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 12/31/2016

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

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
01/31/2017
Fund at NAV 1.03 2.57 1.03 14.94 4.63 6.53 6.62
BofA Merrill Lynch U.S. High Yield Index2 1.34 2.93 1.34 20.98 4.92 7.02 7.37
12/31/2016
Fund at NAV 1.75 1.51 12.93 12.93 4.46 6.86 6.61
BofA Merrill Lynch U.S. High Yield Index2 1.97 1.88 17.49 17.49 4.72 7.34 7.34
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. The share class has no sales charge.

Fund Factsas of Jan 31, 2017

Class I Inception 07/01/1999
Performance Inception 06/15/1972
Investment Objective High current income
Total Net Assets $6.6B
Minimum Investment $250000
Expense Ratio3 0.75%
CUSIP 277907200

Top 10 Issuers (%)4as of Jan 31, 2017

Sprint Corp
Cablevision Systems Corp
Dell Inc
First Data Corp
HCA Inc
T-Mobile USA Inc
iShares iBoxx High Yield Corp ETF
Multiplan Inc
Ardagh Packaging Finance
Seven Generations Energy
Total 13.79

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

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
01/31/2017
Fund at NAV 1.03 2.57 1.03 14.94 4.63 6.53 6.62
BofA Merrill Lynch U.S. High Yield Index2 1.34 2.93 1.34 20.98 4.92 7.02 7.37
Morningstar™ High Yield Bond Category5 1.24 2.74 1.24 16.47 3.46 5.77 5.92
12/31/2016
Fund at NAV 1.75 1.51 12.93 12.93 4.46 6.86 6.61
BofA Merrill Lynch U.S. High Yield Index2 1.97 1.88 17.49 17.49 4.72 7.34 7.34
Morningstar™ High Yield Bond Category5 1.73 1.69 13.30 13.30 3.23 6.17 5.90
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. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 2.49 -30.11 57.51 15.12 4.85 13.86 7.37 2.96 -1.96 12.93
BofA Merrill Lynch U.S. High Yield Index2 2.19 -26.39 57.51 15.19 4.38 15.58 7.42 2.50 -4.64 17.49

Fund Facts

Expense Ratio3 0.75%
Class I Inception 07/01/1999
Performance Inception 06/15/1972
Distribution Frequency Monthly

Yield Information6as of Jan 31, 2017

Distribution Rate at NAV 5.91%
SEC 30-day Yield 4.49%

Morningstar™ Ratingsas of Jan 31, 2017

Time Period Rating Funds in
High Yield Bond
Category
Overall **** 603
3 Years **** 603
5 Years **** 478
10 Years *** 320
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Feb 24, 2017 $5.79 -$0.01
Feb 23, 2017 $5.80 $0.01
Feb 22, 2017 $5.79 $0.01
Feb 21, 2017 $5.78 $0.00
Feb 17, 2017 $5.78 $0.00
Feb 16, 2017 $5.78 $0.00
Feb 15, 2017 $5.78 $0.00
Feb 14, 2017 $5.78 $0.00
Feb 13, 2017 $5.78
Feb 10, 2017 $5.77 $0.00

Distribution History7

Ex-Date Distribution Reinvest NAV
Jan 31, 2017 $0.02892 $5.76
Dec 30, 2016 $0.02884 $5.73
Nov 30, 2016 $0.02791 $5.66
Oct 31, 2016 $0.02884 $5.70
Sep 30, 2016 $0.02791 $5.73
Aug 31, 2016 $0.02884 $5.73
Jul 29, 2016 $0.03011 $5.66
Jun 30, 2016 $0.02914 $5.58
May 31, 2016 $0.03011 $5.58
Apr 29, 2016 $0.02914 $5.58
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

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 Jan 31, 2017

Corporate Bonds 86.49
Floating-Rate Loans 7.36
Cash 5.01
Other Investments 0.51
Preferred Stock 0.45
Common Stocks 0.18
Total 100.00

Portfolio Statisticsas of Jan 31, 2017

Number of Issuers 311
Number of Holdings 578
Average Coupon 6.41%
Average Maturity 5.71 yrs.
Average Effective Maturity 3.92 yrs.
Average Duration 3.07 yrs.
Average Price $102.84

Sector Breakdown (%)4as of Jan 31, 2017

Energy 14.93
Healthcare 11.15
Technology 8.75
Telecommunications 8.29
Cable/Satellite TV 6.62
Services 5.14
Retail 3.77
Gaming 3.16
Containers 2.85
Metals/Mining 2.74
View All

Credit Quality (%)8as of Jan 31, 2017

BBB 6.64
BB 36.21
B 40.76
CCC or Lower 14.23
Not Rated 2.16
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.

Maturity Distribution (%)4as of Jan 31, 2017

Less Than 1 Year 0.75
1 To 3 Years 7.23
3 To 5 Years 24.56
5 To 10 Years 65.79
10 To 20 Years 1.07
20 To 30 Years 0.44
More Than 30 Years 0.17
Total 100.00

Assets by Country (%)9,10as of Jan 31, 2017

United States 85.91
Canada 4.83
Luxembourg 2.00
Ireland 1.83
United Kingdom 1.07
Other 4.36

Fund Holdings4,11as of Dec 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 3.46%
iShares iBoxx $ High Yield Corporate Bond ETF 0.00% 2.32%
Laureate Education Inc 9.25% 09/01/2019 0.94%
MPH Acquisition Holdings LLC 7.13% 06/01/2024 0.93%
First Data Corp 7.00% 12/01/2023 0.80%
Asurion 8.50% 03/03/2021 0.71%
Jaguar Holding Co II / Pharmaceutical Product Development LLC 6.38% 08/01/2023 0.67%
Sprint Corp 7.88% 09/15/2023 0.65%
T-Mobile USA Inc 6.50% 01/15/2026 0.56%
Seven Generations Energy Ltd 6.75% 05/01/2023 0.54%
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 Dec 31, 2016

Shifting market conditions kept high-yield bond returns in check during the quarter. October started off strong, thanks to improved U.S. economic data, strength in the labor market and a supportive commodity backdrop. Late in the month, however, uncertainty around the upcoming U.S. presidential election spurred outflows from higher-risk assets. Weakening oil prices and rising U.S. Treasury yields presented added headwinds. The asset class remained under pressure for much of November, but inflows started to pick up towards the end of November as investors anticipated that the new administration would push through tax reform, deregulation and fiscal stimulus to boost economic growth. In late November, OPEC (Organization of the Petroleum Exporting Countries) agreed to production cuts which helped to stabilize oil prices, benefiting high-yield issuers in the energy sector. The Federal Reserve's widely anticipated decision to inch its target federal funds rate higher had almost no impact on high-yield bonds.

Against this backdrop, overall demand for high-yield bonds remained supportive, in aggregate, while new issuance declined, with a growing percentage directed toward refinancing. Many high-yield issuers saw slight improvements in earnings and revenue growth, which resulted in a modest decline in average leverage. The trailing 12-month default rate for the asset class decreased to 3.3% by quarter end. Yields remained steady — 6.17% at period end — while high-yield bond prices were relatively flat.

The BofA Merrill Lynch U.S. High Yield Index2 (the Index) finished the three months ended December 31, 2016, with a 1.88% return, with more economically sensitive, lower quality, shorter duration CCC bonds posting the biggest gains. The Index beat the -2.98% return of the Bloomberg Barclays U.S. Aggregate Bond Index,12 which is more sensitive to interest rate changes, but lagged the 3.82% gain of the S&P 500 Index,13 a broad indicator of equity market performance.

Performance Summary 

Eaton Vance Income Fund of Boston (the Fund) posted a modest gain at net asset value for the quarter that was slightly behind the return of the Index.

  • Credit selection and an underweight in the higher-quality BB-rated segment benefited performance. A small, non-Index equity position also was additive.
  • Underexposure to longer (five- to 10-year) duration bonds, which lagged shorter duration issues, and credit selection in the services, telecommunications and healthcare sectors had a positive impact.
  • By contrast, the Fund's higher-quality bias, notably in the CCC-rated segment and in the energy sector, hampered performance, as lower-quality issues outperformed.
  • In addition, credit selection detracted in the two- to five-year duration segment, the strongest performing and biggest duration allocation in the Index. A small, out-of-Index cash position further nicked results in an up market.

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 1.75 1.51 12.93 12.93 4.46 6.86 6.61
BofA Merrill Lynch U.S. High Yield Index2 1.97 1.88 17.49 17.49 4.72 7.34 7.34
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. The share class has no sales charge.

Fund Factsas of Dec 31, 2016

Class I Inception 07/01/1999
Performance Inception 06/15/1972
Expense Ratio3 0.75%

Contributors 

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

  • An underweight and favorable credit selection in the weak-performing BB segment helped, along with a modest non-Index equity position in energy.
  • Credit selection in services had a positive impact, led by an overweight in bonds issued by a for-profit education services company with an improving earnings outlook.
  • In telecommunications, credit selection contributed, fueled in part by an overweight in a large index constituent benefiting from a turnaround. Underexposure to the weak-performing banks & thrifts group and a quality bias in healthcare sector also helped.
  • The Fund's underweight in the weaker-performing five- to 10-year duration bond segment was additive.

Detractors 

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

  • Credit selection in the CCC-rated segment hurt, largely because the Fund favored higher-quality, lower-yielding, less volatile bonds.
  • The Fund's quality bias also hindered performance in energy. Positioning in diversified financial services and an underweight in metals/mining further hampered results, as both were relatively strong performers.
  • Issue selection among shorter (two- to five-year) duration bonds was an added headwind.

Investment Outlook And Fund Positioning 

High-yield bonds posted exceptionally strong gains in 2016. While we're not expecting a repeat of this performance in 2017, we're cautiously optimistic about prospects for the coming year. The Trump administration's plans for tax reform, financial deregulation and fiscal stimulus should aid U.S. economic growth, which likely would benefit high-yield issuers' earnings and revenues, while lowering default rates.

The asset class could, however, face a number of challenges. Should the economy improve, the Fed's plan to continue its controlled, gradual approach to raising interest rates, poses a headwind for bond prices. An added concern is the potential for a pickup in inflation and overheating of the economy, which could cause yields to shoot up and bond prices to drop sharply. Historically, in these types of environments, high-yield bonds have held up better than more interest-rate sensitive investment grade and U.S. Treasury bonds.

In addition, we expect market volatility to increase as investors digest new policies as they are enacted by the incoming administration. Although uncertainty will make investors more risk averse at times, we think the negative impact on high-yield bonds will likely be transitory. We expect demand for U.S. high-yield paper to remain supportive, fueled by the ongoing search for yield. A modest decrease in new issuance could provide an added tailwind for the asset class.

High-yield bond valuations seem full at period end, but given our outlook for the economy and interest rates, high yield remains attractive relative to investment grade bonds. Going forward, we will be looking for any signs of increased risk, including degradation in fundamentals, a rise in leveraged buyouts or more new issuance to finance share buybacks or dividends. However, so far, we've seen no cause for concern. We also recognize that energy — the single biggest sector in the high-yield universe — is not out of the woods. Further volatility in oil prices, for example, could have a negative impact.

Given this backdrop, we plan to maintain the Fund's conservative positioning, including keeping a shorter duration than the Index. At period end, the Fund's duration was 3.3 years, compared to the Index's duration of 3.9 years. That means prices on the Fund's bonds should decline less than the Index average as interest rates rise. To dampen duration sensitivity, the Fund also has an underweight in higher-quality BB bonds, which have longer durations. Its biggest allocation is in B-rated bonds, which have shorter durations. To further minimize the price sensitivity of the portfolio, we also ended the period with a healthy allocation to floating rate bank loans. These are loans to below-investment-grade companies that are secured by company assets, so they carry less credit risk than high-yield bonds. The interest payments are tied to LIBOR (the London Interbank Offered Rate), and typically reset every three months.

In addition, we expect to keep the Fund's higher-quality bias. We think it makes sense, for example, to remain focused on the less volatile parts of the CCC market, especially given the significant outperformance this past year of lower-quality, riskier bonds. Within the energy and metals/mining sectors, we've also continued to favor higher-quality issuers. By protecting the Fund's downside and minimizing volatility, we believe the Fund can stay ahead of the Index in market declines and capture much of the upside in rallies, which over time should lead to superior long-term performance.

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

AA 0.09
BBB 7.12
BB 36.01
B 40.74
CCC or Lower 13.59
Not Rated 2.45
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 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 was an analyst specializing in distressed debt securities at Cowen & Company and later at Amroc Investments, L.P.

Mike earned a B.S. from the from the University at Albany - SUNY and an MBA from the University of Chicago. He is a member of the CFA Institute, the Boston Security Analysts Society, the Dean’s Advisory Board, School of Business, University at Albany - SUNY and a member of the board of trustees for the University at Albany Foundation. 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

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

Download - Last updated: Dec 31, 2016

Commentary

Download - Last updated: Dec 31, 2016

Attribution

Download - Last updated: Jan 31, 2017

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: Mar 1, 2016

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

Download

SAI

Download - Last updated: Mar 1, 2016

Performance Always Matters

Download - Last updated: Dec 31, 2016

Semi-Annual Report

Download - Last updated: Apr 30, 2016

Summary Prospectus

Download - Last updated: Mar 1, 2016

XBRL

Download - Last updated: Mar 17, 2016