BOSTON, March 17, 2015 /PRNewswire/ -- Eaton Vance Floating-Rate Income Plus Fund (NYSE: EFF), a diversified closed-end management investment company, today announced the earnings of the Fund for the three months and six months ended November 30, 2014. The Fund's fiscal year ends on May 31, 2015.
For the three months ended November 30, 2014, the Fund had net investment income of $2,121,152 ($0.279 per common share). For the six months ended November 30, 2014, the Fund had net investment income of $4,232,040 ($0.556 per common share). In comparison, for the three months ended November 30, 2013, the Fund had net investment income of $2,444,284 ($0.327 per common share). For the period from the start of business, June 28, 2013, to November 30, 2013, the Fund had net investment income of $3,231,833 ($0.438 per common share).
Net realized and unrealized losses for the three months ended November 30, 2014 were $4,331,034 ($0.566 per common share) and net realized and unrealized losses for the six months ended November 30, 2014 were $4,622,408 ($0.604 per common share). In comparison, net realized and unrealized gains for the three months ended November 30, 2013 were $2,679,286 ($0.362 per common share) and net realized and unrealized gains for the period from the start of business, June 28, 2013, to November 30, 2013 were $3,099,973 ($0.422 per common share).
On November 30, 2014, net assets of the Fund were $144,104,949. The net asset value per common share on November 30, 2014 was $18.95 based on 7,606,422 common shares outstanding. In comparison, on November 30, 2013, net assets of the Fund were $148,280,427. The net asset value per common share on November 30, 2013 was $19.49 based on 7,606,422 common shares outstanding.
The Fund periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Fund portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-end.
The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $295.7 billion in assets as of January 31, 2015, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
EATON VANCE FLOATING-RATE INCOME PLUS FUND | |||||||||||||
SUMMARY OF RESULTS OF OPERATIONS | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Three Months Ended | Period Ended | ||||||||||||
November 30, | November 30, | ||||||||||||
2014 | 2013 | 2014 | 2013* | ||||||||||
Gross investment income | $ 2,976 | $ 3,062 | $ 5,974 | $ 4,593 | |||||||||
Operating expenses | (554) | (318) | (1,140) | (929) | |||||||||
Interest expense on VRTP** | (128) | (128) | (256) | (203) | |||||||||
Other interest expense | (173) | (172) | (346) | (229) | |||||||||
Net investment income | $ 2,121 | $ 2,444 | $ 4,232 | $ 3,232 | |||||||||
Net realized and unrealized gains (losses) | |||||||||||||
on investments | $ (4,331) | $ 2,679 | $ (4,622) | $ 3,100 | |||||||||
Net increase (decrease) in net assets | |||||||||||||
from operations | $ (2,210) | $ 5,123 | $ (390) | $ 6,332 | |||||||||
Earnings per Common Share Outstanding | |||||||||||||
Gross investment income | $ 0.391 | $ 0.406 | $ 0.785 | $ 0.623 | |||||||||
Operating expenses | (0.073) | (0.039) | (0.150) | (0.126) | |||||||||
Interest expense on VRTP** | (0.017) | (0.017) | (0.034) | (0.028) | |||||||||
Other interest expense | (0.022) | (0.023) | (0.045) | (0.031) | |||||||||
Net investment income | $ 0.279 | $ 0.327 | $ 0.556 | $ 0.438 | |||||||||
Net realized and unrealized gains (losses) | |||||||||||||
on investments | $ (0.566) | $ 0.362 | $ (0.604) | $ 0.422 | |||||||||
Net increase (decrease) in net assets | |||||||||||||
from operations | $ (0.287) | $ 0.689 | $ (0.048) | $ 0.860 | |||||||||
Net Asset Value at November 30 (Common Shares) | |||||||||||||
Net assets | $ 144,105 | $ 148,280 | |||||||||||
Shares outstanding | 7,606 | 7,606 | |||||||||||
Net asset value per share outstanding | $ 18.95 | $ 19.49 | |||||||||||
Market Value Summary (Common Shares) | |||||||||||||
Market price on NYSE at November 30 | $ 16.92 | $ 17.90 | |||||||||||
High market price (period ended November 30) | $ 18.17 | $ 20.67 | |||||||||||
Low market price (period ended November 30) | $ 16.65 | $ 17.67 | |||||||||||
*For the period from the start of business, June 28, 2013, to November 30, 2013. | |||||||||||||
**On July 10, 2013, the Fund issued 360 Series C-1 Variable Rate Term Preferred Shares (VRTP Shares), with a par value of $36 million. The VRTP Shares are a form of preferred shares with a mandatory redemption date of July 8, 2016, unless extended. The VRTP Shares were issued to a commercial paper conduit sponsored by a large financial institution (the Conduit). Dividends on the VRTP Shares are determined each day based on a spread to the Conduit's current cost of funding and are included in interest expense. | |||||||||||||
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SOURCE Eaton Vance Management
