N-CSR 1 d32730dncsr.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

May 31, 2015

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Floating-Rate Income Plus Fund

(EFF)

Annual Report

May 31, 2015

 

 

 

 

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. 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 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.


Annual Report May 31, 2015

Eaton Vance

Floating-Rate Income Plus Fund

Table of Contents

 

Management’s Discussion of Fund Performance

     2   

Performance

     3   

Fund Profile

     3   

Endnotes and Additional Disclosures

     4   

Financial Statements

     5   

Report of Independent Registered Public Accounting Firm

     30   

Federal Tax Information

     31   

Annual Meeting of Shareholders

     32   

Dividend Reinvestment Plan

     33   

Board of Trustees’ Contract Approval

     35   

Management and Organization

     38   

Important Notices

     40   


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

The U.S. floating rate loan market was mixed over the fiscal year ended May 31, 2015, with the S&P/LSTA Leveraged Loan Index,2 a broad barometer of the loan market, returning 2.84% during the 12-month period. Positive returns for the asset class were driven by income, with price declines in the latter part of 2014 detracting from returns.

Technical conditions — i.e., the balance of supply and demand — put downward pressure on loan prices from the beginning of the period through the end of 2014. The supply of new loans outpaced institutional inflows, while the retail side of the loan market experienced net outflows. It appeared that a key driver of outflows in 2014 was decreased urgency regarding rising interest rates, as a rate hike by the Federal Reserve Board no longer appeared to be imminent.

Falling energy prices also appeared to have impacted the loan market. The heaviest outflows and price declines in the asset class occurred in late 2014, after the Organization of the Petroleum Exporting Countries announced it would not cut oil production. This exacerbated an ongoing decline in crude prices. While the loan market has relatively small energy exposure, investors appeared to view falling energy prices as a negative event for loans.

In the last several months of the period, however, conditions improved. Oil prices stabilized and corporate fundamentals, which had strengthened throughout the period, began to prevail. Flows into the loan market moved from negative to flat and prices began to rise.

With the U.S. economy continuing its lumpy but gradual recovery during the period, improving corporate fundamentals kept the default rate fairly benign. The loan default rate, a measure of corporate health and credit risk in the market, was 1.26%, well below the market’s 10-year average of 3.4%, according to Standard & Poor’s Leveraged Commentary & Data.

Fund Performance

For the fiscal year ended May 31, 2015, Eaton Vance Floating-Rate Income Plus Fund (the Fund) shares at net asset value (NAV) had a total return of 2.15%, underperforming the 2.84% return of the S&P/LSTA Leveraged Loan Index (the Index).

Under normal market conditions, the Fund invests at least 80% of its total assets in senior loans. In keeping with the

Fund’s secondary objective of preservation of capital, the Fund has historically tended to underweight lower-quality loans, a strategy that may help the Fund experience limited credit losses over time but may detract from relative results versus the Index in times when lower-quality issues outperform.

For the 12-month period, BBB-rated loans7 in the Index returned 2.40%, BB-rated loans in the Index returned 3.79%, B-rated loans in the Index returned 3.14%, CCC-rated loans in the Index returned 3.77%, and D-rated (defaulted) loans in the Index returned -17.60%. The negative performance of the D-rated category was due in large part to the continued decline of loans issued by Energy Future Holdings, also known as TXU, a major Index component that defaulted during the Fund’s previous fiscal year but was not held by the Fund. Across the ratings tiers, the Fund’s overweight to BB-rated loans and underweight to D-rated loans both aided relative Fund performance versus the Index. However, the Fund’s underweight to CCC-rated loans detracted from Fund performance versus the Index.

The Fund’s out-of-Index holdings in convertible securities, common stocks and non-U.S.-dollar-denominated emerging-market debt were the most significant contributors to the Fund’s underperformance versus the Index. Commodity-related companies, especially energy companies, were particularly hard hit as the price of crude oil and other commodities plunged during the fiscal year. Commodity prices were also negatively affected by the relative strengthening of the U.S. dollar against other currencies during the period, which also hurt prices of non-dollar-denominated emerging-market bonds.

On a sector-level basis, the Fund’s underweight to utilities contributed to the Fund’s relative results versus the Index, as that sector trailed the Index during the period. Similarly, the Fund’s overweight to financial intermediaries, a sector that outperformed the overall loan market, helped Fund performance versus the Index. In contrast, the Fund’s overweights to steel and to nonferrous metals/minerals detracted from Fund results versus the Index, as those sectors underperformed. An underweight to telecommunications, a sector that outperformed during the period, also hurt the Fund’s relative results verses the Index.

The Fund’s use of leverage6 during the period had the effect of achieving additional exposure to the markets, and thus magnifying the Fund’s exposure to its underlying contributors and detractors from Fund performance during the period.

 

 

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 distribu-tions. 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

May 31, 2015

 

Performance2,3

 

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

 

% Average Annual Total Returns    Inception Date      One Year      Five Years      Since
Inception
 

Fund at NAV

     06/28/2013         2.15              5.24

Fund at Market Price

             2.71                 0.93   

S&P/LSTA Leveraged Loan Index

             2.84      5.46      4.06
           
% Premium/Discount to NAV4                                
              –7.72
           
Distributions5                                

Total Distributions per share for the period

            $ 1.134   

Distribution Rate at NAV

              6.20

Distribution Rate at Market Price

              6.72
           
% Total Leverage6                                

Borrowings

              23.49

Variable Rate Term Preferred Shares (VRTP Shares)

              15.66   

Fund Profile

 

Credit Quality (% of bonds, loans and mortgage-backed securities)7

 

 

 

LOGO

    

Asset Allocation (% of total investments)8

 

 

 

LOGO

 

 

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.

 

  3  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Endnotes and Additional Disclosures

 

 

1 

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

 

2 

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.

 

3 

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.

 

4 

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.

 

5 

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 tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. 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 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.

6 

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.

 

7 

Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. 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 S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings 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. Holdings designated as “Not Rated” are not rated by the national ratings agencies stated above.

 

8 

Asset allocation as a percentage of the Fund’s net assets amounted to 166.2%.

 

  

Fund profile subject to change due to active management.

 

 

  4  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments

 

 

Senior Floating-Rate Interests — 138.2%(1)   
     
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Aerospace and Defense — 3.5%

  

       

DAE Aviation Holdings, Inc.

     

Term Loan, 5.00%, Maturing November 2, 2018

    $ 608      $ 611,043   

Silver II US Holdings, LLC

     

Term Loan, 4.00%, Maturing December 13, 2019

      1,377        1,339,078   

Standard Aero Limited

     

Term Loan, 5.00%, Maturing November 2, 2018

      275        276,146   

Transdigm, Inc.

     

Term Loan, 3.75%, Maturing February 28, 2020

      2,190        2,189,673   

Term Loan, 3.75%, Maturing June 4, 2021

      471        471,622   
                     
      $ 4,887,562   
                     

Air Transport — 0.4%

  

       

Virgin America, Inc.

     

Term Loan, 4.50%, Maturing April 4, 2019

    $ 625      $ 572,500   
                     
      $ 572,500   
                     

Automotive — 2.5%

  

       

Affinia Group Intermediate Holdings, Inc.

     

Term Loan, 4.75%, Maturing April 27, 2020

    $ 626      $ 627,778   

Chrysler Group, LLC

     

Term Loan, 3.25%, Maturing December 31, 2018

      545        545,748   

CS Intermediate Holdco 2, LLC

     

Term Loan, 4.00%, Maturing April 4, 2021

      174        174,339   

Federal-Mogul Holdings Corporation

     

Term Loan, 4.75%, Maturing April 15, 2021

      993        990,639   

Horizon Global Corporation

     

Term Loan, Maturing May 11, 2022(2)

      125        123,672   

MPG Holdco I, Inc.

     

Term Loan, 3.75%, Maturing October 20, 2021

      577        579,190   

TI Group Automotive Systems, LLC

     

Term Loan, 4.25%, Maturing July 2, 2021

      223        224,010   

Visteon Corporation

     

Term Loan, 3.50%, Maturing April 9, 2021

      273        273,364   
                     
      $ 3,538,740   
                     

Beverage and Tobacco — 0.3%

  

       

Flavors Holdings, Inc.

     

Term Loan - Second Lien, 11.00%, Maturing October 3, 2021

    $ 500      $ 482,500   
                     
      $ 482,500   
                     
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Brokerage / Securities Dealers / Investment Houses — 0.1%

  

       

Astro AB Borrower, Inc.

     

Term Loan, 5.50%, Maturing April 30, 2022

    $ 75      $ 76,031   
                     
      $ 76,031   
                     

Building and Development — 2.4%

  

       

Auction.com, LLC

     

Term Loan, Maturing May 8, 2022(2)

    $ 275      $ 273,625   

CPG International, Inc.

     

Term Loan, 4.75%, Maturing September 30, 2020

      148        147,196   

Gates Global, Inc.

     

Term Loan, 4.25%, Maturing July 5, 2021

      1,398        1,393,849   

Headwaters, Incorporated

     

Term Loan, 4.50%, Maturing March 24, 2022

      50        50,313   

Quikrete Holdings, Inc.

     

Term Loan, 4.00%, Maturing September 28, 2020

      236        236,878   

Realogy Corporation

     

Term Loan, 3.75%, Maturing March 5, 2020

      786        788,128   

Summit Materials Companies I, LLC

     

Term Loan, 5.00%, Maturing January 30, 2019

      491        492,763   
                     
      $ 3,382,752   
                     

Business Equipment and Services — 10.8%

  

       

Acosta Holdco, Inc.

     

Term Loan, 4.25%, Maturing September 26, 2021

    $ 871      $ 875,056   

AlixPartners, LLP

     

Term Loan - Second Lien, 9.00%, Maturing July 10, 2021

      200        202,250   

Altisource Solutions S.a.r.l.

     

Term Loan, 4.50%, Maturing December 9, 2020

      646        584,964   

Brickman Group Ltd., LLC

     

Term Loan, 4.00%, Maturing December 18, 2020

      222        222,408   

CCC Information Services, Inc.

     

Term Loan, 4.00%, Maturing December 20, 2019

      490        490,587   

Ceridian, LLC

     

Term Loan, 4.50%, Maturing September 15, 2020

      148        147,759   

Corporate Capital Trust, Inc.

     

Term Loan, 4.00%, Maturing May 15, 2019

      248        247,649   

CPM Holdings, Inc.

     

Term Loan, 6.00%, Maturing April 11, 2022

      75        75,234   

Crossmark Holdings, Inc.

     

Term Loan, 4.50%, Maturing December 20, 2019

      506        478,772   

Education Management, LLC

     

Term Loan, 5.50%, Maturing July 2, 2020

      195        171,457   

Term Loan, 8.50%, (2.00% Cash, 6.50% PIK), Maturing July 2,
2020

      330        253,370   
 

 

  5   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

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

Business Equipment and Services (continued)

  

       

EIG Investors Corp.

     

Term Loan, 5.00%, Maturing November 9, 2019

    $ 1,671      $ 1,668,452   

Expert Global Solutions, Inc.

     

Term Loan, 8.50%, Maturing April 3, 2018

      268        268,202   

Extreme Reach, Inc.

     

Term Loan, 6.75%, Maturing February 7, 2020

      186        187,377   

Garda World Security Corporation

     

Term Loan, 4.00%, Maturing November 6, 2020

      30        30,097   

Term Loan, 4.00%, Maturing November 6, 2020

      268        267,653   

IG Investment Holdings, LLC

     

Term Loan, 6.00%, Maturing October 29, 2021

      125        125,305   

Information Resources, Inc.

     

Term Loan, 4.75%, Maturing September 30, 2020

      320        322,024   

ION Trading Technologies S.a.r.l.

     

Term Loan, 4.25%, Maturing June 10, 2021

      309        308,437   

Term Loan - Second Lien, 7.25%, Maturing June 10, 2022

      1,000        997,500   

Kronos Incorporated

     

Term Loan, 4.50%, Maturing October 30, 2019

      2,226        2,239,158   

MCS AMS Sub-Holdings, LLC

     

Term Loan, 7.00%, Maturing October 15, 2019

      363        356,301   

PGX Holdings, Inc.

     

Term Loan, 6.25%, Maturing September 29, 2020

      296        298,472   

RCS Capital Corporation

     

Term Loan, 6.50%, Maturing April 29, 2019

      556        547,567   

ServiceMaster Company

     

Term Loan, 4.25%, Maturing July 1, 2021

      622        624,262   

SunGard Data Systems, Inc.

     

Term Loan, 4.00%, Maturing March 8, 2020

      1,743        1,751,218   

TransUnion, LLC

     

Term Loan, 4.00%, Maturing April 9, 2021

      1,040        1,039,933   

Travelport Finance (Luxembourg) S.a.r.l.

     

Term Loan, 5.75%, Maturing September 2, 2021

      299        301,648   

WASH Multifamily Laundry Systems, LLC

     

Term Loan, Maturing April 21, 2022(2)

      64        64,142   

Term Loan, Maturing May 4, 2022(2)

      11        11,233   
                     
      $ 15,158,487   
                     

Cable and Satellite Television — 0.3%

  

       

MCC Iowa, LLC

     

Term Loan, 3.75%, Maturing June 30, 2021

    $ 223      $ 223,786   

Mediacom Illinois, LLC

     

Term Loan, 3.75%, Maturing June 30, 2021

      124        124,686   
                     
      $ 348,472   
                     
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Chemicals and Plastics — 9.2%

  

       

Allnex (Luxembourg) & Cy S.C.A.

     

Term Loan, 4.50%, Maturing October 3, 2019

    $ 517      $ 519,314   

Allnex USA, Inc.

     

Term Loan, 4.50%, Maturing October 3, 2019

      268        269,447   

Aruba Investments, Inc.

     

Term Loan, 5.25%, Maturing February 2, 2022

      75        75,750   

Axalta Coating Systems US Holdings, Inc.

     

Term Loan, 3.75%, Maturing February 1, 2020

      1,409        1,410,293   

AZ Chem US, Inc.

     

Term Loan, 4.50%, Maturing June 12, 2021

      498        499,398   

Chemours Company Co. (The)

     

Term Loan, 3.75%, Maturing May 22, 2022

      275        275,859   

Colouroz Investment 1, GmbH

     

Term Loan, 4.75%, Maturing September 7, 2021

      39        38,938   

Term Loan, 4.75%, Maturing September 7, 2021

      235        235,542   

ECO Services Operations, LLC

     

Term Loan, 4.75%, Maturing December 4, 2021

      100        99,750   

Emerald Performance Materials, LLC

     

Term Loan, 4.50%, Maturing August 1, 2021

      124        124,841   

Term Loan - Second Lien, 7.75%, Maturing August 1, 2022

      150        149,719   

Gemini HDPE, LLC

     

Term Loan, 4.75%, Maturing August 7, 2021

      124        124,942   

Ineos US Finance, LLC

     

Term Loan, 3.75%, Maturing May 4, 2018

      1,963        1,964,894   

Term Loan, 4.25%, Maturing March 31, 2022

      175        175,632   

Kronos Worldwide, Inc.

     

Term Loan, 4.00%, Maturing February 18, 2020

      272        273,441   

MacDermid, Inc.

     

Term Loan, 4.50%, Maturing June 7, 2020

      149        150,173   

Term Loan, 4.75%, Maturing June 7, 2020

      150        150,734   

Minerals Technologies, Inc.

     

Term Loan, 4.00%, Maturing May 7, 2021

      471        472,505   

Orion Engineered Carbons GmbH

     

Term Loan, 5.00%, Maturing July 25, 2021

      149        150,743   

OXEA Finance, LLC

     

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

      1,000        927,500   

Polarpak, Inc.

     

Term Loan, 4.50%, Maturing June 7, 2020

      311        311,211   

Solenis International L.P.

     

Term Loan, 4.25%, Maturing July 31, 2021

      345        345,244   

Sonneborn Refined Products B.V.

     

Term Loan, 5.50%, Maturing December 10, 2020

      19        18,867   
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

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

Chemicals and Plastics (continued)

  

       

Sonneborn, LLC

     

Term Loan, 5.50%, Maturing December 10, 2020

    $ 106      $ 106,912   

Tata Chemicals North America, Inc.

     

Term Loan, 3.75%, Maturing August 7, 2020

      270        269,931   

Trinseo Materials Operating S.C.A.

     

Term Loan, 4.25%, Maturing October 13, 2021

      575        577,575   

Tronox Pigments (Netherlands) B.V.

     

Term Loan, 4.25%, Maturing March 19, 2020

      1,962        1,971,388   

Univar, Inc.

     

Term Loan, 5.00%, Maturing June 30, 2017

      980        980,035   

WNA Holdings, Inc.

     

Term Loan, 4.50%, Maturing June 7, 2020

      162        162,750   
                     
      $ 12,833,328   
                     

Conglomerates — 0.5%

  

       

Spectrum Brands, Inc.

     

Term Loan, 3.50%, Maturing September 4, 2019

    $ 640      $ 642,851   
                     
      $ 642,851   
                     

Containers and Glass Products — 3.5%

  

       

Berry Plastics Holding Corporation

     

Term Loan, 3.50%, Maturing February 8, 2020

    $ 1,960      $ 1,959,388   

Term Loan, 3.75%, Maturing January 6, 2021

      159        158,801   

Hilex Poly Co., LLC

     

Term Loan, 6.00%, Maturing December 5, 2021

      399        403,738   

Libbey Glass, Inc.

     

Term Loan, 3.75%, Maturing April 9, 2021

      99        99,405   

Pelican Products, Inc.

     

Term Loan, 5.25%, Maturing April 10, 2020

      374        374,514   

Reynolds Group Holdings, Inc.

     

Term Loan, 4.50%, Maturing December 1, 2018

      1,925        1,936,217   
                     
      $ 4,932,063   
                     

Cosmetics / Toiletries — 0.8%

  

       

Prestige Brands, Inc.

     

Term Loan, 3.50%, Maturing September 3, 2021

    $ 158      $ 158,480   

Revlon Consumer Products Corporation

     

Term Loan, 4.00%, Maturing October 8, 2019

      291        291,741   

Sun Products Corporation (The)

     

Term Loan, 5.50%, Maturing March 23, 2020

      728        716,471   
                     
      $ 1,166,692   
                     
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Drugs — 3.6%

  

       

AMAG Pharmaceuticals, Inc.

     

Term Loan, 7.25%, Maturing November 12, 2020

    $ 146      $ 147,895   

DPx Holdings B.V.

     

Term Loan, 4.25%, Maturing March 11, 2021

      223        223,073   

Endo Luxembourg Finance Company I S.a.r.l.

     

Term Loan, 3.25%, Maturing March 1, 2021

      99        99,227   

Mallinckrodt International Finance S.A.

     

Term Loan, 3.25%, Maturing March 19, 2021

      396        396,217   

Par Pharmaceutical Companies, Inc.

     

Term Loan, 4.00%, Maturing September 30, 2019

      198        198,458   

Term Loan, 4.25%, Maturing September 30, 2019

      998        1,001,448   

Valeant Pharmaceuticals International, Inc.

     

Term Loan, 3.50%, Maturing August 5, 2020

      1,990        1,992,482   

Term Loan, 4.00%, Maturing April 1, 2022

      950        953,887   
                     
      $ 5,012,687   
                     

Ecological Services and Equipment — 0.8%

  

       

ADS Waste Holdings, Inc.

     

Term Loan, 3.75%, Maturing October 9, 2019

    $ 976      $ 974,659   

EnergySolutions, LLC

     

Term Loan, 6.75%, Maturing May 29, 2020

      211        212,513   
                     
      $ 1,187,172   
                     

Electronics / Electrical — 15.1%

  

       

Answers Corporation

     

Term Loan, 6.25%, Maturing October 3, 2021

    $ 574      $ 519,696   

Applied Systems, Inc.

     

Term Loan, 4.27%, Maturing January 25, 2021

      216        216,752   

Avago Technologies Cayman Ltd.

     

Term Loan, Maturing May 6, 2021(2)

      2,000        2,006,478   

Campaign Monitor Finance Pty Limited

     

Term Loan, 6.25%, Maturing March 18, 2021

      198        197,753   

Carros Finance Luxembourg S.a.r.l.

     

Term Loan, 4.50%, Maturing September 30, 2021

      100        99,873   

CommScope, Inc.

     

Term Loan, Maturing May 21, 2022(2)

      250        249,375   

CompuCom Systems, Inc.

     

Term Loan, 4.25%, Maturing May 11, 2020

      470        440,638   

Dell, Inc.

     

Term Loan, 4.50%, Maturing April 29, 2020

      2,287        2,293,800   

Entegris, Inc.

     

Term Loan, 3.50%, Maturing April 30, 2021

      104        104,437   

Excelitas Technologies Corp.

     

Term Loan, 6.00%, Maturing October 31, 2020

      219        220,782   
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

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

Electronics / Electrical (continued)

  

       

Eze Castle Software, Inc.

     

Term Loan, 4.00%, Maturing April 6, 2020

    $ 928      $ 929,876   

FIDJI Luxembourg (BC4) S.a.r.l.

     

Term Loan, 6.25%, Maturing December 24, 2020

      188        188,440   

Go Daddy Operating Company, LLC

     

Term Loan, 4.25%, Maturing May 13, 2021

      984        989,375   

Hyland Software, Inc.

     

Term Loan, 4.75%, Maturing February 19, 2021

      893        897,353   

Infor (US), Inc.

     

Term Loan, 3.75%, Maturing June 3, 2020

      2,122        2,117,308   

Lattice Semiconductor Corporation

     

Term Loan, 5.25%, Maturing March 10, 2021

      150        151,125   

M/A-COM Technology Solutions Holdings, Inc.

     

Term Loan, 4.50%, Maturing May 7, 2021

      124        125,303   

MA FinanceCo., LLC

     

Term Loan, 4.50%, Maturing November 20, 2019

      300        300,469   

Term Loan, 5.25%, Maturing November 19, 2021

      265        265,793   

Magic Newco, LLC

     

Term Loan, 5.00%, Maturing December 12, 2018

      980        985,790   

MH Sub I, LLC

     

Term Loan, 5.00%, Maturing July 8, 2021

      223        223,780   

Orbotech, Inc.

     

Term Loan, 5.00%, Maturing August 6, 2020

      124        123,753   

Renaissance Learning, Inc.

     

Term Loan, 4.50%, Maturing April 9, 2021

      873        863,790   

RP Crown Parent, LLC

     

Term Loan, 6.00%, Maturing December 21, 2018

      1,007        982,686   

SGS Cayman L.P.

     

Term Loan, 6.00%, Maturing April 23, 2021

      52        52,119   

Shield Finance Co. S.a.r.l.

     

Term Loan, 5.00%, Maturing January 29, 2021

      173        174,585   

Sirius Computer Solutions, Inc.

     

Term Loan, 6.25%, Maturing December 7, 2018

      398        403,428   

SkillSoft Corporation

     

Term Loan, 5.75%, Maturing April 28, 2021

      871        859,804   

Smart Technologies ULC

     

Term Loan, 10.50%, Maturing January 31, 2018

      452        452,229   

SunEdison Semiconductor B.V.

     

Term Loan, 6.50%, Maturing May 27, 2019

      223        224,429   

SurveyMonkey.com, LLC

     

Term Loan, 5.50%, Maturing February 5, 2019

      482        486,341   

Sutherland Global Services, Inc.

     

Term Loan, 6.00%, Maturing April 23, 2021

      222        223,900   
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Electronics / Electrical (continued)

  

       

Sybil Software, LLC

     

Term Loan, 4.75%, Maturing March 20, 2020

    $ 238      $ 239,529   

Vantiv, LLC

     

Term Loan, 3.75%, Maturing June 13, 2021

      191        192,244   

Vertafore, Inc.

     

Term Loan, 4.25%, Maturing October 3, 2019

      1,372        1,378,195   

Wall Street Systems Delaware, Inc.

     

Term Loan, 4.50%, Maturing April 30, 2021

      343        344,266   

Zebra Technologies Corporation

     

Term Loan, 4.75%, Maturing October 27, 2021

      530        536,956   
                     
      $ 21,062,450   
                     

Financial Intermediaries — 6.4%

  

       

Armor Holding II, LLC

     

Term Loan, 5.75%, Maturing June 26, 2020

    $ 496      $ 494,498   

First Data Corporation

     

Term Loan, 3.68%, Maturing March 24, 2018

      1,725        1,725,616   

Grosvenor Capital Management Holdings, LLP

     

Term Loan, 3.75%, Maturing January 4, 2021

      315        314,545   

Guggenheim Partners, LLC

     

Term Loan, 4.25%, Maturing July 22, 2020

      2,266        2,284,374   

Medley, LLC

     

Term Loan, 6.50%, Maturing June 15, 2019

      130        129,545   

Moneygram International, Inc.

     

Term Loan, 4.25%, Maturing March 27, 2020

      471        453,613   

NXT Capital, Inc.

     

Term Loan, Maturing September 4, 2018(2)

      175        175,875   

Ocwen Financial Corporation

     

Term Loan, 5.00%, Maturing February 15, 2018

      1,554        1,542,827   

Sesac Holdco II, LLC

     

Term Loan, 5.25%, Maturing February 8, 2019

      781        781,694   

Walker & Dunlop, Inc.

     

Term Loan, 5.25%, Maturing December 11, 2020

      169        170,528   

Walter Investment Management Corp.

     

Term Loan, 4.75%, Maturing December 19, 2020

      882        836,130   
                     
      $ 8,909,245   
                     

Food Products — 3.5%

  

       

AdvancePierre Foods, Inc.

     

Term Loan, 5.75%, Maturing July 10, 2017

    $ 985      $ 993,094   

Charger OpCo B.V.

     

Term Loan, 3.50%, Maturing July 23, 2021

      575        578,594   

Del Monte Foods, Inc.

     

Term Loan, 4.25%, Maturing February 18, 2021

      670        640,928   
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

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

Food Products (continued)

  

       

Diamond Foods, Inc.

     

Term Loan, 4.25%, Maturing August 20, 2018

    $ 49      $ 49,498   

Dole Food Company, Inc.

     

Term Loan, 4.50%, Maturing November 1, 2018

      1,527        1,535,732   

High Liner Foods Incorporated

     

Term Loan, 4.25%, Maturing April 24, 2021

      223        223,446   

JBS USA Holdings, Inc.

     

Term Loan, 3.75%, Maturing September 18, 2020

      419        419,274   

Onex Wizard US Acquisition, Inc.

     

Term Loan, 4.25%, Maturing March 13, 2022

      325        327,184   

Post Holdings, Inc.

     

Term Loan, 3.75%, Maturing June 2, 2021

      150        150,023   
                     
      $ 4,917,773   
                     

Food Service — 2.7%

  

       

1011778 B.C. Unlimited Liability Company

     

Term Loan, 3.75%, Maturing December 10, 2021

    $ 1,236      $ 1,240,921   

CEC Entertainment, Inc.

     

Term Loan, 4.00%, Maturing February 14, 2021

      198        196,350   

Landry’s, Inc.

     

Term Loan, 4.00%, Maturing April 24, 2018

      638        641,482   

US Foods, Inc.

     

Term Loan, 4.50%, Maturing March 31, 2019

      1,474        1,480,044   

Weight Watchers International, Inc.

     

Term Loan, 4.00%, Maturing April 2, 2020

      491        245,000   
                     
      $ 3,803,797   
                     

Food / Drug Retailers — 3.2%

  

       

Albertson’s Holdings, LLC

     

Term Loan, 5.00%, Maturing August 25, 2019

    $ 575      $ 577,995   

Term Loan, 5.50%, Maturing August 25, 2021

      225        226,751   

Albertson’s, LLC

     

Term Loan, 5.38%, Maturing March 21, 2019

      894        899,430   

New Albertson’s, Inc.

     

Term Loan, 4.75%, Maturing June 27, 2021

      1,271        1,276,521   

Supervalu, Inc.

     

Term Loan, 4.50%, Maturing March 21, 2019

      1,533        1,539,480   
                     
      $ 4,520,177   
                     

Health Care — 16.0%

  

       

Acadia Healthcare Company, Inc.

     

Term Loan, 4.25%, Maturing February 11, 2022

    $ 75      $ 75,576   
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Health Care (continued)

  

       

ADMI Corp.

     

Term Loan, 5.50%, Maturing April 30, 2022

    $ 75      $ 75,656   

Akorn, Inc.

     

Term Loan, 4.50%, Maturing April 16, 2021

      274        275,161   

Amneal Pharmaceuticals, LLC

     

Term Loan, 4.51%, Maturing November 1, 2019

      50        50,312   

Term Loan, 5.00%, Maturing November 1, 2019

      535        538,178   

Amsurg Corp.

     

Term Loan, 3.75%, Maturing July 16, 2021

      149        149,550   

ATI Holdings, Inc.

     

Term Loan, 5.25%, Maturing December 20, 2019

      498        500,979   

Auris Luxembourg III S.a.r.l.

     

Term Loan, 5.50%, Maturing January 17, 2022

      200        200,750   

BioScrip, Inc.

     

Term Loan, 6.50%, Maturing July 31, 2020

      104        103,765   

Term Loan, 6.50%, Maturing July 31, 2020

      174        172,941   

Capella Healthcare, Inc.

     

Term Loan, 5.25%, Maturing December 31, 2021

      200        200,996   

CareCore National, LLC

     

Term Loan, 5.50%, Maturing March 5, 2021

      124        125,305   

CeramTec Acquisition Corporation

     

Term Loan, 4.25%, Maturing August 30, 2020

      54        53,824   

CHG Healthcare Services, Inc.

     

Term Loan, 4.25%, Maturing November 19, 2019

      1,114        1,120,212   

Community Health Systems, Inc.

     

Term Loan, 3.75%, Maturing December 31, 2019

      226        226,378   

Term Loan, 4.00%, Maturing January 27, 2021

      416        417,605   

Concordia Healthcare Corp.

     

Term Loan, 4.75%, Maturing April 21, 2022

      75        75,633   

CPI Buyer, LLC

     

Term Loan, 5.50%, Maturing August 18, 2021

      249        249,372   

DJO Finance, LLC

     

Term Loan, 4.25%, Maturing April 21, 2020

      550        552,062   

Envision Healthcare Corporation

     

Term Loan, 4.00%, Maturing May 25, 2018

      1,473        1,478,110   

Faenza Acquisition GmbH

     

Term Loan, 4.25%, Maturing August 30, 2020

      159        159,716   

Term Loan, 4.25%, Maturing August 30, 2020

      528        530,500   

Horizon Pharma Holdings USA, Inc.

     

Term Loan, 4.50%, Maturing April 22, 2021

      550        553,610   

Iasis Healthcare, LLC

     

Term Loan, 4.50%, Maturing May 3, 2018

      786        789,761   

Impax Laboratories, Inc.

     

Term Loan, 5.50%, Maturing December 2, 2020

      225        227,812   
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

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

Health Care (continued)

  

       

Indivior Finance S.a.r.l.

     

Term Loan, 7.00%, Maturing December 19, 2019

    $ 272      $ 263,416   

inVentiv Health, Inc.

     

Term Loan, 7.75%, Maturing May 15, 2018

      800        804,500   

Kindred Healthcare, Inc.

     

Term Loan, 4.25%, Maturing April 9, 2021

      372        374,514   

Kinetic Concepts, Inc.

     

Term Loan, 4.50%, Maturing May 4, 2018

      1,474        1,486,418   

LHP Hospital Group, Inc.

     

Term Loan, 9.00%, Maturing July 3, 2018

      500        490,000   

Millennium Health, LLC

     

Term Loan, 5.25%, Maturing April 16, 2021(3)

      1,045        726,010   

MJ Acquisition Corp.

     

Term Loan, Maturing April 22, 2022(2)

      75        75,375   

MMM Holdings, Inc.

     

Term Loan, 9.75%, Maturing December 12, 2017

      364        300,169   

MSO of Puerto Rico, Inc.

     

Term Loan, 9.75%, Maturing December 12, 2017

      265        218,224   

National Mentor Holdings, Inc.

     

Term Loan, 4.25%, Maturing January 31, 2021

      149        149,187   

Onex Carestream Finance L.P.

     

Term Loan, 5.00%, Maturing June 7, 2019

      688        692,102   

Opal Acquisition, Inc.

     

Term Loan, 5.00%, Maturing November 27, 2020

      420        419,950   

Ortho-Clinical Diagnostics, Inc.

     

Term Loan, 4.75%, Maturing June 30, 2021

      819        810,027   

Pharmaceutical Product Development, LLC

     

Term Loan, 4.00%, Maturing December 5, 2018

      1,914        1,922,339   

Physio-Control Internationl, Inc.

     

Term Loan, Maturing May 5, 2022(2)

      125        125,781   

PRA Holdings, Inc.

     

Term Loan, 4.50%, Maturing September 23, 2020

      868        873,055   

Radnet Management, Inc.

     

Term Loan, 4.28%, Maturing October 10, 2018

      598        599,087   

RegionalCare Hospital Partners, Inc.

     

Term Loan, 5.25%, Maturing April 19, 2019

      497        495,507   

Sage Products Holdings III, LLC

     

Term Loan, 5.00%, Maturing December 13, 2019

      187        187,628   

Sterigenics-Nordion Holdings, LLC

     

Term Loan, 4.25%, Maturing May 15, 2022

      175        175,875   

Steward Health Care System, LLC

     

Term Loan, 6.75%, Maturing April 12, 2020

      492        490,327   

Tecomet, Inc.

     

Term Loan, 5.75%, Maturing December 5, 2021

      299        297,006   
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Health Care (continued)

  

       

Truven Health Analytics, Inc.

     

Term Loan, 4.50%, Maturing June 6, 2019

    $ 490      $ 491,066   

U.S. Renal Care, Inc.

     

Term Loan, 4.25%, Maturing July 3, 2019

      1,035        1,038,101   
                     
      $ 22,409,428   
                     

Home Furnishings — 0.5%

  

       

Serta Simmons Holdings, LLC

     

Term Loan, 4.25%, Maturing October 1, 2019

    $ 737      $ 741,265   
                     
      $ 741,265   
                     

Industrial Equipment — 5.2%

  

       

Apex Tool Group, LLC

     

Term Loan, 4.50%, Maturing January 31, 2020

    $ 970      $ 955,450   

Delachaux S.A.

     

Term Loan, 5.25%, Maturing October 28, 2021

      150        150,938   

Doosan Infracore International, Inc.

     

Term Loan, 4.50%, Maturing May 28, 2021

      252        253,200   

Gardner Denver, Inc.

     

Term Loan, 4.25%, Maturing July 30, 2020

      887        866,997   

Husky Injection Molding Systems Ltd.

     

Term Loan, 4.25%, Maturing June 30, 2021

      713        716,671   

Term Loan - Second Lien, 7.25%, Maturing June 30, 2022

      136        135,147   

Milacron, LLC

     

Term Loan, 4.50%, Maturing September 28, 2020

      450        452,812   

NN, Inc.

     

Term Loan, 6.00%, Maturing August 27, 2021

      170        171,375   

Paladin Brands Holding, Inc.

     

Term Loan, 6.75%, Maturing August 16, 2019

      461        462,197   

Rexnord, LLC

     

Term Loan, 4.00%, Maturing August 21, 2020

      2,093        2,093,560   

Signode Industrial Group US, Inc.

     

Term Loan, 3.75%, Maturing May 1, 2021

      494        495,050   

STS Operating, Inc.

     

Term Loan, 4.75%, Maturing February 12, 2021

      372        371,762   

Virtuoso US, LLC

     

Term Loan, 4.75%, Maturing February 11, 2021

      88        88,072   
                     
      $ 7,213,231   
                     

Insurance — 5.2%

  

       

Alliant Holdings I, Inc.

     

Term Loan, 5.00%, Maturing December 20, 2019

    $ 778      $ 782,759   
 

 

  10   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

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

Insurance (continued)

  

       

AmWINS Group, LLC

     

Term Loan, 5.25%, Maturing September 6, 2019

    $ 1,765      $ 1,781,615   

Asurion, LLC

     

Term Loan, 5.00%, Maturing May 24, 2019

      2,391        2,403,558   

Term Loan - Second Lien, 8.50%, Maturing March 3, 2021

      275        282,348   

CGSC of Delaware Holding Corporation

     

Term Loan, 5.00%, Maturing April 16, 2020

      492        460,470   

Hub International Limited

     

Term Loan, 4.00%, Maturing October 2, 2020

      739        737,248   

USI, Inc.

     

Term Loan, 4.25%, Maturing December 27, 2019

      885        887,781   
                     
      $ 7,335,779   
                     

Leisure Goods / Activities / Movies — 4.4%

  

       

Aufinco Pty Limited

     

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

    $ 800      $ 790,000   

Bombardier Recreational Products, Inc.

     

Term Loan, 3.75%, Maturing January 30, 2019

      2,000        2,002,916   

Emerald Expositions Holding, Inc.

     

Term Loan, 4.75%, Maturing June 17, 2020

      69        68,852   

Nord Anglia Education Finance, LLC

     

Term Loan, 4.50%, Maturing March 31, 2021

      223        223,725   

Sabre, Inc.

     

Term Loan, 4.00%, Maturing February 19, 2019

      786        788,175   

Town Sports International, Inc.

     

Term Loan, 4.50%, Maturing November 15, 2020

      308        263,045   

WMG Acquisition Corp.

     

Term Loan, 3.75%, Maturing July 1, 2020

      497        494,552   

Zuffa, LLC

     

Term Loan, 3.75%, Maturing February 25, 2020

      1,474        1,456,592   
                     
      $ 6,087,857   
                     

Lodging and Casinos — 2.8%

  

       

Amaya Holdings B.V.

     

Term Loan, 5.00%, Maturing August 1, 2021

    $ 697      $ 697,098   

Term Loan - Second Lien, 8.00%, Maturing August 1, 2022

      200        202,700   

Boyd Gaming Corporation

     

Term Loan, 4.00%, Maturing August 14, 2020

      115        116,109   

CityCenter Holdings, LLC

     

Term Loan, 4.25%, Maturing October 16, 2020

      205        205,644   
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Lodging and Casinos (continued)

  

       

Golden Nugget, Inc.

     

Term Loan, 5.50%, Maturing November 21, 2019

    $ 29      $ 29,662   

Term Loan, 5.50%, Maturing November 21, 2019

      68        69,212   

Hilton Worldwide Finance, LLC

     

Term Loan, 3.50%, Maturing October 26, 2020

      1,268        1,271,373   

La Quinta Intermediate Holdings, LLC

     

Term Loan, 4.00%, Maturing April 14, 2021

      261        261,808   

Pinnacle Entertainment, Inc.

     

Term Loan, 3.75%, Maturing August 13, 2020

      148        148,656   

Playa Resorts Holding B.V.

     

Term Loan, 4.00%, Maturing August 9, 2019

      99        98,562   

RHP Hotel Properties L.P.

     

Term Loan, 3.75%, Maturing January 15, 2021

      174        174,773   

Scientific Games International, Inc.

     

Term Loan, 6.00%, Maturing October 18, 2020

      298        300,018   

Term Loan, 6.00%, Maturing October 1, 2021

      224        225,630   

Tropicana Entertainment, Inc.

     

Term Loan, 4.00%, Maturing November 27, 2020

      99        98,623   
                     
      $ 3,899,868   
                     

Nonferrous Metals / Minerals — 3.7%

  

       

Alpha Natural Resources, LLC

     

Term Loan, 3.50%, Maturing May 22, 2020

    $ 1,960      $ 1,332,800   

Arch Coal, Inc.

     

Term Loan, 6.25%, Maturing May 16, 2018

      1,470        1,041,127   

Dynacast International, LLC

     

Term Loan, 4.50%, Maturing January 28, 2022

      150        150,844   

Fairmount Minerals Ltd.

     

Term Loan, 4.50%, Maturing September 5, 2019

      493        475,262   

Murray Energy Corporation

     

Term Loan, 7.00%, Maturing April 7, 2017

      75        75,410   

Term Loan, 7.50%, Maturing March 19, 2021

      475        463,066   

Noranda Aluminum Acquisition Corporation

     

Term Loan, 5.75%, Maturing February 28, 2019

      536        490,887   

Oxbow Carbon, LLC

     

Term Loan, 4.25%, Maturing July 19, 2019

      591        589,218   

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

      175        166,250   

Walter Energy, Inc.

     

Term Loan, 7.25%, Maturing April 2, 2018

      600        320,000   
                     
      $ 5,104,864   
                     
 

 

  11   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

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

Oil and Gas — 4.8%

  

       

Ameriforge Group, Inc.

     

Term Loan - Second Lien, 8.75%, Maturing December 19, 2020

    $ 950      $ 814,625   

Bronco Midstream Funding, LLC

     

Term Loan, 5.00%, Maturing August 15, 2020

      888        875,047   

CITGO Holding, Inc.

     

Term Loan, 9.50%, Maturing May 12, 2018

      408        414,489   

CITGO Petroleum Corporation

     

Term Loan, 4.50%, Maturing July 29, 2021

      249        249,683   

Drillships Ocean Ventures, Inc.

     

Term Loan, 5.50%, Maturing July 25, 2021

      273        247,350   

Energy Transfer Equity L.P.

     

Term Loan, 4.00%, Maturing December 2, 2019

      93        93,145   

Fieldwood Energy, LLC

     

Term Loan, 3.88%, Maturing September 28, 2018

      246        239,785   

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

      175        145,687   

Floatel International Ltd.

     

Term Loan, 6.00%, Maturing June 27, 2020

      272        219,587   

Paragon Offshore Finance Company

     

Term Loan, 3.75%, Maturing July 18, 2021

      224        176,022   

Seadrill Partners Finco, LLC

     

Term Loan, 4.00%, Maturing February 21, 2021

      1,212        998,728   

Seventy Seven Operating, LLC

     

Term Loan, 3.75%, Maturing June 25, 2021

      124        116,722   

Sheridan Investment Partners II L.P.

     

Term Loan, 4.25%, Maturing December 16, 2020

      10        8,877   

Term Loan, 4.25%, Maturing December 16, 2020

      26        23,801   

Term Loan, 4.25%, Maturing December 16, 2020

      185        171,101   

Sheridan Production Partners I, LLC

     

Term Loan, 4.25%, Maturing October 1, 2019

      98        91,897   

Term Loan, 4.25%, Maturing October 1, 2019

      160        150,452   

Term Loan, 4.25%, Maturing October 1, 2019

      1,211        1,135,419   

Southcross Holdings Borrower L.P.

     

Term Loan, 6.00%, Maturing August 4, 2021

      99        96,210   

Targa Resources Corp.

     

Term Loan, 5.75%, Maturing February 25, 2022

      98        99,596   

Tervita Corporation

     

Term Loan, 6.25%, Maturing May 15, 2018

      325        312,259   
                     
      $ 6,680,482   
                     

Publishing — 3.2%

  

       

Ascend Learning, LLC

     

Term Loan, 6.00%, Maturing July 31, 2019

    $ 321      $ 323,210   
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Publishing (continued)

  

       

Getty Images, Inc.

     

Term Loan, 4.75%, Maturing October 18, 2019

    $ 1,960      $ 1,613,446   

Houghton Mifflin Harcourt Publishing Company

     

Term Loan, Maturing May 11, 2022(2)

      100        99,875   

Interactive Data Corporation

     

Term Loan, 4.75%, Maturing May 2, 2021

      397        399,035   

Laureate Education, Inc.

     

Term Loan, 5.00%, Maturing June 15, 2018

      1,054        1,012,783   

Merrill Communications, LLC

     

Term Loan, 7.00%, Maturing March 8, 2018

      433        435,982   

Multi Packaging Solutions, Inc.

     

Term Loan, 4.25%, Maturing September 30, 2020

      74        74,126   

ProQuest, LLC

     

Term Loan, 5.25%, Maturing October 24, 2021

      175        175,654   

Springer Science+Business Media Deutschland GmbH

     

Term Loan, 4.75%, Maturing August 14, 2020

      321        322,971   
                     
      $ 4,457,082   
                     

Radio and Television — 4.4%

  

       

ALM Media Holdings, Inc.

     

Term Loan, 5.50%, Maturing July 31, 2020

    $ 123      $ 120,771   

AP NMT Acquisition B.V.

     

Term Loan, 6.75%, Maturing August 13, 2021

      524        522,409   

Block Communications, Inc.

     

Term Loan, 4.25%, Maturing November 7, 2021

      50        49,983   

Clear Channel Communications, Inc.

     

Term Loan, 6.94%, Maturing January 30, 2019

      500        469,732   

Cumulus Media Holdings, Inc.

     

Term Loan, 4.25%, Maturing December 23, 2020

      1,081        1,026,252   

Entercom Radio, LLC

     

Term Loan, 4.00%, Maturing November 23, 2018

      329        329,952   

Entravision Communications Corporation

     

Term Loan, 3.50%, Maturing May 31, 2020

      905        901,229   

Hubbard Radio, LLC

     

Term Loan, Maturing May 15, 2020(2)

      175        175,219   

Media General, Inc.

     

Term Loan, 4.25%, Maturing July 31, 2020

      122        123,254   

TWCC Holding Corp.

     

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

      1,000        922,500   

Univision Communications, Inc.

     

Term Loan, 4.00%, Maturing March 1, 2020

      1,474        1,472,889   
                     
      $ 6,114,190   
                     
 

 

  12   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

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

Retailers (Except Food and Drug) — 8.4%

  

       

David’s Bridal, Inc.

     

Term Loan, 5.00%, Maturing October 11, 2019

    $ 480      $ 464,019   

Dollar Tree, Inc.

     

Term Loan, 4.25%, Maturing March 9, 2022

      725        732,925   

Harbor Freight Tools USA, Inc.

     

Term Loan, 4.75%, Maturing July 26, 2019

      238        240,149   

Hudson’s Bay Company

     

Term Loan, 4.75%, Maturing November 4, 2020

      333        334,969   

J. Crew Group, Inc.

     

Term Loan, 4.00%, Maturing March 5, 2021

      767        701,349   

Jo-Ann Stores, Inc.

     

Term Loan, 4.00%, Maturing March 16, 2018

      1,893        1,881,286   

Men’s Wearhouse, Inc. (The)

     

Term Loan, 4.50%, Maturing June 18, 2021

      236        237,564   

Michaels Stores, Inc.

     

Term Loan, 3.75%, Maturing January 28, 2020

      1,470        1,474,594   

Term Loan, 4.00%, Maturing January 28, 2020

      248        249,572   

Neiman Marcus Group, Inc. (The)

     

Term Loan, 4.25%, Maturing October 25, 2020

      1,084        1,086,243   

Party City Holdings, Inc.

     

Term Loan, 4.00%, Maturing July 27, 2019

      1,470        1,474,838   

PetSmart, Inc.

     

Term Loan, 4.25%, Maturing March 11, 2022

      1,225        1,230,700   

PFS Holding Corporation

     

Term Loan, 4.50%, Maturing January 31, 2021

      436        408,375   

Pier 1 Imports (U.S.), Inc.

     

Term Loan, 4.50%, Maturing April 30, 2021

      124        123,907   

Pilot Travel Centers, LLC

     

Term Loan, 4.25%, Maturing October 1, 2021

      520        526,572   

Spin Holdco, Inc.

     

Term Loan, 4.25%, Maturing November 14, 2019

      148        148,406   

Toys ‘R’ Us Property Company I, LLC

     

Term Loan, 6.00%, Maturing August 21, 2019

      480        454,913   
                     
      $ 11,770,381   
                     

Steel — 2.5%

  

       

FMG Resources (August 2006) Pty Ltd.

     

Term Loan, 3.75%, Maturing June 30, 2019

    $ 2,059      $ 1,867,894   

JMC Steel Group, Inc.

     

Term Loan, 4.75%, Maturing April 1, 2017

      982        981,715   

Neenah Foundry Company

     

Term Loan, 6.75%, Maturing April 26, 2017

      418        414,010   

Patriot Coal Corporation

     

Term Loan, 9.00%, Maturing December 15, 2018(3)

      518        284,674   
                     
      $ 3,548,293   
                     
Borrower/Tranche Description        Principal
Amount
(000’s omitted)
    Value  
     

Surface Transport — 0.5%

  

       

Stena International S.a.r.l.

     

Term Loan, 4.00%, Maturing March 3, 2021

    $ 396      $ 369,270   

Swift Transportation Co., LLC

     

Term Loan, 3.75%, Maturing June 9, 2021

      297        298,392   
                     
      $ 667,662   
                     

Telecommunications — 3.3%

  

       

CWC Cayman Finance Limited

     

Term Loan, 5.50%, Maturing April 28, 2017

    $ 100      $ 100,155   

Intelsat Jackson Holdings S.A.

     

Term Loan, 3.75%, Maturing June 30, 2019

      1,950        1,945,856   

IPC Systems, Inc.

     

Term Loan, 5.50%, Maturing August 6, 2021

      425        422,875   

Mitel US Holdings, Inc.

     

Term Loan, 5.00%, Maturing March 31, 2022

      200        201,708   

Syniverse Holdings, Inc.

     

Term Loan, 4.00%, Maturing April 23, 2019

      1,454        1,390,657   

Ziggo Financing Partnership

     

Term Loan, 3.50%, Maturing January 15, 2022

      149        148,629   

Term Loan, 3.50%, Maturing January 15, 2022

      231        230,641   

Term Loan, 3.50%, Maturing January 15, 2022

      245        244,442   
                     
      $ 4,684,963   
                     

Utilities — 3.7%

  

       

Calpine Construction Finance Company L.P.

     

Term Loan, 3.25%, Maturing January 31, 2022

    $ 148      $ 146,825   

Calpine Corporation

     

Term Loan, Maturing May 19, 2022(2)

      825        824,779   

Dynegy Holdings, Inc.

     

Term Loan, 4.00%, Maturing April 23, 2020

      786        791,076   

EFS Cogen Holdings I, LLC

     

Term Loan, 3.75%, Maturing December 17, 2020

      122        122,324   

Electrical Components International, Inc.

     

Term Loan, 5.75%, Maturing May 28, 2021

      99        99,911   

Granite Acquisition, Inc.

     

Term Loan, 5.00%, Maturing December 19, 2021

      28        28,839   

Term Loan, 5.00%, Maturing December 19, 2021

      645        653,798   

La Frontera Generation, LLC

     

Term Loan, 4.50%, Maturing September 30, 2020

      499        500,407   

Lonestar Generation, LLC

     

Term Loan, 5.25%, Maturing February 20, 2021

      548        546,150   

Longview Power, LLC

     

Term Loan, 7.00%, Maturing April 13, 2021

      75        75,797   
 

 

  13   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

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

Utilities (continued)

  

       

PowerTeam Services, LLC

     

Term Loan, 4.25%, Maturing May 6, 2020

    $ 23      $ 23,405   

Term Loan, 4.25%, Maturing May 6, 2020

      437        436,667   

TPF II Power, LLC

     

Term Loan, 5.50%, Maturing October 2, 2021

      349        355,191   

WTG Holdings III Corp.

     

Term Loan, 4.75%, Maturing January 15, 2021

      585        587,616   
                     
      $ 5,192,785   
                     

Total Senior Floating-Rate Interests
(identified cost $196,748,550)

      $ 193,343,409   
                     
Commercial Mortgage-Backed
Securities — 0.1%
    
     
Security        Principal
Amount
(000’s omitted)
    Value  

COMM, Series 2014-LC17, Class D, 3.687%, 10/10/47(4)

    $ 100      $ 87,963   

JPMBB, Series 2014-C23, Class D, 3.96%, 9/15/47(4)(5)

      100        91,137   
                     

Total Commercial Mortgage-Backed Securities
(identified cost $169,253)

      $ 179,100   
                     
Corporate Bonds & Notes — 9.3%     
     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Aerospace and Defense — 0.3%

  

       

Bombardier, Inc.

     

7.45%, 5/1/34(4)

    $ 500      $ 475,000   
                     
      $ 475,000   
                     

Building and Development — 0.3%

  

       

MDC Holdings, Inc.

     

6.00%, 1/15/43

    $ 533      $ 455,715   
                     
      $ 455,715   
                     

Diversified Financial Services — 0.6%

  

       

Navient Corp.

     

5.625%, 8/1/33

    $ 950      $ 790,875   
                     
      $ 790,875   
                     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Engineering & Construction — 0.4%

  

       

Odebrecht Offshore Drilling Finance, Ltd.

     

6.75%, 10/1/23(4)

    $ 605      $ 547,857   
                     
      $ 547,857   
                     

Food / Drug Retailers — 0.2%

  

       

ESAL GmbH

     

6.25%, 2/5/23(4)

    $ 350      $ 357,000   
                     
      $ 357,000   
                     

Industrial Equipment — 0.5%

  

       

Empresas ICA SAB de CV

     

8.875%, 5/29/24(4)

    $ 775      $ 672,312   
                     
      $ 672,312   
                     

Metals / Mining — 0.6%

  

       

Newmont Mining Corp.

     

4.875%, 3/15/42

    $ 1,030      $ 908,320   
                     
      $ 908,320   
                     

Nonferrous Metals / Minerals — 0.3%

  

       

Teck Resources, Ltd.

     

5.20%, 3/1/42

    $ 370      $ 298,474   

5.40%, 2/1/43

      71        58,875   
                     
      $ 357,349   
                     

Oil and Gas — 0.4%

  

       

Petrobras Global Finance BV

     

5.625%, 5/20/43

    $ 605      $ 501,128   
                     
      $ 501,128   
                     

Retailers (Except Food and Drug) — 1.6%

  

       

JC Penney Corp., Inc.

     

6.375%, 10/15/36

    $ 2,900      $ 2,211,250   
                     
      $ 2,211,250   
                     

Software and Services — 0.7%

  

       

SunGard Availability Services Capital, Inc.

     

8.75%, 4/1/22(4)

    $ 1,305      $ 978,750   
                     
      $ 978,750   
                     
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
     

Steel — 0.4%

  

       

Cliffs Natural Resources, Inc.

     

6.25%, 10/1/40

    $ 950      $ 451,250   

JMC Steel Group, Inc.

     

8.25%, 3/15/18(4)

      60        54,525   
                     
      $ 505,775   
                     

Telecommunications — 3.0%

  

       

Avaya, Inc.

     

10.50%, 3/1/21(4)

    $ 1,100      $ 946,000   

Axtel SAB de CV

     

9.00%, 1/31/20(4)

      390        391,462   

Oi SA

     

5.75%, 2/10/22(4)

      425        376,125   

Telecom Italia Capital SA

     

6.00%, 9/30/34

      2,490        2,490,000   
                     
      $ 4,203,587   
                     

Total Corporate Bonds & Notes
(identified cost $13,237,940)

      $ 12,964,918   
                     
Foreign Government Bonds — 1.6%     
     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Brazil — 0.2%

  

       

Federative Republic of Brazil

     

12.50%, 1/5/16

  BRL     940      $ 295,751   
                     
      $ 295,751   
                     

Mexico — 0.3%

  

       

Mexican Bonos

     

7.75%, 5/29/31

  MXN     6,250      $ 458,015   
                     
      $ 458,015   
                     

Supranational — 1.1%

  

       

Inter-American Development Bank

     

7.20%, 11/14/17

  IDR     4,230,000      $ 312,570   

International Finance Corp.

     

7.80%, 6/3/19

  INR     54,990        899,153   

8.25%, 6/10/21

  INR     18,100        303,274   
                     
      $ 1,514,997   
                     

Total Foreign Government Bonds
(identified cost $2,429,310)

      $ 2,268,763   
                     
Convertible Bonds — 2.4%   
     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Home Builders — 1.0%

  

       

KB Home

     

1.375%, 2/1/19

    $ 510      $ 492,787   

Ryland Group, Inc. (The)

     

0.25%, 6/1/19

      645        620,006   

Standard Pacific Corp.

     

1.25%, 8/1/32

      210        247,669   
                     
      $ 1,360,462   
                     

Machinery – Diversified — 0.3%

  

       

Chart Industries, Inc.

     

2.00%, 8/1/18

    $ 400      $ 394,250   
                     
      $ 394,250   
                     

Oil & Gas — 0.1%

  

       

American Energy - Utica, LLC

     

3.50%, 3/1/21(4)(6)

    $ 200      $ 97,230   
                     
      $ 97,230   
                     

Semiconductors — 0.8%

  

       

Novellus Systems, Inc.

     

2.625%, 5/15/41

    $ 500      $ 1,202,813   
                     
      $ 1,202,813   
                     

Telecommunications — 0.2%

  

       

Ciena Corp.

     

3.75%, 10/15/18(4)

    $ 250      $ 349,844   
                     
      $ 349,844   
                     

Total Convertible Bonds
(identified cost $3,118,408)

      $ 3,404,599   
                     
Common Stocks — 4.2%   
     
Security        Shares     Value  

Business Equipment and Services — 0.0%(7)

  

       

Education Management Corp.(3)(8)(9)

      2,334,705      $ 63,037   
                     
      $ 63,037   
                     

Chemicals and Plastics — 0.2%

  

       

LyondellBasell Industries NV, Class A

      2,185      $ 220,903   
                     
      $ 220,903   
                     
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

Security        Shares     Value  
     

Diversified Financial Services — 0.5%

  

       

Medley Capital Corp.

      74,500      $ 698,065   
                     
      $ 698,065   
                     

Electronics / Electrical — 0.2%

  

       

Intel Corp.

      9,000      $ 310,140   
                     
      $ 310,140   
                     

Financial Services — 0.2%

  

       

Bank of America Corp.

      7,600      $ 125,400   

Regions Financial Corp.

      10,000        100,900   
                     
      $ 226,300   
                     

Investment Companies — 2.4%

  

       

Ares Capital Corp.

      59,000      $ 988,250   

PennantPark Investment Corp.

      72,837        702,877   

Solar Capital, Ltd.

      43,000        822,160   

THL Credit, Inc.

      67,000        841,520   
                     
      $ 3,354,807   
                     

Nonferrous Metals / Minerals — 0.1%

  

       

Freeport-McMoRan, Inc.

      4,945      $ 97,169   
                     
      $ 97,169   
                     

Oil and Gas — 0.2%

  

       

Occidental Petroleum Corp.

      3,312      $ 258,965   
                     
      $ 258,965   
                     

Real Estate Investment Trusts (REITs) — 0.1%

  

       

American Realty Capital Properties, Inc.

      22,471      $ 199,318   
                     
      $ 199,318   
                     

Telecommunications — 0.3%

  

       

Corning, Inc.

      10,029      $ 209,807   

Telefonaktiebolaget LM Ericsson ADR

      25,000        281,500   
                     
      $ 491,307   
                     

Total Common Stocks
(identified cost $6,588,847)

      $ 5,920,011   
                     
Convertible Preferred Stocks — 1.6%     
     
Security        Shares     Value  
     

Business Equipment and Services — 0.1%

  

       

Education Management Corp., Series A-1, 7.50%(8)(9)

      2,597      $ 170,536   
                     
      $ 170,536   
                     

Health Care – Products — 0.3%

  

       

Alere, Inc., 3.00%

      900      $ 316,800   
                     
      $ 316,800   
                     

Iron & Steel — 0.2%

  

       

Cliffs Natural Resources, Inc., 7.00%

      50,000      $ 286,125   
                     
      $ 286,125   
                     

Oil & Gas — 0.5%

  

       

Chesapeake Energy Corp., 5.75%

      800      $ 659,000   

SandRidge Energy, Inc., 8.50%

      1,270        32,703   
                     
      $ 691,703   
                     

Real Estate Investment Trusts (REITs) — 0.5%

  

       

iStar Financial, Inc., Series J, 4.50%

      11,500      $ 692,415   
   
      $ 692,415   
   

Total Convertible Preferred Stocks
(identified cost $2,792,005)

      $ 2,157,579   
                     
Preferred Stocks — 0.1%   
     
Security        Shares     Value  

Banks — 0.1%

  

       

First Tennessee Bank, 3.75%(4)(10)

      255      $ 180,556   
   

Total Preferred Stocks
(identified cost $201,450)

      $ 180,556   
                     
Tax-Exempt Investments — 0.5%   
     
Security        Principal
Amount
(000’s omitted)
    Value  
     

Insured – Special Tax Revenue — 0.5%

  

       

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/42

    $ 2,570      $ 440,781   

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/43

      675        108,499   
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Portfolio of Investments — continued

 

 

Security        Principal
Amount
(000’s omitted)
    Value  
     

Insured – Special Tax Revenue (continued)

  

       

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44

    $ 700      $ 105,448   

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

      555        78,355   
                     

Total Tax-Exempt Investments
(identified cost $752,482)

      $ 733,083   
                     
Short-Term Investments — 8.2%   
     
Description        Interest
(000’s omitted)
    Value  
     

Eaton Vance Cash Reserves Fund, LLC, 0.18%(11)

    $ 11,430      $ 11,429,503   
                     

Total Short-Term Investments
(identified cost $11,429,503)

      $ 11,429,503   
                     

Total Investments — 166.2%
(identified cost $237,467,748)

      $ 232,581,521   
                     

Notes Payable — (38.6)%

      $ (54,000,000
                     

Variable Rate Term Preferred Shares, at Liquidation
Value — (25.7)%

  

  $ (36,000,000
                     

Other Assets, Less Liabilities — (1.9)%

      $ (2,679,211
                     

Net Assets Applicable to Common Shares — 100.0%

  

  $ 139,902,310   
                     

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

 

ADR     American Depositary Receipt
COMM     Commercial Mortgage Trust
JPMBB     JPMBB Commercial Mortgage Securities Trust
NPFG     National Public Finance Guaranty Corp.
PIK     Payment In Kind
   
BRL     Brazilian Real
IDR     Indonesian Rupiah
INR     Indian Rupee
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 typically 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 May 31, 2015, at which time the interest rate will be determined.

 

  (3) 

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

 

  (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 May 31, 2015, the aggregate value of these securities is $5,605,761 or 4.0% of the Fund’s net assets applicable to common shares.

 

  (5) 

Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at May 31, 2015.

 

  (6) 

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. For corporate bonds, the interest rate paid in additional principal is generally higher than the indicated cash rate.

 

  (7) 

Amount is less than 0.05%.

 

  (8) 

Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

 

  (9) 

Non-income producing security.

 

(10) 

Variable rate security. The stated interest rate represents the rate in effect at May 31, 2015.

 

(11) 

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 May 31, 2015.

 

 

  17   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Statement of Assets and Liabilities

 

 

Assets   May 31, 2015  

Unaffiliated investments, at value (identified cost, $226,038,245)

  $ 221,152,018   

Affiliated investment, at value (identified cost, $11,429,503)

    11,429,503   

Cash

    2,042,234   

Interest and dividends receivable

    1,395,345   

Interest receivable from affiliated investment

    1,252   

Receivable for investments sold

    639,533   

Deferred offering costs

    116,084   

Prepaid upfront fees on variable rate term preferred shares

    66,413   

Prepaid upfront fees on notes payable

    42,752   

Prepaid expenses

    5,948   

Total assets

  $ 236,891,082   
Liabilities   

Notes payable

  $ 54,000,000   

Variable rate term preferred shares, at liquidation value

    36,000,000   

Payable for investments purchased

    6,643,452   

Payable to affiliates:

 

Investment adviser fee

    146,777   

Trustees’ fees

    1,893   

Interest expense and fees payable

    92,342   

Accrued expenses

    104,308   

Total liabilities

  $ 96,988,772   

Net assets applicable to common shares

  $ 139,902,310   
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

    144,595,853   

Accumulated net realized loss

    (22,337

Accumulated undistributed net investment income

    141,953   

Net unrealized depreciation

    (4,889,223

Net assets applicable to common shares

  $ 139,902,310   
Net Asset Value Per Common Share        

($139,902,310 ÷ 7,606,422 common shares issued and outstanding)

  $ 18.39   

 

  18   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Statement of Operations

 

 

Investment Income  

Year Ended

May 31, 2015

 

Interest and other income

  $ 11,233,115   

Dividends (net of foreign taxes, $1,467)

    661,944   

Interest income allocated from affiliated investment

    6,987   

Expenses allocated from affiliated investment

    (672

Total investment income

  $ 11,901,374   
Expenses        

Investment adviser fee

  $ 1,750,351   

Trustees’ fees and expenses

    11,485   

Custodian fee

    158,527   

Transfer and dividend disbursing agent fees

    18,448   

Legal and accounting services

    65,281   

Printing and postage

    36,874   

Amortization of deferred offering costs

    104,613   

Interest expense and fees

    1,204,070   

Miscellaneous

    75,264   

Total expenses

  $ 3,424,913   

Deduct —

 

Reduction of custodian fee

  $ 2   

Total expense reductions

  $ 2   

Net expenses

  $ 3,424,911   

Net investment income

  $ 8,476,463   
Realized and Unrealized Gain (Loss)        

Net realized gain (loss) —

 

Investment transactions

  $ 51,968   

Investment transactions allocated from affiliated investment

    22   

Foreign currency transactions

    (8,616

Net realized gain

  $ 43,374   

Change in unrealized appreciation (depreciation) —

 

Investments

  $ (6,606,136

Foreign currency

    (3,978

Net change in unrealized appreciation (depreciation)

  $ (6,610,114

Net realized and unrealized loss

  $ (6,566,740

Net increase in net assets from operations

  $ 1,909,723   

 

  19   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets  

Year Ended

May 31, 2015

   

Period Ended

May 31, 2014(1)

 

From operations —

   

Net investment income

  $ 8,476,463      $ 7,416,493   

Net realized gain from investment and foreign currency transactions

    43,374        2,057,813   

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

    (6,610,114     1,720,891   

Net increase in net assets from operations

  $ 1,909,723      $ 11,195,197   

Distributions to common shareholders —

   

From net investment income

  $ (8,625,683   $ (7,408,329

From net realized gain

    (2,151,856       

Total distributions to common shareholders

  $ (10,777,539   $ (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

  $ (8,867,816   $ 148,670,126   
Net Assets Applicable to Common Shares   

At beginning of period

  $ 148,770,126      $ 100,000   

At end of period

  $ 139,902,310      $ 148,770,126   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of period

  $ 141,953      $ 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).

 

  20   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Statement of Cash Flows

 

 

Cash Flows From Operating Activities   Year Ended
May 31, 2015
 

Net increase in net assets from operations

  $ 1,909,723   

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

 

Investments purchased

    (60,836,922

Investments sold and principal repayments

    74,783,479   

Increase in short-term investments, net

    (9,163,727

Net amortization/accretion of premium (discount)

    (239,061

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

    164,612   

Amortization of prepaid upfront fees on notes payable

    11,248   

Decrease in interest and dividends receivable

    11,596   

Increase in interest receivable from affiliated investment

    (992

Increase in prepaid expenses

    (2,395

Decrease in payable to affiliate for investment adviser fee

    (5,162

Increase in payable to affiliate for Trustees’ fees

    154   

Decrease in interest expense and fees payable

    (3,565

Increase in accrued expenses

    22,131   

Decrease in unfunded loan commitments

    (144,554

Net change in unrealized (appreciation) depreciation from investments

    6,606,136   

Net realized gain from investments

    (51,968

Net cash provided by operating activities

  $ 13,060,733   
Cash Flows From Financing Activities        

Distributions paid to common shareholders, net of reinvestments

  $ (10,777,539

Payment of prepaid upfront fees on notes payable

    (54,000

Decrease in due to custodian

    (202,486

Net cash used in financing activities

  $ (11,034,025

Net increase in cash*

  $ 2,026,708   

Cash at beginning of year(1)

  $ 15,526   

Cash at end of year

  $ 2,042,234   
Supplemental disclosure of cash flow information:        

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

  $ 1,190,388   

 

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $(281).

 

(1) 

Balance includes foreign currency, at value.

 

  21   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

     Year Ended
May 31, 2015
    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)

  $ 1.114      $ 0.989   

Net realized and unrealized gain (loss)

    (0.867     0.511   

Total income from operations

  $ 0.247      $ 1.500   
Less Distributions to Common Shareholders                

From net investment income

  $ (1.134   $ (0.974

From net realized gain

    (0.283       

Total distributions to common shareholders

  $ (1.417   $ (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)

  $ 18.390      $ 19.560   

Market value — End of period (Common shares)

  $ 16.970      $ 17.950   

Total Investment Return on Net Asset Value(4)

    2.15     8.00 %(5)(6) 

Total Investment Return on Market Value(4)

    2.71     (0.89 )%(5)(6) 

 

  22   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

Ratios/Supplemental Data   Year Ended
May 31, 2015
    Period Ended
May 31, 2014
(1)
 

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

  $ 139,902      $ 148,770   

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

   

Expenses excluding interest and fees(7)

    1.55     1.54 %(8) 

Interest and fee expense(9)

    0.84     0.76 %(8) 

Total expenses(7)

    2.39     2.30 %(8) 

Net investment income

    5.91     5.49 %(8) 

Portfolio Turnover

    28     37 %(6) 

Senior Securities:

   

Total notes payable outstanding (in 000’s)

  $ 54,000      $ 54,000   

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

  $ 4,257      $ 4,422   

Total preferred shares outstanding(11)

    360        360   

Asset coverage per preferred share(11)(12)

  $ 255,447      $ 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 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 7).

 

(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 255% and 265% at May 31, 2015 and 2014, 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.

 

    Year Ended
May 31, 2015
   

Period Ended

May 31, 2014

 

Expenses excluding interest and fees

    0.95     0.98

Interest and fee expense

    0.52     0.49

Total expenses

    1.47     1.47

Net investment income

    3.63     3.52

 

  23   See Notes to Financial Statements.


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Notes to Financial Statements

 

 

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 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 (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 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, 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 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

 

  24  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Notes to Financial Statements — 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. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates.

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 May 31, 2015, 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  Organization and Offering Costs — Organization costs paid in connection with the organization of the Fund were borne directly by 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.

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 loan 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, if any, are disclosed in the accompanying Portfolio of Investments.

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 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.

K  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.

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 May 31, 2015.

 

  25  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Notes to Financial Statements — continued

 

 

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 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 May 31, 2015 is presented as prepaid upfront fees on VRTP Shares on the Statement of Assets and Liabilities. The carrying amount of the VRTP Shares at May 31, 2015 represents its liquidation value, which approximates fair value. If measured at fair value, the VRTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 10) at May 31, 2015.

The average liquidation preference of the VRTP Shares during the year ended May 31, 2015 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 May 31, 2015 was 1.41%. The amount of dividends accrued and the average dividend rate of the VRTP Shares during the year ended May 31, 2015 were $513,807 and 1.43%, 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 tax character of distributions declared, including distributions on VRTP Shares that are treated as interest payments for financial reporting purposes, for the year ended May 31, 2015 and the period ended May 31, 2014 was as follows:

 

    

Year Ended

May 31, 2015

    

Period Ended

May 31, 2014

 

Distributions declared from:

    

Ordinary income

  $ 11,198,548       $ 7,864,736   

Long-term capital gains

  $ 92,798       $   

During the year ended May 31, 2015, accumulated net realized loss was decreased by $23,696, accumulated undistributed net investment income was increased by $140,916, and paid-in capital was decreased by $164,612 due to differences between book and tax accounting, primarily for investments in partnerships, foreign currency gain (loss), distributions from real estate investment trusts (REITs) and the treatment of VRTP Shares as equity for tax purposes. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of May 31, 2015, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

 

Undistributed ordinary income

   $ 286,750   

Post October capital losses

   $ (213,391

Net unrealized depreciation

   $ (4,842,966

 

  26  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Notes to Financial Statements — continued

 

 

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to investments in partnerships, distributions from REITs and the tax treatment of short-term capital gains.

At May 31, 2015, the Fund had a net capital loss of $213,391 attributable to security transactions incurred after October 31, 2014 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending May 31, 2016.

The cost and unrealized appreciation (depreciation) of investments of the Fund at May 31, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

  $ 237,421,491   

Gross unrealized appreciation

  $ 2,517,096   

Gross unrealized depreciation

    (7,357,066

Net unrealized depreciation

  $ (4,839,970

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 year ended May 31, 2015, the Fund’s investment adviser fee amounted to $1,750,351. 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 year ended May 31, 2015, 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 $63,452,028 and $72,463,612, respectively, for the year ended May 31, 2015.

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:

 

     Year Ended
May 31, 2015
     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 year ended May 31, 2015 and the period ended May 31, 2014.

 

  27  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Notes to Financial Statements — continued

 

 

7  Revolving Credit and Security Agreement

The Fund has 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 March 15, 2016, the Fund also pays a program fee of 0.67% (0.80% prior to March 17, 2015) 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 year ended May 31, 2015 totaled $505,305 and are included in interest expense and fees on the Statement of Operations. The Fund also paid a renewal fee of $54,000, which is being amortized to interest expense over a period of one year through March 2016. The unamortized balance at May 31, 2015 is approximately $43,000 and is included in prepaid upfront fees on notes payable in the Statement of Assets and Liabilities. The Fund is required to maintain certain net asset levels during the term of the Agreement. At May 31, 2015, the Fund had borrowings outstanding under the Agreement of $54,000,000 at an interest rate of 0.21%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at May 31, 2015 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 May 31, 2015. For the year ended May 31, 2015, the average borrowings under the Agreement and the average interest rate (excluding fees) were $54,000,000 and 0.21%, 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 (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 loan’s 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.

 

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.

 

  28  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Notes to Financial Statements — continued

 

 

At May 31, 2015, 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

  $       $ 192,332,725       $ 1,010,684       $ 193,343,409   

Commercial Mortgage-Backed Securities

            179,100                 179,100   

Corporate Bonds & Notes

            12,964,918                 12,964,918   

Foreign Government Bonds

            2,268,763                 2,268,763   

Convertible Bonds

            3,404,599                 3,404,599   

Common Stocks

    5,856,974                 63,037         5,920,011   

Convertible Preferred Stocks

            2,157,579                 2,157,579   

Preferred Stocks

            180,556                 180,556   

Tax-Exempt Investments

            733,083                 733,083   

Short-Term Investments

            11,429,503                 11,429,503   

Total Investments

  $ 5,856,974       $ 225,650,826       $ 1,073,721       $ 232,581,521   

 

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended May 31, 2015 is not presented.

At May 31, 2015, there were no investments transferred between Level 1 and Level 2 during the year then ended.

 

  29  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Report of Independent Registered Public Accounting Firm

 

 

To the Trustees and Shareholders of Eaton Vance Floating-Rate Income Plus Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate Income Plus Fund (the “Fund”), including the portfolio of investments, as of May 31, 2015, and the related statements of operations and cash flows for the year then ended, and the changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities and senior loans owned as of May 31, 2015, by correspondence with the custodian, brokers, and selling or agent banks; where replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Floating-Rate Income Plus Fund as of May 31, 2015, the results of its operations and its cash flows for the year then ended, and the changes in its net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

July 17, 2015

 

  30  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Federal Tax Information (Unaudited)

 

 

The Form 1099-DIV you receive in February 2016 will show the tax status of all distributions paid to your account in calendar year 2015. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

Qualified Dividend Income.  For the fiscal year ended May 31, 2015, the Fund designates approximately $654,816, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2015 ordinary income dividends, 6.63% qualifies for the corporate dividends received deduction.

Capital Gains Dividends.  The Fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2015, $92,798 or, if subsequently determined to be different, the net capital gain of such year.

 

  31  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Annual Meeting of Shareholders (Unaudited)

 

 

The Fund held its Annual Meeting of Shareholders on March 26, 2015. The following action was taken by the shareholders:

Item 1:  The election of George J. Gorman, William H. Park, Ronald A. Pearlman and Harriett Tee Taggart as Class II Trustees of the Fund for a three-year term expiring in 2018.

 

Nominee for Trustee
Elected by All Shareholders
  Number of Shares  
  For      Withheld  

George J. Gorman

    6,863,130         230,156   

William H. Park

    6,799,398         293,888   

Ronald A. Pearlman

    6,788,157         305,129   

Harriett Tee Taggart

    6,850,716         242,570   

 

  32  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

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, LLC, 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.

 

  33  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

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, LLC

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 closed-end management investment company and has no employees.

Number of Shareholders

As of May 31, 2015, Fund records indicate that there are 3 registered shareholders and approximately 4,053 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.

 

  34  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

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 each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 27, 2015, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2015. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following:

Information about Fees, Performance and Expenses

 

Ÿ  

A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the data provider (“comparable funds”);

 

Ÿ  

A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

 

Ÿ  

A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

 

Ÿ  

Data regarding investment performance in comparison to benchmark indices and customized peer groups identified by the adviser in consultation with the Board;

 

Ÿ  

For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

 

Ÿ  

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

Ÿ  

Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

 

Ÿ  

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

 

Ÿ  

Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

 

Ÿ  

Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

 

Ÿ  

Data relating to portfolio turnover rates of each fund;

Information about each Adviser

 

Ÿ  

Reports detailing the financial results and condition of each adviser;

 

Ÿ  

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

 

Ÿ  

The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

Ÿ  

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 each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

 

Ÿ  

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

 

Ÿ  

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

 

  35  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Board of Trustees’ Contract Approval — continued

 

 

Other Relevant Information

 

Ÿ  

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

 

Ÿ  

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

 

Ÿ  

The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2015, with respect to one or more funds, the Board met nine times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met eight, seventeen, seven, eleven and thirteen times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund, and considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

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 Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Floating-Rate Income Plus Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services 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 held by the Fund, including the education, experience and number of its investment professionals and other personnel who 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 considered 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, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain investment personnel. In addition, the Board considered the time and attention devoted to the Fund by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the management of the Fund, including the provision of administrative services.

The Board considered 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

 

  36  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Board of Trustees’ Contract Approval — continued

 

 

valuation, business continuity and the allocation of investment opportunities. The Board also considered 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 Eaton Vance Management 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 provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data for the one-year period ended September 30, 2014 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the year ended September 30, 2014, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the fund complex level.

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

Profitability

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits 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 rendered, the profits 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. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale. 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 profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not warranted at this time.

 

  37  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Management and Organization

 

 

Fund Management.  The Trustees of Eaton Vance Floating-Rate Income Plus Fund (the Fund) are responsible for the overall management and supervision of the Fund’s affairs. The Trustees and officers of the Fund are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Fund, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 178 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three year term. Each officer serves until his or her successor is elected.

 

Name and Year of Birth   

Position(s)

with the

Fund

    

Term Expiring;

Trustee Since(1)

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr.

1958

   Class I Trustee     

Until 2017.

Trustee since 2007.

    

Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 178 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Fund.

Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc.

            

Noninterested Trustees

Scott E. Eston(A)

1956

   Class I Trustee      Until 2017.
Trustee since 2011.
    

Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997).

Directorships in the Last Five Years.(2) None.

Cynthia E. Frost

1960

   Class I Trustee     

Until 2017.

Trustee since 2014.

    

Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (1989-1995); Consultant, Bain and Company (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985).

Directorships in the Last Five Years. None.

George J. Gorman

1952

   Class II Trustee     

Until 2018.

Trustee since 2014.

    

Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (public accounting firm) (1974-2009).

Directorships in the Last Five Years. Formerly, Trustee of the Bank of America Money Market Funds Series Trust (2011-2014) and of the Ashmore Funds (2010-2014).

Valerie A. Mosley

1960

   Class III Trustee     

Until 2016.

Trustee since 2014.

    

Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).

Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

William H. Park

1947

   Class II Trustee     

Until 2018.

Trustee since 2003.

    

Private investor. Formerly, Consultant (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981).

Directorships in the Last Five Years.(2) None.

 

  38  


Eaton Vance

Floating-Rate Income Plus Fund

May 31, 2015

 

Management and Organization — continued

 

 

Name and Year of Birth   

Position(s)

with the

Fund

    

Term Expiring;

Trustee Since(1)

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

Helen Frame Peters

1948

   Class III Trustee      Until 2016.
Trustee since 2008.
    

Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).

Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).

Susan J. Sutherland(3)

1957

   Class II Trustee      Until 2018.
Trustee since 2015.
    

Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).

Directorships in the Last Five Years. Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (since 2013).

Harriett Tee Taggart

1948

   Class II Trustee      Until 2018.
Trustee since 2011.
    

Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006).

Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).

Ralph F. Verni(A)

1943

  

Chairman of the Board and

Class III Trustee

     Until 2016.
Trustee since 2005 and Chairman since 2007.
    

Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006).

Directorships in the Last Five Years.(2) None.

 

Principal Officers who are not Trustees

Name and Year of Birth   

Position(s)

with the

Fund

     Officer
Since
(4)
    

Principal Occupation(s)

During Past Five Years

Scott H. Page

1959

   President      Since 1998      Vice President of EVM and BMR.

Maureen A. Gemma

1960

   Vice President, Secretary and Chief Legal Officer      Since 2005      Vice President of EVM and BMR.

James F. Kirchner

1967

   Treasurer      Since 2007      Vice President of EVM and BMR.

Paul M. O’Neil

1953

   Chief Compliance Officer      Since 2004      Vice President of EVM and BMR.

 

(1) 

Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal.

(2) 

During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Mr. Gorman) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

(3) 

Ms. Sutherland began serving as a Trustee effective May 1, 2015.

(4) 

Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

(A) 

VRTP Trustee

 

  39  


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.  The Fund’s 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 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, is disclosed in the Fund’s 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”.

 

  40  


Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

15088    5.31.15    


Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).


Item 4. Principal Accountant Fees and Services

(a) –(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended May 31, 2014 and May 31, 2015 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods

Eaton Vance Floating-Rate Income Plus Fund

 

Fiscal Years Ended

   5/31/14*      5/31/15  

Audit Fees

   $ 30,300       $ 35,150   

Audit-Related Fees(1)

   $ 0       $ 0   

Tax Fees(2)

   $ 19,310       $ 20,450   

All Other Fees(3)

   $ 0       $ 0   
  

 

 

    

 

 

 

Total

   $ 49,610       $ 55,600   
  

 

 

    

 

 

 

 

* Fund commenced operations on 6/28/13.
(1)  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.
(2)  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.
(3)  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.


(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended May 31, 2014 and May 31, 2015; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

 

Fiscal Years Ended

   5/31/14*      5/31/15  

Registrant

   $ 19,310       $ 20,450   

Eaton Vance(1)

   $ 380,973       $ 76,000   

 

* Fund commenced operations on 6/28/13.
(1) The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. William H. Park (Chair), Scott E. Eston, Cynthia E. Frost and Ralph F. Verni are the members of the registrant’s audit committee.

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

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the


Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

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

Kathleen C. Gaffney, Scott H. Page and Craig P. Russ and other Eaton Vance Management (“EVM” or “Eaton Vance”) investment professionals comprise the investment team responsible for the overall management of the Fund’s investments as well as allocations of the Fund’s assets between common and preferred stocks. Ms. Gaffney and Messrs. Page and Russ are the portfolio managers responsible for the day-to-day management of specific segments of the Fund’s investment portfolio.

Ms. Gaffney has been an EVM portfolio manager since 2013 and is Co-Director of EVM’s Investment Grade Fixed Income Group. Prior to joining EVM in 2012, Ms. Gaffney was a Vice President of Loomis, Sayles & Company and portfolio manager for Loomis Sayles fixed income group (for more than five years). Mr. Page has been an EVM portfolio manager since 1996 and is Co-Director of EVM’s Bank Loan Investment Group. Mr. Russ has been an EVM portfolio manager since 2003 and is Co-Director of EVM’s Bank Loan Investment Group. Ms. Gaffney and Messrs. Paige and Russ are Vice Presidents of EVM. This information is provided as of the date of filing of this report.

The following table shows, as of the Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.


    Number of
All Accounts
  Total Assets of
All Accounts
    Number of
Accounts
Paying a
Performance Fee
  Total Assets of
Accounts Paying a
Performance Fee
 

Kathleen C. Gaffney(1)

       

Registered Investment Companies

  8   $ 3,941.7      0   $ 0   

Other Pooled Investment Vehicles

  0   $ 0      0   $ 0   

Other Accounts

  2   $ 28.9      0   $ 0   

Scott H. Page

       

Registered Investment Companies

  14   $ 28,019.8 (2)    0   $ 0   

Other Pooled Investment Vehicles

  11   $ 10,438.0 (3)    1   $ 122.4   

Other Accounts

  7   $ 3,019.0      0   $ 0   

Craig P. Russ

       

Registered Investment Companies

  10   $ 23,180.8 (2)    0   $ 0   

Other Pooled Investment Vehicles

  3   $ 7,459.0      0   $ 0   

Other Accounts

  7   $ 3,019.0      0   $ 0   

 

(1) This portfolio manager serves as portfolio manager of one or more registered investment companies that invests or may invest in one or more underlying registered investment companies in the Eaton Vance family of funds or other pooled investment vehicles sponsored by Eaton Vance. The underlying investment companies may be managed by this portfolio manager or another portfolio manager.
(2) This portfolio manager provides investment advice with respect to only a portion of the total assets of certain of these accounts. Only the assets allocated to this portfolio manager as of the Fund’s most recent fiscal year end are reflected in the table.
(3) Certain of these “Other Pooled Investment Vehicles” invest a substantial portion of their assets either in a registered investment company or in a separate pooled investment vehicle managed by this portfolio manager or another Eaton Vance portfolio manager.

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Fund’s most recent fiscal year end.

 

Portfolio Manager

   Dollar Range of Equity
Securities Owned in the Fund

Kathleen C. Gaffney

   $10,001 - $50,000

Scott H. Page

   $50,001 - $100,000

Craig P. Russ

   None

Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments on the one hand and investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, a portfolio manager


will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies which govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocation, cross trades and best execution.

Compensation Structure for EVM

Compensation of EVM’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVC’s nonvoting common stock and/or restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is based on a substantially fixed percentage of pre-bonus operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.


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: July 13, 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: July 13, 2015
By:  

/s/ Scott H. Page

  Scott H. Page
  President
Date: July 13, 2015