Overview

Income Fund of Boston has generated mostly excess returns above its peer group since the current portfolio manager began managing the Fund.1

As of 03/31/2016

  • Class A at NAV
  • Morningstar High Yield Bond Category Average

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2016
Fund at NAV 2.15 6.50 5.50 -0.20 2.83 5.12 6.36
Fund w/Max Sales Charge -2.64 1.36 0.47 -4.99 1.16 4.10 5.84
BofA Merrill Lynch U.S. High Yield Index2 4.00 9.10 7.37 -1.34 2.46 5.21 7.19
03/31/2016
Fund at NAV 3.16 3.28 3.28 -1.33 2.72 4.98 6.21
Fund w/Max Sales Charge -1.80 -1.64 -1.64 -6.08 1.08 3.95 5.69
BofA Merrill Lynch U.S. High Yield Index2 4.42 3.25 3.25 -3.99 1.75 4.70 6.84
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, 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. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 4.75%.

Fund Factsas of Apr 30, 2016

Class A Inception 06/15/1972
Investment Objective High current income
Total Net Assets $6.0B
Minimum Investment $1000
Expense Ratio3 1.00%
CUSIP 277907101

Top 10 Issuers (%)4as of Apr 30, 2016

Sprint Communications Inc
First Data Corp
Sabine Pass Liquefaction LLC
NBTY Inc
Charter Comm Hlds
HCA Inc
T-Mobile USA Inc
Laureate Education Inc
Valeant Pharmaceuticals International Inc
Reynolds Group
Total 13.77

Portfolio Management

Michael W. Weilheimer, CFA Managed Fund since 1996
Stephen C. Concannon, CFA Managed Fund since 2014

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2016
Fund at NAV 2.15 6.50 5.50 -0.20 2.83 5.12 6.36
Fund w/Max Sales Charge -2.64 1.36 0.47 -4.99 1.16 4.10 5.84
BofA Merrill Lynch U.S. High Yield Index2 4.00 9.10 7.37 -1.34 2.46 5.21 7.19
Morningstar™ High Yield Bond Category5 2.88 6.73 5.09 -2.54 1.46 4.14 5.79
03/31/2016
Fund at NAV 3.16 3.28 3.28 -1.33 2.72 4.98 6.21
Fund w/Max Sales Charge -1.80 -1.64 -1.64 -6.08 1.08 3.95 5.69
BofA Merrill Lynch U.S. High Yield Index2 4.42 3.25 3.25 -3.99 1.75 4.70 6.84
Morningstar™ High Yield Bond Category5 3.52 2.13 2.13 -4.17 1.06 3.84 5.55
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, 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. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 11.29 2.25 -30.31 57.07 14.84 4.58 13.40 7.29 2.54 -2.05
BofA Merrill Lynch U.S. High Yield Index2 11.77 2.19 -26.39 57.51 15.19 4.38 15.58 7.42 2.50 -4.64

Fund Facts

Expense Ratio3 1.00%
Class A Inception 06/15/1972
Distribution Frequency Monthly

Yield Information6as of Apr 30, 2016

Distribution Rate at NAV 6.12%
SEC 30-day Yield 4.99%

Morningstar™ Ratingsas of Apr 30, 2016

Time Period Rating Rating (Load Waived) Funds in
High Yield Bond
Category
Overall *** **** 642
3 Years *** **** 642
5 Years *** **** 520
10 Years *** *** 359
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
May 27, 2016 $5.58 -$0.01
May 26, 2016 $5.59 $0.01
May 25, 2016 $5.58 $0.01
May 24, 2016 $5.57 $0.01
May 23, 2016 $5.56 $0.01
May 20, 2016 $5.55 $0.01
May 19, 2016 $5.54 -$0.02
May 18, 2016 $5.56 $0.00
May 17, 2016 $5.56 $0.00
May 16, 2016 $5.56 $0.01
View All

Distribution History7

Ex-Date Distribution Reinvest NAV
Apr 29, 2016 $0.02799 $5.58
Mar 31, 2016 $0.02892 $5.49
Feb 29, 2016 $0.02706 $5.35
Jan 29, 2016 $0.02892 $5.32
Dec 31, 2015 $0.02900 $5.40
Nov 30, 2015 $0.02825 $5.53
Oct 30, 2015 $0.03015 $5.66
Sep 30, 2015 $0.02918 $5.55
Aug 31, 2015 $0.03015 $5.72
Jul 31, 2015 $0.03015 $5.83
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History7

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)4as of Apr 30, 2016

Corporate Bonds 86.05
Cash 7.18
Floating-Rate Loans 5.11
Other Investments 0.99
Preferred Stock 0.48
Common Stocks 0.19
Total 100.00

Portfolio Statisticsas of Apr 30, 2016

Number of Issuers 295
Number of Holdings 530
Average Yield to Maturity 6.43%
Average Coupon 6.57%
Average Maturity 6.03 yrs.
Average Effective Maturity 4.54 yrs.
Average Duration 3.40 yrs.
Average Price $98.78

Sector Breakdown (%)4as of Apr 30, 2016

Healthcare 13.05
Energy 10.97
Telecommunications 7.78
Technology 6.95
Cable/Satellite TV 6.80
Services 6.00
Retail 4.69
Consumer Products 3.33
Gaming 3.27
Containers 2.73
View All

Credit Quality (%)8as of Apr 30, 2016

BBB 5.32
BB 36.66
B 40.68
CCC or Lower 15.45
Not Rated 1.90
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating, then the Moody's rating is applied. 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 measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

Assets by Country (%)as of Apr 30, 2016

United States 83.95
Canada 4.70
Luxembourg 3.25
Netherlands 1.47
Ireland 1.44
United Kingdom 1.15
Bermuda 1.13
France 1.11
Other 1.81

Maturity Distribution (%)4as of Apr 30, 2016

Less Than 1 Year 2.26
1 To 3 Years 6.53
3 To 5 Years 25.70
5 To 10 Years 62.99
10 To 20 Years 2.03
20 To 30 Years 0.42
More Than 30 Years 0.08
Total 100.00

Fund Holdings4,9as of Mar 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 03/31/2016 6.07%
Laureate Education Inc 9.25% 09/01/2019 0.94%
Alphabet Holding Co Inc 7.75% 11/01/2017 0.87%
First Data Corp 7.00% 12/01/2023 0.73%
Western Digital Corp 0.73%
Jaguar Holding Co II / Pharmaceutical Product Development LLC 6.38% 08/01/2023 0.71%
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 9.88% 08/15/2019 0.68%
XPO Logistics Inc 7.88% 09/01/2019 0.67%
Alere Inc 3.00% 0.62%
T-Mobile USA Inc 6.50% 01/15/2026 0.60%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Commentary

A Word On The Markets as of Mar 31, 2016

The first quarter of 2016 was a tale of two halves. In the first six weeks, continued concerns over slowing economic growth in emerging markets, particularly China, worries that the U.S. could be headed toward recession and a further decline in oil prices depressed returns across investment markets. The high-yield bond asset class was especially hindered by its sizable exposure to the energy sector. In addition, investors became more risk averse, leading to outflows from the asset class that further hindered results. By mid-February, the spread – or difference in yield between high-yield bonds and U.S. Treasurys – had widened to its highest level since 2009. The supply of new high-yield issues was relatively weak because yields had climbed to levels that were fairly punitive to issuers.

However, investment markets rebounded in the second half, as the release of improved U.S. economic data diminished the likelihood of an imminent recession and bolstered prospects for future oil demand. Oil and other commodity prices rallied further as the U.S. dollar came off its peak. As the macroeconomic outlook brightened, investor appetite for risk increased, leading to record inflows into high-yield bonds. This shift came despite the fact that default rates rose from 2.8% to 3.2% in the quarter, with most of the defaults coming from energy and metals/mining companies. High-yield spreads and yields came down, while new issue supply heated up, fueled by about $15.9 billion of refinancing activity in the month of March.

The BofA Merrill Lynch U.S. High Yield Index (the Index)2 finished the three months ended March 31, 2016, with a 3.25% return. Over the same period, the Barclays U.S. Aggregate Bond Index10, which focuses on investment-grade issues, returned 3.03%, and the S&P 500 Index11, a measure of equity performance, advanced 1.35%.

Performance Summary 

Eaton Vance Income Fund of Boston (the Fund) outperformed its benchmark, the Index, at net asset value for the quarter.

  • Across sectors, credit categories and duration segments, security selection helped boost the Fund's performance relative to the Index, while allocations modestly detracted.
  • Underexposure to banks & thrifts aided Fund performance relative to the Index, as did selection in the services, energy and health care sectors. These gains, however, were partly offset by an underweight in the steel sector and the Fund's cash position.
  • Credit selection was particularly strong in the B and CCC segments, where the Fund had sizable overweights.
  • Having a slightly shorter average duration than the Index was a modest headwind, as shorter-duration bonds underperformed for the quarter.

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 3.16 3.28 3.28 -1.33 2.72 4.98 6.21
Fund w/Max Sales Charge -1.80 -1.64 -1.64 -6.08 1.08 3.95 5.69
BofA Merrill Lynch U.S. High Yield Index2 4.42 3.25 3.25 -3.99 1.75 4.70 6.84
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, 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. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 4.75%.

Fund Factsas of Mar 31, 2016

Class A Inception 06/15/1972
Expense Ratio3 1.00%

Contributors 

Factors contributing to the Fund's relative performance compared to the Index during the quarter:

  • Credit selection in the B-rated category, the Fund's largest allocation, and a quality bias in the CCC segment contributed positively to performance relative to the Index.
  • A meaningful underweight in banks & thrifts also helped, as continued low interest rates hampered the sector.
  • In energy, our bias toward high-quality, low-cost producers aided results. A strong rebound in a for-profit education issuer and an out-of-Index health care diagnostics convertible security helped to drive outperformance in services and health care.
  • Issue selection across most duration segments was positive, with the biggest gain coming from the two- to five-year category, close to half the Fund's assets.

Detractors 

Factors detracting from the Fund's relative performance compared to the Index during the quarter:

  • Credit selection in the BBB and BB-rated categories modestly detracted from Fund performance relative to in the Index.
  • An overweight in bonds with durations between zero and two years hurt results, as the category underperformed within the Index.
  • Significant underweights in steel and metals/mining detracted, as these sectors benefited from a rebound in commodity prices.
  • An average cash position of 6% hampered relative performance as high-yield bonds rallied.

Investment Outlook And Fund Positioning 

We remain cautiously optimistic about the prospects for the high-yield asset class. The largest determinant of high-yield performance is U.S economic growth. We're encouraged by recent improved economic data, which suggests the near-term probability of a U.S. recession is very low. In addition, high-yield spreads – while they've narrowed – are still a bit wider than where they were at the start of the year, with credit fundamentals in most sectors that have remained stable. In some of the more distressed pockets of the asset class, notably energy and metals/mining, we've even seen a slight improvement in fundamentals based on a rebound in commodity prices. Lastly, high-yield bonds tend to be less vulnerable to the adverse effects of rising interest rates compared to other fixed-income sectors. We think this could be an advantage if, as anticipated, we see one or more interest-rate hikes later this year.

Our expectation going forward is that we will see a modest tightening in yield spreads. While the general trend may be for prices on high-yield bonds to climb as spreads tighten, we believe volatility is here for the remainder of the credit cycle. As a result, we expect to see intermittent periods of positive and negative price movement within the asset class. In addition, defaults likely increase, given the pressure from continued low commodity prices on the energy and metals/mining sectors, which together account for about 15% of the asset class. Before year-end, we expect to see the high-yield default rate break through its long-term historic average of 3.9%. However, we think the rate will taper off not far above that average, while defaults outside of these two sectors remain benign.

While we anticipate decent investor demand for high-yield bonds in the coming year and net inflows to the asset class, we think we will see bouts of outflows when market conditions make investors jittery. Renewed concern about China, a jump in yields, a slightly weaker dollar or commodity price changes are just some of the factors that could lead to more volatile flows. At the same time, we are anticipating a year-over-year decrease of between 10%-20% in new high-yield issuance from the $293 billion level seen in 2015, given that most issuers who needed to refinance have already done so.

The Fund remains conservatively positioned relative to the Index at period end, with the intent of maximizing return potential and minimizing volatility. Given expectations for continued low commodity prices, we expect to see more distress in the energy and metals/mining segments. As a result, we continue to favor high-quality, low-cost energy producers, avoid offshore drillers and maintain a significant underweight in metals/mining.

The Fund ended the period with a higher quality bias and shorter duration than the Index. The Fund has a slight overweight in CCC bonds, for example, but with minimal exposure to the more highly distressed and less liquid parts of the market. At quarter end, the average yield on our CCC bonds was under 10%, versus the 18.91% average yield for CCCs in the Index; the average price for the Fund's CCC bonds was approximately $92, compared to the average of $64.88 in the Index. These yield and price comparisons support the Fund's higher-quality bias.

Lastly, we expect to establish a cash position of between 4% and 5% to position the Fund for less liquidity in the market and also to take advantage of buying opportunities that occur when negative investor sentiment leads to price declines that do not reflect changes in the underlying credit fundamentals.

Credit Quality (%)8as of Mar 31, 2016

BBB 5.08
BB 37.53
B 40.44
CCC or Lower 14.90
Not Rated 2.05
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating, then the Moody's rating is applied. 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 measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

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.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Attribution

Attribution available in Fund Literature tab.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
Michael W. Weilheimer, CFA

Michael W. Weilheimer, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1990

Michael Weilheimer is a vice president of Eaton Vance Management, director of high-yield investments and a portfolio manager on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He joined Eaton Vance in 1990.

Mike began his career in the investment management industry in 1987. Before joining Eaton Vance, he worked for Cowen & Company as an analyst specializing in distressed debt securities and was also affiliated with Amroc Investments, L.P.

Mike earned a B.S. from the University at Albany, State University of New York and an MBA from the University of Chicago. He is a member of the Boston Security Analysts Society, is on the board of trustees for Gann Academy, and on the dean’s advisory board for the School of Business, University at Albany, State University of New York. He is a CFA charterholder.

Mike’s commentary has appeared in Barron’s, The Wall Street Journal, Reuters and USA Today.

Education
  • B.S. State University of New York at Albany
  • M.B.A. Booth School of Business, University of Chicago
Experience
  • Managed Fund since 1996
Biography

Stephen C. Concannon, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Stephen Concannon is a vice president and portfolio manager on Eaton Vance’s high-yield team, also contributing to the firm’s multisector bond strategy. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He joined Eaton Vance in 2000.

Steve began his career in the investment management industry in 1993. Before joining Eaton Vance, he was a research analyst for Wellington Management.

Steve earned a B.A. from Bates College. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.A. Bates College
Experience
  • Managed Fund since 2014

Literature

Literature

Fact Sheet

Commentary

Attribution

Annual Report

Full Prospectus

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

SAI

How cheap are floating rate loans and high yield bonds

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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