UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FormN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number:811-22821
Eaton Vance Floating-Rate Income Plus Fund
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617)482-8260
(Registrant’s Telephone Number)
May 31
Date of Fiscal Year End
May 31, 2019
Date of Reporting Period
Item 1. Reports to Stockholders
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Eaton Vance
Floating-Rate Income Plus Fund (EFF)
Annual Report
May 31, 2019
Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund’s transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), you may elect to receive shareholder reports and other communications from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.
You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.
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Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
Annual ReportMay 31, 2019
Eaton Vance
Floating-Rate Income Plus Fund
Table of Contents
| | | | |
Management’s Discussion of Fund Performance | | | 2 | |
| |
Performance | | | 3 | |
| |
Fund Profile | | | 3 | |
| |
Endnotes and Additional Disclosures | | | 4 | |
| |
Financial Statements | | | 5 | |
| |
Report of Independent Registered Public Accounting Firm | | | 37 | |
| |
Federal Tax Information | | | 38 | |
| |
Annual Meeting of Shareholders | | | 39 | |
| |
Dividend Reinvestment Plan | | | 40 | |
| |
Board of Trustees’ Contract Approval | | | 42 | |
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Management and Organization | | | 45 | |
| |
Important Notices | | | 48 | |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Management’s Discussion of Fund Performance1
Economic and Market Conditions
The U.S. floating-rate loan market experienced a positive return for the 12-month period ended May 31, 2019, with the S&P/ LSTA Leveraged Loan Index (the Index),2 a broad barometer of the U.S. loan market, returning 3.83%. For the period as a whole, returns came entirely from coupon income, as loan prices modestly declined.
In the opening months of the period, the U.S. fixed income market was still in a rising rate environment, with the U.S. Federal Reserve Board (the Fed) announcing rate hikes in June and September 2018 and the market generally expecting incremental rate hikes to continue. While rising rates were a negative for most fixed income asset classes, they increased investor demand and supported prices for floating-rate securities.
However, as 2018 came to a close, dovish comments by the Fed suggested the possibility of no further rate hikes in 2019. The prospect of flat or potentially falling rates hurt demand for floating-rate securities and led the asset class to experience losses in the final quarter of 2018.
In January and February of 2019, however, the floating-rate market recovered, erasing a large portion of the losses in the previous quarter. However, downward pressure on floating-rate prices returned in March and continued through the end of the period, after the Fed issued comments that were more dovish than the market had expected — leading many investors to conclude that further rate hikes were off the table for the rest of 2019. As the period drew to a close, the Fed appeared to be considering the possibility of lowering rates going forward. Although the floating-rate market turned in a positive performance for the fiscal year ended May 31, 2019, it nonetheless trailed the performance of U.S. government, corporate and high yield bonds for the same one-year period.
Technical conditions were a drag on performance for much of the fiscal year, with retail mutual funds reporting negative flows for the final eight months of the period. While the collateralized loan obligation (CLO) market was a driver of demand throughout the period, CLO issuance declined significantly in December 2018 and January 2019, recovered strongly in February, March and April, and then weakened again in the final month of the period. For the fiscal year as a whole, loan prices declined, beginning the period at an average price of $98.35 and ending it at an average price of $96.99.
With the U.S. economy’s recovery holding steady during the period, health in corporate fundamentals continued to reflect relatively benign conditions. On a last-twelve-months basis, the default rate closed the period at 1.00%, more than 1% below its rate a year earlier and well below its long-term average of approximately 3%.
Fund Performance
For the 12-month period ended May 31, 2019, Eaton Vance Floating-Rate Income Plus Fund (the Fund) shares returned 2.35% at net asset value (NAV), underperforming the 3.83% return of the Index.
Under normal market conditions, the Fund invests at least 80% of its total assets in senior loans of domestic and foreign borrowers that are denominated in U.S. dollars and foreign currencies. In keeping with management’s long-term philosophy, the Fund has historically tended to underweight lower-quality7 loans relative to the Index — a strategy that may help the Fund experience limited credit losses over time, but may detract from relative performance versus the Index during periods when lower-quality issues outperform.
For the 12-month period, BBB-rated loans in the Index returned 3.73%, BB-rated loans in the Index returned 3.65%, B-rated loans in the Index returned 4.22%, CCC-rated loans in the Index returned 3.39%, and D-rated (defaulted) loans in the Index returned –8.83%. Given this performance mix, the Fund’s higher-quality orientation and resulting underweight, relative to the Index, to volatile defaulted loans helped performance versus the Index.
The Fund’s broad level of diversification9 delivered exposure across the loan market’s many industry segments, with the allocation of Fund weightings in most sectors having a minimal effect on relative performance. The two exceptions included the retailers (except food and drug) and business equipment and services sectors. The retailers (except food and drug) sector continued to be volatile during the period but ended the fiscal year as the top-performing sector for the period. As a result, the Fund’s underweight position detracted from relative performance. In contrast, the Fund’s underweight to the business equipment and services sector helped performance versus the Index.
On security selection, sector-level detractors from relative performance included security selection in the oil and gas sector, where a convertible position hurt performance, as well as selection in the retailers (except food and drug) sector. In contrast, security selection in the brokerage/securities dealers/ investment houses sector was beneficial to relative results.
The Fund’s employment of investment leverage6 contributed to performance versus the Index as well. The use of leverage has the effect of achieving additional exposure to the loan market, and thus magnifying exposure to the Fund’s underlying investments in both up and down market environments. The use of leverage helped performance versus the Index, which does not employ leverage, as leverage amplified the positive total return of the Fund’s underlying portfolio during the period.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include 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 or equal to 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.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Performance2,3
Portfolio Managers Scott H. Page, CFA, Craig P. Russ, Andrew N. Sveen, CFA, Catherine C. McDermott, William E. Holt, CFA and Daniel P. McElaney, CFA
| | | | | | | | | | | | | | | | |
% Average Annual Total Returns | | Inception Date | | | One Year | | | Five Years | | | Since Inception | |
Fund at NAV | | | 06/28/2013 | | | | 2.35 | % | | | 4.17 | % | | | 4.86 | % |
Fund at Market Price | | | — | | | | –5.29 | | | | 3.01 | | | | 2.38 | |
S&P/LSTA Leveraged Loan Index | | | — | | | | 3.83 | % | | | 3.74 | % | | | 4.01 | % |
| | | | |
| | | | | | | | | | | | | | | | |
% Premium/Discount to NAV4 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | –13.23 | % |
| | | | |
| | | | | | | | | | | | | | | | |
Distributions5 | | | | | | | | | | | | |
Total Distributions per share for the period | | | | | | | | | | | | | | $ | 0.950 | |
Distribution Rate at NAV | | | | | | | | | | | | | | | 5.87 | % |
Distribution Rate at Market Price | | | | | | | | | | | | | | | 6.77 | |
| | | | |
| | | | | | | | | | | | | | | | |
% Total Leverage6 | | | | | | | | | | | | |
Borrowings | | | | | | | | | | | | | | | 26.53 | % |
Variable Rate Term Preferred Shares (VRTP Shares) | | | | | | | | | | | | | | | 9.34 | |
Fund Profile
Credit Quality (% of bonds and loans)7
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Asset Allocation (% of total investments)8
![LOGO](https://capedge.com/proxy/N-CSR/0001193125-19-202338/g7744992.jpg)
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 include 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 or equal to 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.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Endnotes and Additional Disclosures
1 | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
2 | S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. S&P/LSTA Leveraged Loan indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® is a registered trademark of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); LSTA is a trademark of Loan Syndications and Trading Association, Inc. S&P DJI, Dow Jones, their respective affiliates and their third party licensors do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
3 | Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. |
4 | The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend. |
5 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as 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. |
6 | Leverage represents the liquidation value of the Fund’s VRTP Shares and borrowings outstanding as a percentage of Fund net assets applicable to common shares plus VRTP Shares and borrowings outstanding. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time. |
7 | Credit ratings are categorized using S&P Global Ratings (“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” (if any) are not rated by S&P. |
8 | 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 155.2%. |
9 | Diversification cannot ensure a profit or eliminate the risk of loss. |
| Fund profile subject to change due to active management. |
| Important Notice to Shareholders |
| Effective June 21, 2019, the Fund may invest up to 20% of its total assets in collateralized loan obligations and collateralized debt obligations. |
| Effective June 24, 2019, the Fund is managed by Scott H. Page, Craig P. Russ, Andrew N. Sveen, Catherine C. McDermott, William E. Holt and Daniel P. McElaney. Mr. Page will serve as a member of the portfolio management team of the Fund through October 31, 2019. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments
| | | | | | | | | | | | |
Senior Floating-Rate Loans — 133.1%(1) | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Aerospace and Defense — 2.9% | |
| | | |
Dynasty Acquisition Co., Inc. | | | | | | | | | |
| | | |
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026 | | | | | | $ | 114 | | | $ | 114,317 | |
| | | |
TransDigm, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023 | | | | | | | 1,525 | | | | 1,507,447 | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024 | | | | | | | 1,323 | | | | 1,299,473 | |
| | | |
Wesco Aircraft Hardware Corp. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing November 30, 2020 | | | | | | | 197 | | | | 195,891 | |
| | | |
WP CPP Holdings, LLC | | | | | | | | | |
| | | |
Term Loan, 6.34%, (USD LIBOR + 3.75%), Maturing April 30, 2025(2) | | | | | | | 698 | | | | 698,246 | |
| | | |
| | | | | | | | | | $ | 3,815,374 | |
|
Automotive — 3.4% | |
| | | |
Adient US, LLC | | | | | | | | | |
| | | |
Term Loan, 6.87%, (USD LIBOR + 4.25%), Maturing May 6, 2024(2) | | | | | | $ | 300 | | | $ | 296,531 | |
| | | |
American Axle and Manufacturing, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.73%, (USD LIBOR + 2.25%), Maturing April 6, 2024(2) | | | | | | | 729 | | | | 713,147 | |
| | | |
Belron Finance US, LLC | | | | | | | | | |
| | | |
Term Loan, 5.07%, (3 mo. USD LIBOR + 2.50%), Maturing November 7, 2024 | | | | | | | 123 | | | | 123,359 | |
| | | |
Chassix, Inc. | | | | | | | | | |
| | | |
Term Loan, 8.07%, (USD LIBOR + 5.50%), Maturing November 15, 2023(2) | | | | | | | 346 | | | | 346,057 | |
| | | |
Dayco Products, LLC | | | | | | | | | |
| | | |
Term Loan, 6.77%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023 | | | | | | | 245 | | | | 239,359 | |
| | | |
IAA Spinco, Inc. | | | | | | | | | |
| | | |
Term Loan, Maturing May 22, 2026(3) | | | | | | | 125 | | | | 125,469 | |
| | | |
L&W, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing May 22, 2025 | | | | | | | 174 | | | | 173,253 | |
| | | |
Panther BF Aggregator 2 L.P. | | | | | | | | | |
| | | |
Term Loan, 5.93%, (1 mo. USD LIBOR + 3.50%), Maturing April 30, 2026 | | | | | | | 825 | | | | 820,180 | |
| | | |
Tenneco, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing October 1, 2025 | | | | | | | 823 | | | | 790,226 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Automotive (continued) | |
| | | |
Thor Industries, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026 | | | | | | $ | 320 | | | $ | 313,750 | |
| | | |
TI Group Automotive Systems, LLC | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2022 | | | | | | | 224 | | | | 222,201 | |
| | | |
Tower Automotive Holdings USA, LLC | | | | | | | | | |
| | | |
Term Loan, 5.25%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024 | | | | | | | 341 | | | | 333,950 | |
| | | |
| | | | | | | | | | $ | 4,497,482 | |
|
Beverage and Tobacco — 0.7% | |
| | | |
Arterra Wines Canada, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.36%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023 | | | | | | $ | 587 | | | $ | 582,288 | |
| | | |
Flavors Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan - Second Lien, 12.60%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021 | | | | | | | 500 | | | | 387,500 | |
| | | |
| | | | | | | | | | $ | 969,788 | |
|
Brokerage / Securities Dealers / Investment Houses — 0.1% | |
| | | |
Advisor Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025 | | | | | | $ | 124 | | | $ | 124,686 | |
| | | |
OZ Management L.P. | | | | | | | | | |
| | | |
Term Loan, 7.25%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023 | | | | | | | 33 | | | | 33,041 | |
| | | |
| | | | | | | | | | $ | 157,727 | |
|
Building and Development — 3.7% | |
| | | |
American Builders & Contractors Supply Co., Inc. | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2023 | | | | | | $ | 588 | | | $ | 581,063 | |
| | | |
Beacon Roofing Supply, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.70%, (1 mo. USD LIBOR + 2.25%), Maturing January 2, 2025 | | | | | | | 149 | | | | 147,154 | |
| | | |
Brookfield Property REIT, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025 | | | | | | | 224 | | | | 218,232 | |
| | | |
Core & Main L.P. | | | | | | | | | |
| | | |
Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing August 1, 2024 | | | | | | | 247 | | | | 246,911 | |
| | | |
CPG International, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.63%, (6 mo. USD LIBOR + 3.75%), Maturing May 5, 2024 | | | | | | | 529 | | | | 525,709 | |
| | | | |
| | 5 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Building and Development (continued) | |
| | | |
DTZ U.S. Borrower, LLC | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025 | | | | | | $ | 1,269 | | | $ | 1,267,832 | |
| | | |
NCI Building Systems, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing April 12, 2025 | | | | | | | 174 | | | | 171,511 | |
| | | |
Quikrete Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023 | | | | | | | 601 | | | | 593,149 | |
| | | |
Realogy Group, LLC | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025 | | | | | | | 447 | | | | 429,077 | |
| | | |
Summit Materials Companies I, LLC | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024 | | | | | | | 148 | | | | 147,593 | |
| | | |
Werner FinCo L.P. | | | | | | | | | |
| | | |
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing July 24, 2024 | | | | | | | 345 | | | | 329,472 | |
| | | |
WireCo WorldGroup, Inc. | | | | | | | | | |
| | | |
Term Loan, 7.44%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023 | | | | | | | 146 | | | | 146,616 | |
| | | |
| | | | | | | | | | $ | 4,804,319 | |
|
Business Equipment and Services — 11.2% | |
| | | |
Acosta Holdco, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing September 26, 2021 | | | | | | $ | 515 | | | $ | 219,302 | |
| | | |
Adtalem Global Education, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025 | | | | | | | 99 | | | | 99,157 | |
| | | |
AlixPartners, LLP | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024 | | | | | | | 540 | | | | 536,931 | |
| | | |
AppLovin Corporation | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025 | | | | | | | 699 | | | | 698,625 | |
| | | |
ASGN Incorporated | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing April 2, 2025 | | | | | | | 120 | | | | 119,678 | |
| | | |
Belfor Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026 | | | | | | | 100 | | | | 100,875 | |
| | | |
Bracket Intermediate Holding Corp. | | | | | | | | | |
| | | |
Term Loan, 6.82%, (3 mo. USD LIBOR + 4.25%), Maturing September 5, 2025 | | | | | | | 199 | | | | 199,497 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount (000’s omitted) | | | Value | |
|
Business Equipment and Services (continued) | |
| | | |
Camelot UK Holdco Limited | | | | | | | | |
| | | |
Term Loan, 5.68%, (1 mo. USD LIBOR + 3.25%), Maturing October 3, 2023 | | | | $ | 151 | | | $ | 150,976 | |
| | | |
Ceridian HCM Holding, Inc. | | | | | | | | |
| | | |
Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing April 30, 2025 | | | | | 348 | | | | 348,540 | |
| | | |
Change Healthcare Holdings, LLC | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024 | | | | | 1,536 | | | | 1,516,920 | |
| | | |
Crossmark Holdings, Inc. | | | | | | | | |
| | | |
DIP Loan, 9.94%, (1 mo. USD LIBOR + 7.50%), Maturing June 3, 2019 | | | | | 42 | | | | 41,512 | |
| | | |
Term Loan, 0.00%, Maturing December 20, 2019(4) | | | | | 488 | | | | 173,187 | |
| | | |
Cypress Intermediate Holdings III, Inc. | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing April 26, 2024 | | | | | 319 | | | | 317,716 | |
| | | |
Deerfield Dakota Holding, LLC | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing February 13, 2025 | | | | | 350 | | | | 341,600 | |
| | | |
EAB Global, Inc. | | | | | | | | |
| | | |
Term Loan, 6.38%, (USD LIBOR + 3.75%), Maturing November 15, 2024(2) | | | | | 322 | | | | 316,924 | |
| | | |
Education Management, LLC | | | | | | | | |
| | | |
Term Loan, 0.00%, Maturing July 2, 2020(4)(5) | | | | | 238 | | | | 0 | |
| | | |
Term Loan, 0.00%, Maturing July 2, 2020(4)(5) | | | | | 297 | | | | 56,087 | |
| | | |
EIG Investors Corp. | | | | | | | | |
| | | |
Term Loan, 6.27%, (USD LIBOR + 3.75%), Maturing February 9, 2023(2) | | | | | 763 | | | | 762,455 | |
| | | |
Garda World Security Corporation | | | | | | | | |
| | | |
Term Loan, 6.12%, (3 mo. USD LIBOR + 3.50%), Maturing May 24, 2024 | | | | | 462 | | | | 459,326 | |
| | | |
Global Payments, Inc. | | | | | | | | |
| | | |
Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing April 21, 2023 | | | | | 76 | | | | 75,984 | |
| | | |
IG Investment Holdings, LLC | | | | | | | | |
| | | |
Term Loan, 6.50%, (USD LIBOR + 4.00%), Maturing May 23, 2025(2) | | | | | 585 | | | | 582,762 | |
| | | |
IRI Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 7.02%, (USD LIBOR + 4.50%), Maturing December 1, 2025(2) | | | | | 349 | | | | 346,398 | |
| | | |
Iron Mountain, Inc. | | | | | | | | |
| | | |
Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026 | | | | | 198 | | | | 192,308 | |
| | | |
J.D. Power and Associates | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing September 7, 2023 | | | | | 537 | | | | 535,463 | |
| | | | |
| | 6 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount (000’s omitted) | | | Value | |
|
Business Equipment and Services (continued) | |
| | | |
Kronos Incorporated | | | | | | | | |
| | | |
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023 | | | | $ | 1,362 | | | $ | 1,361,139 | |
| | | |
KUEHG Corp. | | | | | | | | |
| | | |
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025 | | | | | 830 | | | | 827,559 | |
| | | |
Monitronics International, Inc. | | | | | | | | |
| | | |
Term Loan, 10.10%, (3 mo. USD LIBOR + 7.50%), Maturing September 30, 2022 | | | | | 219 | | | | 209,914 | |
| | | |
PGX Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 7.69%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020 | | | | | 249 | | | | 236,826 | |
| | | |
Ping Identity Corporation | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing January 24, 2025 | | | | | 74 | | | | 74,531 | |
| | | |
Pre-Paid Legal Services, Inc. | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025 | | | | | 92 | | | | 91,712 | |
| | | |
Prime Security Services Borrower, LLC | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022 | | | | | 533 | | | | 529,790 | |
| | | |
Red Ventures, LLC | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing November 8, 2024 | | | | | 244 | | | | 244,220 | |
| | | |
Solera, LLC | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023 | | | | | 669 | | | | 665,941 | |
| | | |
Spin Holdco, Inc. | | | | | | | | |
| | | |
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022 | | | | | 941 | | | | 925,485 | |
| | | |
Tempo Acquisition, LLC | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2024 | | | | | 197 | | | | 195,812 | |
| | | |
Trans Union, LLC | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing June 19, 2025 | | | | | 99 | | | | 99,136 | |
| | | |
Vestcom Parent Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing December 19, 2023 | | | | | 121 | | | | 115,088 | |
| | | |
WASH Multifamily Laundry Systems, LLC | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022 | | | | | 226 | | | | 222,515 | |
| | | |
West Corporation | | | | | | | | |
| | | |
Term Loan, 6.52%, (USD LIBOR + 4.00%), Maturing October 10, 2024(2) | | | | | 272 | | | | 254,816 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Business Equipment and Services (continued) | |
| | | |
Worldpay, LLC | | | | | | | | | |
| | | |
Term Loan, 4.17%, (USD LIBOR + 1.75%), Maturing August 9, 2024(2) | | | | | | $ | 446 | | | $ | 445,890 | |
| | | |
| | | | | | | | | | $ | 14,692,597 | |
|
Cable and Satellite Television — 5.5% | |
| | | |
Altice France S.A. | | | | | | | | | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026 | | | | | | $ | 500 | | | $ | 488,281 | |
| | | |
Charter Communications Operating, LLC | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2025 | | | | | | | 864 | | | | 863,277 | |
| | | |
CSC Holdings, LLC | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025 | | | | | | | 643 | | | | 632,942 | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026 | | | | | | | 224 | | | | 222,894 | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026 | | | | | | | 297 | | | | 294,525 | |
| | | |
Numericable Group S.A. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025 | | | | | | | 441 | | | | 420,604 | |
| | | |
Radiate Holdco, LLC | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing February 1, 2024 | | | | | | | 443 | | | | 437,345 | |
| | | |
Telenet Financing USD, LLC | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026 | | | | | | | 600 | | | | 594,000 | |
| | | |
Unitymedia Finance, LLC | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026 | | | | | | | 225 | | | | 223,852 | |
| | | |
UPC Financing Partnership | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026 | | | | | | | 500 | | | | 499,301 | |
| | | |
Virgin Media Bristol, LLC | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026 | | | | | | | 1,650 | | | | 1,638,542 | |
| | | |
Ziggo Secured Finance Partnership | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025 | | | | | | | 850 | | | | 831,288 | |
| | | |
| | | | | | | | | | $ | 7,146,851 | |
|
Chemicals and Plastics — 7.4% | |
| | | |
Alpha 3 B.V. | | | | | | | | | |
| | | |
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024 | | | | | | $ | 132 | | | $ | 130,749 | |
| | | | |
| | 7 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount (000’s omitted) | | | Value | |
|
Chemicals and Plastics (continued) | |
| | | |
Aruba Investments, Inc. | | | | | | | | |
| | | |
Term Loan, 5.68%, (1 mo. USD LIBOR + 3.25%), Maturing February 2, 2022 | | | | $ | 73 | | | $ | 72,456 | |
| | | |
Ashland, Inc. | | | | | | | | |
| | | |
Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing May 17, 2024 | | | | | 147 | | | | 146,776 | |
| | | |
Axalta Coating Systems US Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 4.35%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024 | | | | | 992 | | | | 977,039 | |
| | | |
Emerald Performance Materials, LLC | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021 | | | | | 118 | | | | 118,173 | |
| | | |
Term Loan - Second Lien, 10.19%, (1 mo. USD LIBOR + 7.75%), Maturing August 1, 2022 | | | | | 150 | | | | 147,375 | |
| | | |
Ferro Corporation | | | | | | | | |
| | | |
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | | | | | 73 | | | | 73,069 | |
| | | |
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | | | | | 75 | | | | 74,658 | |
| | | |
Flint Group GmbH | | | | | | | | |
| | | |
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021 | | | | | 37 | | | | 33,531 | |
| | | |
Flint Group US, LLC | | | | | | | | |
| | | |
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021 | | | | | 225 | | | | 202,832 | |
| | | |
Gemini HDPE, LLC | | | | | | | | |
| | | |
Term Loan, 5.09%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024 | | | | | 484 | | | | 482,991 | |
| | | |
H.B. Fuller Company | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024 | | | | | 441 | | | | 434,527 | |
| | | |
Ineos US Finance, LLC | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing March 31, 2024 | | | | | 790 | | | | 780,520 | |
| | | |
Invictus U.S., LLC | | | | | | | | |
| | | |
Term Loan, 5.52%, (3 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 | | | | | 124 | | | | 120,966 | |
| | | |
Kraton Polymers, LLC | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025 | | | | | 215 | | | | 214,736 | |
| | | |
Messer Industries GmbH | | | | | | | | |
| | | |
Term Loan, 5.10%, (3 mo. USD LIBOR + 2.50%), Maturing March 1, 2026 | | | | | 325 | | | | 320,633 | |
| | | |
Minerals Technologies, Inc. | | | | | | | | |
| | | |
Term Loan, 4.72%, (USD LIBOR + 2.25%), Maturing February 14, 2024(2) | | | | | 221 | | | | 221,442 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Chemicals and Plastics (continued) | |
| | | |
Momentive Performance Materials, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.65%, (1 week USD LIBOR + 3.25%), Maturing April 16, 2024 | | | | | | $ | 100 | | | $ | 99,781 | |
| | | |
Orion Engineered Carbons GmbH | | | | | | | | | |
| | | |
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing July 25, 2024 | | | | | | | 293 | | | | 291,853 | |
| | | |
Platform Specialty Products Corporation | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing January 30, 2026 | | | | | | | 150 | | | | 149,313 | |
| | | |
PMHC II, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.15%, (USD LIBOR + 3.50%), Maturing March 31, 2025(2) | | | | | | | 428 | | | | 393,596 | |
| | | |
Polar US Borrower, LLC | | | | | | | | | |
| | | |
Term Loan, 7.35%, (3 mo. USD LIBOR + 4.75%), Maturing October 15, 2025 | | | | | | | 200 | | | | 195,011 | |
| | | |
PQ Corporation | | | | | | | | | |
| | | |
Term Loan, 5.08%, (3 mo. USD LIBOR + 2.50%), Maturing February 8, 2025 | | | | | | | 632 | | | | 630,327 | |
| | | |
Spectrum Holdings III Corp. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025 | | | | | | | 135 | | | | 128,547 | |
| | | |
Starfruit Finco B.V. | | | | | | | | | |
| | | |
Term Loan, 5.72%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025 | | | | | | | 675 | | | | 670,988 | |
| | | |
Tata Chemicals North America, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.38%, (3 mo. USD LIBOR + 2.75%), Maturing August 7, 2020 | | | | | | | 197 | | | | 196,936 | |
| | | |
Trinseo Materials Operating S.C.A. | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing September 9, 2024 | | | | | | | 1,038 | | | | 1,026,672 | |
| | | |
Tronox Finance, LLC | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing September 23, 2024 | | | | | | | 762 | | | | 754,540 | |
| | | |
Univar, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024 | | | | | | | 525 | | | | 523,088 | |
| | | |
| | | | | | | | | | $ | 9,613,125 | |
|
Conglomerates — 0.5% | |
| | | |
Kronos Acquisition Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 9.43%, (1 mo. USD LIBOR + 7.00%), Maturing May 15, 2023 | | | | | | $ | 625 | | | $ | 621,875 | |
| | | |
| | | | | | | | | | $ | 621,875 | |
| | | | |
| | 8 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Containers and Glass Products — 3.9% | |
| | | |
Berlin Packaging, LLC | | | | | | | | | |
| | | |
Term Loan, 5.48%, (USD LIBOR + 3.00%), Maturing November 7, 2025(2) | | | | | | $ | 50 | | | $ | 48,322 | |
| | | |
Berry Global, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.45%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022 | | | | | | | 210 | | | | 209,222 | |
| | | |
Term Loan, Maturing May 15, 2026(3) | | | | | | | 225 | | | | 224,128 | |
| | | |
BWAY Holding Company | | | | | | | | | |
| | | |
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024 | | | | | | | 246 | | | | 239,853 | |
| | | |
Consolidated Container Company, LLC | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024 | | | | | | | 99 | | | | 97,937 | |
| | | |
Flex Acquisition Company, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023 | | | | | | | 461 | | | | 444,958 | |
| | | |
Term Loan, 5.88%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025 | | | | | | | 344 | | | | 332,132 | |
| | | |
Libbey Glass, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.46%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021 | | | | | | | 277 | | | | 228,721 | |
| | | |
Pelican Products, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025 | | | | | | | 149 | | | | 146,549 | |
| | | |
Reynolds Group Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023 | | | | | | | 2,368 | | | | 2,354,580 | |
| | | |
Ring Container Technologies Group, LLC | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing October 31, 2024 | | | | | | | 222 | | | | 221,169 | |
| | | |
Trident TPI Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing October 17, 2024 | | | | | | | 518 | | | | 501,000 | |
| | | |
| | | | | | | | | | $ | 5,048,571 | |
|
Cosmetics / Toiletries — 0.3% | |
| | | |
KIK Custom Products, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.43%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023 | | | | | | $ | 434 | | | $ | 411,605 | |
| | | |
| | | | | | | | | | $ | 411,605 | |
|
Drugs — 5.6% | |
| | | |
Albany Molecular Research, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing August 30, 2024 | | | | | | $ | 320 | | | $ | 312,522 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Drugs (continued) | |
| | | |
Amneal Pharmaceuticals, LLC | | | | | | | | | |
| | | |
Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025 | | | | | | $ | 819 | | | $ | 814,273 | |
| | | |
Arbor Pharmaceuticals, Inc. | | | | | | | | | |
| | | |
Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023 | | | | | | | 508 | | | | 469,560 | |
| | | |
Bausch Health Companies, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025 | | | | | | | 1,424 | | | | 1,419,668 | |
| | | |
Catalent Pharma Solutions, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.68%, (1 mo. USD LIBOR + 2.25%), Maturing May 18, 2026 | | | | | | | 200 | | | | 200,000 | |
| | | |
Endo Luxembourg Finance Company I S.a.r.l. | | | | | | | | | |
| | | |
Term Loan, 6.75%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024 | | | | | | | 1,154 | | | | 1,118,832 | |
| | | |
Horizon Pharma, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing May 22, 2026 | | | | | | | 618 | | | | 618,626 | |
| | | |
Jaguar Holding Company II | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022 | | | | | | | 1,592 | | | | 1,575,679 | |
| | | |
Mallinckrodt International Finance S.A. | | | | | | | | | |
| | | |
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024 | | | | | | | 706 | | | | 622,921 | |
| | | |
Term Loan, 5.53%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025 | | | | | | | 135 | | | | 117,127 | |
| | | |
| | | | | | | | | | $ | 7,269,208 | |
|
Ecological Services and Equipment — 1.1% | |
| | | |
Advanced Disposal Services, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.64%, (1 week USD LIBOR + 2.25%), Maturing November 10, 2023 | | | | | | $ | 461 | | | $ | 460,674 | |
| | | |
EnergySolutions, LLC | | | | | | | | | |
| | | |
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025 | | | | | | | 423 | | | | 401,262 | |
| | | |
GFL Environmental, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing May 30, 2025 | | | | | | | 571 | | | | 559,785 | |
| | | |
| | | | | | | | | | $ | 1,421,721 | |
|
Electronics / Electrical — 18.5% | |
| | | |
Almonde, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing June 13, 2024 | | | | | | $ | 831 | | | $ | 816,404 | |
| | | |
Applied Systems, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing September 19, 2024 | | | | | | | 691 | | | | 688,779 | |
| | | | |
| | 9 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount (000’s omitted) | | | Value | |
|
Electronics / Electrical (continued) | |
| | | |
Aptean, Inc. | | | | | | | | |
| | | |
Term Loan, 6.69%, (1 mo. USD LIBOR + 4.25%), Maturing March 29, 2026 | | | | $ | 125 | | | $ | 125,312 | |
| | | |
Avast Software B.V. | | | | | | | | |
| | | |
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing September 30, 2023 | | | | | 169 | | | | 168,624 | |
| | | |
Barracuda Networks, Inc. | | | | | | | | |
| | | |
Term Loan, 5.77%, (3 mo. USD LIBOR + 3.25%), Maturing February 12, 2025 | | | | | 471 | | | | 470,670 | |
| | | |
Blackhawk Network Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing June 15, 2025 | | | | | 174 | | | | 172,222 | |
| | | |
BMC Software Finance, Inc. | | | | | | | | |
| | | |
Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing October 2, 2025 | | | | | 823 | | | | 811,622 | |
| | | |
Canyon Valor Companies, Inc. | | | | | | | | |
| | | |
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing June 16, 2023 | | | | | 351 | | | | 349,503 | |
| | | |
Cohu, Inc. | | | | | | | | |
| | | |
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing September 20, 2025 | | | | | 174 | | | | 170,642 | |
| | | |
CommScope, Inc. | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026 | | | | | 400 | | | | 399,417 | |
| | | |
CPI International, Inc. | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024 | | | | | 148 | | | | 147,688 | |
| | | |
Cypress Semiconductor Corporation | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing July 5, 2021 | | | | | 238 | | | | 237,809 | |
| | | |
DigiCert, Inc. | | | | | | | | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing October 31, 2024 | | | | | 746 | | | | 745,038 | |
| | | |
Electro Rent Corporation | | | | | | | | |
| | | |
Term Loan, 7.58%, (3 mo. USD LIBOR + 5.00%), Maturing January 31, 2024 | | | | | 293 | | | | 295,083 | |
| | | |
Energizer Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing December 17, 2025 | | | | | 125 | | | | 124,217 | |
| | | |
Epicor Software Corporation | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022 | | | | | 1,493 | | | | 1,489,843 | |
| | | |
Exact Merger Sub, LLC | | | | | | | | |
| | | |
Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024 | | | | | 148 | | | | 148,366 | |
| | | |
EXC Holdings III Corp. | | | | | | | | |
| | | |
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024 | | | | | 123 | | | | 123,438 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount (000’s omitted) | | | Value | |
|
Electronics / Electrical (continued) | |
| | | |
Financial & Risk US Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing October 1, 2025 | | | | $ | 274 | | | $ | 268,116 | |
| | | |
Flexera Software, LLC | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing February 26, 2025 | | | | | 272 | | | | 272,440 | |
| | | |
GlobalLogic Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing August 1, 2025 | | | | | 109 | | | | 108,896 | |
| | | |
Go Daddy Operating Company, LLC | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing February 15, 2024 | | | | | 1,276 | | | | 1,275,456 | |
| | | |
Hyland Software, Inc. | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing July 1, 2024 | | | | | 1,736 | | | | 1,736,739 | |
| | | |
Infoblox, Inc. | | | | | | | | |
| | | |
Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023 | | | | | 479 | | | | 480,311 | |
| | | |
Infor (US), Inc. | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing February 1, 2022 | | | | | 1,956 | | | | 1,950,221 | |
| | | |
Informatica, LLC | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022 | | | | | 1,091 | | | | 1,091,762 | |
| | | |
MA FinanceCo., LLC | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021 | | | | | 473 | | | | 467,196 | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024 | | | | | 114 | | | | 112,740 | |
| | | |
MACOM Technology Solutions Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024 | | | | | 291 | | | | 270,694 | |
| | | |
Microchip Technology Incorporated | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025 | | | | | 345 | | | | 344,504 | |
| | | |
MTS Systems Corporation | | | | | | | | |
| | | |
Term Loan, 5.68%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023 | | | | | 275 | | | | 274,919 | |
| | | |
Renaissance Holding Corp. | | | | | | | | |
| | | |
Term Loan, 5.73%, (2 mo. USD LIBOR + 3.25%), Maturing May 30, 2025 | | | | | 273 | | | | 268,434 | |
| | | |
Seattle Spinco, Inc. | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024 | | | | | 770 | | | | 761,359 | |
| | | |
SGS Cayman L.P. | | | | | | | | |
| | | |
Term Loan, 7.98%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021 | | | | | 50 | | | | 49,590 | |
| | | | |
| | 10 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount (000’s omitted) | | | Value | |
|
Electronics / Electrical (continued) | |
| | | |
SkillSoft Corporation | | | | | | | | |
| | | |
Term Loan, 7.18%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021 | | | | $ | 979 | | | $ | 832,185 | |
| | | |
SolarWinds Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024 | | | | | 247 | | | | 245,833 | |
| | | |
SS&C Technologies Holdings Europe S.a.r.l. | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025 | | | | | 293 | | | | 291,422 | |
| | | |
SS&C Technologies, Inc. | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025 | | | | | 418 | | | | 415,453 | |
| | | |
SurveyMonkey, Inc. | | | | | | | | |
| | | |
Term Loan, 6.15%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025 | | | | | 255 | | | | 254,745 | |
| | | |
Sutherland Global Services, Inc. | | | | | | | | |
| | | |
Term Loan, 7.98%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021 | | | | | 213 | | | | 213,035 | |
| | | |
Tibco Software, Inc. | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing December 4, 2020 | | | | | 147 | | | | 146,891 | |
| | | |
TriTech Software Systems | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025 | | | | | 200 | | | | 197,588 | |
| | | |
Uber Technologies | | | | | | | | |
| | | |
Term Loan, 5.93%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023 | | | | | 902 | | | | 901,594 | |
| | | |
Term Loan, 6.45%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025 | | | | | 546 | | | | 546,987 | |
| | | |
Ultimate Software Group, Inc. (The) | | | | | | | | |
| | | |
Term Loan, 6.27%, (3 mo. USD LIBOR + 3.75%), Maturing May 4, 2026 | | | | | 375 | | | | 376,054 | |
| | | |
Ultra Clean Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025 | | | | | 198 | | | | 191,081 | |
| | | |
Verifone Systems, Inc. | | | | | | | | |
| | | |
Term Loan, 6.52%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025 | | | | | 224 | | | | 221,146 | |
| | | |
Term Loan, Maturing August 20, 2025(3) | | | | | 50 | | | | 49,490 | |
| | | |
Veritas Bermuda, Ltd. | | | | | | | | |
| | | |
Term Loan, 6.97%, (USD LIBOR + 4.50%), Maturing January 27, 2023(2) | | | | | 461 | | | | 421,685 | |
| | | |
Vero Parent, Inc. | | | | | | | | |
| | | |
Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing August 16, 2024 | | | | | 566 | | | | 565,814 | |
| | | |
Wall Street Systems Delaware, Inc. | | | | | | | | |
| | | |
Term Loan, 5.65%, (6 mo. USD LIBOR + 3.00%), Maturing November 21, 2024 | | | | | 476 | | | | 461,700 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Electronics / Electrical (continued) | |
| | | |
Western Digital Corporation | | | | | | | | | |
| | | |
Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023 | | | | | | $ | 600 | | | $ | 580,810 | |
| | | |
| | | | | | | | | | $ | 24,131,567 | |
|
Equipment Leasing — 0.6% | |
| | | |
Avolon TLB Borrower 1 (US), LLC | | | | | | | | | |
| | | |
Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing January 15, 2025 | | | | | | $ | 643 | | | $ | 642,691 | |
| | | |
IBC Capital Limited | | | | | | | | | |
| | | |
Term Loan, 6.36%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023 | | | | | | | 124 | | | | 121,739 | |
| | | |
| | | | | | | | | | $ | 764,430 | |
|
Financial Intermediaries — 4.0% | |
| | | |
Apollo Commercial Real Estate Finance, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing May 15, 2026 | | | | | | $ | 100 | | | $ | 99,122 | |
| | | |
Aretec Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.69%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025 | | | | | | | 299 | | | | 294,636 | |
| | | |
Clipper Acquisitions Corp. | | | | | | | | | |
| | | |
Term Loan, 4.22%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024 | | | | | | | 296 | | | | 295,139 | |
| | | |
Ditech Holding Corporation | | | | | | | | | |
| | | |
Term Loan, 0.00%, Maturing June 30, 2022(4) | | | | | | | 745 | | | | 417,386 | |
| | | |
Donnelley Financial Solutions, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing October 2, 2023 | | | | | | | 26 | | | | 25,796 | |
| | | |
Focus Financial Partners, LLC | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024 | | | | | | | 422 | | | | 421,812 | |
| | | |
Fortress Investment Group, LLC | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022 | | | | | | | 202 | | | | 202,338 | |
| | | |
Franklin Square Holdings L.P. | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 1, 2025 | | | | | | | 124 | | | | 124,686 | |
| | | |
Greenhill & Co., Inc. | | | | | | | | | |
| | | |
Term Loan, 5.70%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024 | | | | | | | 275 | | | | 273,281 | |
| | | |
GreenSky Holdings, LLC | | | | | | | | | |
| | | |
Term Loan, 5.75%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025 | | | | | | | 347 | | | | 346,067 | |
| | | | |
| | 11 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Financial Intermediaries (continued) | |
| | | |
Guggenheim Partners, LLC | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023 | | | | | | $ | 1,451 | | | $ | 1,454,829 | |
| | | |
Harbourvest Partners, LLC | | | | | | | | | |
| | | |
Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing March 1, 2025 | | | | | | | 114 | | | | 113,324 | |
| | | |
LPL Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.68%, (1 mo. USD LIBOR + 2.25%), Maturing September 23, 2024 | | | | | | | 319 | | | | 318,923 | |
| | | |
Ocwen Loan Servicing, LLC | | | | | | | | | |
| | | |
Term Loan, 7.43%, (1 mo. USD LIBOR + 5.00%), Maturing December 4, 2020 | | | | | | | 68 | | | | 67,854 | |
| | | |
StepStone Group L.P. | | | | | | | | | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing March 14, 2025 | | | | | | | 149 | | | | 148,686 | |
| | | |
Virtus Investment Partners, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.87%, (3 mo. USD LIBOR + 2.25%), Maturing June 1, 2024 | | | | | | | 152 | | | | 151,505 | |
| | | |
Walker & Dunlop, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing October 31, 2025 | | | | | | | 499 | | | | 498,127 | |
| | | |
| | | | | | | | | | $ | 5,253,511 | |
|
Food Products — 3.5% | |
| | | |
Alphabet Holding Company, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024 | | | | | | $ | 566 | | | $ | 544,664 | |
| | | |
Badger Buyer Corp. | | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024 | | | | | | | 396 | | | | 385,091 | |
| | | |
CHG PPC Parent, LLC | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025 | | | | | | | 99 | | | | 98,754 | |
| | | |
Del Monte Foods, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.78%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021 | | | | | | | 643 | | | | 473,474 | |
| | | |
Dole Food Company, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.22%, (USD LIBOR + 2.75%), Maturing April 6, 2024(2) | | | | | | | 406 | | | | 396,449 | |
| | | |
Hearthside Food Solutions, LLC | | | | | | | | | |
| | | |
Term Loan, 6.13%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025 | | | | | | | 373 | | | | 365,371 | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025 | | | | | | | 100 | | | | 98,827 | |
| | | |
High Liner Foods Incorporated | | | | | | | | | |
| | | |
Term Loan, 5.85%, (USD LIBOR + 3.25%), Maturing April 24, 2021(2) | | | | | | | 193 | | | | 179,305 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Food Products (continued) | |
| | | |
HLF Financing S.a.r.l. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2025 | | | | | | $ | 249 | | | $ | 249,416 | |
| | | |
JBS USA Lux S.A. | | | | | | | | | |
| | | |
Term Loan, 5.03%, (2 mo. USD LIBOR + 2.50%), Maturing May 1, 2026 | | | | | | | 1,225 | | | | 1,225,109 | |
| | | |
Nomad Foods Europe Midco Limited | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024 | | | | | | | 295 | | | | 293,437 | |
| | | |
Post Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024 | | | | | | | 238 | | | | 237,772 | |
| | | |
Restaurant Technologies, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025 | | | | | | | 50 | | | | 49,875 | |
| | | |
| | | | | | | | | | $ | 4,597,544 | |
|
Food Service — 2.7% | |
| | | |
1011778 B.C. Unlimited Liability Company | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing February 16, 2024 | | | | | | $ | 1,581 | | | $ | 1,567,497 | |
| | | |
Aramark Services, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing March 11, 2025 | | | | | | | 210 | | | | 209,155 | |
| | | |
Del Frisco’s Restaurant Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 8.50%, (1 mo. USD LIBOR + 6.00%), Maturing June 27, 2025 | | | | | | | 149 | | | | 143,478 | |
| | | |
Dhanani Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing July 20, 2025 | | | | | | | 149 | | | | 144,409 | |
| | | |
IRB Holding Corp. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2025 | | | | | | | 447 | | | | 443,728 | |
| | | |
KFC Holding Co. | | | | | | | | | |
| | | |
Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025 | | | | | | | 244 | | | | 243,735 | |
| | | |
NPC International, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing April 19, 2024 | | | | | | | 221 | | | | 173,718 | |
| | | |
US Foods, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing June 27, 2023 | | | | | | | 198 | | | | 196,529 | |
| | | |
Welbilt, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025 | | | | | | | 360 | | | | 357,129 | |
| | | |
| | | | | | | | | | $ | 3,479,378 | |
| | | | |
| | 12 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Food / Drug Retailers — 1.4% | |
| | | |
Albertsons, LLC | | | | | | | | | |
| | | |
Term Loan, 5.61%, (3 mo. USD LIBOR + 3.00%), Maturing December 21, 2022 | | | | | | $ | 489 | | | $ | 487,676 | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing June 22, 2023 | | | | | | | 1,064 | | | | 1,061,254 | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing November 17, 2025 | | | | | | | 242 | | | | 240,942 | |
| | | |
Diplomat Pharmacy, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024 | | | | | | | 120 | | | | 111,347 | |
| | | |
| | | | | | | | | | $ | 1,901,219 | |
|
Health Care — 11.9% | |
| | | |
ADMI Corp. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025 | | | | | | $ | 397 | | | $ | 391,789 | |
| | | |
Agiliti Health, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing January 4, 2026 | | | | | | | 100 | | | | 99,873 | |
| | | |
Akorn, Inc. | | | | | | | | | |
| | | |
Term Loan, 9.44%, (1 mo. USD LIBOR + 7.00%), Maturing April 16, 2021 | | | | | | | 219 | | | | 205,248 | |
| | | |
Alliance Healthcare Services, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023 | | | | | | | 194 | | | | 193,992 | |
| | | |
athenahealth, Inc. | | | | | | | | | |
| | | |
Term Loan, 7.04%, (USD LIBOR + 4.50%), Maturing February 11, 2026(2) | | | | | | | 450 | | | | 450,563 | |
| | | |
Athletico Management, LLC | | | | | | | | | |
| | | |
Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025 | | | | | | | 125 | | | | 125,077 | |
| | | |
Avantor, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing November 21, 2024 | | | | | | | 332 | | | | 332,397 | |
| | | |
BioClinica, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.81%, (3 mo. USD LIBOR + 4.25%), Maturing October 20, 2023 | | | | | | | 392 | | | | 370,421 | |
| | | |
BW NHHC Holdco, Inc. | | | | | | | | | |
| | | |
Term Loan, 7.43%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025 | | | | | | | 223 | | | | 207,681 | |
| | | |
Carestream Dental Equipment, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing September 1, 2024 | | | | | | | 394 | | | | 389,321 | |
| | | |
CHG Healthcare Services, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023 | | | | | | | 754 | | | | 753,040 | |
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount (000’s omitted) | | | Value | |
|
Health Care (continued) | |
| | | |
Concentra, Inc. | | | | | | | | |
| | | |
Term Loan, 5.22%, (1 mo. USD LIBOR + 2.75%), Maturing June 1, 2022 | | | | $ | 73 | | | $ | 72,809 | |
| | | |
Convatec, Inc. | | | | | | | | |
| | | |
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing October 31, 2023 | | | | | 147 | | | | 147,000 | |
| | | |
CPI Holdco, LLC | | | | | | | | |
| | | |
Term Loan, 6.08%, (3 mo. USD LIBOR + 3.50%), Maturing March 21, 2024 | | | | | 196 | | | | 196,556 | |
| | | |
CryoLife, Inc. | | | | | | | | |
| | | |
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024 | | | | | 123 | | | | 123,849 | |
| | | |
Envision Healthcare Corporation | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025 | | | | | 1,072 | | | | 975,804 | |
| | | |
Gentiva Health Services, Inc. | | | | | | | | |
| | | |
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025 | | | | | 462 | | | | 462,498 | |
| | | |
GHX Ultimate Parent Corporation | | | | | | | | |
| | | |
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing June 28, 2024 | | | | | 197 | | | | 194,657 | |
| | | |
Greatbatch Ltd. | | | | | | | | |
| | | |
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing October 27, 2022 | | | | | 278 | | | | 278,390 | |
| | | |
Grifols Worldwide Operations USA, Inc. | | | | | | | | |
| | | |
Term Loan, 4.64%, (1 week USD LIBOR + 2.25%), Maturing January 31, 2025 | | | | | 833 | | | | 830,586 | |
| | | |
Hanger, Inc. | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025 | | | | | 248 | | | | 248,222 | |
| | | |
Inovalon Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025 | | | | | 298 | | | | 298,308 | |
| | | |
IQVIA, Inc. | | | | | | | | |
| | | |
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing January 17, 2025 | | | | | 172 | | | | 172,231 | |
| | | |
Kinetic Concepts, Inc. | | | | | | | | |
| | | |
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024 | | | | | 639 | | | | 640,156 | |
| | | |
Medical Solutions, LLC | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing June 9, 2024 | | | | | 173 | | | | 172,647 | |
| | | |
MPH Acquisition Holdings, LLC | | | | | | | | |
| | | |
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023 | | | | | 790 | | | | 774,503 | |
| | | | |
| | 13 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount (000’s omitted) | | | Value | |
|
Health Care (continued) | |
| | | |
National Mentor Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 6.69%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026 | | | | $ | 6 | | | $ | 5,870 | |
| | | |
Term Loan, 6.69%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026 | | | | | 94 | | | | 94,505 | |
| | | |
Navicure, Inc. | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing November 1, 2024 | | | | | 173 | | | | 171,964 | |
| | | |
One Call Corporation | | | | | | | | |
| | | |
Term Loan, 7.69%, (1 mo. USD LIBOR + 5.25%), Maturing November 25, 2022 | | | | | 264 | | | | 223,338 | |
| | | |
Ortho-Clinical Diagnostics SA | | | | | | | | |
| | | |
Term Loan, 5.70%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025 | | | | | 1,474 | | | | 1,427,035 | |
| | | |
Parexel International Corporation | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024 | | | | | 559 | | | | 533,338 | |
| | | |
Phoenix Guarantor, Inc. | | | | | | | | |
| | | |
Term Loan, 6.96%, (USD LIBOR + 4.50%), Maturing March 5, 2026(2) | | | | | 425 | | | | 424,575 | |
| | | |
Press Ganey Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing October 23, 2023 | | | | | 171 | | | | 170,154 | |
| | | |
Prospect Medical Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 8.00%, (1 mo. USD LIBOR + 5.50%), Maturing February 22, 2024 | | | | | 272 | | | | 258,638 | |
| | | |
R1 RCM, Inc. | | | | | | | | |
| | | |
Term Loan, 7.69%, (1 mo. USD LIBOR + 5.25%), Maturing May 8, 2025 | | | | | 124 | | | | 124,063 | |
| | | |
Radiology Partners Holdings, LLC | | | | | | | | |
| | | |
Term Loan, 7.36%, (USD LIBOR + 4.75%), Maturing July 9, 2025(2) | | | | | 125 | | | | 125,217 | |
| | | |
RadNet, Inc. | | | | | | | | |
| | | |
Term Loan, 6.14%, (3 mo. USD LIBOR + 3.50%), Maturing June 30, 2023 | | | | | 377 | | | | 376,469 | |
| | | |
Select Medical Corporation | | | | | | | | |
| | | |
Term Loan, 4.93%, (1 mo. USD LIBOR + 2.50%), Maturing March 6, 2025 | | | | | 358 | | | | 358,386 | |
| | | |
Sotera Health Holdings, LLC | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing May 15, 2022 | | | | | 194 | | | | 192,946 | |
| | | |
Sound Inpatient Physicians | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2025 | | | | | 99 | | | | 99,333 | |
| | | |
Surgery Center Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing September 2, 2024 | | | | | 246 | | | | 242,248 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Health Care (continued) | |
| | | |
Team Health Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024 | | | | | | $ | 490 | | | $ | 443,450 | |
| | | |
Tecomet, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.95%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2024 | | | | | | | 196 | | | | 196,991 | |
| | | |
U.S. Anesthesia Partners, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024 | | | | | | | 394 | | | | 393,874 | |
| | | |
Verscend Holding Corp. | | | | | | | | | |
| | | |
Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025 | | | | | | | 348 | | | | 349,336 | |
| | | |
Viant Medical Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025 | | | | | | | 100 | | | | 99,417 | |
| | | |
Wink Holdco, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024 | | | | | | | 123 | | | | 121,355 | |
| | | |
| | | | | | | | | | $ | 15,540,120 | |
|
Home Furnishings — 0.9% | |
| | | |
Bright Bidco B.V. | | | | | | | | | |
| | | |
Term Loan, 6.05%, (USD LIBOR + 3.50%), Maturing June 30, 2024(2) | | | | | | $ | 393 | | | $ | 300,605 | |
| | | |
Serta Simmons Bedding, LLC | | | | | | | | | |
| | | |
Term Loan, 5.96%, (1 mo. USD LIBOR + 3.50%), Maturing November 8, 2023 | | | | | | | 1,176 | | | | 833,724 | |
| | | |
| | | | | | | | | | $ | 1,134,329 | |
|
Industrial Equipment — 5.7% | |
| | | |
AI Alpine AT Bidco GmbH | | | | | | | | | |
| | | |
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing October 31, 2025 | | | | | | $ | 50 | | | $ | 49,251 | |
| | | |
Altra Industrial Motion Corp. | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025 | | | | | | | 168 | | | | 166,487 | |
| | | |
Apex Tool Group, LLC | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2022 | | | | | | | 557 | | | | 541,713 | |
| | | |
Clark Equipment Company | | | | | | | | | |
| | | |
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing May 18, 2024 | | | | | | | 396 | | | | 393,474 | |
| | | |
CPM Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing November 15, 2025 | | | | | | | 75 | | | | 74,158 | |
| | | | |
| | 14 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | |
Borrower/Tranche Description | | | | Principal Amount (000’s omitted) | | | Value | |
|
Industrial Equipment (continued) | |
| | | |
Delachaux Group S.A. | | | | | | | | |
| | | |
Term Loan, Maturing March 28, 2026(3) | | | | $ | 100 | | | $ | 99,750 | |
| | | |
DexKo Global, Inc. | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024 | | | | | 492 | | | | 491,627 | |
| | | |
DXP Enterprises, Inc. | | | | | | | | |
| | | |
Term Loan, 7.19%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023 | | | | | 123 | | | | 123,433 | |
| | | |
Engineered Machinery Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing July 19, 2024 | | | | | 370 | | | | 362,443 | |
| | | |
EWT Holdings III Corp. | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024 | | | | | 880 | | | | 877,334 | |
| | | |
Filtration Group Corporation | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025 | | | | | 371 | | | | 370,902 | |
| | | |
Gardner Denver, Inc. | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024 | | | | | 235 | | | | 234,821 | |
| | | |
Gates Global, LLC | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024 | | | | | 964 | | | | 959,564 | |
| | | |
Hayward Industries, Inc. | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024 | | | | | 99 | | | | 96,499 | |
| | | |
LTI Holdings, Inc. | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025 | | | | | 100 | | | | 95,116 | |
| | | |
Milacron, LLC | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023 | | | | | 593 | | | | 581,525 | |
| | | |
Pro Mach Group, Inc. | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2025 | | | | | 50 | | | | 48,108 | |
| | | |
Rexnord, LLC | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing August 21, 2024 | | | | | 790 | | | | 790,198 | |
| | | |
Robertshaw US Holding Corp. | | | | | | | | |
| | | |
Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing February 28, 2025 | | | | | 248 | | | | 230,175 | |
| | | |
Tank Holding Corp. | | | | | | | | |
| | | |
Term Loan, 6.68%, (USD LIBOR + 4.00%), Maturing March 26, 2026(2) | | | | | 100 | | | | 100,417 | |
| | | |
Thermon Industries, Inc. | | | | | | | | |
| | | |
Term Loan, 6.24%, (1 mo. USD LIBOR + 3.75%), Maturing October 24, 2024 | | | | | 82 | | | | 82,865 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Industrial Equipment (continued) | |
| | | |
Titan Acquisition Limited | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 | | | | | | $ | 693 | | | $ | 668,052 | |
| | | |
| | | | | | | | | | $ | 7,437,912 | |
|
Insurance — 4.8% | |
| | | |
Alliant Holdings I, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.43%, (1 mo. USD LIBOR + 3.00%), Maturing May 9, 2025 | | | | | | $ | 529 | | | $ | 517,984 | |
| | | |
Alliant Holdings Intermediate, LLC | | | | | | | | | |
| | | |
Term Loan, 5.70%, (1 mo. USD LIBOR + 3.25%), Maturing May 9, 2025 | | | | | | | 100 | | | | 98,875 | |
| | | |
AmWINS Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.20%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024 | | | | | | | 491 | | | | 487,914 | |
| | | |
Asurion, LLC | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022 | | | | | | | 1,205 | | | | 1,202,704 | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023 | | | | | | | 463 | | | | 461,555 | |
| | | |
Term Loan - Second Lien, 8.94%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025 | | | | | | | 575 | | | | 585,062 | |
| | | |
FrontDoor, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing August 14, 2025 | | | | | | | 100 | | | | 99,500 | |
| | | |
Hub International, Ltd. | | | | | | | | | |
| | | |
Term Loan, 5.59%, (USD LIBOR + 3.00%), Maturing April 25, 2025(2) | | | | | | | 1,141 | | | | 1,114,553 | |
| | | |
NFP Corp. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024 | | | | | | | 790 | | | | 770,579 | |
| | | |
Sedgwick Claims Management Services, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing December 31, 2025 | | | | | | | 274 | | | | 271,398 | |
| | | |
USI, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024 | | | | | | | 690 | | | | 672,435 | |
| | | |
| | | | | | | | | | $ | 6,282,559 | |
|
Leisure Goods / Activities / Movies — 4.8% | |
| | | |
AMC Entertainment Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing April 22, 2026 | | | | | | $ | 425 | | | $ | 423,991 | |
| | | |
Ancestry.com Operations, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing October 19, 2023 | | | | | | | 707 | | | | 705,923 | |
| | | | |
| | 15 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Leisure Goods / Activities / Movies (continued) | |
| | | |
Bombardier Recreational Products, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025 | | | | | | $ | 1,075 | | | $ | 1,065,164 | |
| | | |
CDS U.S. Intermediate Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.26%, (USD LIBOR + 3.75%), Maturing July 8, 2022(2) | | | | | | | 243 | | | | 237,708 | |
| | | |
ClubCorp Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024 | | | | | | | 441 | | | | 425,110 | |
| | | |
Crown Finance US, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing February 28, 2025 | | | | | | | 392 | | | | 386,468 | |
| | | |
Delta 2 (LUX) S.a.r.l. | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024 | | | | | | | 439 | | | | 431,190 | |
| | | |
Emerald Expositions Holding, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024 | | | | | | | 260 | | | | 256,546 | |
| | | |
Lindblad Expeditions, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing March 21, 2025 | | | | | | | 97 | | | | 97,253 | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing March 21, 2025 | | | | | | | 387 | | | | 389,010 | |
| | | |
Match Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.04%, (2 mo. USD LIBOR + 2.50%), Maturing November 16, 2022 | | | | | | | 131 | | | | 131,578 | |
| | | |
Sabre GLBL, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024 | | | | | | | 629 | | | | 626,287 | |
| | | |
SRAM, LLC | | | | | | | | | |
| | | |
Term Loan, 5.33%, (2 mo. USD LIBOR + 2.75%), Maturing March 15, 2024 | | | | | | | 198 | | | | 197,613 | |
| | | |
Steinway Musical Instruments, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing February 13, 2025 | | | | | | | 198 | | | | 195,030 | |
| | | |
Travel Leaders Group, LLC | | | | | | | | | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024 | | | | | | | 223 | | | | 223,033 | |
| | | |
UFC Holdings, LLC | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing April 30, 2026 | | | | | | | 439 | | | | 439,079 | |
| | | |
| | | | | | | | | | $ | 6,230,983 | |
|
Lodging and Casinos — 6.1% | |
| | | |
Aristocrat Technologies, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.34%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024 | | | | | | $ | 265 | | | $ | 261,935 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Lodging and Casinos (continued) | |
| | | |
Boyd Gaming Corporation | | | | | | | | | |
| | | |
Term Loan, 4.64%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023 | | | | | | $ | 219 | | | $ | 217,897 | |
| | | |
CityCenter Holdings, LLC | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024 | | | | | | | 615 | | | | 609,994 | |
| | | |
Eldorado Resorts, LLC | | | | | | | | | |
| | | |
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing April 17, 2024 | | | | | | | 198 | | | | 197,740 | |
| | | |
ESH Hospitality, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing August 30, 2023 | | | | | | | 283 | | | | 282,817 | |
| | | |
Four Seasons Hotels Limited | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023 | | | | | | | 220 | | | | 219,250 | |
| | | |
Golden Nugget, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing October 4, 2023 | | | | | | | 1,684 | | | | 1,678,425 | |
| | | |
GVC Holdings PLC | | | | | | | | | |
| | | |
Term Loan, 4.69%, (1 mo. USD LIBOR + 2.25%), Maturing March 29, 2024 | | | | | | | 248 | | | | 247,397 | |
| | | |
Hanjin International Corp. | | | | | | | | | |
| | | |
Term Loan, 4.93%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020 | | | | | | | 125 | | | | 124,063 | |
| | | |
Hilton Worldwide Finance, LLC | | | | | | | | | |
| | | |
Term Loan, 4.18%, (1 mo. USD LIBOR + 1.75%), Maturing October 25, 2023 | | | | | | | 874 | | | | 872,955 | |
| | | |
Las Vegas Sands, LLC | | | | | | | | | |
| | | |
Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing March 27, 2025 | | | | | | | 248 | | | | 245,069 | |
| | | |
MGM Growth Properties Operating Partnership L.P. | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025 | | | | | | | 461 | | | | 457,798 | |
| | | |
Playa Resorts Holding B.V. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024 | | | | | | | 836 | | | | 822,942 | |
| | | |
Stars Group Holdings B.V. (The) | | | | | | | | | |
| | | |
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025 | | | | | | | 850 | | | | 851,143 | |
| | | |
VICI Properties 1, LLC | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024 | | | | | | | 525 | | | | 522,211 | |
| | | |
Wyndham Hotels & Resorts, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.19%, (1 mo. USD LIBOR + 1.75%), Maturing May 30, 2025 | | | | | | | 299 | | | | 297,700 | |
| | | |
| | | | | | | | | | $ | 7,909,336 | |
| | | | |
| | 16 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Nonferrous Metals / Minerals — 0.9% | |
| | | |
Dynacast International, LLC | | | | | | | | | |
| | | |
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022 | | | | | | $ | 291 | | | $ | 284,514 | |
| | | |
Global Brass & Copper, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing May 29, 2025 | | | | | | | 195 | | | | 195,122 | |
| | | |
Murray Energy Corporation | | | | | | | | | |
| | | |
Term Loan, 9.77%, (3 mo. USD LIBOR + 7.25%), Maturing October 17, 2022 | | | | | | | 475 | | | | 367,805 | |
| | | |
Noranda Aluminum Acquisition Corporation | | | | | | | | | |
| | | |
Term Loan, 0.00%, Maturing February 28, 2020(4) | | | | | | | 238 | | | | 1,040 | |
| | | |
Oxbow Carbon, LLC | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing January 4, 2023 | | | | | | | 141 | | | | 141,152 | |
| | | |
Term Loan - Second Lien, 9.94%, (1 mo. USD LIBOR + 7.50%), Maturing January 4, 2024 | | | | | | | 175 | | | | 175,438 | |
| | | |
| | | | | | | | | | $ | 1,165,071 | |
|
Oil and Gas — 3.2% | |
| | | |
Ameriforge Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 9.60%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022 | | | | | | $ | 114 | | | $ | 113,066 | |
| | | |
Apergy Corporation | | | | | | | | | |
| | | |
Term Loan, 5.03%, (1 mo. USD LIBOR + 2.50%), Maturing May 9, 2025 | | | | | | | 62 | | | | 62,252 | |
| | | |
CITGO Petroleum Corporation | | | | | | | | | |
| | | |
Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing July 29, 2021 | | | | | | | 239 | | | | 238,601 | |
| | | |
Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing March 22, 2024 | | | | | | | 825 | | | | 825,687 | |
| | | |
Equitrans Midstream Corporation | | | | | | | | | |
| | | |
Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing January 31, 2024 | | | | | | | 449 | | | | 453,364 | |
| | | |
Fieldwood Energy, LLC | | | | | | | | | |
| | | |
Term Loan, 7.69%, (1 mo. USD LIBOR + 5.25%), Maturing April 11, 2022 | | | | | | | 695 | | | | 652,252 | |
| | | |
McDermott Technology Americas, Inc. | | | | | | | | | |
| | | |
Term Loan, 7.44%, (1 mo. USD LIBOR + 5.00%), Maturing May 10, 2025 | | | | | | | 297 | | | | 289,359 | |
| | | |
MEG Energy Corp. | | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing December 31, 2023 | | | | | | | 9 | | | | 8,989 | |
| | | |
Prairie ECI Acquiror L.P. | | | | | | | | | |
| | | |
Term Loan, 7.37%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026 | | | | | | | 600 | | | | 605,625 | |
| | | |
PSC Industrial Holdings Corp. | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing October 3, 2024 | | | | | | | 173 | | | | 172,596 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Oil and Gas (continued) | |
| | | |
Sheridan Investment Partners II L.P. | | | | | | | | | |
| | | |
Term Loan, 6.02%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020 | | | | | | $ | 179 | | | $ | 111,875 | |
| | | |
Term Loan, 8.00%, (3 mo. USD Prime + 2.50%), Maturing December 16, 2020 | | | | | | | 9 | | | | 5,804 | |
| | | |
Term Loan, 8.00%, (3 mo. USD Prime + 2.50%), Maturing December 16, 2020 | | | | | | | 25 | | | | 15,563 | |
| | | |
Sheridan Production Partners I, LLC | | | | | | | | | |
| | | |
Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | | | | | | | 27 | | | | 19,427 | |
| | | |
Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | | | | | | | 44 | | | | 31,805 | |
| | | |
Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | | | | | | | 331 | | | | 240,026 | |
| | | |
Ultra Resources, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.43%, (6.18% cash (1 mo. USD LIBOR + 3.75%), 0.25% PIK), Maturing April 12, 2024 | | | | | | | 350 | | | | 293,251 | |
| | | |
| | | | | | | | | | $ | 4,139,542 | |
|
Publishing — 1.3% | |
| | | |
Ascend Learning, LLC | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024 | | | | | | $ | 271 | | | $ | 268,801 | |
| | | |
Getty Images, Inc. | | | | | | | | | |
| | | |
Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026 | | | | | | | 399 | | | | 398,125 | |
| | | |
Harland Clarke Holdings Corp. | | | | | | | | | |
| | | |
Term Loan, 7.35%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023 | | | | | | | 309 | | | | 258,964 | |
| | | |
LSC Communications, Inc. | | | | | | | | | |
| | | |
Term Loan, 7.90%, (1 week USD LIBOR + 5.50%), Maturing September 30, 2022 | | | | | | | 186 | | | | 185,851 | |
| | | |
Multi Color Corporation | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2024 | | | | | | | 74 | | | | 74,001 | |
| | | |
ProQuest, LLC | | | | | | | | | |
| | | |
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing October 24, 2021 | | | | | | | 410 | | | | 409,776 | |
| | | |
Tweddle Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.93%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, 2023 | | | | | | | 54 | | | | 51,464 | |
| | | |
| | | | | | | | | | $ | 1,646,982 | |
|
Radio and Television — 3.2% | |
| | | |
ALM Media Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing July 31, 2020 | | | | | | $ | 109 | | | $ | 102,223 | |
| | | | |
| | 17 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Radio and Television (continued) | |
| | | |
Cumulus Media New Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.94%, (1 mo. USD LIBOR + 4.50%), Maturing May 15, 2022 | | | | | | $ | 770 | | | $ | 768,333 | |
| | | |
Entercom Media Corp. | | | | | | | | | |
| | | |
Term Loan, 5.18%, (1 mo. USD LIBOR + 2.75%), Maturing November 18, 2024 | | | | | | | 231 | | | | 230,999 | |
| | | |
Entravision Communications Corporation | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024 | | | | | | | 225 | | | | 216,884 | |
| | | |
Gray Television, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026 | | | | | | | 150 | | | | 149,251 | |
| | | |
Hubbard Radio, LLC | | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing March 28, 2025 | | | | | | | 137 | | | | 136,730 | |
| | | |
iHeartCommunications, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.58%, (3 mo. USD LIBOR + 4.00%), Maturing May 1, 2026 | | | | | | | 382 | | | | 382,381 | |
| | | |
Mission Broadcasting, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024 | | | | | | | 79 | | | | 78,185 | |
| | | |
Nexstar Broadcasting, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.68%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024 | | | | | | | 412 | | | | 408,688 | |
| | | |
Univision Communications, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024 | | | | | | | 1,851 | | | | 1,759,807 | |
| | | |
| | | | | | | | | | $ | 4,233,481 | |
|
Retailers (Except Food and Drug) — 2.6% | |
| | | |
Ascena Retail Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022 | | | | | | $ | 337 | | | $ | 285,884 | |
| | | |
Bass Pro Group, LLC | | | | | | | | | |
| | | |
Term Loan, 7.44%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024 | | | | | | | 296 | | | | 288,572 | |
| | | |
BJ’s Wholesale Club, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.45%, (1 mo. USD LIBOR + 3.00%), Maturing February 3, 2024 | | | | | | | 230 | | | | 230,470 | |
| | | |
Coinamatic Canada, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.69%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022 | | | | | | | 40 | | | | 38,969 | |
| | | |
David’s Bridal, Inc. | | | | | | | | | |
| | | |
Term Loan, 9.95%, (1 mo. USD LIBOR + 7.50%), Maturing July 17, 2023 | | | | | | | 61 | | | | 61,642 | |
| | | |
Term Loan, 10.45%, (1 mo. USD LIBOR + 8.00%), Maturing January 18, 2024 | | | | | | | 231 | | | | 186,923 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Retailers (Except Food and Drug) (continued) | |
| | | |
Global Appliance, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024 | | | | | | $ | 238 | | | $ | 236,715 | |
| | | |
Harbor Freight Tools USA, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2023 | | | | | | | 98 | | | | 95,748 | |
| | | |
Hoya Midco, LLC | | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024 | | | | | | | 243 | | | | 239,946 | |
| | | |
J. Crew Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.51%, (USD LIBOR + 3.00%), Maturing March 5, 2021(2)(5) | | | | | | | 732 | | | | 550,184 | |
| | | |
LSF9 Atlantis Holdings, LLC | | | | | | | | | |
| | | |
Term Loan, 8.47%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023 | | | | | | | 239 | | | | 225,914 | |
| | | |
PetSmart, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.72%, (1 mo. USD LIBOR + 4.25%), Maturing March 11, 2022 | | | | | | | 785 | | | | 759,643 | |
| | | |
PFS Holding Corporation | | | | | | | | | |
| | | |
Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing January 31, 2021 | | | | | | | 515 | | | | 200,955 | |
| | | |
Pier 1 Imports (U.S.), Inc. | | | | | | | | | |
| | | |
Term Loan, 6.38%, (6 mo. USD LIBOR + 3.50%), Maturing April 30, 2021 | | | | | | | 119 | | | | 48,816 | |
| | | |
| | | | | | | | | | $ | 3,450,381 | |
|
Steel — 1.5% | |
| | | |
Atkore International, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.36%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023 | | | | | | $ | 97 | | | $ | 96,482 | |
| | | |
GrafTech Finance, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025 | | | | | | | 598 | | | | 593,889 | |
| | | |
Neenah Foundry Company | | | | | | | | | |
| | | |
Term Loan, 9.01%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022 | | | | | | | 175 | | | | 173,637 | |
| | | |
Phoenix Services International, LLC | | | | | | | | | |
| | | |
Term Loan, 6.20%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025 | | | | | | | 173 | | | | 173,467 | |
| | | |
Zekelman Industries, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.68%, (1 mo. USD LIBOR + 2.25%), Maturing June 14, 2021 | | | | | | | 938 | | | | 934,775 | |
| | | |
| | | | | | | | | | $ | 1,972,250 | |
|
Surface Transport — 0.9% | |
| | | |
1199169 B.C. Unlimited Liability Company | | | | | | | | | |
| | | |
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026 | | | | | | $ | 61 | | | $ | 61,461 | |
| | | | |
| | 18 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Surface Transport (continued) | |
| | | |
Agro Merchants NAI Holdings, LLC | | | | | | | | | |
| | | |
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024 | | | | | | $ | 99 | | | $ | 98,414 | |
| | | |
Hertz Corporation (The) | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing June 30, 2023 | | | | | | | 239 | | | | 237,879 | |
| | | |
Kenan Advantage Group, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022 | | | | | | | 27 | | | | 26,572 | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022 | | | | | | | 89 | | | | 87,379 | |
| | | |
PODS, LLC | | | | | | | | | |
| | | |
Term Loan, 5.20%, (1 mo. USD LIBOR + 2.75%), Maturing December 6, 2024 | | | | | | | 148 | | | | 146,150 | |
| | | |
Stena International S.a.r.l. | | | | | | | | | |
| | | |
Term Loan, 5.61%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021 | | | | | | | 380 | | | | 372,717 | |
| | | |
XPO Logistics, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.44%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025 | | | | | | | 150 | | | | 148,953 | |
| | | |
| | | | | | | | | | $ | 1,179,525 | |
|
Telecommunications — 5.1% | |
| | | |
CenturyLink, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.19%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025 | | | | | | $ | 1,234 | | | $ | 1,202,872 | |
| | | |
Colorado Buyer, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing May 1, 2024 | | | | | | | 197 | | | | 186,970 | |
| | | |
Digicel International Finance Limited | | | | | | | | | |
| | | |
Term Loan, 5.78%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024 | | | | | | | 172 | | | | 155,138 | |
| | | |
Frontier Communications Corp. | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing June 15, 2024 | | | | | | | 467 | | | | 459,104 | |
| | | |
Global Eagle Entertainment, Inc. | | | | | | | | | |
| | | |
Term Loan, 10.35%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023 | | | | | | | 477 | | | | 459,502 | |
| | | |
Intelsat Jackson Holdings S.A. | | | | | | | | | |
| | | |
Term Loan, 6.18%, (1 mo. USD LIBOR + 3.75%), Maturing November 27, 2023 | | | | | | | 600 | | | | 592,800 | |
| | | |
Term Loan, 6.93%, (1 mo. USD LIBOR + 4.50%), Maturing January 2, 2024 | | | | | | | 400 | | | | 401,375 | |
| | | |
IPC Corp. | | | | | | | | | |
| | | |
Term Loan, 7.09%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021 | | | | | | | 220 | | | | 187,134 | |
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Telecommunications (continued) | |
| | | |
Onvoy, LLC | | | | | | | | | |
| | | |
Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024 | | | | | | $ | 466 | | | $ | 384,037 | |
| | | |
Plantronics, Inc. | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025 | | | | | | | 299 | | | | 297,531 | |
| | | |
Sprint Communications, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024 | | | | | | | 833 | | | | 814,251 | |
| | | |
Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing February 2, 2024 | | | | | | | 175 | | | | 172,924 | |
| | | |
Syniverse Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 7.44%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023 | | | | | | | 223 | | | | 208,271 | |
| | | |
Telesat Canada | | | | | | | | | |
| | | |
Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, 2023 | | | | | | | 1,096 | | | | 1,085,114 | |
| | | |
| | | | | | | | | | $ | 6,607,023 | |
|
Utilities — 3.2% | |
| | | |
Brookfield WEC Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.94%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2025 | | | | | | $ | 774 | | | $ | 773,494 | |
| | | |
Calpine Construction Finance Company L.P. | | | | | | | | | |
| | | |
Term Loan, 4.94%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025 | | | | | | | 91 | | | | 90,868 | |
| | | |
Calpine Corporation | | | | | | | | | |
| | | |
Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024 | | | | | | | 794 | | | | 788,107 | |
| | | |
Term Loan, 5.34%, (3 mo. USD LIBOR + 2.75%), Maturing April 5, 2026 | | | | | | | 200 | | | | 199,688 | |
| | | |
Granite Acquisition, Inc. | | | | | | | | | |
| | | |
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021 | | | | | | | 620 | | | | 622,066 | |
| | | |
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021 | | | | | | | 28 | | | | 28,160 | |
| | | |
Lightstone Holdco, LLC | | | | | | | | | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024 | | | | | | | 20 | | | | 19,443 | |
| | | |
Term Loan, 6.19%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024 | | | | | | | 348 | | | | 344,725 | |
| | | |
Longview Power, LLC | | | | | | | | | |
| | | |
Term Loan, 8.59%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021 | | | | | | | 553 | | | | 495,327 | |
| | | | |
| | 19 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Borrower/Tranche Description | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Utilities (continued) | |
| | | |
Talen Energy Supply, LLC | | | | | | | | | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing July 15, 2023 | | | | | | $ | 163 | | | $ | 162,991 | |
| | | |
Term Loan, 6.44%, (1 mo. USD LIBOR + 4.00%), Maturing April 15, 2024 | | | | | | | 170 | | | | 170,450 | |
| | | |
USIC Holdings, Inc. | | | | | | | | | |
| | | |
Term Loan, 5.44%, (1 mo. USD LIBOR + 3.00%), Maturing December 8, 2023 | | | | | | | 297 | | | | 293,843 | |
| | | |
Vistra Operations Company, LLC | | | | | | | | | |
| | | |
Term Loan, 4.43%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2025 | | | | | | | 248 | | | | 247,584 | |
| | | |
| | | | | | | | | | $ | 4,236,746 | |
| |
Total Senior Floating-Rate Loans (identified cost $179,378,592) | | | $ | 173,764,132 | |
|
Corporate Bonds & Notes — 10.7% | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Air Transport — 0.5% | |
| | | |
Azul Investments LLP | | | | | | | | | |
| | | |
5.875%, 10/26/24(6) | | | | | | | 710 | | | $ | 676,275 | |
| | | |
| | | | | | | | | | $ | 676,275 | |
|
Banks and Thrifts — 1.0% | |
| | | |
Australia and New Zealand Banking Group, Ltd. | | | | | | | | | |
| | | |
3.75%, 7/25/19(7) | | | AUD | | | | 640 | | | $ | 445,307 | |
| | | |
Banco Mercantil del Norte S.A./Grand Cayman | | | | | | | | | |
| | | |
5.75% to 10/4/26, 10/4/31(6)(8) | | | | | | | 400 | | | | 392,004 | |
| | | |
Yapi ve Kredi Bankasi AS | | | | | | | | | |
| | | |
13.875% to 1/15/24(6)(8)(9) | | | | | | | 500 | | | | 473,475 | |
| | | |
| | | | | | | | | | $ | 1,310,786 | |
|
Building and Development — 0.3% | |
| | | |
MDC Holdings, Inc. | | | | | | | | | |
| | | |
6.00%, 1/15/43 | | | | | | | 533 | | | $ | 470,372 | |
| | | |
| | | | | | | | | | $ | 470,372 | |
|
Chemicals and Plastics — 0.4% | |
| | | |
Cydsa SAB de CV | | | | | | | | | |
| | | |
6.25%, 10/4/27(6) | | | | | | | 500 | | | $ | 495,755 | |
| | | |
| | | | | | | | | | $ | 495,755 | |
| | | | | | | | | | | | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Diversified Financial Services — 1.1% | |
| | | |
Credito Real SAB de CV SOFOM ER | | | | | | | | | |
| | | |
9.50%, 2/7/26(6) | | | | | | | 470 | | | $ | 509,409 | |
| | | |
Springleaf Finance Corp. | | | | | | | | | |
| | | |
6.625%, 1/15/28 | | | | | | | 28 | | | | 28,421 | |
| | | |
UniCredit SpA | | | | | | | | | |
| | | |
5.861% to 6/19/27, 6/19/32(6)(8) | | | | | | | 765 | | | | 698,450 | |
| | | |
Unifin Financiera SAB de CV SOFOM ER | | | | | | | | | |
| | | |
8.875% to 1/29/25(6)(8)(9) | | | | | | | 200 | | | | 181,002 | |
| | | |
| | | | | | | | | | $ | 1,417,282 | |
|
Drugs — 0.3% | |
| | | |
Bausch Health Companies, Inc. | | | | | | | | | |
| | | |
6.50%, 3/15/22(6) | | | | | | | 173 | | | $ | 179,091 | |
| | | |
7.00%, 3/15/24(6) | | | | | | | 225 | | | | 235,547 | |
| | | |
| | | | | | | | | | $ | 414,638 | |
|
Electronics / Electrical — 0.2% | |
| | | |
Ingram Micro, Inc. | | | | | | | | | |
| | | |
5.45%, 12/15/24 | | | | | | | 310 | | | $ | 307,165 | |
| | | |
| | | | | | | | | | $ | 307,165 | |
|
Leisure Goods / Activities / Movies — 0.5% | |
| | | |
Mattel, Inc. | | | | | | | | | |
| | | |
3.15%, 3/15/23 | | | | | | | 475 | | | $ | 439,375 | |
| | | |
6.20%, 10/1/40 | | | | | | | 120 | | | | 96,600 | |
| | | |
5.45%, 11/1/41 | | | | | | | 155 | | | | 114,700 | |
| | | |
| | | | | | | | | | $ | 650,675 | |
|
Nonferrous Metals / Minerals — 0.9% | |
| | | |
First Quantum Minerals, Ltd. | | | | | | | | | |
| | | |
6.875%, 3/1/26(6) | | | | | | | 975 | | | $ | 833,625 | |
| | | |
Gold Fields Orogen Holdings BVI, Ltd. | | | | | | | | | |
| | | |
6.125%, 5/15/29(6) | | | | | | | 315 | | | | 329,175 | |
| | | |
| | | | | | | | | | $ | 1,162,800 | |
|
Oil and Gas — 2.9% | |
| | | |
Gran Tierra Energy International Holdings, Ltd. | | | | | | | | | |
| | | |
6.25%, 2/15/25(6) | | | | | | | 500 | | | $ | 475,630 | |
| | | |
Oceaneering International, Inc. | | | | | | | | | |
| | | |
4.65%, 11/15/24 | | | | | | | 600 | | | | 573,000 | |
| | | |
6.00%, 2/1/28 | | | | | | | 500 | | | | 491,250 | |
| | | | |
| | 20 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Oil and Gas (continued) | |
| | | |
Petrobras Global Finance B.V. | | | | | | | | | |
| | | |
5.75%, 2/1/29 | | | | | | | 525 | | | $ | 530,560 | |
| | | |
5.625%, 5/20/43 | | | | | | | 285 | | | | 261,131 | |
| | | |
Petroleos Mexicanos | | | | | | | | | |
| | | |
6.75%, 9/21/47 | | | | | | | 570 | | | | 516,648 | |
| | | |
Rowan Cos., Inc. | | | | | | | | | |
| | | |
4.75%, 1/15/24 | | | | | | | 415 | | | | 307,100 | |
| | | |
5.40%, 12/1/42 | | | | | | | 675 | | | | 391,500 | |
| | | |
YPF SA | | | | | | | | | |
| | | |
7.00%, 12/15/47(6) | | | | | | | 238 | | | | 190,995 | |
| | | |
| | | | | | | | | | $ | 3,737,814 | |
|
Pharmaceuticals — 0.2% | |
| | | |
Teva Pharmaceutical Finance Netherlands III B.V. | | | | | | | | | |
| | | |
3.15%, 10/1/26 | | | | | | | 300 | | | $ | 228,563 | |
| | | |
| | | | | | | | | | $ | 228,563 | |
|
Radio and Television — 0.1% | |
| | | |
iHeartCommunications, Inc. | | | | | | | | | |
| | | |
6.375%, 5/1/26 | | | | | | | 30 | | | $ | 31,374 | |
| | | |
8.375%, 5/1/27 | | | | | | | 54 | | | | 57,273 | |
| | | |
| | | | | | | | | | $ | 88,647 | |
|
Real Estate Investment Trusts (REITs) — 0.4% | |
| | | |
CBL & Associates, L.P. | | | | | | | | | |
| | | |
4.60%, 10/15/24 | | | | | | | 465 | | | $ | 302,250 | |
| | | |
5.95%, 12/15/26 | | | | | | | 280 | | | | 186,228 | |
| | | |
| | | | | | | | | | $ | 488,478 | |
|
Retail — 0.2% | |
| | | |
JC Penney Corp., Inc. | | | | | | | | | |
| | | |
8.625%, 3/15/25(6) | | | | | | | 425 | | | $ | 214,625 | |
| | | |
| | | | | | | | | | $ | 214,625 | |
|
Retailers (Except Food and Drug) — 1.1% | |
| | | |
Macy’s Retail Holdings, Inc. | | | | | | | | | |
| | | |
4.30%, 2/15/43 | | | | | | | 1,235 | | | $ | 975,089 | |
| | | |
Signet UK Finance PLC | | | | | | | | | |
| | | |
4.70%, 6/15/24 | | | | | | | 519 | | | | 440,501 | |
| | | |
| | | | | | | | | | $ | 1,415,590 | |
| | | | | | | | | | | | |
Security | | | | | Principal Amount* (000’s omitted) | | | Value | |
|
Telecommunications — 0.2% | |
| | | |
CommScope Technologies, LLC | | | | | | | | | |
| | | |
5.00%, 3/15/27(6) | | | | | | | 330 | | | $ | 282,150 | |
| | | |
| | | | | | | | | | $ | 282,150 | |
|
Transportation — 0.4% | |
| | | |
JSL Europe SA | | | | | | | | | |
| | | |
7.75%, 7/26/24(6) | | | | | | | 600 | | | $ | 595,500 | |
| | | |
| | | | | | | | | | $ | 595,500 | |
| |
Total Corporate Bonds & Notes (identified cost $14,425,571) | | | $ | 13,957,115 | |
|
Foreign Government Bonds — 4.0% | |
Security | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Argentina — 0.6% | |
| | | |
Republic of Argentina | | | | | | | | | |
| | | |
7.50%, 4/22/26 | | | USD | | | | 470 | | | $ | 353,969 | |
| | | |
6.875%, 1/11/48 | | | USD | | | | 645 | | | | 432,962 | |
| | | |
| | | | | | | | | | $ | 786,931 | |
|
Australia — 0.1% | |
| | | |
Queensland Treasury Corp. | | | | | | | | | |
| | | |
5.50%, 6/21/21(7) | | | AUD | | | | 225 | | | $ | 169,293 | |
| | | |
| | | | | | | | | | $ | 169,293 | |
|
Brazil — 0.5% | |
| | | |
Nota do Tesouro Nacional | | | | | | | | | |
| | | |
10.00%, 1/1/25 | | | BRL | | | | 2,125 | | | $ | 589,500 | |
| | | |
| | | | | | | | | | $ | 589,500 | |
|
Canada — 0.5% | |
| | | |
Canada Housing Trust | | | | | | | | | |
| | | |
3.80%, 6/15/21(6) | | | CAD | | | | 900 | | | $ | 695,403 | |
| | | |
| | | | | | | | | | $ | 695,403 | |
|
Malaysia — 0.2% | |
| | | |
Malaysia Government Bond | | | | | | | | | |
| | | |
3.441%, 2/15/21 | | | MYR | | | | 1,200 | | | $ | 287,015 | |
| | | |
| | | | | | | | | | $ | 287,015 | |
| | | | |
| | 21 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Security | | | | | Principal Amount (000’s omitted) | | | Value | |
|
Mexico — 0.5% | |
| | | |
Mexican Bonos | | | | | | | | | |
| | | |
7.75%, 5/29/31 | | | MXN | | | | 12,010 | | | $ | 595,679 | |
| | | |
| | | | | | | | | | $ | 595,679 | |
|
Supranational — 1.5% | |
| | | |
European Investment Bank | | | | | | | | | |
| | | |
7.20%, 7/9/19(6) | | | IDR | | | | 10,780,000 | | | $ | 752,504 | |
| | | |
International Bank for Reconstruction & Development | | | | | | | | | |
| | | |
3.50%, 1/22/21 | | | NZD | | | | 675 | | | | 454,887 | |
| | | |
International Finance Corp. | | | | | | | | | |
| | | |
7.80%, 6/3/19 | | | INR | | | | 24,990 | | | | 358,582 | |
| | | |
8.25%, 6/10/21 | | | INR | | | | 18,100 | | | | 267,142 | |
| | | |
6.30%, 11/25/24 | | | INR | | | | 6,420 | | | | 90,285 | |
| | | |
| | | | | | | | | | $ | 1,923,400 | |
|
Uruguay — 0.1% | |
| | | |
Republic of Uruguay | | | | | | | | | |
| | | |
8.50%, 3/15/28(6) | | | UYU | | | | 6,900 | | | $ | 164,698 | |
| | | |
| | | | | | | | | | $ | 164,698 | |
| |
Total Foreign Government Bonds (identified cost $5,452,813) | | | $ | 5,211,919 | |
| | |
Convertible Bonds — 0.6% | | | | | | | | | |
Security | | | | | Principal Amount (000’s omitted) | | | Value | |
| | | |
Oil & Gas — 0.6% | | | | | | | | | |
| |
Ascent Resources-Utica, LLC/ARU Finance Corp. | | | | |
| | | |
6.50%, 3/1/21(6)(10) | | | | | | $ | 124 | | | $ | 162,926 | |
| | | |
Nabors Industries, Inc. | | | | | | | | | |
| | | |
0.75%, 1/15/24 | | | | | | | 890 | | | | 613,441 | |
| | |
Total Convertible Bonds (identified cost $872,550) | | | | | | | $ | 776,367 | |
| | |
Common Stocks — 2.0% | | | | | | | | | |
Security | | | | | Shares | | | Value | |
|
Consumer Discretionary — 0.3% | |
| | | |
Lennar Corp., Class A | | | | | | | 6,815 | | | $ | 338,433 | |
| | | |
| | | | | | | | | | $ | 338,433 | |
| | | | | | | | | | | | |
Security | | | | | Shares | | | Value | |
| | | |
Electronics / Electrical — 0.0%(11) | | | | | | | | | |
| | | |
Answers Corp.(5)(12)(13) | | | | | | | 14,876 | | | $ | 29,603 | |
| | | |
| | | | | | | | | | $ | 29,603 | |
|
Entertainment — 0.3% | |
| | | |
Walt Disney Co. (The) | | | | | | | 2,600 | | | $ | 343,304 | |
| | | |
| | | | | | | | | | $ | 343,304 | |
|
Health Care — 0.0%(11) | |
| | | |
New Millennium Holdco, Inc.(12)(13) | | | | | | | 10,394 | | | $ | 832 | |
| | | |
| | | | | | | | | | $ | 832 | |
|
Metals / Mining — 0.2% | |
| | | |
Newmont Goldcorp Corp. | | | | | | | 9,260 | | | $ | 306,413 | |
| | | |
| | | | | | | | | | $ | 306,413 | |
|
Oil and Gas — 0.6% | |
| | | |
AFG Holdings, Inc.(5)(12)(13) | | | | | | | 4,525 | | | $ | 295,709 | |
| | | |
Drilling Co. of 1972 A/S (The)(13) | | | | | | | 630 | | | | 40,243 | |
| | | |
Fieldwood Energy, Inc.(12)(13) | | | | | | | 2,148 | | | | 68,736 | |
| | | |
Royal Dutch Shell PLC, Class B ADR | | | | | | | 5,150 | | | | 323,729 | |
| | | |
Southcross Holdings Group, LLC(5)(12)(13) | | | | | | | 15 | | | | 0 | |
| | | |
Southcross Holdings L.P., Class A(12)(13) | | | | | | | 15 | | | | 8,062 | |
| | | |
| | | | | | | | | | $ | 736,479 | |
|
Pharmaceuticals — 0.1% | |
| | | |
Teva Pharmaceutical Industries, Ltd. ADR(13) | | | | | | | 22,165 | | | $ | 191,727 | |
| | | |
| | | | | | | | | | $ | 191,727 | |
|
Publishing — 0.0%(11) | |
| | | |
Tweddle Group, Inc.(5)(12)(13) | | | | | | | 444 | | | $ | 1,185 | |
| | | |
| | | | | | | | | | $ | 1,185 | |
|
Radio and Television — 0.2% | |
| | | |
Clear Channel Outdoor Holdings, Inc.(12)(13) | | | | | | | 12,499 | | | $ | 63,495 | |
| | | |
Cumulus Media, Inc.(12)(13) | | | | | | | 9,974 | | | | 159,584 | |
| | | |
iHeartMedia, Inc., Class A(12)(13) | | | | | | | 5,315 | | | | 87,033 | |
| | | |
| | | | | | | | | | $ | 310,112 | |
|
Retailers (Except Food and Drug) — 0.0%(11) | |
| | | |
David’s Bridal, Inc.(12)(13) | | | | | | | 4,447 | | | $ | 22,235 | |
| | | |
| | | | | | | | | | $ | 22,235 | |
| | | | |
| | 22 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| | | | | | | | | | | | |
Security | | | | | Shares | | | Value | |
|
Transportation — 0.3% | |
| | | |
A.P. Moller - Maersk A/S, Class B | | | | | | | 315 | | | $ | 336,383 | |
| | | |
| | | | | | | | | | $ | 336,383 | |
| |
Total Common Stocks (identified cost $2,999,075) | | | $ | 2,616,706 | |
|
Convertible Preferred Stocks — 0.8% | |
Security | | | | | Shares | | | Value | |
|
Oil & Gas — 0.8% | |
| | | |
Chesapeake Energy Corp., 5.75% | | | | | | | 2,240 | | | $ | 1,079,120 | |
| |
Total Convertible Preferred Stocks (identified cost $1,080,600) | | | $ | 1,079,120 | |
|
Preferred Stocks — 0.2% | |
Security | | | | | Shares | | | Value | |
|
Oil & Gas — 0.2% | |
| | | |
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(8) | | | | | | | 9,200 | | | $ | 184,736 | |
| |
Total Preferred Stocks (identified cost $192,607) | | | $ | 184,736 | |
|
Miscellaneous — 0.0%(11) | |
Security | | | | | Shares | | | Value | |
|
Oil & Gas — 0.0%(11) | |
| | | |
Paragon Offshore Finance Company, Class A(12)(13) | | | | | | | 404 | | | $ | 379 | |
| | | |
Paragon Offshore Finance Company, Class B(12)(13) | | | | | | | 202 | | | | 7,070 | |
| |
Total Miscellaneous (identified cost $4,394) | | | $ | 7,449 | |
| | | | | | | | | | |
Short-Term Investments — 3.8% | |
Description | | | | Units | | | Value | |
| | | |
Eaton Vance Cash Reserves Fund, LLC, 2.53%(14) | | | | | 4,950,427 | | | $ | 4,950,427 | |
| |
Total Short-Term Investments (identified cost $4,950,423) | | | $ | 4,950,427 | |
| |
Total Investments — 155.2% (identified cost $209,356,625) | | | $ | 202,547,971 | |
| |
Notes Payable — (41.4)% | | | $ | (54,000,000 | ) |
| |
Variable Rate Term Preferred Shares, at Liquidation Value (net of unamortized deferred debt issuance costs) — (14.5)% | | | $ | (18,970,509 | ) |
| |
Other Assets, Less Liabilities — 0.7% | | | $ | 933,473 | |
| |
Net Assets Applicable to Common Shares — 100.0% | | | $ | 130,510,935 | |
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. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. 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”). Base lending rates may be subject to a floor, or minimum rate. |
| (2) | The stated interest rate represents the weighted average interest rate at May 31, 2019 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. |
| (3) | This Senior Loan will settle after May 31, 2019, at which time the interest rate will be determined. |
| (4) | 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) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10). |
| (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 May 31, 2019, the aggregate value of these securities is $8,538,239 or 6.5% of the Fund’s net assets applicable to common shares. |
| | | | |
| | 23 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Portfolio of Investments — continued
| (7) | 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 May 31, 2019, the aggregate value of these securities is $614,600 or 0.5% of the Fund’s net assets applicable to common shares. |
| (8) | Security converts to floating rate after the indicated fixed-rate coupon period. |
| (9) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(10) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
(11) | Amount is less than 0.05%. |
(12) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(13) | Non-income producing security. |
(14) | Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of May 31, 2019. |
Abbreviations:
| | | | |
| | |
ADR | | – | | American Depositary Receipt |
| | |
DIP | | – | | Debtor In Possession |
| | |
LIBOR | | – | | London Interbank Offered Rate |
| | |
PIK | | – | | Payment In Kind |
Currency Abbreviations:
| | | | |
| | |
AUD | | – | | Australian Dollar |
| | |
BRL | | – | | Brazilian Real |
| | |
CAD | | – | | Canadian Dollar |
| | |
IDR | | – | | Indonesian Rupiah |
| | |
INR | | – | | Indian Rupee |
| | | | |
| | |
MXN | | – | | Mexican Peso |
| | |
MYR | | – | | Malaysian Ringgit |
| | |
NZD | | – | | New Zealand Dollar |
| | |
USD | | – | | United States Dollar |
| | |
UYU | | – | | Uruguayan Peso |
| | | | |
| | 24 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Statement of Assets and Liabilities
| | | | |
Assets | | May 31, 2019 | |
| |
Unaffiliated investments, at value (identified cost, $204,406,202) | | $ | 197,597,544 | |
| |
Affiliated investment, at value (identified cost, $4,950,423) | | | 4,950,427 | |
| |
Cash | | | 1,890,148 | |
| |
Interest and dividends receivable | | | 977,229 | |
| |
Dividends receivable from affiliated investment | | | 12,571 | |
| |
Receivable for investments sold | | | 704,045 | |
| |
Tax reclaims receivable | | | 2,544 | |
| |
Prepaid upfront fees on variable rate term preferred shares | | | 18,683 | |
| |
Prepaid upfront fees on notes payable | | | 61,132 | |
| |
Prepaid expenses | | | 11,707 | |
| |
Total assets | | $ | 206,226,030 | |
|
Liabilities | |
| |
Notes payable | | $ | 54,000,000 | |
| |
Variable rate term preferred shares, at liquidation value (net of unamortized deferred debt issuance costs of $29,491) | | | 18,970,509 | |
| |
Payable for investments purchased | | | 2,250,143 | |
| |
Payable to affiliates: | | | | |
| |
Investment adviser fee | | | 130,291 | |
| |
Trustees’ fees | | | 1,923 | |
| |
Interest expense and fees payable | | | 293,945 | |
| |
Accrued expenses | | | 68,284 | |
| |
Total liabilities | | $ | 75,715,095 | |
| |
Net assets applicable to common shares | | $ | 130,510,935 | |
|
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 | | | 144,067,649 | |
| |
Accumulated loss | | | (13,632,778 | ) |
| |
Net assets applicable to common shares | | $ | 130,510,935 | |
| |
Net Asset Value Per Common Share | | | | |
| |
($130,510,935 ÷ 7,606,422 common shares issued and outstanding) | | $ | 17.16 | |
| | | | |
| | 25 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Statement of Operations
| | | | |
Investment Income | | Year Ended May 31, 2019 | |
| |
Interest and other income | | $ | 11,635,072 | |
| |
Dividends (net of foreign taxes, $1,066) | | | 385,539 | |
| |
Dividends from affiliated investment | | | 91,556 | |
| |
Total investment income | | $ | 12,112,167 | |
| |
Expenses | | | | |
| |
Investment adviser fee | | $ | 1,552,496 | |
| |
Trustees’ fees and expenses | | | 11,052 | |
| |
Custodian fee | | | 159,798 | |
| |
Transfer and dividend disbursing agent fees | | | 19,206 | |
| |
Legal and accounting services | | | 109,135 | |
| |
Printing and postage | | | 21,930 | |
| |
Interest expense and fees | | | 2,786,774 | |
| |
Miscellaneous | | | 44,331 | |
| |
Total expenses | | $ | 4,704,722 | |
| |
Net investment income | | $ | 7,407,445 | |
| |
Realized and Unrealized Gain (Loss) | | | | |
| |
Net realized gain (loss) — | | | | |
| |
Investment transactions | | $ | (2,302,161 | ) |
| |
Investment transactions — affiliated investment | | | 668 | |
| |
Foreign currency transactions | | | (11,887 | ) |
| |
Net realized loss | | $ | (2,313,380 | ) |
| |
Change in unrealized appreciation (depreciation) — | | | | |
| |
Investments | | $ | (3,012,453 | ) |
| |
Investments — affiliated investment | | | (533 | ) |
| |
Foreign currency | | | 5,991 | |
| |
Net change in unrealized appreciation (depreciation) | | $ | (3,006,995 | ) |
| |
Net realized and unrealized loss | | $ | (5,320,375 | ) |
| |
Net increase in net assets from operations | | $ | 2,087,070 | |
| | | | |
| | 26 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Statements of Changes in Net Assets
| | | | | | | | |
| | Year Ended May 31, | |
Increase (Decrease) in Net Assets | | 2019 | | | 2018 | |
| | |
From operations — | | | | | | | | |
| | |
Net investment income | | $ | 7,407,445 | | | $ | 6,830,952 | |
| | |
Net realized gain (loss) | | | (2,313,380 | ) | | | 105,677 | |
| | |
Net change in unrealized appreciation (depreciation) | | | (3,006,995 | ) | | | (715,782 | ) |
| | |
Net increase in net assets from operations | | $ | 2,087,070 | | | $ | 6,220,847 | |
| | |
Distributions to common shareholders(1) | | $ | (7,226,101 | ) | | $ | (6,921,844 | ) |
| | |
Net decrease in net assets | | $ | (5,139,031 | ) | | $ | (700,997 | ) |
|
Net Assets Applicable to Common Shares | |
| | |
At beginning of year | | $ | 135,649,966 | | | $ | 136,350,963 | |
| | |
At end of year | | $ | 130,510,935 | | | $ | 135,649,966 | (2) |
(1) | For the year ended May 31, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018. |
(2) | Includes accumulated distributions in excess of net investment income of $(157,170) at May 31, 2018. The requirement to disclose the corresponding amount as of May 31, 2019 was eliminated. |
| | | | |
| | 27 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Statement of Cash Flows
| | | | |
Cash Flows From Operating Activities | | Year Ended May 31, 2019 | |
| |
Net increase in net assets from operations | | $ | 2,087,070 | |
| |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | | | | |
| |
Investments purchased | | | (54,262,840 | ) |
| |
Investments sold and principal repayments | | | 58,393,654 | |
| |
Increase in short-term investments, net | | | (57,729 | ) |
| |
Net amortization/accretion of premium (discount) | | | (185,367 | ) |
| |
Amortization of prepaid upfront fees on variable rate term preferred shares | | | 24,010 | |
| |
Amortization of deferred debt issuance costs on variable rate term preferred shares | | | 27,022 | |
| |
Amortization of prepaid upfront fees on notes payable | | | 52,326 | |
| |
Decrease in interest and dividends receivable | | | 100,859 | |
| |
Increase in dividends receivable from affiliated investment | | | (3,016 | ) |
| |
Increase in tax reclaims receivable | | | (763 | ) |
| |
Increase in prepaid expenses | | | (2,599 | ) |
| |
Decrease in payable to affiliate for investment adviser fee | | | (5,508 | ) |
| |
Increase in payable to affiliate for Trustees’ fees | | | 393 | |
| |
Decrease in interest expense and fees payable | | | (11,170 | ) |
| |
Decrease in accrued expenses | | | (84,401 | ) |
| |
Decrease in unfunded loan commitments | | | (251,000 | ) |
| |
Net change in unrealized (appreciation) depreciation from investments | | | 3,012,986 | |
| |
Net realized loss from investments | | | 2,301,493 | |
| |
Net cash provided by operating activities | | $ | 11,135,420 | |
|
Cash Flows From Financing Activities | |
| |
Cash distributions paid to common shareholders | | $ | (7,226,101 | ) |
| |
Proceeds from notes payable | | | 5,000,000 | |
| |
Repayments of notes payable | | | (9,000,000 | ) |
| |
Payment of deferred debt issuance costs on variable term preferred shares | | | (8,500 | ) |
| |
Payment of upfront fees on notes payable | | | (64,000 | ) |
| |
Decrease in due to custodian — foreign currency | | | (1,076 | ) |
| |
Net cash used in financing activities | | $ | (11,299,677 | ) |
| |
Net decrease in cash | | $ | (164,257 | ) |
| |
Cash at beginning of year | | $ | 2,054,405 | |
| |
Cash at end of year | | $ | 1,890,148 | |
|
Supplemental disclosure of cash flow information: | |
| |
Cash paid for interest and fees on borrowings and variable rate term preferred shares | | $ | 2,767,086 | |
| | | | |
| | 28 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Financial Highlights
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | |
Net asset value — Beginning of year (Common shares) | | $ | 17.830 | | | $ | 17.930 | | | $ | 16.610 | | | $ | 18.390 | | | $ | 19.560 | |
| | | | | |
Income (Loss) From Operations | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(1) | | $ | 0.974 | | | $ | 0.898 | | | $ | 0.948 | | | $ | 1.058 | | | $ | 1.114 | |
| | | | | |
Net realized and unrealized gain (loss) | | | (0.694 | ) | | | (0.088 | ) | | | 1.365 | | | | (1.724 | ) | | | (0.867 | ) |
| | | | | |
Total income (loss) from operations | | $ | 0.280 | | | $ | 0.810 | | | $ | 2.313 | | | $ | (0.666 | ) | | $ | 0.247 | |
| | | | | |
Less Distributions to Common Shareholders | | | | | | | | | | | | | | | | | | | | |
| | | | | |
From net investment income | | $ | (0.950 | ) | | $ | (0.910 | ) | | $ | (0.983 | ) | | $ | (1.114 | ) | | $ | (1.134 | ) |
| | | | | |
From net realized gain | | | — | | | | — | | | | — | | | | — | | | | (0.283 | ) |
| | | | | |
Tax return of capital | | | — | | | | — | | | | (0.010 | ) | | | — | | | | — | |
| | | | | |
Total distributions to common shareholders | | $ | (0.950 | ) | | $ | (0.910 | ) | | $ | (0.993 | ) | | $ | (1.114 | ) | | $ | (1.417 | ) |
| | | | | |
Net asset value — End of year (Common shares) | | $ | 17.160 | | | $ | 17.830 | | | $ | 17.930 | | | $ | 16.610 | | | $ | 18.390 | |
| | | | | |
Market value — End of year (Common shares) | | $ | 14.890 | | | $ | 16.720 | | | $ | 17.350 | | | $ | 15.240 | | | $ | 16.970 | |
| | | | | |
Total Investment Return on Net Asset Value(2) | | | 2.35 | % | | | 5.03 | % | | | 14.69 | % | | | (2.60 | )% | | | 2.15 | % |
| | | | | |
Total Investment Return on Market Value(2) | | | (5.29 | )% | | | 1.79 | % | | | 20.96 | % | | | (3.15 | )% | | | 2.71 | % |
| | | | |
| | 29 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended May 31, | |
Ratios/Supplemental Data | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | |
Net assets applicable to common shares, end of year (000’s omitted) | | $ | 130,511 | | | $ | 135,650 | | | $ | 136,351 | | | $ | 126,331 | | | $ | 139,902 | |
| | | | | |
Ratios (as a percentage of average daily net assets applicable to common shares):† | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses excluding interest and fees(3) | | | 1.44 | % | | | 1.44 | % | | | 1.48 | % | | | 1.63 | % | | | 1.55 | % |
| | | | | |
Interest and fee expense(4) | | | 2.09 | % | | | 1.57 | % | | | 1.17 | % | | | 0.99 | % | | | 0.84 | % |
| | | | | |
Total expenses(3) | | | 3.53 | % | | | 3.01 | % | | | 2.65 | % | | | 2.62 | % | | | 2.39 | % |
| | | | | |
Net investment income | | | 5.56 | % | | | 5.00 | % | | | 5.40 | % | | | 6.35 | % | | | 5.91 | % |
| | | | | |
Portfolio Turnover | | | 24 | % | | | 33 | % | | | 52 | % | | | 29 | % | | | 28 | % |
| | | | | |
Senior Securities: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total notes payable outstanding (in 000’s) | | $ | 54,000 | | | $ | 58,000 | | | $ | 54,000 | | | $ | 34,000 | | | $ | 54,000 | |
| | | | | |
Asset coverage per $1,000 of notes payable(5) | | $ | 3,769 | | | $ | 3,666 | | | $ | 3,877 | | | $ | 5,774 | | | $ | 4,257 | |
| | | | | |
Total preferred shares outstanding | | | 190 | | | | 190 | | | | 190 | | | | 360 | | | | 360 | |
| | | | | |
Asset coverage per preferred share(6) | | $ | 278,782 | | | $ | 276,169 | | | $ | 286,782 | | | $ | 280,473 | | | $ | 255,447 | |
| | | | | |
Involuntary liquidation preference per preferred share(7) | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | |
| | | | | |
Approximate market value per preferred share(7) | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | | | $ | 100,000 | |
(1) | Computed using average common shares outstanding. |
(2) | 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. |
(3) | 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. |
(4) | Interest and fee expense relates to variable rate term preferred shares (see Note 2) and the notes payable (see 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. |
(5) | 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. |
(6) | 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 279%, 276%, 287%, 280% and 255% at May 31, 2019, 2018, 2017, 2016 and 2015, respectively. |
(7) | Plus accumulated and unpaid dividends. |
† | 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. |
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended May 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | |
Expenses excluding interest and fees | | | 0.92 | % | | | 0.94 | % | | | 0.98 | % | | | 0.99 | % | | | 0.95 | % |
| | | | | |
Interest and fee expense | | | 1.35 | % | | | 1.01 | % | | | 0.77 | % | | | 0.60 | % | | | 0.52 | % |
| | | | | |
Total expenses | | | 2.27 | % | | | 1.95 | % | | | 1.75 | % | | | 1.59 | % | | | 1.47 | % |
| | | | | |
Net investment income | | | 3.58 | % | | | 3.24 | % | | | 3.56 | % | | | 3.87 | % | | | 3.63 | % |
| | | | |
| | 30 | | See Notes to Financial Statements. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Notes to Financial Statements
1 Significant Accounting Policies
Eaton Vance Floating-Rate Income Plus Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s investment objective is total return, with an emphasis on income.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.
Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Fund based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Fund. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.
Debt Obligations. Debt obligations 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 ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices 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 ask 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. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
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.
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 most fairly reflects the security’s “fair value”, which is
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Notes to Financial Statements — continued
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 from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates.
D Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.
As of May 31, 2019, 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, if any, are disclosed in the accompanying Portfolio of Investments.
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, upon request by the shareholder, 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.
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.
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 various dates through April 7, 2017 upon consent of the holders of the Series C-1 VRTP Shares and approval of the Fund’s Board of Trustees.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Notes to Financial Statements — continued
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 on September 30, 2016 and redemption amount (excluding the final dividend payment) were as follows:
| | | | |
| |
Series C-1 VRTP Shares Redeemed | | | 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. Effective January 24, 2019, the mandatory redemption date of the Series L-2 VRTP Shares was extended to January 24, 2024. Dividends on the Series L-2 VRTP Shares are determined each day based on a spread of 1.75% (1.85% prior to April 17, 2019) to three-month LIBOR. Such spread is determined based on the current credit rating of the Series L-2 VRTP Shares, which is provided by Moody’s Investors 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 Series L-2 VRTP 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. The Fund paid additional debt issuance costs of $8,500 in connection with the extension of the mandatory redemption date of the Series L-2 VRTP Shares. These amounts are being amortized to interest expense and fees through January 24, 2024. The unamortized amount of the debt issuance costs as of May 31, 2019 is presented as a deduction of the liability for variable rate term preferred shares on the Statement of Assets and Liabilities.
The carrying amount of the Series L-2 VRTP Shares at May 31, 2019 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 May 31, 2019. The average liquidation preference of the Series L-2 VRTP Shares during the year ended May 31, 2019 was $19,000,000.
3 Distributions to Shareholders and Income Tax Information
The Fund intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding 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 quarterly. The dividend rate on the Series L-2 VRTP Shares at May 31, 2019 was 4.34%. The amount of dividends accrued and the average annual dividend rate of the Series L-2 VRTP Shares during the year ended May 31, 2019 were $813,712 and 4.28%, 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.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Notes to Financial Statements — continued
The tax character of distributions declared, including distributions on variable rate term preferred shares that are treated as interest expense for financial reporting purposes, for the years ended May 31, 2019 and May 31, 2018 was as follows:
| | | | | | | | |
| | Year Ended May 31, | |
| | 2019 | | | 2018 | |
| | |
Ordinary income | | $ | 8,039,813 | | | $ | 7,600,309 | |
During the year ended May 31, 2019, accumulated loss was decreased by $60,547 and paid-in capital was decreased by $60,547 due to differences between book and tax accounting, primarily for non-deductible expenses and investments in partnerships. These reclassifications had no effect on the net assets or net asset value per share of the Fund.
As of May 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| | | | |
| |
Undistributed ordinary income | | $ | 170,501 | |
| |
Deferred capital losses | | $ | (6,884,233 | ) |
| |
Net unrealized depreciation | | $ | (6,783,776 | ) |
| |
Distributions payable | | $ | (135,270 | ) |
At May 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $6,884,233 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, 2019, $48,888 are short-term and $6,835,345 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at May 31, 2019, as determined on a federal income tax basis, were as follows:
| | | | |
| |
Aggregate cost | | $ | 209,330,492 | |
| |
Gross unrealized appreciation | | $ | 1,020,258 | |
| |
Gross unrealized depreciation | | | (7,802,779 | ) |
| |
Net unrealized depreciation | | $ | (6,782,521 | ) |
4 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.75% of the Fund’s average daily total managed assets and is payable monthly. Total managed assets as referred to herein represent total assets of the Fund (including assets attributable to borrowings, any outstanding preferred shares, or other forms of leverage) less accrued liabilities (other than liabilities representing borrowings or such other forms of leverage). For the year ended May 31, 2019, the Fund’s investment adviser fee amounted to $1,552,496. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Fund, but receives no compensation.
Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended May 31, 2019, 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 $49,854,122 and $58,900,699, respectively, for the year ended May 31, 2019.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Notes to Financial Statements — continued
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 years ended May 31, 2019 and May 31, 2018.
In November 2013, the Board of Trustees initially approved a share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share 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 years ended May 31, 2019 and May 31, 2018.
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. 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 9, 2020, the Fund also pays a program fee of 0.85% (0.67% prior to March 11, 2019) 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 unused portion of the total commitment under the Agreement. Prior to March 11, 2019, the liquidity fee was 0.15% on the total commitment (used or unused) or 0.25% if the outstanding loan amount was less than or equal to 60% of the total commitment. Program and liquidity fees for the year ended May 31, 2019 totaled $473,000 and are included in interest expense and fees on the Statement of Operations. The Fund also paid an upfront fee of $64,000, which is being amortized to interest expense over a period of one year through March 2020. The unamortized balance at May 31, 2019 is approximately $61,000 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 May 31, 2019, the Fund had borrowings outstanding under the Agreement of $54,000,000 at an interest rate of 2.55%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at May 31, 2019 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 10) at May 31, 2019. For the year ended May 31, 2019, the average borrowings under the Agreement and the average interest rate (excluding fees) were $54,767,123 and 2.46%, respectively.
8 Risks Associated with Foreign Investments
Investing in securities issued by companies or entities 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) |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Notes to Financial Statements — continued
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 May 31, 2019, 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 | | $ | — | | | $ | 173,157,861 | | | $ | 606,271 | | | $ | 173,764,132 | |
| | | | |
Corporate Bonds & Notes | | | — | | | | 13,957,115 | | | | — | | | | 13,957,115 | |
| | | | |
Foreign Government Bonds | | | — | | | | 5,211,919 | | | | — | | | | 5,211,919 | |
| | | | |
Convertible Bonds | | | — | | | | 776,367 | | | | — | | | | 776,367 | |
| | | | |
Common Stocks | | | 1,766,928 | | | | 523,281 | ** | | | 326,497 | | | | 2,616,706 | |
| | | | |
Convertible Preferred Stocks | | | — | | | | 1,079,120 | | | | — | | | | 1,079,120 | |
| | | | |
Preferred Stocks | | | 184,736 | | | | — | | | | — | | | | 184,736 | |
| | | | |
Miscellaneous | | | — | | | | 7,449 | | | | — | | | | 7,449 | |
| | | | |
Short-Term Investments | | | — | | | | 4,950,427 | | | | — | | | | 4,950,427 | |
| | | | |
Total Investments | | $ | 1,951,664 | | | $ | 199,663,539 | | | $ | 932,768 | | | $ | 202,547,971 | |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
** | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended May 31, 2019 is not presented.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Report of Independent Registered Public Accounting Firm
To the Trustees and Shareholders of Eaton Vance Floating-Rate Income Plus Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Eaton Vance Floating-Rate Income Plus Fund (the “Fund”), including the portfolio of investments, as of May 31, 2019, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2019, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of May 31, 2019, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
July 17, 2019
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified business income, qualified dividend income for individuals and the dividends received deduction for corporations.
Qualified Business Income. For the fiscal year ended May 31, 2019, the Fund designates $13,087, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.
Qualified Dividend Income. For the fiscal year ended May 31, 2019, the Fund designates approximately $363,763, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.
Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2019 ordinary income dividends, 3.79% qualifies for the corporate dividends received deduction.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Annual Meeting of Shareholders (Unaudited)
The Fund held its Annual Meeting of Shareholders on March 21, 2019. The following action was taken by the shareholders:
Item 1: The election of Mark R. Fetting, Helen Frame Peters and Marcus L. Smith as Class III Trustees of the Fund for a three-year term expiring in 2022. Ms. Mosley was elected solely by VRTP Shareholders.
| | | | | | | | |
Nominee for Trustee
Elected by All Shareholders | | Number of Shares | |
| For | | | Withheld | |
| | |
Mark R. Fetting | | | 6,294,242 | | | | 959,952 | |
| | |
Helen Frame Peters | | | 6,261,976 | | | | 992,218 | |
| | |
Marcus L. Smith | | | 6,295,638 | | | | 958,556 | |
| |
Nominee for Trustee
Elected by VRTP Shareholders | | Number of Shares | |
| For | | | Withheld | |
| | |
Valerie A. Mosley | | | 190 | | | | 0 | |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Dividend Reinvestment Plan
The Fund offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares (Shares) of the Fund unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by American Stock Transfer & Trust Company, LLC, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.
If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Fund’s transfer agent re-register your Shares in your name or you will not be able to participate.
The Agent’s service fee for handling distributions will be paid by the Fund. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Application for Participation in Dividend Reinvestment Plan
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
Please print exact name on account
Shareholder signature Date
Shareholder signature Date
Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should be mailed to the following address:
Eaton Vance Floating-Rate Income Plus Fund
c/o American Stock Transfer & Trust Company, LLC
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Board of Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.
Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):
Information about Fees, Performance and Expenses
• | | A report from an independent data provider comparing advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”); |
• | | A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds; |
• | | A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods; |
• | | Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board; |
• | | Comparative information concerning the fees charged and services provided by the adviser and sub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any; |
• | | Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds; |
Information about Portfolio Management and Trading
• | | Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies; |
• | | The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes; |
• | | Information about the policies and practices of each fund’s adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions; |
• | | Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | | Data relating to the portfolio turnover rate of each fund; |
Information about each Adviser and Sub-adviser
• | | Reports detailing the financial results and condition of the adviser and sub-adviser (where applicable) to each fund; |
• | | Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable; |
• | | The Code of Ethics of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes; |
• | | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | | Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance; |
• | | Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any; |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Board of Trustees’ Contract Approval — continued
• | | A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
Other Relevant Information
• | | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates; |
• | | Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the adviser or administrator to each of the funds; and |
• | | The terms of each investment advisory agreement. |
During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.
The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Floating-Rate Income Plus Fund (the “Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory and administrative agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.
The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing special considerations relevant to investing in senior floating rate loans and other income producing investments. The Board considered the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Fund, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.
The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Board of Trustees’ Contract Approval — continued
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.
Fund Performance
The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Fund and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.
The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board concluded that the implementation of breakpoints in the advisory fee schedule is not warranted at this time.
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Management and Organization
Fund Management. The Trustees of Eaton Vance Floating-Rate Income Plus Fund (the Fund) are responsible for the overall management and supervision of the Fund’s affairs. The Trustees and officers of the Fund are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Fund, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 169 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three-year term. Each officer serves until his or her successor is elected.
| | | | | | |
Name and Year of Birth | | Position(s) with the Fund | | Term Expiring. Trustee Since(1) | | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
|
Interested Trustee |
| | | |
Thomas E. Faust Jr. 1958 | | Class I Trustee | | Until 2020. Trustee since 2007. | | Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 169 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Fund. Other Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm). |
|
Noninterested Trustees |
| | | |
Mark R. Fetting 1954 | | Class III Trustee | | Until 2022. Trustee since 2016. | | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None. |
| | | |
Cynthia E. Frost 1961 | | Class I Trustee | | Until 2020. Trustee since 2014. | | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm)(1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None. |
| | | |
George J. Gorman 1952 | | Class II Trustee(3) | | Until 2021. Trustee since 2014. | | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds)(2010-2014). |
| | | |
Valerie A. Mosley 1960 | | Class III Trustee(3) | | Until 2022. Trustee since 2014. | | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years.(2) Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013). |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Management and Organization — continued
| | | | | | |
Name and Year of Birth | | Position(s) with the Fund | | Term Expiring. Trustee Since(1) | | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
|
Noninterested Trustees (continued) |
| | | |
William H. Park 1947 | | Chairperson of the Board and Class II Trustee | | Until 2021. Chairperson of the Board since 2016 and Trustee since 2003. | | Private investor. Formerly, Consultant (management and transactional)(2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm)(2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm)(1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years.(2) None. |
| | | |
Helen Frame Peters 1948 | | Class III Trustee | | Until 2022. Trustee since 2008. | | Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years.(2) None. |
| | | |
Keith Quinton(4) 1958 | | Class II Trustee | | Until 2021. Trustee since 2018. | | Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016). |
| | | |
Marcus L. Smith(4) 1966 | | Class III Trustee | | Until 2022. Trustee since 2018. | | Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
| | | |
Susan J. Sutherland 1957 | | Class II Trustee | | Until 2021. Trustee since 2015. | | Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015). |
| | | |
Scott E. Wennerholm 1959 | | Class I Trustee | | Until 2020. Trustee since 2016. | | Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None. |
| | | | | | |
Name and Year of Birth | | Position(s) with the Fund | | Officer Since(5) | | Principal Occupation(s) During Past Five Years |
|
Principal Officers who are not Trustees |
| | | |
Payson F. Swaffield 1956 | | President | | 2003 | | Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”). |
| | | |
Maureen A. Gemma 1960 | | Vice President, Secretary and Chief Legal Officer | | 2005 | | Vice President of EVM and BMR. Also Vice President of CRM since 2016. |
Eaton Vance
Floating-Rate Income Plus Fund
May 31, 2019
Management and Organization — continued
| | | | | | |
Name and Year of Birth | | Position(s) with the Fund | | Officer Since(5) | | Principal Occupation(s) During Past Five Years |
|
Principal Officers who are not Trustees (continued) |
| | | |
James F. Kirchner 1967 | | Treasurer | | 2007 | | Vice President of EVM and BMR. Also Vice President of CRM since 2016. |
| | | |
Richard F. Froio 1968 | | Chief Compliance Officer | | 2017 | | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO(2012-2017) and Managing Director at BlackRock/Barclays Global Investors(2009-2012). |
(1) | Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. |
(2) | During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). |
(4) | Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018. |
(5) | Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election. |
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 Advisers International Ltd., 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 & 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) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT 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.
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 common shares outstanding as of the last day of the prior calendar year 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”.
Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
![LOGO](https://capedge.com/proxy/N-CSR/0001193125-19-202338/g774499g40r04.jpg)
![LOGO](https://capedge.com/proxy/N-CSR/0001193125-19-202338/g774499g85w92.jpg)
15088 5.31.19
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in FormN-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).
Item 4. Principal Accountant Fees and Services
(a)–(d)
The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended May 31, 2018 and May 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.
Eaton Vance Floating-Rate Income Plus Fund
| | | | | | | | |
Fiscal Years Ended | | 5/31/18 | | | 5/31/19 | |
Audit Fees | | $ | 59,188 | | | $ | 60,000 | |
Audit-Related Fees(1) | | $ | 0 | | | $ | 18,000 | |
Tax Fees(2) | | $ | 22,565 | | | $ | 22,565 | |
All Other Fees(3) | | $ | 0 | | | $ | 0 | |
| | | | | | | | |
Total | | $ | 81,753 | | | $ | 100,565 | |
| | | | | | | | |
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees and specifically include fees for the performance of certain agreed-upon procedures relating to the registrant’s Revolving Credit and Security Agreement and Variable Rate Term Preferred Shares ratings. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to thepre-approval of services provided by the registrant’s principal accountant (the“Pre-Approval Policies”). ThePre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of itspre-approval responsibilities. As a general matter, thePre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to bepre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of thepre-approval process, including the approval and monitoring of audit andnon-audit service fees. Unless a service is specificallypre-approved under thePre-Approval Policies, it must be separatelypre-approved by the audit committee.
ThePre-Approval Policies and the types of audit andnon-audit servicespre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule2-01(c)(7)(i)(C) of RegulationS-X.
(f) Not applicable.
(g) The following table presents (i) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended May 31, 2018 and May 31, 2019; and (ii) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.
| | | | | | | | |
Fiscal Years Ended | | 5/31/18 | | | 5/31/19 | |
Registrant | | $ | 22,565 | | | $ | 40,565 | |
Eaton Vance(1) | | $ | 51,855 | | | $ | 60,130 | |
(1) | The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp. |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant ofnon-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. George J. Gorman (Chair), Valerie A. Mosley, William H. Park and Scott E. Wennerholm are the members of the registrant’s audit committee.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this FormN-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case ofclosed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling1-800-262-1122, and (2) on the Securities and Exchange Commission’s website athttp://www.sec.gov.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies
Eaton Vance Management (“EVM” or “Eaton Vance”) is the investment adviser of the Fund. William E. Holt, Catherine C. McDermott, Daniel P. McElaney, Scott H. Page, Craig P. Russ and Andrew N. Sveen comprise the investment team responsible for the overall management of the Fund’s investments.
Messrs. Page and Russ are Vice Presidents of EVM and have been portfolio managers of the Fund since June 2013. Messrs. Holt, McElaney and Sveen and Ms. McDermott are Vice Presidents of EVM and have been
portfolio managers of the Fund since March 2019. Messrs. Page, Russ and Sveen and Ms. McDermott have managed other Eaton Vance portfolios for more than five years. This information is provided as of the date of filing this report.
The following table shows, as of the Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.
| | | | | | | | | | | | | | | | |
| | Number of All Accounts | | | Total Assets of All Accounts | | | Number of Accounts Paying a Performance Fee | | | Total Assets of Accounts Paying a Performance Fee | |
William E. Holt | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 5 | | | $ | 2,785.8 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
| | | | |
Catherine C. McDermott | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 8 | | | $ | 5,734.0 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
| | | | |
Daniel P. McElaney | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 5 | | | $ | 2,785.8 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
| | | | |
Scott H. Page | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 13 | | | $ | 27,700.6 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 10 | | | $ | 8,382.5 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 5 | | | $ | 5,082.8 | | | | 0 | | | $ | 0 | |
| | | | |
Craig P. Russ | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 9 | | | $ | 23,463.5 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 5 | | | $ | 6,168.8 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 7 | | | $ | 6,181.6 | | | | 0 | | | $ | 0 | |
| | | | | | | | | | | | | | | | |
Andrew N. Sveen | | | | | | | | | | | | | | | | |
Registered Investment Companies | | | 10 | | | $ | 24,752.4 | | | | 0 | | | $ | 0 | |
Other Pooled Investment Vehicles | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
Other Accounts | | | 0 | | | $ | 0 | | | | 0 | | | $ | 0 | |
The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Fund’s most recent fiscal year end.
| | | | |
Portfolio Manager | | Dollar Range of Equity Securities Beneficially Owned in the Fund | |
William E. Holt | | | None | |
Catherine C. McDermott | | | None | |
Daniel P. McElaney | | | None | |
Scott H. Page | | $ | 100,001 - $500,000 | |
Craig P. Russ | | | None | |
Andrew N. Sveen | | $ | 50,001 - $100,000 | |
Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.
Compensation Structure for EVM
Compensation of EVM’s portfolio managers and other investment professionals has the following primary components: (1) a base salary, (2) an annual cash bonus, (3) annualnon-cash compensation consisting of options to purchase shares of EVC nonvoting common stock and/or restricted shares of EVC nonvoting common stock that generally are subject to a vesting schedule and (4) (for equity portfolio managers) a
Deferred Alpha Incentive Plan, which pays a deferred cash award tied to future excess returns in certain equity strategy portfolios. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.
Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio (Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that aretax-managed or otherwise have an objective ofafter-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on apre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. A portion of the compensation payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts managed by such manager to achieve a specified target average annual gross return over a three year period in excess of the account benchmark. The cash award to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return.
The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.
EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is generally based on a substantially fixed percentage ofpre-bonus adjusted operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and compensation.
Item 9. Purchases of Equity Securities byClosed-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. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies
No activity to report for the registrant’s most recent fiscal year end.
Item 13. Exhibits
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(a)(1) | | Registrant’s Code of Ethics – Not applicable (please see Item 2). |
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(a)(2)(i) | | Treasurer’s Section 302 certification. |
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(a)(2)(ii) | | President’s Section 302 certification. |
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(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: | | July 24, 2019 |
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.
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By: | | /s/ James F. Kirchner |
| | James F. Kirchner |
| | Treasurer |
| |
Date: | | July 24, 2019 |
| |
By: | | /s/ Payson F. Swaffield |
| | Payson F. Swaffield |
| | President |
| |
Date: | | July 24, 2019 |