||||||||||
Distributions4 | ||||||||||||||||||||
Total Distributions per share for the period |
$ | 0.562 | ||||||||||||||||||
Distribution Rate at NAV |
5.96 | % | ||||||||||||||||||
Distribution Rate at Market Price |
6.67 | % | ||||||||||||||||||
% Total Leverage5 | ||||||||||||||||||||
Borrowings |
23.07 | % | ||||||||||||||||||
Variable Rate Term Preferred Shares (VRTP Shares) |
15.38 |
Fund Profile
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 eatonvance.com.
2 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Endnotes and Additional Disclosures
3 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited)
4 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
5 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
6 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
7 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
8 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
9 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
10 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
11 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
12 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
13 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
14 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
15 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Portfolio of Investments (Unaudited) continued
16 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Statement of Assets and Liabilities (Unaudited)
Assets | November 30, 2014 | |||
Unaffiliated investments, at value (identified cost, $231,980,419) |
$ | 228,985,121 | ||
Affiliated investment, at value (identified cost, $4,724,068) |
4,724,068 | |||
Cash |
1,146,974 | |||
Foreign currency, at value (identified cost, $33,638) |
31,914 | |||
Interest and dividends receivable |
1,502,600 | |||
Interest receivable from affiliated investment |
1,190 | |||
Deferred offering costs |
168,247 | |||
Prepaid upfront fees on variable rate term preferred shares |
96,331 | |||
Prepaid expenses |
5,260 | |||
Total assets |
$ | 236,661,705 | ||
Liabilities | ||||
Notes payable |
$ | 54,000,000 | ||
Variable rate term preferred shares, at liquidation value |
36,000,000 | |||
Payable for investments purchased |
2,247,938 | |||
Payable to affiliates: |
||||
Investment adviser fee |
144,343 | |||
Trustees fees |
1,846 | |||
Interest expense and fees payable |
94,062 | |||
Accrued expenses |
68,567 | |||
Total liabilities |
$ | 92,556,756 | ||
Net assets applicable to common shares |
$ | 144,104,949 | ||
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 |
144,760,465 | |||
Accumulated net realized gain |
2,160,690 | |||
Accumulated undistributed net investment income |
107,488 | |||
Net unrealized depreciation |
(2,999,758 | ) | ||
Net assets applicable to common shares |
$ | 144,104,949 | ||
Net Asset Value Per Common Share | ||||
($144,104,949 ÷ 7,606,422 common shares issued and outstanding) |
$ | 18.95 |
17 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Statement of Operations (Unaudited)
Investment Income | Six Months Ended November 30, 2014 |
|||
Interest and other income |
$ | 5,647,496 | ||
Dividends |
324,691 | |||
Interest income allocated from affiliated investment |
2,300 | |||
Expenses allocated from affiliated investment |
(250 | ) | ||
Total investment income |
$ | 5,974,237 | ||
Expenses | ||||
Investment adviser fee |
$ | 891,220 | ||
Trustees fees and expenses |
5,702 | |||
Custodian fee |
79,898 | |||
Transfer and dividend disbursing agent fees |
9,523 | |||
Legal and accounting services |
37,146 | |||
Amortization of deferred offering costs |
52,450 | |||
Printing and postage |
16,963 | |||
Interest expense and fees |
602,698 | |||
Miscellaneous |
46,599 | |||
Total expenses |
$ | 1,742,199 | ||
Deduct |
||||
Reduction of custodian fee |
$ | 2 | ||
Total expense reductions |
$ | 2 | ||
Net expenses |
$ | 1,742,197 | ||
Net investment income |
$ | 4,232,040 | ||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) |
||||
Investment transactions |
$ | 98,731 | ||
Investment transactions allocated from affiliated investment |
13 | |||
Foreign currency transactions |
(503 | ) | ||
Net realized gain |
$ | 98,241 | ||
Change in unrealized appreciation (depreciation) |
||||
Investments |
$ | (4,715,207 | ) | |
Foreign currency |
(5,442 | ) | ||
Net change in unrealized appreciation (depreciation) |
$ | (4,720,649 | ) | |
Net realized and unrealized loss |
$ | (4,622,408 | ) | |
Net decrease in net assets from operations |
$ | (390,368 | ) |
18 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets | Six Months Ended November 30, 2014 |
Period Ended May 31, 2014(1) |
||||||
From operations |
||||||||
Net investment income |
$ | 4,232,040 | $ | 7,416,493 | ||||
Net realized gain from investment and foreign currency transactions |
98,241 | 2,057,813 | ||||||
Net change in unrealized appreciation (depreciation) from investments and foreign currency |
(4,720,649 | ) | 1,720,891 | |||||
Net increase (decrease) in net assets from operations |
$ | (390,368 | ) | $ | 11,195,197 | |||
Distributions to common shareholders |
||||||||
From net investment income |
$ | (4,274,809 | ) | $ | (7,408,329 | ) | ||
Total distributions to common shareholders |
$ | (4,274,809 | ) | $ | (7,408,329 | ) | ||
Capital share transactions |
||||||||
Proceeds from sale of common shares |
$ | | $ | 145,127,358 | (2) | |||
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 (decrease) in net assets |
$ | (4,665,177 | ) | $ | 148,670,126 | |||
Net Assets Applicable to Common Shares | ||||||||
At beginning of period |
$ | 148,770,126 | $ | 100,000 | ||||
At end of period |
$ | 144,104,949 | $ | 148,770,126 | ||||
Accumulated undistributed net investment income included in net assets applicable to common shares |
||||||||
At end of period |
$ | 107,488 | $ | 150,257 |
(1) | For the period from the start of business, June 28, 2013, to May 31, 2014. |
(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). |
19 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Statement of Cash Flows (Unaudited)
Cash Flows From Operating Activities | Six Months Ended November 30, 2014 |
|||
Net decrease in net assets from operations |
$ | (390,368 | ) | |
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: |
||||
Investments purchased |
(34,810,438 | ) | ||
Investments sold and principal repayments |
38,550,262 | |||
Increase in short-term investments, net |
(2,458,292 | ) | ||
Net amortization/accretion of premium (discount) |
(98,367 | ) | ||
Amortization of deferred offering costs and prepaid upfront fees on variable rate term preferred shares |
82,531 | |||
Increase in interest and dividends receivable |
(95,659 | ) | ||
Increase in interest receivable from affiliated investment |
(930 | ) | ||
Increase in prepaid expenses |
(1,707 | ) | ||
Decrease in payable to affiliate for investment adviser fee |
(7,596 | ) | ||
Increase in payable to affiliate for Trustees fees |
107 | |||
Decrease in interest expense and fees payable |
(1,845 | ) | ||
Decrease in accrued expenses |
(13,610 | ) | ||
Increase in unfunded loan commitments |
270,093 | |||
Net change in unrealized (appreciation) depreciation from investments |
4,715,207 | |||
Net realized gain from investments |
(98,731 | ) | ||
Net cash provided by operating activities |
$ | 5,640,657 | ||
Cash Flows From Financing Activities | ||||
Distributions paid to common shareholders, net of reinvestments |
$ | (4,274,809 | ) | |
Decrease in due to custodian |
(202,486 | ) | ||
Net cash used in financing activities |
$ | (4,477,295 | ) | |
Net increase in cash* |
$ | 1,163,362 | ||
Cash at beginning of period(1) |
$ | 15,526 | ||
Cash at end of period(1) |
$ | 1,178,888 | ||
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest and fees on borrowings and variable rate term preferred shares |
$ | 574,462 |
(1) | Balance includes foreign currency, at value. |
* | Includes net change in unrealized appreciation (depreciation) on foreign currency of $(2,005). |
20 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Financial Highlights
Selected data for a common share outstanding during the periods stated
Six Months Ended November 30, 2014 (Unaudited) |
Period Ended May 31, 2014(1) |
|||||||
Net asset value Beginning of period (Common shares) |
$ | 19.560 | $ | 19.100 | (2) | |||
Income (Loss) From Operations | ||||||||
Net investment income(3) |
$ | 0.556 | $ | 0.989 | ||||
Net realized and unrealized gain (loss) |
(0.604 | ) | 0.511 | |||||
Total income (loss) from operations |
$ | (0.048 | ) | $ | 1.500 | |||
Less Distributions to Common Shareholders | ||||||||
From net investment income |
$ | (0.562 | ) | $ | (0.974 | ) | ||
Total distributions to common shareholders |
$ | (0.562 | ) | $ | (0.974 | ) | ||
Common shares offering costs charged to paid-in capital(3) |
$ | | $ | (0.041 | ) | |||
Discount related to exercise of underwriters over-allotment option(3) |
$ | | $ | (0.025 | ) | |||
Net asset value End of period (Common shares) |
$ | 18.950 | $ | 19.560 | ||||
Market value End of period (Common shares) |
$ | 16.920 | $ | 17.950 | ||||
Total Investment Return on Net Asset Value(4) |
(0.02 | )%(5) | 8.00 | %(5)(6) | ||||
Total Investment Return on Market Value(4) |
(2.67 | )%(5) | (0.89 | )%(5)(6) |
21 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Financial Highlights continued
Selected data for a common share outstanding during the periods stated
Ratios/Supplemental Data | Six Months Ended November 30, 2014 (Unaudited) |
Period Ended May 31, 2014(1) |
||||||
Net assets applicable to common shares, end of period (000s omitted) |
$ | 144,105 | $ | 148,770 | ||||
Ratios (as a percentage of average daily net assets applicable to common shares): |
||||||||
Expenses excluding interest and fees(7) |
1.54 | %(8) | 1.54 | %(8) | ||||
Interest and fee expense(9) |
0.82 | %(8) | 0.76 | %(8) | ||||
Total expenses(7) |
2.36 | %(8) | 2.30 | %(8) | ||||
Net investment income |
5.74 | %(8) | 5.49 | %(8) | ||||
Portfolio Turnover |
14 | %(5) | 37 | %(5) | ||||
Senior Securities: |
||||||||
Total notes payable outstanding (in 000s) |
$ | 54,000 | $ | 54,000 | ||||
Asset coverage per $1,000 of notes payable(10) |
$ | 4,335 | $ | 4,422 | ||||
Total preferred shares outstanding(11) |
360 | 360 | ||||||
Asset coverage per preferred share(11)(12) |
$ | 260,117 | $ | 265,300 | ||||
Involuntary liquidation preference per preferred share(11) |
$ | 100,000 | $ | 100,000 | ||||
Approximate market value per preferred share(11) |
$ | 100,000 | $ | 100,000 |
(1) | For the period from the start of business, June 28, 2013, to May 31, 2014. |
(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 Funds dividend reinvestment plan. |
(5) | Not annualized. |
(6) | 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. |
(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 7). |
(10) | Calculated by subtracting the Funds total liabilities (not including the notes payable and preferred shares) from the Funds 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 Funds total liabilities (not including the notes payable and preferred shares) from the Funds 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 260% and 265% at November 30, 2014 and May 31, 2013, respectively. |
| Ratios based on net assets applicable to common shares plus preferred shares and borrowings are presented below. Ratios exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized. |
Six Months Ended November 30, 2014 (Unaudited) |
Period Ended May 31, 2014 |
|||||||
Expenses excluding interest and fees |
0.96 | % | 0.98 | % | ||||
Interest and fee expense |
0.51 | % | 0.49 | % | ||||
Total expenses |
1.47 | % | 1.47 | % | ||||
Net investment income |
3.56 | % | 3.52 | % |
22 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
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 Funds 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 (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
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 borrowers 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 borrowers 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 advisers 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, interest rates, anticipated prepayments, 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 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 uses 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 is adjusted by an income factor, as 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 Eaton Vance Management (EVM). The value of the Funds investment in Cash Reserves Fund reflects the Funds 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 securitys 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
23 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Notes to Financial Statements (Unaudited) continued
security, the existence of any contractual restrictions on the securitys 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 companys or entitys 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 Funds 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, 2014, 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 Funds custodian fees are reported as a reduction of expenses in the Statement of Operations.
F Organization and Offering Costs Organization costs paid in connection with the organization of the Fund were borne directly by EVM, the Funds 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.
G 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.
H 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 borrowers discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At November 30, 2014, the Fund had sufficient cash and/or securities to cover these commitments.
I Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP 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.
J Indemnifications Under the Funds 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 Funds 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 Funds 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.
K Statement of Cash Flows The cash amount shown in the Statement of Cash Flows of the Fund is the amount included in the Funds Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.
L Interim Financial Statements The interim financial statements relating to November 30, 2014 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
24 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Notes to Financial Statements (Unaudited) continued
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, 2014.
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 Conduits 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 expense and fees 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, 2014 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 10) at November 30, 2014.
The average liquidation preference of the VRTP Shares during the six months ended November 30, 2014 was $36,000,000.
3 Distributions to Shareholders and Income Tax Information
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, 2014 was 1.40%. The amount of dividends accrued and the average annual dividend rate of the VRTP Shares during the six months ended November 30, 2014 were $256,496 and 1.42%, respectively.
Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are 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.
The cost and unrealized appreciation (depreciation) of investments of the Fund at November 30, 2014, as determined on a federal income tax basis, were as follows:
Aggregate cost |
$ | 236,700,432 | ||
Gross unrealized appreciation |
$ | 2,643,447 | ||
Gross unrealized depreciation |
(5,634,690 | ) | ||
Net unrealized depreciation |
$ | (2,991,243 | ) |
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 Funds 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 six months ended November 30, 2014, the investment adviser fee amounted to $891,220. 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.
25 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Notes to Financial Statements (Unaudited) continued
Trustees and officers of the Fund who are members of EVMs 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 six months ended November 30, 2014, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.
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 $33,030,030 and $35,590,862, respectively, for the six months ended November 30, 2014.
6 Common Shares of Beneficial Interest
In connection with the initial public offering of the Funds 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 Funds 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:
Six Months Ended November 30, 2014 (Unaudited) |
Period Ended May 31, 2014(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 May 31, 2014. |
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 six months ended November 30, 2014 and the period ended May 31, 2014.
7 Revolving Credit and Security Agreement
The Fund has entered into a Revolving Credit and Security Agreement (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, which was renewed on July 9, 2014 and in effect through March 18, 2015, 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 six months ended November 30, 2014 totaled $260,775 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, 2014, the Fund had borrowings outstanding under the Agreement of $54,000,000 at an interest rate of 0.20%. 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, 2014 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 10) at November 30, 2014. For the six months ended November 30, 2014, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $54,000,000 and 0.20%, respectively.
8 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
26 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Notes to Financial Statements (Unaudited) continued
(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.
9 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 loans value.
10 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.
| Level 1 quoted prices in active markets for identical investments |
| Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 significant unobservable inputs (including a funds 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, 2014, the hierarchy of inputs used in valuing the Funds 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) |
$ | | $ | 199,436,623 | $ | | $ | 199,436,623 | ||||||||
Commercial Mortgage-Backed Securities |
| 175,928 | | 175,928 | ||||||||||||
Corporate Bonds & Notes |
| 13,756,478 | | 13,756,478 | ||||||||||||
Foreign Government Bonds |
| 2,546,987 | | 2,546,987 | ||||||||||||
Convertible Bonds |
| 3,427,447 | | 3,427,447 | ||||||||||||
Common Stocks |
6,670,507 | | | 6,670,507 | ||||||||||||
Convertible Preferred Stocks |
| 2,069,793 | | 2,069,793 | ||||||||||||
Preferred Stocks |
| 181,934 | | 181,934 | ||||||||||||
Tax-Exempt Investments |
| 719,424 | | 719,424 | ||||||||||||
Short-Term Investments |
| 4,724,068 | | 4,724,068 | ||||||||||||
Total Investments |
$ | 6,670,507 | $ | 227,038,682 | $ | | $ | 233,709,189 |
The Fund held no investments or other financial instruments as of May 31, 2014 whose fair value was determined using Level 3 inputs. At November 30, 2014, there were no investments transferred between Level 1 and Level 2 during the six months then ended.
27 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2014
Officers and Trustees
Officers of Eaton Vance Floating-Rate Income Plus Fund
Trustees of Eaton Vance Floating-Rate Income Plus Fund
* | Interested Trustee |
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 closed-end management investment company and has no employees.
Number of Shareholders
As of November 30, 2014, Fund records indicate that there are 3 registered shareholders and approximately 4,298 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 symbol
The New York Stock Exchange symbol is EFF.
28 |
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:
| 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. |
| 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 customers account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers. |
| Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. |
| 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 Managements 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 customers account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisors privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vances 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 SECs website at www.sec.gov. Form N-Q may also be reviewed and copied at the SECs 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 SECs website at www.sec.gov.
Share Repurchase Program. The Funds Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its outstanding common shares as of the approved date in open-market transactions at a discount to net asset value. The repurchase program does not obligate a Fund to purchase a specific amount of shares. The Funds repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also 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. Other information about the funds is available on the website. 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.
29 |
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13724 11.30.14 |
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 registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants internal control over financial reporting.
Item 12. Exhibits
(a)(1) | Registrants Code of Ethics Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurers Section 302 certification. | |
(a)(2)(ii) | Presidents 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 12, 2015 |
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 12, 2015 | |
By: | /s/ Scott H. Page | |
Scott H. Page | ||
President | ||
Date: | January 12, 2015 |
Eaton Vance Floating-Rate Income Plus Fund
FORM N-CSR
Exhibit 12(a)(2)(i)
CERTIFICATION
I, James F. Kirchner, certify that:
1. I have reviewed this report on Form N-CSR of Eaton Vance Floating-Rate Income Plus Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: | January 12, 2015 |
/s/ James F. Kirchner |
James F. Kirchner |
Treasurer |
Eaton Vance Floating-Rate Income Plus Fund
FORM N-CSR
Exhibit 12(a)(2)(ii)
CERTIFICATION
I, Scott H. Page, certify that:
1. I have reviewed this report on Form N-CSR of Eaton Vance Floating-Rate Income Plus Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: | January 12, 2015 |
/s/ Scott H. Page |
Scott H. Page |
President |
Form N-CSR Item 12(b) Exhibit
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Floating-Rate Income Plus Fund (the Fund), that:
(a) | The Semi-Annual Report of the Fund on Form N-CSR for the period ended November 30, 2014 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(b) | The information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. |
A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.
Eaton Vance Floating-Rate Income Plus Fund |
Date: January 12, 2015 |
/s/ James F. Kirchner |
James F. Kirchner |
Treasurer |
Date: January 12, 2015 |
/s/ Scott H. Page |
Scott H. Page |
President |
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