Eaton Vance Floating-Rate Income Plus Fund
EFF
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 2 International Pl United States of America
- IPO Date
- Jun 26, 2013
- CIK
- 0001573698
- Website
- funds.eatonvance.com
- Similar Companies
- Business
- Eaton Vance Floating-Rate Income Plus Fund (NYSE: EFF) is a closed-end management investment company focused on achieving total return, with an emphasis on income and secondary capital preservation. The Fund invests primarily in senior, secured floating-rate loans ("Senior Loans") of domestic and foreign borrowers denominated in U.S. dollars and foreign currencies including euros, British pounds, Swiss francs, Canadian dollars, and Australian dollars; under normal market conditions, at least 80% of its total assets are allocated to such Senior Loans, which span industries such as aerospace and defense, automotive, chemicals and plastics, ecological services and equipment, electronics/electrical, utilities, food products, healthcare, insurance, and financial intermediaries. Its portfolio includes investments across locations including the United States, Luxembourg, Canada, the Netherlands, Cayman Islands, and Australia, with up to 20% potentially in lower-rated debt obligations rated Caa1 or lower by Moody's or CCC or lower by S&P or Fitch, as well as other income-producing securities like non-investment-grade corporate debt, U.S. government securities, mortgage-related and asset-backed securities, municipal securities, convertible bonds, dividend-paying stocks, and derivatives such as futures, options, and swaps for hedging or duration management. The Fund was formed on June 28, 2013, and is domiciled in the United States, with Eaton Vance Management serving as its investment adviser. In a significant operational change, the Fund liquidated and went out of business as of June 18, 2021, with its first liquidating distribution of approximately $15.62 per share paid on June 24, 2021, representing about 95% of net asset value. Prior to liquidation, it navigated market challenges including the 2019-2020 period of economic slowdown and rising defaults, where its higher-quality loan focus aided relative performance against lower-rated issues in the S&P/LSTA Leveraged Loan Index. Eaton Vance Management, the Fund's adviser, became an indirect wholly-owned subsidiary of Morgan Stanley following the 2021 acquisition of Eaton Vance Corp. by Morgan Stanley, though this transaction did not alter the Fund's investment objective or strategies before its closure.