Overview

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
04/30/2017
Fund at NAV 0.56 1.62 2.80 15.38 4.77 5.54
Market Price 2.83 2.58 2.54 20.75 5.99 4.41
03/31/2017
Fund at NAV 0.13 2.23 2.23 18.85 4.56 5.51
Market Price -1.81 -0.29 -0.29 23.05 4.77 3.74
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Distribution Rates1

as of May 24, 2017
Distribution Rate at NAV 5.16%
Distribution Rate at Market Price 5.31%

Fund Factsas of Apr 30, 2017

Performance Inception 06/28/2013
Investment Objective Total return
CUSIP 278284104

Portfolio Management

Scott H. Page, CFA Managed Fund since inception
Craig P. Russ Managed Fund since inception
Kathleen C. Gaffney, CFA Managed Fund since inception

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Performance

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
04/30/2017
Fund at NAV 0.56 1.62 2.80 15.38 4.77 5.54
Market Price 2.83 2.58 2.54 20.75 5.99 4.41
03/31/2017
Fund at NAV 0.13 2.23 2.23 18.85 4.56 5.51
Market Price -1.81 -0.29 -0.29 23.05 4.77 3.74
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 0.74 -5.76 19.98
Market Price -3.58 -5.55 28.78

Fund Facts

Performance Inception 06/28/2013

Distribution Rates1

as of May 24, 2017
Distribution Rate at NAV 5.16%
Distribution Rate at Market Price 5.31%

Distribution History2

Ex-Date Distribution Reinvest Price
Apr 19, 2017 $0.07700 $17.31
Mar 22, 2017 $0.07900 $16.95
Feb 16, 2017 $0.08200 $17.29
Jan 20, 2017 $0.08300 $17.15
Dec 21, 2016 $0.08100 $17.25
Nov 21, 2016 $0.08400 $16.42
Oct 20, 2016 $0.08600 $15.71
Sep 21, 2016 $0.08700 $15.90
Aug 22, 2016 $0.08500 $15.67
Jul 20, 2016 $0.08500 $15.34
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Tax Character of Distributions

Ordinary Dividends    
Non-Qualified Qualified Total Capital Gain Distributions Nondividend Distributions Total Distributions
Distributions ($)
2016 $0.89 $0.06 $0.95 $0.00 $0.00 $0.95
2015 $1.06 $0.08 $1.14 $0.00 $0.00 $1.14
2014 $1.32 $0.08 $1.40 $0.01 $0.00 $1.41
2013 $0.56 $0.04 $0.60 $0.00 $0.00 $0.60
Distributions (%)
2016 94.04% 5.96% 100.00% 0.00% 0.00% 100.00%
2015 92.71% 7.29% 100.00% 0.00% 0.00% 100.00%
2014 93.58% 5.59% 99.17% 0.83% 0.00% 100.00%
2013 93.26% 6.74% 100.00% 0.00% 0.00% 100.00%
This data reflects distributions paid on Fund shares held for the full calendar year and is not predictive of the tax character of current or future distributions. Fund shareholders should refer to the individual IRS Form 1099-DIVs provided to them shortly after each year-end to determine the appropriate federal income tax treatment of the distributions they receive. Eaton Vance is not responsible for any errors in tax reporting that may result from using the above data. Non-qualified ordinary dividends are subject to federal income tax at ordinary rates. Qualified dividends and capital gains distributions are taxable at long-term capital gains rates. Nondividend distributions, also known as return of capital distributions, are not subject to current federal income tax. Instead, the tax cost basis of each shareholder receiving a return of capital distribution is reduced by the amount of the distribution.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Portfolio

Fund Holdings3,4,5as of Mar 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 2.16%
Valeant Pharmaceuticals International, Inc. 5.57% 04/01/2022 1.89%
US Dollars 1.79%
Reynolds Group Holdings Inc 4.03% 02/05/2023 1.78%
Univision Communications Inc 3.90% 03/15/2024 1.41%
Infor Lawson 3.90% 02/01/2022 1.39%
Gardner Denver, Inc. 4.56% 07/30/2020 1.35%
RBS Global Inc 3.90% 08/21/2023 1.28%
Virgin Media Bristol LLC 3.91% 01/31/2025 1.21%
PPD 4.33% 08/18/2022 1.19%
View All

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Insights & Analysis

Commentary

A Word On The Markets as of Mar 31, 2017

The S&P/LSTA Leveraged Loan Index (the Index)6 delivered a 1.15% total return for the three-month period ended March 31, 2017. Though investor demand remained robust throughout the period, technical conditions eased in March as prepayments slowed and new-issue supply increased. As a result, net Index par outstandings expanded during the quarter. Performance results for the period were nearly entirely composed of income generation, with coupon income accounting for 1.17% while market value return subtracted -0.02%. Though loan prices continued to firm in both January and February – 0.16% and 0.14% higher, respectively – prices lost -0.31% during March's modest ease in technical strength. Overall, monthly returns during the period were 0.56%, 0.50% and 0.08% for January, February and March, respectively. The average loan price in the Index ended the period at $98.22.

In line with 2016's theme, aggregate demand outstripped net supply expansion during the period. Though quarterly loan volume increased considerably during the quarter, demand still managed to outpace alongside continued strength in both structured product growth as well as net mutual fund subscriptions. On the funds' side of the equation, Lipper reported more than $11 billion in net inflows to loan funds. Meantime, collateralized loan obligation (CLO) creation totaled more than $17 billion for the period.

On fundamentals, the par-weighted default rate ended the period at 1.49% on a last-12-months basis. The default rate remained low from a historical perspective, with about two thirds of these modest defaults having come by way of commodity-related issuers over this period – which collectively account for a limited corner of the overall market. From this respect, the majority of the asset class outstanding continued to remain in relatively benign shape fundamentally.

Performance Summary 

Eaton Vance Floating-Rate Income Plus Fund (EFF) outperformed the Index at net asset value for the quarter.

  • Security selection within the B and BB tiers of the market was beneficial to the Funds' relative performance.
  • The Funds' underweight to the retailers sector – as well as security selection within – aided relative results for the three-month period.
  • The Funds remained underweight to the better-performing, higher-credit risk tiers of the market, although the limited weight of these segments kept the relative impact limited.
  • Employment of investment leverage, a strategic element of the Funds' strategies, aided performance as it amplified the positive results of the Funds' underlying portfolios.
  • An allocation to high-yield bonds helped performance relative to the Index, as the high-yield market generally outperformed loans.

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.13 2.23 2.23 18.85 4.56 5.51
Market Price -1.81 -0.29 -0.29 23.05 4.77 3.74
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Fund Factsas of Mar 31, 2017

Performance Inception 06/28/2013

Contributors 

Security selection within the B and BB tiers of the market was beneficial to relative performance.

  • The retailers segment was the worst performing area of the loan market during the quarter, generating a return of -1.97%. The Funds' underweight to this sector – as well as security selection within – aided relative results for the three-month period. Security selection within the oil & gas, food service and business equipment & services sectors also helped relative performance.
  • Employment of investment leverage, a strategic element of the Funds' strategies, aided performance as it amplified the positive results of the Funds' underlying portfolios.
  • The Funds' allocation to high-yield bonds – a strategic element of its investment strategy – aided performance relative to the Index, as high-yield bonds outperformed loans for the quarter. The Index does not include high-yield bonds.

Detractors 

Quarterly returns by credit tier were 0.66%, 1.14%, 5.02% and 3.06% for loans rated BB, B, CCC and D, respectively. In a similar vein, second-lien loans also outperformed, returning 3.61% for the quarter, compared with 1.06% for first liens. Though the Funds remained underweight to the better-performing, higher-credit risk tiers of the market, although the limited weight of these segments kept the relative impact limited.

Investment Outlook And Fund Positioning 

We remain constructive on the credit risk profile underlying the loan market. While the default rate is a lagging indicator, the distress ratio – defined as the percentage of performing loans trading below $80 – can often paint a clearer picture about the path of forward default probabilities. Through December, the ratio was 2.9%. Only 1.5% traded below $70, a level considered to be higher in default risk. Overall, we believe defaults are likely to grind modestly higher in the coming year but remain low and below average in an historical context. This view aligns with the latest S&P/LCD quarterly survey of loan managers, with the latest poll showing that participants have cut forecasts of near-term loan defaults. Though the current credit cycle may indeed be in its later innings, decent economic data now and the potential for supportive Trump-era policies ahead should shift default risk from the nearer term to something further out.

Market pricing indicates positive-but-nonetheless very limited price appreciation potential from here. The average price of the Index ended March at $98.2, with 66.9% of performing loans bid at par or higher. With the price "upside" of the asset class having largely played out in 2016, upside potential for the remainder of 2017 is shaping up to take its place in the coupon component of returns – as the Fed projects three quarter-point rate hikes.

With 3-month LIBOR at the average floor in the loan market and 1-month LIBOR at 0.98%, the higher income potential that may follow the next Fed rate hike will likely continue to draw investor attention. Looking ahead, we believe the market's technical balance remains tipped toward one of strength, and we think it's likely that asset class buyership grows as investors brace for the likelihood of higher interest rates. Though unexpected events can always translate to volatility in the shorter run, we think loans are set up well given competing investment opportunities across the capital markets.

The views expressed in this report are those of 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 disclaims 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.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

Attribution

No attribution information is currently available.


Management

Biography
Scott H. Page, CFA

Scott H. Page, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1989

Scott Page is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floating-rate loan strategies. He joined Eaton Vance in 1989.

Scott began his career in the investment management industry in 1981. Before joining Eaton Vance, he was affiliated with the Dartmouth College Investment Office, as well as Citicorp and Chase Manhattan Bank in corporate finance/lending and credit review.

Scott earned a B.A. from Williams College and an MBA from the Amos Tuck School at Dartmouth College. He has served as a member of the board of directors of the LSTA (Loan Syndications and Trading Association). He is a CFA charterholder.

Scott co-authored "An Overview of the Loan Market" in the Handbook of Loan Syndications and Trading (2007). His commentary has appeared in Bloomberg, Business Week, Dow Jones Investment Advisor, Forbes, Investor's Business Daily, SmartMoney, Kiplinger's, USA Today and The Wall Street Journal, and he has been featured on CNBC.

Education
  • B.A. Williams College
  • M.B.A. Amos Tuck School of Business Administration, Dartmouth College

Experience
  • Managed Fund since inception

Biography
Craig P. Russ

Craig P. Russ

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Craig Russ is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions and portfolio construction for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1997.

Craig began his career in the investment management industry in 1985. Before joining Eaton Vance, he worked in commercial lending at State Street Bank.

Craig earned a B.A., cum laude, from Middlebury College and studied at the London School of Economics. He previously served as chairman of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Grant’s Interest Rate Observer and The Wall Street Journal.

Education
  • B.A. Middlebury College

Experience
  • Managed Fund since inception

Other funds managed
 
Biography
Kathleen C. Gaffney, CFA

Kathleen C. Gaffney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2012

Kathleen Gaffney is a vice president of Eaton Vance Management, co-director of diversified fixed income and lead portfolio manager for Eaton Vance’s multisector bond strategies. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2012.

Kathleen began her career in the investment management industry in 1984. Before joining Eaton Vance, Kathleen was a vice president of Loomis, Sayles & Company and portfolio manager for its fixed-income group, managing a variety of mutual funds and institutional strategies.

Kathleen earned a B.A. from the University of Massachusetts, Amherst. She is a CFA charterholder. Her commentary has appeared in The Wall Street Journal, the Financial Times, Institutional Investor, Bloomberg and The New York Times, among other outlets. She has made appearances on Bloomberg TV, Bloomberg Radio and CNBC.

Education
  • B.A. University of Massachusetts, Amherst

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2017

Commentary

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Annual Report

Download - Last updated: May 31, 2016

Holdings-1st or 3rd fiscal quarters-www.sec.gov

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Morningstar EFF Fact Sheet

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Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

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Eaton Vance Floating-Rate Income Plus Fund (NYSE: EFF) Raises $135 Million in Initial Public Offering

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distributions Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Closed-End Fund Earnings Undistributed Net Income Information

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Eaton Vance Declares Early Monthly Distributions for Certain Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

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Section 16 Filings - www.sec.gov

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Semi-Annual Report

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