UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-22821
Eaton Vance Floating-Rate Income Plus Fund
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
May 31
Date of Fiscal Year End
November 30, 2016
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Floating-Rate Income Plus Fund (EFF)
Semiannual Report
November 30, 2016
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.
Semiannual Report November 30, 2016
Eaton Vance
Floating-Rate Income Plus Fund
Table of Contents
Performance | 2 | |||
Fund Profile | 2 | |||
Endnotes and Additional Disclosures | 3 | |||
Financial Statements | 4 | |||
Officers and Trustees | 30 | |||
Important Notices | 31 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Performance1,2
Portfolio Managers Scott H. Page, CFA, Craig P. Russ and Kathleen C. Gaffney, CFA
% Average Annual Total Returns | Inception Date | Six Months | One Year | Five Years | Since Inception | |||||||||||||||
Fund at NAV | 06/28/2013 | 9.22 | % | 15.63 | % | — | 4.79 | % | ||||||||||||
Fund at Market Price | — | 10.97 | 23.75 | — | 2.66 | |||||||||||||||
S&P/LSTA Leveraged Loan Index | — | 4.22 | % | 7.76 | % | 4.97 | % | 3.66 | % | |||||||||||
% Premium/Discount to NAV3 | ||||||||||||||||||||
–6.78 | % | |||||||||||||||||||
Distributions4 | ||||||||||||||||||||
Total Distributions per share for the period | $ | 0.512 | ||||||||||||||||||
Distribution Rate at NAV | 5.74 | % | ||||||||||||||||||
Distribution Rate at Market Price | 6.16 | % | ||||||||||||||||||
% Total Leverage5 | ||||||||||||||||||||
Borrowings | 25.05 | % | ||||||||||||||||||
Variable Rate Term Preferred Shares (VRTP Shares) | 9.33 |
Fund Profile
Credit Quality (% of bonds, loans and mortgage-backed securities)6
Asset Allocation (% of total investments)7
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Endnotes and Additional Disclosures
1 | S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. |
3 | The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend. |
4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, 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. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
5 | Leverage represents the liquidation value of the Fund’s VRTP Shares and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus VRTP Shares and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time. |
6 | Credit ratings are categorized using S&P. 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 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 S&P. |
7 | Other represents any investment type less than 1.0% of total investments. Asset allocation as a percentage of the Fund’s net assets amounted to 157.0%. |
Fund profile subject to change due to active management. |
3 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited)
Senior Floating-Rate Loans — 135.4%(1) | ||||||||||||
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Aerospace and Defense — 3.3% |
| |||||||||||
Silver II US Holdings, LLC | ||||||||||||
Term Loan, 4.00%, Maturing December 13, 2019 | $ | 1,345 | $ | 1,204,966 | ||||||||
TransDigm, Inc. | ||||||||||||
Term Loan, 3.82%, Maturing February 28, 2020 | 1,358 | 1,360,766 | ||||||||||
Term Loan, 3.83%, Maturing June 4, 2021 | 464 | 465,441 | ||||||||||
Term Loan, 3.75%, Maturing June 9, 2023 | 1,100 | 1,102,962 | ||||||||||
Wesco Aircraft Hardware Corp. | ||||||||||||
Term Loan, 3.04%, Maturing September 23, 2021 | 225 | 223,031 | ||||||||||
$ | 4,357,166 | |||||||||||
Air Transport — 0.5% |
| |||||||||||
Virgin America, Inc. | ||||||||||||
Term Loan, 5.36%, Maturing April 4, 2019 | $ | 625 | $ | 633,500 | ||||||||
$ | 633,500 | |||||||||||
Automotive — 2.9% |
| |||||||||||
CS Intermediate Holdco 2, LLC | ||||||||||||
Term Loan, 3.59%, Maturing October 26, 2023 | $ | 196 | $ | 198,222 | ||||||||
FCA US, LLC | ||||||||||||
Term Loan, 3.25%, Maturing December 31, 2018 | 317 | 317,254 | ||||||||||
Federal-Mogul Holdings Corporation | ||||||||||||
Term Loan, 4.75%, Maturing April 15, 2021 | 978 | 951,841 | ||||||||||
Horizon Global Corporation | ||||||||||||
Term Loan, 7.00%, Maturing June 30, 2021 | 217 | 218,816 | ||||||||||
MPG Holdco I, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing October 20, 2021 | 546 | 547,768 | ||||||||||
Sage Automotive Holdings, Inc. | ||||||||||||
Term Loan, Maturing October 27, 2022(2) | 175 | 174,125 | ||||||||||
TI Group Automotive Systems, LLC | ||||||||||||
Term Loan, 4.50%, Maturing June 30, 2022 | 297 | 299,042 | ||||||||||
Tower Automotive Holdings USA, LLC | ||||||||||||
Term Loan, 4.00%, Maturing April 23, 2020 | 997 | 997,530 | ||||||||||
Visteon Corporation | ||||||||||||
Term Loan, 3.55%, Maturing April 9, 2021 | 160 | 161,119 | ||||||||||
$ | 3,865,717 | |||||||||||
Beverage and Tobacco — 0.6% |
| |||||||||||
Constellation Brands Canada, Inc. | ||||||||||||
Term Loan, Maturing November 14, 2023(2) | $ | 525 | $ | 529,922 |
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Beverage and Tobacco (continued) |
| |||||||||||
Flavors Holdings, Inc. | ||||||||||||
Term Loan - Second Lien, 11.00%, Maturing | $ | 500 | $ | 312,500 | ||||||||
$ | 842,422 | |||||||||||
Brokerage / Securities Dealers / Investment Houses — 0.6% |
| |||||||||||
Aretec Group, Inc. | ||||||||||||
Term Loan, 8.00%, Maturing November 23, 2020 | $ | 199 | $ | 199,289 | ||||||||
Term Loan - Second Lien, 6.50%, (2.00% Cash, 4.50% PIK), Maturing May 23, 2021 | 492 | 410,961 | ||||||||||
Salient Partners L.P. | ||||||||||||
Term Loan, 9.50%, Maturing May 19, 2021 | 191 | 183,202 | ||||||||||
$ | 793,452 | |||||||||||
Building and Development — 2.6% |
| |||||||||||
American Builders & Contractors Supply Co. | ||||||||||||
Term Loan, 3.50%, Maturing October 31, 2023 | $ | 600 | $ | 603,206 | ||||||||
Auction.com, LLC | ||||||||||||
Term Loan, 6.00%, Maturing May 12, 2019 | 271 | 271,552 | ||||||||||
CPG International, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing September 30, 2020 | 540 | 543,113 | ||||||||||
DTZ U.S. Borrower, LLC | ||||||||||||
Term Loan, 4.25%, Maturing November 4, 2021 | 742 | 740,404 | ||||||||||
Quikrete Holdings, Inc. | ||||||||||||
Term Loan, Maturing November 15, 2023(2) | 575 | 578,163 | ||||||||||
Realogy Corporation | ||||||||||||
Term Loan, 3.75%, Maturing July 20, 2022 | 458 | 462,774 | ||||||||||
Summit Materials Companies I, LLC | ||||||||||||
Term Loan, 4.00%, Maturing July 17, 2022 | 148 | 149,282 | ||||||||||
WireCo WorldGroup, Inc. | ||||||||||||
Term Loan, 6.50%, Maturing September 30, 2023 | 150 | 151,594 | ||||||||||
$ | 3,500,088 | |||||||||||
Business Equipment and Services — 11.5% |
| |||||||||||
Acosta Holdco, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing September 26, 2021 | $ | 758 | $ | 721,431 | ||||||||
AlixPartners, LLP | ||||||||||||
Term Loan, 4.00%, Maturing July 28, 2022 | 522 | 524,637 | ||||||||||
Altisource Solutions S.a.r.l. | ||||||||||||
Term Loan, 4.50%, Maturing December 9, 2020 | 354 | 344,329 | ||||||||||
Brickman Group Ltd., LLC | ||||||||||||
Term Loan, 4.00%, Maturing December 18, 2020 | 219 | 219,021 | ||||||||||
Camelot UK Holdco Limited | ||||||||||||
Term Loan, 4.75%, Maturing October 3, 2023 | 275 | 276,203 |
4 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Business Equipment and Services (continued) |
| |||||||||||
CCC Information Services, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing December 20, 2019 | $ | 1,482 | $ | 1,484,773 | ||||||||
Ceridian, LLC | ||||||||||||
Term Loan, 4.50%, Maturing September 15, 2020 | 144 | 142,468 | ||||||||||
Corporate Capital Trust, Inc. | ||||||||||||
Term Loan, 4.13%, Maturing May 20, 2019 | 244 | 243,750 | ||||||||||
CPM Holdings, Inc. | ||||||||||||
Term Loan, 6.00%, Maturing April 11, 2022 | 323 | 325,426 | ||||||||||
Crossmark Holdings, Inc. | ||||||||||||
Term Loan, 4.50%, Maturing December 20, 2019 | 498 | 358,706 | ||||||||||
Education Management, LLC | ||||||||||||
Term Loan, 5.50%, Maturing July 2, 2020 | 195 | 49,684 | ||||||||||
Term Loan, 8.50%, (2.00% Cash, 6.50% PIK), Maturing July 2, 2020 | 364 | 19,425 | ||||||||||
EIG Investors Corp. | ||||||||||||
Term Loan, 6.48%, Maturing November 9, 2019 | 1,607 | 1,583,443 | ||||||||||
Extreme Reach, Inc. | ||||||||||||
Term Loan, 7.25%, Maturing February 7, 2020 | 680 | 682,742 | ||||||||||
First Data Corporation | ||||||||||||
Term Loan, 4.33%, Maturing July 8, 2022 | 653 | 656,696 | ||||||||||
Garda World Security Corporation | ||||||||||||
Term Loan, 4.00%, Maturing November 6, 2020 | 118 | 116,881 | ||||||||||
Term Loan, 4.00%, Maturing November 6, 2020 | 773 | 764,761 | ||||||||||
Global Payments, Inc. | ||||||||||||
Term Loan, 3.03%, Maturing April 22, 2023 | 78 | 78,666 | ||||||||||
IG Investment Holdings, LLC | ||||||||||||
Term Loan, 6.00%, Maturing October 29, 2021 | 496 | 499,433 | ||||||||||
Information Resources, Inc. | ||||||||||||
Term Loan, 4.83%, Maturing September 30, 2020 | 814 | 816,332 | ||||||||||
ION Trading Finance Limited | ||||||||||||
Term Loan, 4.25%, Maturing August 11, 2023 | 931 | 931,733 | ||||||||||
J.D. Power and Associates | ||||||||||||
Term Loan, 5.25%, Maturing September 7, 2023 | 475 | 480,938 | ||||||||||
Kronos Incorporated | ||||||||||||
Term Loan, 5.00%, Maturing November 1, 2023 | 1,400 | 1,404,113 | ||||||||||
MCS AMS Sub-Holdings, LLC | ||||||||||||
Term Loan, 7.50%, Maturing October 15, 2019 | 318 | 293,688 | ||||||||||
Monitronics International, Inc. | ||||||||||||
Term Loan, 6.50%, Maturing September 30, 2022 | 225 | 223,875 | ||||||||||
PGX Holdings, Inc. | ||||||||||||
Term Loan, 5.75%, Maturing September 29, 2020 | 273 | 274,112 | ||||||||||
Prime Security Services Borrower, LLC | ||||||||||||
Term Loan, 4.75%, Maturing May 2, 2022 | 499 | 503,114 | ||||||||||
Spin Holdco, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing November 14, 2019 | 784 | 777,782 |
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Business Equipment and Services (continued) |
| |||||||||||
Travelport Finance (Luxembourg) S.a.r.l. | ||||||||||||
Term Loan, 5.00%, Maturing September 2, 2021 | $ | 288 | $ | 289,500 | ||||||||
WASH Multifamily Laundry Systems, LLC | ||||||||||||
Term Loan, 4.25%, Maturing May 14, 2022 | 232 | 229,457 | ||||||||||
$ | 15,317,119 | |||||||||||
Cable and Satellite Television — 2.5% |
| |||||||||||
Altice US Finance I Corporation | ||||||||||||
Term Loan, 3.88%, Maturing January 15, 2025 | $ | 275 | $ | 276,375 | ||||||||
Block Communications, Inc. | ||||||||||||
Term Loan, 4.09%, Maturing November 7, 2021 | 198 | 199,728 | ||||||||||
Charter Communications Operating, LLC | ||||||||||||
Term Loan, 3.50%, Maturing January 24, 2023 | 522 | 527,345 | ||||||||||
CSC Holdings, LLC | ||||||||||||
Term Loan, 3.88%, Maturing October 11, 2024 | 658 | 660,362 | ||||||||||
MCC Iowa, LLC | ||||||||||||
Term Loan, 3.75%, Maturing June 30, 2021 | 220 | 221,278 | ||||||||||
Numericable U.S., LLC | ||||||||||||
Term Loan, 5.14%, Maturing January 15, 2024 | 199 | 200,592 | ||||||||||
Telenet International Finance S.a.r.l. | ||||||||||||
Term Loan, 3.55%, Maturing January 31, 2025 | 475 | 474,703 | ||||||||||
UPC Financing Partnership | ||||||||||||
Term Loan, 4.08%, Maturing August 31, 2024 | 775 | 779,553 | ||||||||||
$ | 3,339,936 | |||||||||||
Chemicals and Plastics — 9.3% |
| |||||||||||
Aruba Investments, Inc. | ||||||||||||
Term Loan, 4.50%, Maturing February 2, 2022 | $ | 74 | $ | 74,353 | ||||||||
Axalta Coating Systems US Holdings, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing February 1, 2020 | 1,158 | 1,164,284 | ||||||||||
Emerald Performance Materials, LLC | ||||||||||||
Term Loan, 4.68%, Maturing August 1, 2021 | 120 | 121,029 | ||||||||||
Term Loan - Second Lien, 7.75%, Maturing | 150 | 150,281 | ||||||||||
Flint Group GmbH | ||||||||||||
Term Loan, 4.50%, Maturing September 7, 2021 | 38 | 38,231 | ||||||||||
Flint Group US, LLC | ||||||||||||
Term Loan, 4.50%, Maturing September 7, 2021 | 231 | 231,172 | ||||||||||
Gemini HDPE, LLC | ||||||||||||
Term Loan, 4.75%, Maturing August 7, 2021 | 516 | 520,989 | ||||||||||
Huntsman International, LLC | ||||||||||||
Term Loan, 3.50%, Maturing October 1, 2021 | 200 | 200,000 | ||||||||||
Term Loan, 3.75%, Maturing April 1, 2023 | 450 | 450,000 |
5 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Chemicals and Plastics (continued) |
| |||||||||||
Ineos US Finance, LLC | ||||||||||||
Term Loan, 3.75%, Maturing May 4, 2018 | $ | 1,604 | $ | 1,608,214 | ||||||||
Term Loan, 4.25%, Maturing March 31, 2022 | 172 | 173,523 | ||||||||||
Kraton Polymers, LLC | ||||||||||||
Term Loan, 6.00%, Maturing January 6, 2022 | 775 | 780,705 | ||||||||||
Kronos Worldwide, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing February 18, 2020 | 268 | 266,282 | ||||||||||
MacDermid, Inc. | ||||||||||||
Term Loan, 5.50%, Maturing June 7, 2020 | 647 | 649,802 | ||||||||||
Term Loan, 5.00%, Maturing June 7, 2023 | 497 | 501,407 | ||||||||||
Minerals Technologies, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing May 9, 2021 | 279 | 280,567 | ||||||||||
Orion Engineered Carbons GmbH | ||||||||||||
Term Loan, 3.84%, Maturing July 25, 2021 | 312 | 313,716 | ||||||||||
PolyOne Corporation | ||||||||||||
Term Loan, 3.50%, Maturing November 11, 2022 | 124 | 125,175 | ||||||||||
PQ Corporation | ||||||||||||
Term Loan, 5.25%, Maturing November 4, 2022 | 498 | 501,859 | ||||||||||
Solenis International L.P. | ||||||||||||
Term Loan, 4.25%, Maturing July 31, 2021 | 340 | 339,184 | ||||||||||
Tata Chemicals North America, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing August 7, 2020 | 215 | 214,560 | ||||||||||
Trinseo Materials Operating S.C.A. | ||||||||||||
Term Loan, 4.25%, Maturing November 5, 2021 | 1,062 | 1,068,695 | ||||||||||
Tronox Pigments (Netherlands) B.V. | ||||||||||||
Term Loan, 4.50%, Maturing March 19, 2020 | 1,437 | 1,436,867 | ||||||||||
Univar, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing July 1, 2022 | 842 | 844,831 | ||||||||||
Zep, Inc. | ||||||||||||
Term Loan, 5.00%, Maturing June 26, 2022 | 395 | 397,222 | ||||||||||
$ | 12,452,948 | |||||||||||
Clothing / Textiles — 0.3% |
| |||||||||||
Ascena Retail Group, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing August 21, 2022 | $ | 393 | $ | 382,358 | ||||||||
$ | 382,358 | |||||||||||
Containers and Glass Products — 4.7% |
| |||||||||||
Berry Plastics Holding Corporation | ||||||||||||
Term Loan, 3.50%, Maturing February 8, 2020 | $ | 1,333 | $ | 1,338,547 | ||||||||
Term Loan, 3.50%, Maturing January 6, 2021 | 159 | 159,164 | ||||||||||
Term Loan, 3.75%, Maturing October 1, 2022 | 257 | 258,700 | ||||||||||
Hilex Poly Co., LLC | ||||||||||||
Term Loan, 6.00%, Maturing December 5, 2021 | 889 | 895,214 |
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Containers and Glass Products (continued) |
| |||||||||||
Libbey Glass, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing April 9, 2021 | $ | 94 | $ | 94,616 | ||||||||
Pelican Products, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing April 10, 2020 | 363 | 361,342 | ||||||||||
Reynolds Group Holdings, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing February 5, 2023 | 2,429 | 2,440,344 | ||||||||||
SIG Combibloc US Acquisition, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing March 13, 2022 | 770 | 773,120 | ||||||||||
$ | 6,321,047 | |||||||||||
Cosmetics / Toiletries — 0.8% |
| |||||||||||
Coty, Inc. | ||||||||||||
Term Loan, 3.09%, Maturing October 27, 2022 | $ | 224 | $ | 223,630 | ||||||||
Galleria Co. | ||||||||||||
Term Loan, 3.00%, Maturing January 26, 2023 | 450 | 452,250 | ||||||||||
KIK Custom Products, Inc. | ||||||||||||
Term Loan, 6.00%, Maturing August 26, 2022 | 396 | 397,485 | ||||||||||
$ | 1,073,365 | |||||||||||
Drugs — 5.6% |
| |||||||||||
AMAG Pharmaceuticals, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing August 13, 2021 | $ | 261 | $ | 260,924 | ||||||||
Amneal Pharmaceuticals, LLC | ||||||||||||
Term Loan, 4.50%, Maturing November 1, 2019 | 999 | 999,454 | ||||||||||
Arbor Pharmaceuticals, Inc. | ||||||||||||
Term Loan, 6.00%, Maturing July 5, 2023 | 400 | 400,833 | ||||||||||
DPx Holdings B.V. | ||||||||||||
Term Loan, 4.25%, Maturing March 11, 2021 | 220 | 219,855 | ||||||||||
Endo Luxembourg Finance Company I S.a.r.l. | ||||||||||||
Term Loan, 3.75%, Maturing September 26, 2022 | 670 | 667,321 | ||||||||||
Horizon Pharma, Inc. | ||||||||||||
Term Loan, 5.00%, Maturing May 7, 2021 | 543 | 543,125 | ||||||||||
Term Loan, 5.50%, Maturing October 18, 2021 | 150 | 150,281 | ||||||||||
Jaguar Holding Company II | ||||||||||||
Term Loan, 4.25%, Maturing August 18, 2022 | 1,633 | 1,638,549 | ||||||||||
Mallinckrodt International Finance S.A. | ||||||||||||
Term Loan, 3.34%, Maturing March 19, 2021 | 390 | 388,990 | ||||||||||
Valeant Pharmaceuticals International, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing August 5, 2020 | 1,752 | 1,734,227 | ||||||||||
Term Loan, 5.50%, Maturing April 1, 2022 | 421 | 417,322 | ||||||||||
$ | 7,420,881 | |||||||||||
6 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Ecological Services and Equipment — 1.1% |
| |||||||||||
Advanced Disposal Services, Inc. | ||||||||||||
Term Loan, 3.50%, Maturing November 10, 2023 | $ | 500 | $ | 501,094 | ||||||||
EnergySolutions, LLC | ||||||||||||
Term Loan, 6.75%, Maturing May 29, 2020 | 793 | 800,641 | ||||||||||
GFL Environmental, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing September 29, 2023 | 200 | 199,875 | ||||||||||
$ | 1,501,610 | |||||||||||
Electronics / Electrical — 15.3% |
| |||||||||||
Answers Corporation | ||||||||||||
Term Loan, 0.00%, Maturing October 3, 2021(4) | $ | 567 | $ | 300,539 | ||||||||
Applied Systems, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing January 25, 2021 | 324 | 325,644 | ||||||||||
Avago Technologies Cayman Ltd. | ||||||||||||
Term Loan, 3.54%, Maturing February 1, 2023 | 1,762 | 1,780,151 | ||||||||||
Avast Software B.V. | ||||||||||||
Term Loan, 5.00%, Maturing September 30, 2022 | 475 | 479,691 | ||||||||||
Campaign Monitor Finance Pty. Limited | ||||||||||||
Term Loan, 6.25%, Maturing March 18, 2021 | 191 | 185,841 | ||||||||||
CommScope, Inc. | ||||||||||||
Term Loan, 3.25%, Maturing December 29, 2022 | 248 | 249,199 | ||||||||||
Cypress Semiconductor Corporation | ||||||||||||
Term Loan, 6.50%, Maturing July 5, 2021 | 272 | 275,183 | ||||||||||
Electrical Components International, Inc. | ||||||||||||
Term Loan, 5.75%, Maturing May 28, 2021 | 98 | 97,997 | ||||||||||
Entegris, Inc. | ||||||||||||
Term Loan, 3.50%, Maturing April 30, 2021 | 70 | 70,794 | ||||||||||
Excelitas Technologies Corp. | ||||||||||||
Term Loan, 6.00%, Maturing October 31, 2020 | 216 | 210,807 | ||||||||||
Eze Castle Software, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing April 6, 2020 | 928 | 927,847 | ||||||||||
Go Daddy Operating Company, LLC | ||||||||||||
Term Loan, 4.25%, Maturing May 13, 2021 | 969 | 976,285 | ||||||||||
Hyland Software, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing July 1, 2022 | 880 | 883,506 | ||||||||||
Infoblox, Inc. | ||||||||||||
Term Loan, 6.00%, Maturing November 1, 2023 | 200 | 197,125 | ||||||||||
Infor (US), Inc. | ||||||||||||
Term Loan, 3.75%, Maturing June 3, 2020 | 2,054 | 2,052,777 | ||||||||||
Informatica Corporation | ||||||||||||
Term Loan, 4.50%, Maturing August 5, 2022 | 768 | 752,800 | ||||||||||
Lattice Semiconductor Corporation | ||||||||||||
Term Loan, 5.51%, Maturing March 10, 2021 | 540 | 539,796 |
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Electronics / Electrical (continued) |
| |||||||||||
M/A-COM Technology Solutions Holdings, Inc. | ||||||||||||
Term Loan, 4.63%, Maturing May 7, 2021 | $ | 197 | $ | 199,212 | ||||||||
MA FinanceCo., LLC | ||||||||||||
Term Loan, 4.50%, Maturing November 20, 2019 | 255 | 256,981 | ||||||||||
Term Loan, 4.50%, Maturing November 19, 2021 | 260 | 262,645 | ||||||||||
Magic Newco, LLC | ||||||||||||
Term Loan, 5.00%, Maturing December 12, 2018 | 965 | 968,996 | ||||||||||
MH Sub I, LLC | ||||||||||||
Term Loan, 4.75%, Maturing July 8, 2021 | 319 | 320,632 | ||||||||||
MTS Systems Corporation | ||||||||||||
Term Loan, 5.00%, Maturing July 5, 2023 | 325 | 330,070 | ||||||||||
NXP B.V. | ||||||||||||
Term Loan, 3.41%, Maturing December 7, 2020 | 240 | 241,028 | ||||||||||
ON Semiconductor Corporation | ||||||||||||
Term Loan, 3.78%, Maturing March 31, 2023 | 275 | 276,833 | ||||||||||
Renaissance Learning, Inc. | ||||||||||||
Term Loan, 4.50%, Maturing April 9, 2021 | 860 | 859,616 | ||||||||||
Rocket Software, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing October 14, 2023 | 275 | 276,805 | ||||||||||
SGS Cayman L.P. | ||||||||||||
Term Loan, 6.00%, Maturing April 23, 2021 | 51 | 50,443 | ||||||||||
SkillSoft Corporation | ||||||||||||
Term Loan, 5.84%, Maturing April 28, 2021 | 1,007 | 933,876 | ||||||||||
SS&C Technologies, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing July 8, 2022 | 50 | 50,513 | ||||||||||
Term Loan, 4.00%, Maturing July 8, 2022 | 434 | 437,780 | ||||||||||
SunEdison Semiconductor B.V. | ||||||||||||
Term Loan, 6.50%, Maturing May 27, 2019 | 596 | 597,656 | ||||||||||
SurveyMonkey, Inc. | ||||||||||||
Term Loan, 6.25%, Maturing February 5, 2019 | 474 | 479,194 | ||||||||||
Sutherland Global Services, Inc. | ||||||||||||
Term Loan, 6.00%, Maturing April 23, 2021 | 219 | 216,699 | ||||||||||
Uber Technologies | ||||||||||||
Term Loan, 5.00%, Maturing July 13, 2023 | 925 | 929,955 | ||||||||||
Veritas US, Inc. | ||||||||||||
Term Loan, 6.63%, Maturing January 27, 2023 | 473 | 426,600 | ||||||||||
Vertafore, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing June 30, 2023 | 575 | 577,605 | ||||||||||
Wall Street Systems Delaware, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing August 23, 2023 | 291 | 291,669 | ||||||||||
Western Digital Corporation | ||||||||||||
Term Loan, 4.50%, Maturing April 29, 2023 | 738 | 747,706 | ||||||||||
Zebra Technologies Corporation | ||||||||||||
Term Loan, 4.09%, Maturing October 27, 2021 | 431 | 434,100 | ||||||||||
$ | 20,472,596 | |||||||||||
7 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Financial Intermediaries — 4.8% |
| |||||||||||
Armor Holding II, LLC | ||||||||||||
Term Loan, 5.75%, Maturing June 26, 2020 | $ | 882 | $ | 869,015 | ||||||||
Donnelley Financial Solutions, Inc. | ||||||||||||
Term Loan, 5.00%, Maturing September 30, 2023 | 125 | 126,250 | ||||||||||
Grosvenor Capital Management Holdings, LLP | ||||||||||||
Term Loan, 3.75%, Maturing January 4, 2021 | 238 | 237,128 | ||||||||||
Guggenheim Partners, LLC | ||||||||||||
Term Loan, 3.50%, Maturing July 21, 2023 | 1,083 | 1,089,515 | ||||||||||
Medley, LLC | ||||||||||||
Term Loan, 6.50%, Maturing June 15, 2019(3) | 61 | 56,479 | ||||||||||
NXT Capital, Inc. | ||||||||||||
Term Loan, Maturing November 22, 2022(2) | 525 | 526,312 | ||||||||||
Ocwen Financial Corporation | ||||||||||||
Term Loan, 5.50%, Maturing February 15, 2018 | 449 | 450,442 | ||||||||||
Outerwall, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing September 27, 2023 | 100 | 101,208 | ||||||||||
Quality Care Properties, Inc. | ||||||||||||
Term Loan, 6.25%, Maturing October 31, 2022 | 675 | 677,391 | ||||||||||
Sesac Holdco II, LLC | ||||||||||||
Term Loan, 5.25%, Maturing February 8, 2019 | 745 | 747,274 | ||||||||||
Walker & Dunlop, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing December 11, 2020 | 467 | 470,029 | ||||||||||
Walter Investment Management Corp. | ||||||||||||
Term Loan, 4.75%, Maturing December 18, 2020 | 1,098 | 1,035,057 | ||||||||||
$ | 6,386,100 | |||||||||||
Food Products — 3.4% |
| |||||||||||
AdvancePierre Foods, Inc. | ||||||||||||
Term Loan, 4.50%, Maturing June 2, 2023 | $ | 590 | $ | 593,761 | ||||||||
Del Monte Foods, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing February 18, 2021 | 659 | 618,827 | ||||||||||
Dole Food Company, Inc. | ||||||||||||
Term Loan, 4.61%, Maturing November 1, 2018 | 1,467 | 1,474,715 | ||||||||||
High Liner Foods Incorporated | ||||||||||||
Term Loan, 4.25%, Maturing April 24, 2021 | 201 | 200,066 | ||||||||||
JBS USA, LLC | ||||||||||||
Term Loan, 3.75%, Maturing September 18, 2020 | 412 | 412,765 | ||||||||||
Term Loan, 4.00%, Maturing October 30, 2022 | 174 | 173,831 | ||||||||||
Keurig Green Mountain, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing March 3, 2023 | 202 | 204,726 | ||||||||||
Nature’s Bounty Co. (The) | ||||||||||||
Term Loan, 5.00%, Maturing May 5, 2023 | 923 | 924,706 | ||||||||||
$ | 4,603,397 | |||||||||||
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Food Service — 2.2% |
| |||||||||||
1011778 B.C. Unlimited Liability Company | ||||||||||||
Term Loan, 3.75%, Maturing December 10, 2021 | $ | 1,217 | $ | 1,225,575 | ||||||||
Focus Brands, Inc. | ||||||||||||
Term Loan, 5.00%, Maturing October 3, 2023 | 100 | 101,250 | ||||||||||
Landry’s, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing October 4, 2023 | 600 | 604,688 | ||||||||||
Manitowoc Foodservice, Inc. | ||||||||||||
Term Loan, 5.75%, Maturing March 3, 2023 | 404 | 411,062 | ||||||||||
Weight Watchers International, Inc. | ||||||||||||
Term Loan, 4.07%, Maturing April 2, 2020 | 484 | 370,038 | ||||||||||
Yum! Brands, Inc. | ||||||||||||
Term Loan, 3.30%, Maturing June 16, 2023 | 249 | 251,962 | ||||||||||
$ | 2,964,575 | |||||||||||
Food / Drug Retailers — 2.5% |
| |||||||||||
Albertsons, LLC | ||||||||||||
Term Loan, 4.50%, Maturing August 25, 2021 | $ | 316 | $ | 317,009 | ||||||||
Term Loan, 4.75%, Maturing December 21, 2022 | 499 | 501,649 | ||||||||||
Term Loan, 4.75%, Maturing June 22, 2023 | 1,086 | 1,091,938 | ||||||||||
Supervalu, Inc. | ||||||||||||
Term Loan, 5.50%, Maturing March 21, 2019 | 1,415 | 1,421,849 | ||||||||||
$ | 3,332,445 | |||||||||||
Forest Products — 0.2% |
| |||||||||||
Expera Specialty Solutions, LLC | ||||||||||||
Term Loan, 5.75%, Maturing October 27, 2023 | $ | 250 | $ | 251,250 | ||||||||
$ | 251,250 | |||||||||||
Health Care — 14.5% |
| |||||||||||
ADMI Corp. | ||||||||||||
Term Loan, 5.25%, Maturing April 30, 2022 | $ | 248 | $ | 250,042 | ||||||||
Akorn, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing April 16, 2021 | 219 | 221,120 | ||||||||||
Alere, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing June 18, 2022 | 414 | 409,077 | ||||||||||
AmSurg Corp. | ||||||||||||
Term Loan, 5.25%, Maturing July 16, 2021 | 147 | �� | 146,873 | |||||||||
Ardent Legacy Acquisitions, Inc. | ||||||||||||
Term Loan, 6.50%, Maturing August 4, 2021 | 124 | 123,905 | ||||||||||
Auris Luxembourg III S.a.r.l. | ||||||||||||
Term Loan, 4.25%, Maturing January 15, 2022 | 197 | 198,730 | ||||||||||
Beaver-Visitec International, Inc. | ||||||||||||
Term Loan, 6.00%, Maturing August 21, 2023 | 200 | 200,000 |
8 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Health Care (continued) |
| |||||||||||
CareCore National, LLC | ||||||||||||
Term Loan, 5.50%, Maturing March 5, 2021 | $ | 704 | $ | 691,520 | ||||||||
CeramTec Acquisition Corporation | ||||||||||||
Term Loan, 4.25%, Maturing August 30, 2020 | 53 | 53,087 | ||||||||||
CHG Healthcare Services, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing June 7, 2023 | 523 | 526,498 | ||||||||||
Community Health Systems, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing December 31, 2019 | 223 | 212,169 | ||||||||||
Term Loan, 4.00%, Maturing January 27, 2021 | 411 | 388,296 | ||||||||||
Convatec, Inc. | ||||||||||||
Term Loan, Maturing October 10, 2023(2) | 150 | 150,563 | ||||||||||
CPI Buyer, LLC | ||||||||||||
Term Loan, 5.50%, Maturing August 15, 2021 | 241 | 239,477 | ||||||||||
DJO Finance, LLC | ||||||||||||
Term Loan, 4.25%, Maturing June 8, 2020 | 543 | 522,758 | ||||||||||
Envision Healthcare Corporation | ||||||||||||
Term Loan, 5.75%, Maturing May 25, 2018 | 1,450 | 1,453,401 | ||||||||||
Term Loan, Maturing November 9, 2023(2) | 1,475 | 1,479,609 | ||||||||||
Faenza Acquisition GmbH | ||||||||||||
Term Loan, 4.25%, Maturing August 30, 2020 | 141 | 141,815 | ||||||||||
Term Loan, 4.25%, Maturing August 30, 2020 | 466 | 468,627 | ||||||||||
Genoa, a QoL Healthcare Company, LLC | ||||||||||||
Term Loan, 4.75%, Maturing October 28, 2023 | 500 | 498,958 | ||||||||||
Global Healthcare Exchange, LLC | ||||||||||||
Term Loan, 5.25%, Maturing August 15, 2022 | 272 | 274,386 | ||||||||||
Greatbatch Ltd. | ||||||||||||
Term Loan, 5.25%, Maturing October 27, 2022 | 470 | 468,222 | ||||||||||
Iasis Healthcare, LLC | ||||||||||||
Term Loan, 4.50%, Maturing May 3, 2018 | 774 | 765,163 | ||||||||||
Indivior Finance S.a.r.l. | ||||||||||||
Term Loan, 7.00%, Maturing December 19, 2019 | 251 | 250,938 | ||||||||||
inVentiv Health, Inc. | ||||||||||||
Term Loan, Maturing November 9, 2023(2) | 800 | 798,813 | ||||||||||
Kindred Healthcare, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing April 9, 2021 | 1,364 | 1,350,375 | ||||||||||
Kinetic Concepts, Inc. | ||||||||||||
Term Loan, 5.00%, Maturing November 4, 2020 | 1,452 | 1,428,383 | ||||||||||
KUEHG Corp. | ||||||||||||
Term Loan, 5.25%, Maturing August 12, 2022 | 397 | 400,054 | ||||||||||
MMM Holdings, Inc. | ||||||||||||
Term Loan, 9.75%, Maturing December 12, 2017 | 301 | 296,089 | ||||||||||
MPH Acquisition Holdings, LLC | ||||||||||||
Term Loan, 5.00%, Maturing June 7, 2023 | 1,274 | 1,289,648 | ||||||||||
MSO of Puerto Rico, Inc. | ||||||||||||
Term Loan, 9.75%, Maturing December 12, 2017 | 219 | 215,255 |
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Health Care (continued) |
| |||||||||||
National Mentor Holdings, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing January 31, 2021 | $ | 146 | $ | 146,410 | ||||||||
New Millennium Holdco, Inc. | ||||||||||||
Term Loan, 7.50%, Maturing December 21, 2020 | 98 | 58,119 | ||||||||||
Onex Carestream Finance L.P. | ||||||||||||
Term Loan, 5.00%, Maturing June 7, 2019 | 605 | 541,353 | ||||||||||
Opal Acquisition, Inc. | ||||||||||||
Term Loan, 5.00%, Maturing November 27, 2020 | 404 | 363,306 | ||||||||||
Ortho-Clinical Diagnostics, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing June 30, 2021 | 607 | 595,852 | ||||||||||
PRA Holdings, Inc. | ||||||||||||
Term Loan, 4.50%, Maturing September 23, 2020 | 747 | 752,412 | ||||||||||
Press Ganey Holdings, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing October 21, 2023 | 175 | 175,438 | ||||||||||
RadNet, Inc. | ||||||||||||
Term Loan, 4.77%, Maturing July 1, 2023 | 350 | 351,167 | ||||||||||
Sterigenics-Nordion Holdings, LLC | ||||||||||||
Term Loan, 4.25%, Maturing May 15, 2022 | 173 | 173,029 | ||||||||||
Tecomet, Inc. | ||||||||||||
Term Loan, 5.75%, Maturing December 5, 2021 | 295 | 294,750 | ||||||||||
$ | 19,365,687 | |||||||||||
Home Furnishings — 0.8% |
| |||||||||||
Serta Simmons Bedding, LLC | ||||||||||||
Term Loan, Maturing November 8, 2023(2) | $ | 1,075 | $ | 1,072,505 | ||||||||
$ | 1,072,505 | |||||||||||
Industrial Equipment — 7.1% |
| |||||||||||
Apex Tool Group, LLC | ||||||||||||
Term Loan, 4.50%, Maturing January 31, 2020 | $ | 955 | $ | 942,815 | ||||||||
Delachaux S.A. | ||||||||||||
Term Loan, 4.50%, Maturing October 28, 2021 | 109 | 104,408 | ||||||||||
Doosan Infracore International, Inc. | ||||||||||||
Term Loan, 4.50%, Maturing May 28, 2021 | 201 | 202,040 | ||||||||||
EWT Holdings III Corp. | ||||||||||||
Term Loan, 4.75%, Maturing January 15, 2021 | 701 | 702,484 | ||||||||||
Term Loan, 5.50%, Maturing January 15, 2021 | 149 | 150,090 | ||||||||||
Filtration Group Corporation | ||||||||||||
Term Loan, 4.25%, Maturing November 21, 2020 | 46 | 45,872 | ||||||||||
Term Loan, Maturing November 21, 2020(2) | 104 | 104,534 | ||||||||||
Gardner Denver, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing July 30, 2020 | 1,858 | 1,806,973 | ||||||||||
Gates Global, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing July 6, 2021 | 1,357 | 1,349,734 |
9 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Industrial Equipment (continued) |
| |||||||||||
Husky Injection Molding Systems Ltd. | ||||||||||||
Term Loan, 4.25%, Maturing June 30, 2021 | $ | 707 | $ | 706,972 | ||||||||
Milacron, LLC | ||||||||||||
Term Loan, 4.25%, Maturing September 28, 2020 | 297 | 298,787 | ||||||||||
Paladin Brands Holding, Inc. | ||||||||||||
Term Loan, 7.25%, Maturing August 16, 2019 | 423 | 381,990 | ||||||||||
Rexnord, LLC | ||||||||||||
Term Loan, 4.00%, Maturing August 21, 2020 | 1,963 | 1,969,171 | ||||||||||
Signode Industrial Group US, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing May 1, 2021 | 342 | 342,307 | ||||||||||
STS Operating, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing February 12, 2021 | 358 | 330,388 | ||||||||||
$ | 9,438,565 | |||||||||||
Insurance — 5.2% |
| |||||||||||
Alliant Holdings I, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing August 12, 2022 | $ | 494 | $ | 494,470 | ||||||||
AmWINS Group, LLC | ||||||||||||
Term Loan, 4.75%, Maturing September 6, 2019 | 1,738 | 1,749,879 | ||||||||||
AssuredPartners, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing October 21, 2022 | 273 | 275,131 | ||||||||||
Term Loan - Second Lien, 10.00%, Maturing | 175 | 176,313 | ||||||||||
Asurion, LLC | ||||||||||||
Term Loan, 5.00%, Maturing May 24, 2019 | 71 | 71,546 | ||||||||||
Term Loan, 5.00%, Maturing August 4, 2022 | 1,416 | 1,426,533 | ||||||||||
Term Loan, 4.75%, Maturing November 3, 2023 | 425 | 428,519 | ||||||||||
Term Loan - Second Lien, 8.50%, Maturing | 275 | 277,234 | ||||||||||
Cunningham Lindsey U.S., Inc. | ||||||||||||
Term Loan, 5.00%, Maturing December 10, 2019 | 587 | 497,444 | ||||||||||
Hub International Limited | ||||||||||||
Term Loan, 4.00%, Maturing October 2, 2020 | 728 | 728,219 | ||||||||||
USI, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing December 27, 2019 | 872 | 872,627 | ||||||||||
$ | 6,997,915 | |||||||||||
Leisure Goods / Activities / Movies — 3.6% |
| |||||||||||
AMC Entertainment, Inc. | ||||||||||||
Term Loan, Maturing December 15, 2023(2) | $ | 125 | $ | 125,937 | ||||||||
Ancestry.com Operations, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing October 19, 2023 | 525 | 526,641 | ||||||||||
Bombardier Recreational Products, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing June 30, 2023 | 1,100 | 1,104,354 |
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Leisure Goods / Activities / Movies (continued) |
| |||||||||||
Bright Horizons Family Solutions, Inc. | ||||||||||||
Term Loan, 3.50%, Maturing November 30, 2023 | $ | 125 | $ | 125,547 | ||||||||
CDS U.S. Intermediate Holdings, Inc. | ||||||||||||
Term Loan, 5.00%, Maturing July 8, 2022 | 99 | 99,681 | ||||||||||
Emerald Expositions Holding, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing June 17, 2020 | 87 | 87,012 | ||||||||||
Lindblad Expeditions, Inc. | ||||||||||||
Term Loan, 5.50%, Maturing May 8, 2021 | 56 | 56,711 | ||||||||||
Term Loan, 5.50%, Maturing May 8, 2021 | 437 | 439,508 | ||||||||||
LTF Merger Sub, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing June 10, 2022 | 346 | 346,219 | ||||||||||
Match Group, Inc. | ||||||||||||
Term Loan, 7.00%, Maturing November 16, 2022 | 146 | 147,712 | ||||||||||
Nord Anglia Education Finance, LLC | ||||||||||||
Term Loan, 5.00%, Maturing March 31, 2021 | 293 | 293,239 | ||||||||||
Sabre, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing February 19, 2019 | 644 | 648,516 | ||||||||||
SRAM, LLC | ||||||||||||
Term Loan, 4.02%, Maturing April 10, 2020 | 294 | 289,650 | ||||||||||
UFC Holdings, LLC | ||||||||||||
Term Loan, 5.00%, Maturing August 18, 2023 | 450 | 453,891 | ||||||||||
$ | 4,744,618 | |||||||||||
Lodging and Casinos — 3.4% |
| |||||||||||
Amaya Holdings B.V. | ||||||||||||
Term Loan, 5.00%, Maturing August 1, 2021 | $ | 859 | $ | 860,166 | ||||||||
Term Loan - Second Lien, 8.00%, Maturing | 53 | 52,500 | ||||||||||
Boyd Gaming Corporation | ||||||||||||
Term Loan, 4.00%, Maturing August 14, 2020 | 38 | 38,301 | ||||||||||
Term Loan, 3.53%, Maturing September 15, 2023 | 200 | 201,500 | ||||||||||
CityCenter Holdings, LLC | ||||||||||||
Term Loan, 4.25%, Maturing October 16, 2020 | 164 | 165,839 | ||||||||||
ESH Hospitality, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing August 30, 2023 | 325 | 327,810 | ||||||||||
Four Seasons Holdings, Inc. | ||||||||||||
Term Loan, Maturing November 21, 2023(2) | 225 | 227,156 | ||||||||||
Golden Nugget, Inc. | ||||||||||||
Term Loan, 4.50%, Maturing November 21, 2019 | 27 | 27,388 | ||||||||||
Term Loan, 4.50%, Maturing November 21, 2019 | 63 | 63,905 | ||||||||||
Hilton Worldwide Finance, LLC | ||||||||||||
Term Loan, 3.50%, Maturing October 26, 2020 | 101 | 101,877 | ||||||||||
Term Loan, 3.08%, Maturing October 25, 2023 | 1,036 | 1,044,050 | ||||||||||
La Quinta Intermediate Holdings, LLC | ||||||||||||
Term Loan, 3.75%, Maturing April 14, 2021 | 247 | 246,240 |
10 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Lodging and Casinos (continued) |
| |||||||||||
MGM Growth Properties Operating Partnership L.P. | ||||||||||||
Term Loan, 3.50%, Maturing April 25, 2023 | $ | 473 | $ | 474,841 | ||||||||
Playa Resorts Holding B.V. | ||||||||||||
Term Loan, 4.00%, Maturing August 9, 2019 | 97 | 97,091 | ||||||||||
Scientific Games International, Inc. | ||||||||||||
Term Loan, 6.00%, Maturing October 18, 2020 | 294 | 297,078 | ||||||||||
Term Loan, 5.83%, Maturing October 1, 2021 | 221 | 223,187 | ||||||||||
Tropicana Entertainment, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing November 27, 2020 | 97 | 97,243 | ||||||||||
$ | 4,546,172 | |||||||||||
Nonferrous Metals / Minerals — 1.9% |
| |||||||||||
Arch Coal, Inc. | ||||||||||||
Term Loan, 10.00%, Maturing June 15, 2021 | $ | 252 | $ | 257,002 | ||||||||
Dynacast International, LLC | ||||||||||||
Term Loan, 4.50%, Maturing January 28, 2022 | 173 | 173,379 | ||||||||||
Fairmount Santrol, Inc. | ||||||||||||
Term Loan, 4.50%, Maturing September 5, 2019 | 485 | 465,600 | ||||||||||
Global Brass & Copper, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing July 18, 2023 | 200 | 201,120 | ||||||||||
Murray Energy Corporation | ||||||||||||
Term Loan, 8.25%, Maturing April 16, 2020 | 489 | 444,364 | ||||||||||
Noranda Aluminum Acquisition Corporation | ||||||||||||
Term Loan, 0.00%, Maturing February 28, 2019(3)(4) | 278 | 40,007 | ||||||||||
Novelis, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing June 2, 2022 | 691 | 693,554 | ||||||||||
Oxbow Carbon, LLC | ||||||||||||
Term Loan, 4.25%, Maturing July 19, 2019 | 123 | 123,334 | ||||||||||
Term Loan - Second Lien, 8.00%, Maturing January 17, 2020 | 175 | 171,500 | ||||||||||
$ | 2,569,860 | |||||||||||
Oil and Gas — 3.1% | ||||||||||||
Ameriforge Group, Inc. | ||||||||||||
Term Loan, 5.00%, Maturing December 19, 2019 | $ | 468 | $ | 237,338 | ||||||||
Bronco Midstream Funding, LLC | ||||||||||||
Term Loan, 5.00%, Maturing August 15, 2020 | 799 | 770,854 | ||||||||||
CITGO Holding, Inc. | ||||||||||||
Term Loan, 9.50%, Maturing May 12, 2018 | 203 | 204,702 | ||||||||||
CITGO Petroleum Corporation | ||||||||||||
Term Loan, 4.50%, Maturing July 29, 2021 | 245 | 244,081 | ||||||||||
Drillships Ocean Ventures, Inc. | ||||||||||||
Term Loan, 5.50%, Maturing July 25, 2021 | 44 | 31,775 |
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Oil and Gas (continued) | ||||||||||||
Fieldwood Energy, LLC | ||||||||||||
Term Loan, 3.88%, Maturing October 1, 2018 | $ | 245 | $ | 223,107 | ||||||||
Term Loan, 8.00%, Maturing August 31, 2020 | 50 | 44,000 | ||||||||||
Term Loan, 8.38%, Maturing September 30, 2020 | 66 | 52,535 | ||||||||||
Term Loan - Second Lien, 8.38%, Maturing September 30, 2020 | 109 | 62,628 | ||||||||||
Paragon Offshore Finance Company | ||||||||||||
Term Loan, 5.25%, Maturing July 18, 2021 | 222 | 82,209 | ||||||||||
Seadrill Partners Finco, LLC | ||||||||||||
Term Loan, 4.00%, Maturing February 21, 2021 | 824 | 467,421 | ||||||||||
Sheridan Investment Partners II L.P. | ||||||||||||
Term Loan, 4.40%, Maturing December 16, 2020 | 184 | 141,467 | ||||||||||
Term Loan, 4.44%, Maturing December 16, 2020 | 10 | 7,339 | ||||||||||
Term Loan, 4.44%, Maturing December 16, 2020 | 26 | 19,679 | ||||||||||
Sheridan Production Partners I, LLC | ||||||||||||
Term Loan, 4.25%, Maturing October 1, 2019 | 97 | 82,674 | ||||||||||
Term Loan, 4.25%, Maturing October 1, 2019 | 159 | 135,353 | ||||||||||
Term Loan, 4.25%, Maturing October 1, 2019 | 1,202 | 1,021,467 | ||||||||||
Southcross Holdings Borrower L.P. | ||||||||||||
Term Loan, 9.00%, (3.50% Cash, 5.50% PIK), Maturing April 13, 2023 | 14 | 10,403 | ||||||||||
Tervita Corporation | ||||||||||||
Term Loan, 7.50%, Maturing May 15, 2018 | 262 | 259,748 | ||||||||||
$ | 4,098,780 | |||||||||||
Publishing — 3.0% |
| |||||||||||
Ascend Learning, LLC | ||||||||||||
Term Loan, 5.50%, Maturing July 31, 2019 | $ | 316 | $ | 317,543 | ||||||||
Getty Images, Inc. | ||||||||||||
Term Loan, 4.75%, Maturing October 18, 2019 | 1,631 | 1,414,547 | ||||||||||
Laureate Education, Inc. | ||||||||||||
Term Loan, 5.00%, Maturing June 15, 2018 | 962 | 953,462 | ||||||||||
LSC Communications, Inc. | ||||||||||||
Term Loan, 7.00%, Maturing September 30, 2022 | 275 | 275,000 | ||||||||||
Merrill Communications, LLC | ||||||||||||
Term Loan, 6.25%, Maturing June 1, 2022 | 148 | 141,355 | ||||||||||
ProQuest, LLC | ||||||||||||
Term Loan, 5.75%, Maturing October 24, 2021 | 421 | 422,111 | ||||||||||
Springer Science+Business Media Deutschland GmbH | ||||||||||||
Term Loan, 4.75%, Maturing August 14, 2020 | 316 | 312,094 | ||||||||||
Tweddle Group, Inc. | ||||||||||||
Term Loan, 7.00%, Maturing October 24, 2022 | 200 | 197,000 | ||||||||||
$ | 4,033,112 | |||||||||||
11 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Radio and Television — 3.9% | ||||||||||||
ALM Media Holdings, Inc. | ||||||||||||
Term Loan, 5.50%, Maturing July 31, 2020 | $ | 119 | $ | 117,111 | ||||||||
AP NMT Acquisition B.V. | ||||||||||||
Term Loan, 6.75%, Maturing August 13, 2021 | 516 | 473,861 | ||||||||||
CBS Radio, Inc. | ||||||||||||
Term Loan, 4.50%, Maturing October 17, 2023 | 311 | 313,440 | ||||||||||
Cumulus Media Holdings, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing December 23, 2020 | 1,081 | 657,513 | ||||||||||
Entercom Radio, LLC | ||||||||||||
Term Loan, 4.50%, Maturing November 1, 2023 | 250 | 251,875 | ||||||||||
Entravision Communications Corporation | ||||||||||||
Term Loan, 3.50%, Maturing May 31, 2020 | 837 | 835,621 | ||||||||||
Hubbard Radio, LLC | ||||||||||||
Term Loan, 4.25%, Maturing May 27, 2022 | 149 | 147,076 | ||||||||||
iHeartCommunications, Inc. | ||||||||||||
Term Loan, 7.36%, Maturing January 30, 2019 | 500 | 386,875 | ||||||||||
MGOC, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing July 31, 2020 | 104 | 104,573 | ||||||||||
Univision Communications, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing March 1, 2020 | 500 | 500,625 | ||||||||||
Term Loan, 4.00%, Maturing March 1, 2020 | 1,450 | 1,452,233 | ||||||||||
$ | 5,240,803 | |||||||||||
Retailers (Except Food and Drug) — 5.4% | ||||||||||||
Bass Pro Group, LLC | ||||||||||||
Term Loan, 4.00%, Maturing June 5, 2020 | $ | 566 | $ | 564,336 | ||||||||
Coinamatic Canada, Inc. | ||||||||||||
Term Loan, 4.25%, Maturing May 14, 2022 | 41 | 40,184 | ||||||||||
David’s Bridal, Inc. | ||||||||||||
Term Loan, 5.25%, Maturing October 11, 2019 | 475 | 410,703 | ||||||||||
Evergreen Acqco 1 L.P. | ||||||||||||
Term Loan, Maturing July 9, 2019(2) | 325 | 302,521 | ||||||||||
Harbor Freight Tools USA, Inc. | ||||||||||||
Term Loan, 4.14%, Maturing August 19, 2023 | 623 | 629,060 | ||||||||||
J. Crew Group, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing March 5, 2021 | 756 | 490,527 | ||||||||||
Men’s Wearhouse, Inc. (The) | ||||||||||||
Term Loan, 4.50%, Maturing June 18, 2021 | 220 | 218,293 | ||||||||||
Michaels Stores, Inc. | ||||||||||||
Term Loan, 3.75%, Maturing January 27, 2023 | 954 | 960,942 | ||||||||||
Neiman Marcus Group, Inc. (The) | ||||||||||||
Term Loan, 4.25%, Maturing October 25, 2020 | 571 | 520,163 | ||||||||||
Party City Holdings, Inc. | �� | |||||||||||
Term Loan, 4.20%, Maturing August 19, 2022 | 641 | 643,472 |
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Retailers (Except Food and Drug) (continued) | ||||||||||||
PetSmart, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing March 11, 2022 | $ | 1,207 | $ | 1,211,492 | ||||||||
PFS Holding Corporation | ||||||||||||
Term Loan, 4.50%, Maturing January 31, 2021 | 529 | 507,675 | ||||||||||
Pier 1 Imports (U.S.), Inc. | ||||||||||||
Term Loan, 4.50%, Maturing April 30, 2021 | 122 | 109,358 | ||||||||||
Toys ‘R’ Us Property Company I, LLC | ||||||||||||
Term Loan, 6.00%, Maturing August 21, 2019 | 451 | 431,801 | ||||||||||
Vivid Seats Ltd. | ||||||||||||
Term Loan, 6.75%, Maturing October 7, 2022 | 225 | 223,172 | ||||||||||
$ | 7,263,699 | |||||||||||
Steel — 1.8% |
| |||||||||||
FMG Resources (August 2006) Pty. Ltd. | ||||||||||||
Term Loan, 3.75%, Maturing June 30, 2019 | $ | 1,107 | $ | 1,109,026 | ||||||||
Neenah Foundry Company | ||||||||||||
Term Loan, 6.75%, Maturing April 26, 2017 | 383 | 381,426 | ||||||||||
Zekelman Industries, Inc. | ||||||||||||
Term Loan, 6.00%, Maturing June 14, 2021 | 873 | 877,767 | ||||||||||
$ | 2,368,219 | |||||||||||
Surface Transport — 0.5% | ||||||||||||
Hertz Corporation (The) | ||||||||||||
Term Loan, 3.50%, Maturing June 30, 2023 | $ | 249 | $ | 249,282 | ||||||||
Kenan Advantage Group, Inc. | ||||||||||||
Term Loan, 1.50%, Maturing January 31, 2017(5) | 6 | 6,291 | ||||||||||
Term Loan, 4.00%, Maturing July 31, 2022 | 28 | 27,578 | ||||||||||
Term Loan, 4.00%, Maturing July 31, 2022 | 90 | 89,808 | ||||||||||
Stena International S.a.r.l. | ||||||||||||
Term Loan, 4.24%, Maturing March 3, 2021 | 390 | 328,412 | ||||||||||
$ | 701,371 | |||||||||||
Telecommunications — 3.4% | ||||||||||||
Intelsat Jackson Holdings S.A. | ||||||||||||
Term Loan, 3.75%, Maturing June 30, 2019 | $ | 1,450 | $ | 1,400,285 | ||||||||
IPC Corp. | ||||||||||||
Term Loan, 5.50%, Maturing August 6, 2021 | 419 | 398,740 | ||||||||||
Mitel US Holdings, Inc. | ||||||||||||
Term Loan, 5.50%, Maturing April 29, 2022 | 179 | 180,744 | ||||||||||
Syniverse Holdings, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing April 23, 2019 | 1,030 | 931,418 | ||||||||||
Telesat Canada | ||||||||||||
Term Loan, 4.50%, Maturing November 17, 2023 | 1,175 | 1,179,896 |
12 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount (000’s omitted) | Value | ||||||||||
Telecommunications (continued) | ||||||||||||
Ziggo Financing Partnership | ||||||||||||
Term Loan, 3.50%, Maturing January 15, 2022 | $ | 137 | $ | 137,054 | ||||||||
Term Loan, 3.50%, Maturing January 15, 2022 | 231 | 231,262 | ||||||||||
Term Loan, 3.70%, Maturing January 15, 2022 | 43 | 42,587 | ||||||||||
$ | 4,501,986 | |||||||||||
Utilities — 3.1% | ||||||||||||
Calpine Construction Finance Company L.P. | ||||||||||||
Term Loan, 3.34%, Maturing January 31, 2022 | $ | 146 | $ | 144,955 | ||||||||
Calpine Corporation | ||||||||||||
Term Loan, Maturing November 4, 2017(2) | 200 | 200,250 | ||||||||||
Term Loan, 3.59%, Maturing May 27, 2022 | 815 | 817,615 | ||||||||||
Dynegy Holdings, Inc. | ||||||||||||
Term Loan, 4.00%, Maturing April 23, 2020 | 774 | 775,048 | ||||||||||
Granite Acquisition, Inc. | ||||||||||||
Term Loan, 5.00%, Maturing December 19, 2021 | 28 | 28,270 | ||||||||||
Term Loan, 5.00%, Maturing December 19, 2021 | 635 | 631,267 | ||||||||||
Invenergy Thermal Operating I, LLC | ||||||||||||
Term Loan, 6.50%, Maturing October 19, 2022 | 243 | 234,705 | ||||||||||
Lonestar Generation, LLC | ||||||||||||
Term Loan, 5.47%, Maturing February 22, 2021 | 540 | 482,897 | ||||||||||
Longview Power, LLC | ||||||||||||
Term Loan, 7.00%, Maturing April 13, 2021 | 568 | 502,514 | ||||||||||
TPF II Power, LLC | ||||||||||||
Term Loan, 5.00%, Maturing October 2, 2021 | 326 | 328,124 | ||||||||||
$ | 4,145,645 | |||||||||||
Total Senior Floating-Rate Loans | $ | 180,900,909 | ||||||||||
Commercial Mortgage-Backed Securities — 0.1% | ||||||||||||
Security | Principal Amount (000’s omitted) | Value | ||||||||||
COMM Mortgage Trust | ||||||||||||
Series 2014-LC17, Class D, | $ | 100 | $ | 75,994 | ||||||||
JPMBB Commercial Mortgage Securities Trust | ||||||||||||
Series 2014-C23, Class D, | 100 | 80,311 | ||||||||||
Total Commercial Mortgage-Backed Securities | $ | 156,305 | ||||||||||
Corporate Bonds & Notes — 9.9% | ||||||||||||
Security | Principal Amount* (000’s omitted) | Value | ||||||||||
Aerospace and Defense — 0.4% | ||||||||||||
Bombardier, Inc. | ||||||||||||
7.45%, 5/1/34(6) | 640 | $ | 528,000 | |||||||||
$ | 528,000 | |||||||||||
Banks and Thrifts — 0.5% | ||||||||||||
Australia and New Zealand Banking Group, Ltd. | ||||||||||||
3.75%, 7/25/19(8) | AUD | 640 | $ | 484,425 | ||||||||
JPMorgan Chase & Co. | ||||||||||||
4.25%, 11/2/18 | NZD | 255 | 183,588 | |||||||||
$ | 668,013 | |||||||||||
Building and Development — 0.4% | ||||||||||||
MDC Holdings, Inc. | ||||||||||||
6.00%, 1/15/43 | 533 | $ | 463,710 | |||||||||
$ | 463,710 | |||||||||||
Capital Goods — 0.4% | ||||||||||||
Valmont Industries, Inc. | ||||||||||||
5.00%, 10/1/44 | 550 | $ | 481,776 | |||||||||
$ | 481,776 | |||||||||||
Chemicals — 0.5% | ||||||||||||
CF Industries, Inc. | ||||||||||||
4.95%, 6/1/43 | 820 | $ | 653,950 | |||||||||
$ | 653,950 | |||||||||||
Computers — 0.6% | ||||||||||||
Seagate HDD Cayman | ||||||||||||
4.875%, 6/1/27 | 830 | $ | 729,157 | |||||||||
$ | 729,157 | |||||||||||
Diversified Financial Services — 1.1% | ||||||||||||
Jefferies Group, LLC | ||||||||||||
6.50%, 1/20/43 | 770 | $ | 766,328 | |||||||||
Och-Ziff Finance Co., LLC | ||||||||||||
4.50%, 11/20/19(6) | 730 | 664,382 | ||||||||||
$ | 1,430,710 | |||||||||||
13 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000’s omitted) | Value | ||||||||||
Engineering & Construction — 0.1% |
| |||||||||||
Odebrecht Offshore Drilling Finance, Ltd. | ||||||||||||
6.75%, 10/1/23(6) | 556 | $ | 133,458 | |||||||||
$ | 133,458 | |||||||||||
Food / Drug Retailers — 0.3% |
| |||||||||||
ESAL GmbH | ||||||||||||
6.25%, 2/5/23(6) | 450 | $ | 432,225 | |||||||||
$ | 432,225 | |||||||||||
Manufacturing — 0.3% |
| |||||||||||
Trinity Industries, Inc. | ||||||||||||
4.55%, 10/1/24 | 440 | $ | 420,850 | |||||||||
$ | 420,850 | |||||||||||
Metals / Mining — 1.1% |
| |||||||||||
Cliffs Natural Resources, Inc. | ||||||||||||
8.00%, 9/30/20(6) | 320 | $ | 331,200 | |||||||||
Freeport-McMoRan, Inc. | ||||||||||||
5.45%, 3/15/43 | 750 | 645,000 | ||||||||||
Southern Copper Corp. | ||||||||||||
5.25%, 11/8/42 | 575 | 523,412 | ||||||||||
$ | 1,499,612 | |||||||||||
Nonferrous Metals / Minerals — 0.8% |
| |||||||||||
Teck Resources, Ltd. | ||||||||||||
5.20%, 3/1/42 | 1,150 | $ | 1,046,500 | |||||||||
5.40%, 2/1/43 | 71 | 64,610 | ||||||||||
$ | 1,111,110 | |||||||||||
Oil and Gas — 2.1% |
| |||||||||||
Continental Resources, Inc. | ||||||||||||
3.80%, 6/1/24 | 475 | $ | 441,750 | |||||||||
Ecopetrol SA | ||||||||||||
5.875%, 5/28/45 | 450 | 369,000 | ||||||||||
Ensco PLC | ||||||||||||
5.20%, 3/15/25 | 706 | 573,625 | ||||||||||
Petrobras Global Finance BV | ||||||||||||
5.625%, 5/20/43 | 905 | 647,075 | ||||||||||
Rowan Cos., Inc. | ||||||||||||
4.875%, 6/1/22 | 396 | 344,520 | ||||||||||
5.40%, 12/1/42 | 675 | 483,907 | ||||||||||
$ | 2,859,877 | |||||||||||
Security | Principal Amount* (000’s omitted) | Value | ||||||||||
Retailers (Except Food and Drug) — 1.2% |
| |||||||||||
JC Penney Corp., Inc. | ||||||||||||
6.375%, 10/15/36 | 670 | $ | 549,400 | |||||||||
Macy’s Retail Holdings, Inc. | ||||||||||||
4.30%, 2/15/43 | 670 | 544,066 | ||||||||||
Signet UK Finance PLC | ||||||||||||
4.70%, 6/15/24 | 600 | 568,006 | ||||||||||
$ | 1,661,472 | |||||||||||
Telecommunications — 0.1% | ||||||||||||
Oi Brasil Holdings Cooperatief UA | ||||||||||||
5.75%, 2/10/22(4)(6) | 425 | $ | 122,188 | |||||||||
$ | 122,188 | |||||||||||
Total Corporate Bonds & Notes | $ | 13,196,108 | ||||||||||
Foreign Government Bonds — 2.5% | ||||||||||||
Security | Principal Amount (000’s omitted) | Value | ||||||||||
Brazil — 0.4% | ||||||||||||
Nota do Tesouro Nacional | ||||||||||||
10.00%, 1/1/25 | BRL | 2,150 | $ | 582,303 | ||||||||
$ | 582,303 | |||||||||||
Canada — 0.6% | ||||||||||||
Canada Housing Trust | ||||||||||||
3.80%, 6/15/21(6) | CAD | 900 | $ | 740,776 | ||||||||
$ | 740,776 | |||||||||||
Ecuador — 0.2% | ||||||||||||
Republic of Ecuador | ||||||||||||
7.95%, 6/20/24(6) | USD | 310 | $ | 286,750 | ||||||||
$ | 286,750 | |||||||||||
Mexico — 0.3% | ||||||||||||
Mexican Bonos | ||||||||||||
8.50%, 12/13/18 | MXN | 8,030 | $ | 404,785 | ||||||||
$ | 404,785 | |||||||||||
14 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000’s omitted) | Value | ||||||||||
Supranational — 1.0% | ||||||||||||
Inter-American Development Bank | ||||||||||||
7.20%, 11/14/17 | IDR | 4,230,000 | $ | 305,148 | ||||||||
International Bank for Reconstruction & Development |
| |||||||||||
3.50%, 1/22/21 | NZD | 425 | 305,860 | |||||||||
International Finance Corp. | ||||||||||||
7.80%, 6/3/19 | INR | 24,990 | 382,779 | |||||||||
8.25%, 6/10/21 | INR | 18,100 | 291,850 | |||||||||
$ | 1,285,637 | |||||||||||
Total Foreign Government Bonds |
| $ | 3,300,251 | |||||||||
Convertible Bonds — 1.1% | ||||||||||||
Security | Principal Amount (000’s omitted) | Value | ||||||||||
Home Builders — 0.2% | ||||||||||||
CalAtlantic Group, Inc. | ||||||||||||
1.25%, 8/1/32 | $ | 210 | $ | 219,188 | ||||||||
$ | 219,188 | |||||||||||
Machinery – Diversified — 0.3% |
| |||||||||||
Chart Industries, Inc. | ||||||||||||
2.00%, 8/1/18 | $ | 400 | $ | 396,750 | ||||||||
$ | 396,750 | |||||||||||
Oil & Gas — 0.4% | ||||||||||||
Ascent Resources - Utica, LLC | ||||||||||||
3.50%, 3/1/21(6)(9) | $ | 211 | $ | 72,094 | ||||||||
Whiting Petroleum Corp. | ||||||||||||
1.25%, 4/1/20 | 525 | 460,687 | ||||||||||
$ | 532,781 | |||||||||||
Telecommunications — 0.2% |
| |||||||||||
Ciena Corp. | ||||||||||||
3.75%, 10/15/18(6) | $ | 250 | $ | 313,125 | ||||||||
$ | 313,125 | |||||||||||
Total Convertible Bonds | $ | 1,461,844 | ||||||||||
Common Stocks — 4.4% | ||||||||||||
Security | Shares | Value | ||||||||||
Business Equipment and Services — 0.1% |
| |||||||||||
Education Management Corp.(3)(10)(11) | 2,334,705 | $ | 1,634 | |||||||||
RCS Capital Corp.(3)(10)(11) | 6,066 | 54,594 | ||||||||||
$ | 56,228 | |||||||||||
Diversified Financial Services — 0.4% |
| |||||||||||
Medley Capital Corp. | 74,500 | $ | 583,335 | |||||||||
$ | 583,335 | |||||||||||
Electronics / Electrical — 0.2% |
| |||||||||||
Intel Corp. | 9,000 | $ | 312,300 | |||||||||
$ | 312,300 | |||||||||||
Financial Services — 0.2% | ||||||||||||
Bank of America Corp. | 7,600 | $ | 160,512 | |||||||||
Regions Financial Corp. | 10,000 | 135,400 | ||||||||||
$ | 295,912 | |||||||||||
Health Care — 0.0%(12) | ||||||||||||
New Millennium Holdco, Inc.(10)(11) | 10,394 | $ | 21,654 | |||||||||
$ | 21,654 | |||||||||||
Investment Companies — 2.3% |
| |||||||||||
Ares Capital Corp. | 59,000 | $ | 946,360 | |||||||||
PennantPark Investment Corp. | 72,837 | 541,907 | ||||||||||
Solar Capital, Ltd. | 43,000 | 870,750 | ||||||||||
THL Credit, Inc. | 67,000 | 690,770 | ||||||||||
$ | 3,049,787 | |||||||||||
IT Services — 0.2% | ||||||||||||
International Business Machines Corp. | 1,640 | $ | 266,041 | |||||||||
$ | 266,041 | |||||||||||
Nonferrous Metals / Minerals — 0.4% |
| |||||||||||
Cliffs Natural Resources, Inc.(10) | 45,260 | $ | 398,740 | |||||||||
Freeport-McMoRan, Inc. | 4,945 | 75,906 | ||||||||||
$ | 474,646 | |||||||||||
Oil and Gas — 0.2% | ||||||||||||
California Resources Corp.(10) | 31 | $ | 539 | |||||||||
Royal Dutch Shell PLC, Class B, ADR | 5,150 | 278,976 |
15 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | ||||||||||
Oil and Gas (continued) | ||||||||||||
Southcross Holdings Group, LLC(3)(10)(11) |
| 15 | $ | 0 | ||||||||
Southcross Holdings L.P., Class A(10)(11) |
| 15 | 5,600 | |||||||||
$ | 285,115 | |||||||||||
Retail — 0.4% | ||||||||||||
Signet Jewelers, Ltd. | 6,300 | $ | 575,127 | |||||||||
$ | 575,127 | |||||||||||
Total Common Stocks | $ | 5,920,145 | ||||||||||
Convertible Preferred Stocks — 1.4% | ||||||||||||
Security | Shares | Value | ||||||||||
Business Equipment and Services — 0.0%(12) |
| |||||||||||
Education Management Corp., Series A-1, 7.50%(3)(10)(11) | 2,597 | $ | 727 | |||||||||
$ | 727 | |||||||||||
Oil & Gas — 0.9% | ||||||||||||
Chesapeake Energy Corp., 5.75% | 2,240 | $ | 1,209,600 | |||||||||
$ | 1,209,600 | |||||||||||
Real Estate Investment Trusts (REITs) — 0.5% |
| |||||||||||
iStar, Inc., Series J, 4.50% | 11,500 | $ | 615,250 | |||||||||
$ | 615,250 | |||||||||||
Total Convertible Preferred Stocks | $ | 1,825,577 | ||||||||||
Short-Term Investments — 2.2% | ||||||||||||
Description | Units | Value | ||||||||||
Eaton Vance Cash Reserves Fund, LLC, 0.69%(13) | 2,931,000 | $ | 2,931,587 | |||||||||
Total Short-Term Investments |
| $ | 2,931,587 | |||||||||
Total Investments — 157.0% |
| $ | 209,692,726 | |||||||||
Less Unfunded Loan Commitments — (0.0)%(12) |
| $ | (6,303 | ) | ||||||||
Net Investments — 157.0% | $ | 209,686,423 | ||||||||||
Notes Payable — (38.2)% | $ | (51,000,000 | ) | |||||||||
Variable Rate Term Preferred Shares, at Liquidation Value — (14.2)% |
| $ | (19,000,000 | ) | ||||||||
Other Assets, Less Liabilities — (4.6)% |
| $ | (6,083,927 | ) | ||||||||
Net Assets Applicable to Common |
| $ | 133,602,496 | |||||||||
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
* | In U.S. dollars unless otherwise indicated. |
(1) | Senior floating-rate loans (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 November 30, 2016, 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) | Currently the issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. |
(5) | Unfunded or partially unfunded loan commitments. See Note 1F for description. |
(6) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2016, the |
16 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Portfolio of Investments (Unaudited) — continued
aggregate value of these securities is $3,780,503 or 2.8% of the Fund’s net assets applicable to common shares. |
(7) | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at November 30, 2016. |
(8) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At November 30, 2016, the aggregate value of these securities is $484,425 or 0.4% of the Fund’s net assets applicable to common shares. |
(9) | 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. |
(10) | Non-income producing security. |
(11) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(12) | Amount is less than 0.05% or (0.05)%, as applicable. |
(13) | Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of November 30, 2016. |
Abbreviations:
ADR | – | American Depositary Receipt | ||
PIK | – | Payment In Kind |
Currency Abbreviations:
AUD | – | Australian Dollar | ||
BRL | – | Brazilian Real | ||
CAD | – | Canadian Dollar | ||
IDR | – | Indonesian Rupiah |
INR | – | Indian Rupee | ||
MXN | – | Mexican Peso | ||
NZD | – | New Zealand Dollar | ||
USD | – | United States Dollar |
17 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Statement of Assets and Liabilities (Unaudited)
Assets | November 30, 2016 | |||
Unaffiliated investments, at value (identified cost, $211,943,031) | $ | 206,754,836 | ||
Affiliated investment, at value (identified cost, $2,931,587) | 2,931,587 | |||
Cash | 913,300 | |||
Interest and dividends receivable | 1,237,157 | |||
Receivable for investments sold | 325,281 | |||
Prepaid upfront fees on variable rate term preferred shares | 89,982 | |||
Prepaid upfront fees on notes payable | 15,500 | |||
Prepaid expenses | 4,382 | |||
Total assets | $ | 212,272,025 | ||
Liabilities | ||||
Notes payable | $ | 51,000,000 | ||
Variable rate term preferred shares, at liquidation value (net of unamortized deferred debt issuance costs of $101,918) | 18,898,082 | |||
Payable for investments purchased | 8,368,603 | |||
Payable to affiliates: | ||||
Investment adviser fee | 123,739 | |||
Trustees’ fees | 1,759 | |||
Interest expense and fees payable | 152,865 | |||
Accrued expenses | 124,481 | |||
Total liabilities | $ | 78,669,529 | ||
Net assets applicable to common shares | $ | 133,602,496 | ||
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 | 144,430,268 | |||
Accumulated net realized loss | (5,508,950 | ) | ||
Accumulated distributions in excess of net investment income | (204,562 | ) | ||
Net unrealized depreciation | (5,190,324 | ) | ||
Net assets applicable to common shares | $ | 133,602,496 | ||
Net Asset Value Per Common Share | ||||
($133,602,496 ÷ 7,606,422 common shares issued and outstanding) | $ | 17.56 |
18 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Statement of Operations (Unaudited)
Investment Income | Six Months Ended November 30, 2016 | |||
Interest and other income | $ | 5,072,485 | ||
Dividends | 250,065 | |||
Interest allocated from/dividends from affiliated investment | 11,135 | |||
Expenses allocated from affiliated investment | (195 | ) | ||
Total investment income | $ | 5,333,490 | ||
Expenses | ||||
Investment adviser fee | $ | 743,807 | ||
Trustees’ fees and expenses | 5,282 | |||
Custodian fee | 73,076 | |||
Transfer and dividend disbursing agent fees | 9,152 | |||
Legal and accounting services | 132,282 | |||
Printing and postage | 11,821 | |||
Interest expense and fees | 746,957 | |||
Miscellaneous | 33,623 | |||
Total expenses | $ | 1,756,000 | ||
Net investment income | $ | 3,577,490 | ||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) — | ||||
Investment transactions | $ | (813,915 | ) | |
Investment transactions in/allocated from affiliated investment | 549 | |||
Foreign currency transactions | 2,268 | |||
Net realized loss | $ | (811,098 | ) | |
Change in unrealized appreciation (depreciation) — | ||||
Investments | $ | 8,400,666 | ||
Foreign currency | (994 | ) | ||
Net change in unrealized appreciation (depreciation) | $ | 8,399,672 | ||
Net realized and unrealized gain | $ | 7,588,574 | ||
Net increase in net assets from operations | $ | 11,166,064 |
19 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets | Six Months Ended November 30, 2016 | Year Ended May 31, 2016 | ||||||
From operations — | ||||||||
Net investment income | $ | 3,577,490 | $ | 8,050,267 | ||||
Net realized loss from investment and foreign currency transactions | (811,098 | ) | (4,447,330 | ) | ||||
Net change in unrealized appreciation (depreciation) from investments and foreign currency | 8,399,672 | (8,700,773 | ) | |||||
Net increase (decrease) in net assets from operations | $ | 11,166,064 | $ | (5,097,836 | ) | |||
Distributions to common shareholders — | ||||||||
From net investment income | $ | (3,894,488 | ) | $ | (8,473,554 | ) | ||
Total distributions to common shareholders | $ | (3,894,488 | ) | $ | (8,473,554 | ) | ||
Net increase (decrease) in net assets | $ | 7,271,576 | $ | (13,571,390 | ) | |||
Net Assets Applicable to Common Shares | ||||||||
At beginning of period | $ | 126,330,920 | $ | 139,902,310 | ||||
At end of period | $ | 133,602,496 | $ | 126,330,920 | ||||
Accumulated undistributed (distributions in excess of) net investment income included in net assets applicable to common shares | ||||||||
At end of period | $ | (204,562 | ) | $ | 112,436 |
20 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Statement of Cash Flows (Unaudited)
Cash Flows From Operating Activities | Six Months Ended November 30, 2016 | |||
Net increase in net assets from operations | $ | 11,166,064 | ||
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | ||||
Investments purchased | (54,163,969 | ) | ||
Investments sold and principal repayments | 53,963,156 | |||
Decrease in short-term investments, net | 283,483 | |||
Net amortization/accretion of premium (discount) | (243,122 | ) | ||
Amortization of prepaid upfront fees on variable rate term preferred shares | 91,745 | |||
Amortization of deferred debt issuance costs on variable rate term preferred shares | 17,000 | |||
Amortization of prepaid upfront fees on notes payable | 27,084 | |||
Decrease in interest and dividends receivable | 138,973 | |||
Decrease in interest receivable from affiliated investment | 1,677 | |||
Decrease in prepaid expenses | 944 | |||
Decrease in payable to affiliate for investment adviser fee | (778 | ) | ||
Decrease in payable to affiliate for Trustees’ fees | (49 | ) | ||
Increase in interest expense and fees payable | 54,904 | |||
Increase in accrued expenses | 13,486 | |||
Decrease in unfunded loan commitments | (5,107 | ) | ||
Net change in unrealized (appreciation) depreciation from investments | (8,400,666 | ) | ||
Net realized loss from investments | 813,366 | |||
Net cash provided by operating activities | $ | 3,758,191 | ||
Cash Flows From Financing Activities | ||||
Distributions paid to common shareholders, net of reinvestments | $ | (3,894,488 | ) | |
Payment of prepaid upfront fees on variable rate term preferred shares | (122,000 | ) | ||
Payment of deferred debt issuance costs on variable rate term preferred shares | (107,733 | ) | ||
Redemption of variable rate term preferred shares | (17,000,000 | ) | ||
Proceeds from notes payable | 22,000,000 | |||
Repayments of notes payable | (5,000,000 | ) | ||
Net cash used in financing activities | $ | (4,124,221 | ) | |
Net decrease in cash | $ | (366,030 | ) | |
Cash at beginning of period | $ | 1,279,330 | ||
Cash at end of period | $ | 913,300 | ||
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest and fees on borrowings and variable rate term preferred shares | $ | 797,142 |
21 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Financial Highlights
Selected data for a common share outstanding during the periods stated
Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, | Period Ended May 31, 2014(1) | ||||||||||||||
2016 | 2015 | |||||||||||||||
Net asset value — Beginning of period (Common shares) | $ | 16.610 | $ | 18.390 | $ | 19.560 | $ | 19.100 | (2) | |||||||
Income (Loss) From Operations | ||||||||||||||||
Net investment income(3) | $ | 0.470 | $ | 1.058 | $ | 1.114 | $ | 0.989 | ||||||||
Net realized and unrealized gain (loss) | 0.992 | (1.724 | ) | (0.867 | ) | 0.511 | ||||||||||
Total income (loss) from operations | $ | 1.462 | $ | (0.666 | ) | $ | 0.247 | $ | 1.500 | |||||||
Less Distributions to Common Shareholders | ||||||||||||||||
From net investment income | $ | (0.512 | ) | $ | (1.114 | ) | $ | (1.134 | ) | $ | (0.974 | ) | ||||
From net realized gain | — | — | (0.283 | ) | — | |||||||||||
Total distributions to common shareholders | $ | (0.512 | ) | $ | (1.114 | ) | $ | (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) | $ | 17.560 | $ | 16.610 | $ | 18.390 | $ | 19.560 | ||||||||
Market value — End of period (Common shares) | $ | 16.370 | $ | 15.240 | $ | 16.970 | $ | 17.950 | ||||||||
Total Investment Return on Net Asset Value(4) | 9.22 | %(5) | (2.60 | )% | 2.15 | % | 8.00 | %(5)(6) | ||||||||
Total Investment Return on Market Value(4) | 10.97 | %(5) | (3.15 | )% | 2.71 | % | (0.89 | )%(5)(6) |
22 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, | Period Ended May 31, 2014(1) | ||||||||||||||
Ratios/Supplemental Data | 2016 | 2015 | ||||||||||||||
Net assets applicable to common shares, end of period (000’s omitted) | $ | 133,602 | $ | 126,331 | $ | 139,902 | $ | 148,770 | ||||||||
Ratios (as a percentage of average daily net assets applicable to common shares):† | ||||||||||||||||
Expenses excluding interest and fees(7) | 1.54 | %(8) | 1.63 | % | 1.55 | % | 1.54 | %(8) | ||||||||
Interest and fee expense(9) | 1.14 | %(8) | 0.99 | % | 0.84 | % | 0.76 | %(8) | ||||||||
Total expenses(7) | 2.68 | %(8) | 2.62 | % | 2.39 | % | 2.30 | %(8) | ||||||||
Net investment income | 5.46 | %(8) | 6.35 | % | 5.91 | % | 5.49 | %(8) | ||||||||
Portfolio Turnover | 27 | %(5) | 29 | % | 28 | % | 37 | %(5) | ||||||||
Senior Securities: | ||||||||||||||||
Total notes payable outstanding (in 000’s) | $ | 51,000 | $ | 34,000 | $ | 54,000 | $ | 54,000 | ||||||||
Asset coverage per $1,000 of notes payable(10) | $ | 3,990 | $ | 5,774 | $ | 4,257 | $ | 4,422 | ||||||||
Total preferred shares outstanding(11) | 190 | 360 | 360 | 360 | ||||||||||||
Asset coverage per preferred share(11)(12) | $ | 290,715 | $ | 280,473 | $ | 255,447 | $ | 265,300 | ||||||||
Involuntary liquidation preference per preferred share(11) | $ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 100,000 | ||||||||
Approximate market value per preferred share(11) | $ | 100,000 | $ | 100,000 | $ | 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) | Not annualized. |
(6) | Total investment return on net asset value is calculated assuming a purchase at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholders 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 shareholders on the first day and a sale at the current market price on the last day of the period reported with all distributions reinvested. |
(7) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
(8) | Annualized. |
(9) | Interest and fee expense relates to variable rate term preferred shares and borrowings (see Note 2 and Note 7). Effective June 1, 2016, the ratio includes amortization of deferred debt issuance costs. For periods prior to June 1, 2016, amortization of deferred debt issuance costs was included in the ratio of expenses excluding interest and fees. |
(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 291%, 280%, 255% and 265% at November 30, 2016 and May 31, 2016, 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. |
Six Months Ended November 30, 2016 (Unaudited) | Year Ended May 31, | Period Ended May 31, 2014 | ||||||||||||||
2016 | 2015 | |||||||||||||||
Expenses excluding interest and fees | 1.02 | % | 0.99 | % | 0.95 | % | 0.98 | % | ||||||||
Interest and fee expense | 0.75 | % | 0.60 | % | 0.52 | % | 0.49 | % | ||||||||
Total expenses | 1.77 | % | 1.59 | % | 1.47 | % | 1.47 | % | ||||||||
Net investment income | 3.61 | % | 3.87 | % | 3.63 | % | 3.52 | % |
23 | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Floating-Rate Income Plus Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The 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 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.
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.
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). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service. Prior to Cash Reserves Fund’s issuance of units in October 2016, the value of the Fund’s investment in Cash Reserves Fund reflected the Fund’s proportionate interest in its net assets and the Fund recorded its pro rata share of Cash Reserves Fund’s income, expenses and realized gain or loss.
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 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
24 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Notes to Financial Statements (Unaudited) — continued
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.
D Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
As of November 30, 2016, 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 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.
F 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 are disclosed in the accompanying Portfolio of Investments. At November 30, 2016, the Fund had sufficient cash and/or securities to cover these commitments.
G 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.
H 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.
I 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.
J Interim Financial Statements — The interim financial statements relating to November 30, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
K New Accounting Pronouncement — During the six months ended November 30, 2016, the Fund adopted the FASB’s Accounting Standards Update No. 2015-03 which provides guidance to simplify the presentation of debt issuance costs and became effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Pursuant to the new standard, the Fund is required to present debt issuance costs in its Statement of Assets and Liabilities as a direct deduction from the carrying value of the related debt liability. Prior to the change, such costs were presented by the Fund as a deferred asset. This change in accounting had no impact on the Fund’s net assets.
2 Variable Rate Term Preferred Shares
On July 10, 2013, the Fund issued 360 shares of Series C-1 Variable Rate Term Preferred Shares (Series C-1 VRTP Shares) in a private offering to a commercial paper conduit sponsored by a large financial institution (the Conduit). Variable rate term preferred shares are a form of preferred shares that represent stock of the Fund. They have a par value of $0.01 per share and a liquidation preference of $100,000 per share. The Series C-1 VRTP Shares also had an original mandatory redemption date of July 8, 2016 that had been extended on December 22, 2015 to January 8, 2017 upon consent of the
25 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Notes to Financial Statements (Unaudited) — continued
holders of the Series C-1 VRTP Shares and approval of the Fund’s Board of Trustees. During the six months ended November 30, 2016, the redemption date was further extended to April 8, 2017.
On September 30, 2016, the Fund made a partial redemption of its Series C-1 VRTP Shares at a liquidation price of $100,000 per share, the financing for which was provided by a committed financing arrangement (see Note 7). The number of Series C-1 VRTP Shares redeemed and redemption amount (excluding the final dividend payment) during the six months ended November 30, 2016 are as follows:
Series C-1 VRTP Shares Redeemed During the Period | 170 | |||
Redemption Amount | $ | 17,000,000 |
Upon completion of the partial redemption of the Series C-1 VRTP Shares, the remaining 190 Series C-1 VRTP Shares were transferred to another large financial institution (the Assignee) on September 30, 2016 as permitted by the Fund’s By-laws. The transferred Series C-1 VRTP Shares were then exchanged for an equal number of Series L-2 Variable Rate Term Preferred Shares (Series L-2 VRTP Shares), and the mandatory redemption date was extended to three years from the date of transfer. In addition, beginning one year after the date of the transfer, the Assignee is permitted to accelerate the redemption date of the Series L-2 VRTP Shares to 365 days following delivery of a redemption notice to the Fund. Dividends on the Series L-2 VRTP Shares are determined each day based on a spread of 1.85% to three-month LIBOR (spread of 1.20% to one-month LIBOR prior to September 30, 2016 for the Series C-1 VRTP Shares). Such spread to the cost of funding is determined based on the current credit rating of the Series L-2 VRTP Shares, which is provided by Moody’s Investor Service.
The Series L-2 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 Series L-2 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 Series L-2 VRTP Shares. Six months prior to the mandatory redemption date, the Fund is required to segregate in a liquidity account with its custodian investments equal to 110% of the Series L-2 VRTP Shares’ redemption price, and over the six month period execute a series of liquidation transactions to assure sufficient liquidity to redeem the Series L-2 VRTP Shares. The holders of the Series L-2 VRTP Shares, voting as a class, are entitled to elect two Trustees of the Fund. If the dividends on the Series L-2 VRTP Shares remain unpaid in an amount equal to two full years’ dividends, the holders of the Series L-2 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 Series L-2 VRTP Shares (net of unamortized deferred debt issuance costs) 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 each series of variable rate term preferred shares are treated as interest payments for financial reporting purposes and are included in interest expense and fees on the Statement of Operations.
In connection with the transfer of the Series C-1 VRTP Shares to the Assignee on September 30, 2016, the Fund paid an upfront fee of $95,000 and debt issuance costs of $107,733, both of which are being amortized to interest expense and fees over a period of three years to September 30, 2019. The unamortized amount of the debt issuance costs as of November 30, 2016 is presented as a deduction of the liability for variable rate term preferred shares on the Statement of Assets and Liabilities. Also included in interest expense and fees for the six months ended November 30, 2016 is amortization of $97,912 of deferred debt issuance costs incurred in connection with the initial offering of the Series C-1 VRTP Shares and upfront fees paid in connection with the extensions of the redemption date prior to the transfer of the Series C-1 VRTP Shares to the Assignee which are fully amortized as of November 30, 2016.
The carrying amount of the Series L-2 VRTP Shares at November 30, 2016 represents its liquidation value, which approximates fair value. If measured at fair value, the Series L-2 VRTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 10) at November 30, 2016. The average liquidation preference of the variable rate term preferred shares during the six months ended November 30, 2016 was $30,240,437.
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 variable rate term preferred 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 variable rate term preferred shareholders are accrued daily and payable monthly. The dividend rate on the Series L-2 VRTP Shares at November 30, 2016 was 2.78%. The amount of dividends accrued and the average annual dividend rate of the variable rate term preferred shares during the six months ended November 30, 2016 were $309,969 and 2.04%, 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.
26 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Notes to Financial Statements (Unaudited) — continued
At May 31, 2016, the Fund, for federal income tax purposes, had deferred capital losses of $4,576,891 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at May 31, 2016, $529,028 are short-term and $4,047,863 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at November 30, 2016, as determined on a federal income tax basis, were as follows:
Aggregate cost | $ | 214,930,892 | ||
Gross unrealized appreciation | $ | 2,744,472 | ||
Gross unrealized depreciation | (7,988,941 | ) | ||
Net unrealized depreciation | $ | (5,244,469 | ) |
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 six months ended November 30, 2016, the Fund’s investment adviser fee amounted to $743,807. 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 six months ended November 30, 2016, 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 $59,035,943 and $53,607,617, respectively, for the six months ended November 30, 2016.
6 Common Shares of Beneficial Interest
The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the six months ended November 30, 2016 and the year ended May 31, 2016.
On November 11, 2013, the Board of Trustees of the Fund authorized the repurchase by the Fund of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the six months ended November 30, 2016 and the year ended May 31, 2016.
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 $64 million ($54 million prior to September 30, 2016). 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 13, 2017, the Fund also pays a program fee of 0.67% per annum on its outstanding borrowings to administer the facility and a liquidity fee of 0.15% (0.25% if the outstanding loan amount is less than or equal to 60% of the total facility size) per annum on the borrowing limit under the Agreement. Program and liquidity fees for the six months ended November 30, 2016 totaled $169,942 and are included in interest expense and fees on the Statement of Operations. The Fund also paid an upfront fee of $54,000, which is being amortized to interest expense and fees over a period of one year through March 13, 2017. The unamortized balance at November 30, 2016 is $15,500 and is included in prepaid upfront fees on notes payable on the Statement of Assets and Liabilities. The Fund is required to maintain certain net asset levels during the term of the Agreement. At November 30, 2016, the Fund had borrowings outstanding under the Agreement of $51,000,000 at an interest rate of 0.81%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at November 30, 2016 approximated its fair value. If measured at fair
27 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Notes to Financial Statements (Unaudited) — continued
value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 10) at November 30, 2016. For the six months ended November 30, 2016, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $37,049,180 and 0.71%, 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.
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At November 30, 2016, 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 Loans (Less Unfunded Loan Commitments) | $ | — | $ | 180,485,620 | $ | 408,986 | $ | 180,894,606 | ||||||||
Commercial Mortgage-Backed Securities | — | 156,305 | — | 156,305 | ||||||||||||
Corporate Bonds & Notes | — | 13,196,108 | — | 13,196,108 | ||||||||||||
Foreign Government Bonds | — | 3,300,251 | — | 3,300,251 | ||||||||||||
Convertible Bonds | — | 1,461,844 | — | 1,461,844 | ||||||||||||
Common Stocks | 5,836,663 | 27,254 | 56,228 | 5,920,145 | ||||||||||||
Convertible Preferred Stocks | — | 1,824,850 | 727 | 1,825,577 | ||||||||||||
Short-Term Investments | — | 2,931,587 | — | 2,931,587 | ||||||||||||
Total Investments | $ | 5,836,663 | $ | 203,383,819 | $ | 465,941 | $ | 209,686,423 |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
28 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Notes to Financial Statements (Unaudited) — continued
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 six months ended November 30, 2016 is not presented.
At November 30, 2016, there were no investments transferred between Level 1 and Level 2 during the six months then ended.
29 |
Eaton Vance
Floating-Rate Income Plus Fund
November 30, 2016
Officers and Trustees
Officers of Eaton Vance Floating-Rate Income Plus Fund
Scott H. Page
President
Maureen A. Gemma
Vice President, Secretary and
Chief Legal Officer
James F. Kirchner
Treasurer
Paul M. O’Neil
Chief Compliance Officer
Trustees of Eaton Vance Floating-Rate Income Plus Fund
William H. Park
Chairperson
Scott E. Eston
Thomas E. Faust Jr.*
Mark R. Fetting**
Cynthia E. Frost
George J. Gorman
Valerie A. Mosley
Helen Frame Peters
Susan J. Sutherland
Harriett Tee Taggart
Ralph F. Verni
Scott E. Wennerholm**
* | Interested Trustee |
** | Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016. |
Number of Employees
The Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.
Number of Shareholders
As of November 30, 2016, Fund records indicate that there are 3 registered shareholders and approximately 4,154 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.
30 |
Eaton Vance Funds
IMPORTANT NOTICES
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
• | Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. |
• | None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a 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. |
• | Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. |
• | We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, 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. American Stock Transfer and Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST 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”.
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This Page Intentionally Left Blank
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
Fund Offices
Two International Place
Boston, MA 02110
13724 11.30.16
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity
securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and its lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds.
D&T advised the Audit Committee of its conclusion that, in light of the facts surrounding its lending relationships, D&T’s objectivity and impartiality in the planning and conduct of the audits of the Funds financial statements will not be compromised, D&T is in a position to continue as the auditor for the Funds and no actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on the following considerations: (1) Deloitte Entity personnel responsible for managing the lending relationships have had no interactions with the audit engagement team; (2) the lending relationships are in good standing and the principal and interest payments are up-to-date; (3) the lending relationships are not significant to the Deloitte Entities or to D&T.
On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to the auditor independence issue described above. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Based on information provided by D&T, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. After giving consideration to the guidance provided in the No-Action Letter, D&T affirmed to the Audit Committee that D&T is an independent accountant with respect to the Funds within the meaning of the rules and standards of the PCAOB and the securities laws and regulations administered by the SEC. The SEC has indicated that the no-action relief will expire 18 months from its issuance.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Floating-Rate Income Plus Fund
By: | /s/ Payson F. Swaffield | |
Payson F. Swaffield | ||
President | ||
Date: | January 20, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | January 20, 2017 |
By: | /s/ Payson F. Swaffield | |
Payson F. Swaffield | ||
President | ||
Date: | January 20, 2017 |