Overview

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.79 1.73 5.82 7.35 5.17 5.78 6.62
Fund w/Max Sales Charge -4.00 -3.11 0.72 2.18 3.47 4.77 6.10
BofA Merrill Lynch U.S. High Yield Index1 0.90 2.04 7.05 9.06 5.86 6.38 7.71
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 Sep 30, 2017

Class A Inception 06/15/1972
Investment Objective High current income
Total Net Assets $5.7B
Minimum Investment $1000
Expense Ratio2 0.99%
CUSIP 277907101

Top 10 Issuers (%)3as of Sep 30, 2017

Sprint Corp
Cablevision Systems Corp
Valeant Pharmaceuticals
HCA Inc
Seven Generations Energy
Ardagh Packaging Finance
Charter Comm Hlds
MGM Resorts Intl
First Data Corp
Multiplan Inc
Total 15.23

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 increase both the risk and return potential of the Fund), 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 Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.79 1.73 5.82 7.35 5.17 5.78 6.62
Fund w/Max Sales Charge -4.00 -3.11 0.72 2.18 3.47 4.77 6.10
BofA Merrill Lynch U.S. High Yield Index1 0.90 2.04 7.05 9.06 5.86 6.38 7.71
Morningstar High Yield Bond Category4 0.72 1.79 5.94 7.77 4.17 5.14 6.24
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 (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 2.25 -30.31 57.07 14.84 4.58 13.40 7.29 2.54 -2.05 12.66
BofA Merrill Lynch U.S. High Yield Index1 2.19 -26.39 57.51 15.19 4.38 15.58 7.42 2.50 -4.64 17.49

Fund Facts

Expense Ratio2 0.99%
Class A Inception 06/15/1972
Distribution Frequency Monthly

Yield Information5as of Sep 30, 2017

Distribution Rate at NAV 5.46%
SEC 30-day Yield 3.55%

Morningstar Rating™as of Sep 30, 2017

Time Period Rating Funds in
High Yield Bond
Category
Overall **** 601
3 Years **** 601
5 Years **** 485
10 Years *** 319
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
Oct 17, 2017 $5.81 $0.00
Oct 16, 2017 $5.81 $0.00
Oct 13, 2017 $5.81 $0.00
Oct 12, 2017 $5.81 -$0.01
Oct 11, 2017 $5.82 $0.00
Oct 10, 2017 $5.82 $0.00
Oct 09, 2017 $5.82 $0.00
Oct 06, 2017 $5.82 $0.00
Oct 05, 2017 $5.82 $0.00
Oct 04, 2017 $5.82 $0.00

Distribution History6

Ex-Date Distribution Reinvest NAV
Sep 29, 2017 $0.02610 $5.82
Aug 31, 2017 $0.02697 $5.80
Jul 31, 2017 $0.02697 $5.83
Jun 30, 2017 $0.02610 $5.80
May 31, 2017 $0.02697 $5.82
Apr 28, 2017 $0.02610 $5.81
Mar 31, 2017 $0.02697 $5.77
Feb 28, 2017 $0.02436 $5.80
Jan 31, 2017 $0.02765 $5.76
Dec 30, 2016 $0.02765 $5.73
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 History6

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 increase both the risk and return potential of the Fund), 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 (%)3as of Sep 30, 2017

Corporate Bonds 89.70
Floating-Rate Loans 5.58
Cash 3.49
Common Stocks 0.74
Other Investments 0.45
Preferred Stock 0.05
Total 100.00

Portfolio Statisticsas of Sep 30, 2017

Number of Issuers 283
Number of Holdings 519
Average Coupon 6.63%
Average Maturity 5.75 yrs.
Average Effective Maturity 3.48 yrs.
Average Duration 2.72 yrs.
Average Price $104.51

Sector Breakdown (%)3as of Sep 30, 2017

Energy 14.64
Healthcare 10.64
Technology 10.05
Telecommunications 8.51
Cable/Satellite TV 7.54
Services 5.60
Gaming 4.45
Metals/Mining 3.31
Containers 2.84
Utilities 2.64
View All

Credit Quality (%)7as of Sep 30, 2017

BBB 5.29
BB 36.61
B 47.33
CCC or Lower 8.77
Not Rated 2.00
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 (%)3as of Sep 30, 2017

Less Than 1 Year 0.63
1 To 3 Years 7.83
3 To 5 Years 21.37
5 To 10 Years 68.33
10 To 20 Years 1.26
20 To 30 Years 0.38
More Than 30 Years 0.19
Total 100.00

Assets by Country (%)8,9as of Sep 30, 2017

United States 84.34
Canada 6.89
Luxembourg 2.20
Ireland 1.91
United Kingdom 1.37
Other 3.29

Fund Holdings3,10as of Aug 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 2.96%
MPH Acquisition Holdings LLC 7.13% 06/01/2024 1.06%
First Data Corp 7.00% 12/01/2023 0.93%
Sprint Corp 7.88% 09/15/2023 0.88%
Valeant Pharmaceuticals International 6.38% 10/15/2020 0.70%
Endurance International (EIG) 5.32% 02/09/2023 0.63%
Seven Generations Energy Ltd 6.75% 05/01/2023 0.62%
Jaguar Holding Co II / Pharmaceutical Product Development LLC 6.38% 08/01/2023 0.60%
Western Digital Corp 10.50% 04/01/2024 0.60%
Western Digital Corp 7.38% 04/01/2023 0.58%
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 increase both the risk and return potential of the Fund), 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 Jun 30, 2017

High-yield bonds posted a solid gain in the second quarter, benefiting early on from strong first-quarter earnings reports and optimism over potential tax changes under President Trump. Signs that the U.S. economy was slowly recovering prompted the Federal Reserve (the Fed) to move ahead with its second short-term interest rate increase this year, but 10-year Treasury bond yields pulled back slightly. A rally in the equity market and improved fundamentals were added tailwinds.

Data released in the second quarter showed improvement in the fundamentals of the average high yield issuer. First-quarter revenue for high-yield bond issuers grew for the fifth consecutive quarter. Earnings growth also saw modest improvement, helping to reduce high-yield issuers' debt levels. According to JPMorgan, the trailing 12-month (par-weighted) default rate fell to 1.50%, down from 3.57% at the beginning of the year. New issuance saw a significant decrease compared to first-quarter levels, while demand for high-yield bonds slowed, with net-outflows perhaps reflecting investors' growing sense that valuations were becoming full. Over the three-month period, average yields in the asset class contracted from 5.88% to 5.68%.

The biggest headwind this quarter was energy, the largest sector in the BofA Merrill Lynch U.S. High Yield Index (the Index).1 Energy bonds were pressured by volatile oil prices, which dipped in June below $43 per barrel. The remaining sectors in the Index, however, posted modest or solid gains, led by banks & thrifts, leisure and healthcare.

For the three months ended June 30, 2017, the Index returned 2.14%, beating the 1.45% gain of the Bloomberg Barclays U.S. Aggregate Bond Index,11 but lagging the 3.09% return of the S&P 500 Index.12 Within the Index, higher-quality and longer-duration issues posted the strongest returns.

Performance Summary 

Eaton Vance Income Fund of Boston's (the Fund) I-share posted a total return of 2.13% this quarter, which was slightly behind the return of the Index.

  • The Fund's conservative positioning aided relative performance, as higher-quality issues outperformed. Our lower-risk posture helped drive favorable credit selection, particularly in the CCC-rated segment and the energy sector. Choices in the services and healthcare sectors also contributed to outperformance.
  • Credit selection across most duration segments was favorable, led by outperformance from bonds in the two- to five-year duration13 category.
  • By contrast, our overweight in shorter-duration issues hurt, as longer-duration bonds outperformed.
  • Sector allocations also nicked relative performance, largely because of a sizable underweight in the top-performing banks & thrifts sector. A small non-Index cash position was an added headwind in an up market.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.10 1.90 4.02 9.95 4.06 6.16 6.38
Fund w/Max Sales Charge -4.65 -2.98 -0.99 4.70 2.37 5.13 5.86
BofA Merrill Lynch U.S. High Yield Index1 0.11 2.14 4.91 12.75 4.47 6.91 7.53
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 Jun 30, 2017

Class A Inception 06/15/1972
Expense Ratio2 0.99%

Contributors 

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

  • Credit selection in the two- to five-year duration category helped most, with an added contribution from bonds with durations over five years.
  • Our higher-quality bias drove favorable selection in the CCC-rated category, while an underweight in this segment also helped.
  • Our focus on higher-quality exploration and production companies aided selection in the energy sector. Selection in the services sector also helped, largely due to an overweight in a for-profit education issue that outperformed.
  • Healthcare, the second largest sector in the portfolio also outperformed, led by a convertible preferred security issued by a point-of-care diagnostics company.

Detractors 

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

  • A sizable overweight in bonds with durations under two years detracted, as shorter duration bonds underperformed.
  • An underweight and credit selection in the BB segment hindered performance.
  • Underweights and credit selection in the top-performing banks & thrifts and diversified financials sectors, as well as selection in the retail sector nicked results.
  • A modest non-Index cash position was a slight headwind.

Investment Outlook And Fund Positioning 

We believe the economic backdrop for high-yield bonds remains supportive, given modest U.S. economic growth, near full employment and the Fed's measured approach to increasing interest rates. In addition, fundamentals within the asset class have been modestly improving. Moreover, new high-yield bond issuance seems likely to moderate going forward, while low yields globally should continue to fuel demand.

There are, however, potential downside risks. Valuations in the asset class are near the upper end of their historical range. Despite increased geopolitical volatility, the yield differential between the high-yield and Treasury bond markets has continued to narrow, a potential indication that investors, in their search for yield, have become complacent. Due in part to uncertainty over Congress's ability to deliver on tax reform and meaningful fiscal stimulus, we think there's increased potential for elevated volatility moving forward. A stock market decline or further energy price volatility could present further headwinds for the asset class.

Certain pockets of the high-yield market have come under increased pressure recently, in particular the retail sector and specific healthcare issues, amid concern over near-term prospects. In addition, a growing number of companies have taken actions to the detriment of creditors, such as issuing dividends or capitalizing new leveraged buyouts (LBOs) with less equity and more debt, hurting bondholders. However, we don't see these risks lining up to pose a significant negative catalyst in the near term. In the near term, high-yield bond investors will likely earn their coupons (or stated interest rates), but with limited opportunities for capital appreciation.

Given the inherent difficulty in making predictions regarding when volatility will hit, it makes sense for the Fund to maintain a slightly defensive posture, with less credit risk than the Index. Accordingly, we have an underweight in the CCC-rated segment. We've also favored higher-quality, lower yielding CCC-rated issues. Within energy, a slight overweight, we've maintained lower credit risk by focusing on lower-cost producers with less susceptibility to oil price volatility. The Fund also ended the quarter with an average duration of about 2.8 years, versus the Index duration of 3.7 years. To reduce volatility even further, we have a non-benchmark, roughly 7% stake in bank loans, which generally carry less credit risk due to their seniority in the capital structure and minimal duration.

In terms of sectors, the Fund ended the quarter with overweights in health care and technology. In health care, our bias is toward healthcare services, particularly companies that can help operators reduce costs. However, we're underexposed to hospitals, which could see a rise in uninsured patients if the Affordable Care Act is repealed, and pharmaceuticals, which could be hurt by legislation to curb drug prices. In technology, we think continued consolidation should fuel further opportunities. We particularly like the software, IT services and storage segments.

Going forward, we hope to offset the Fund's conservative positioning with above-average credit selection. We plan to continue relying on our extensive research resources to find bonds trading below what we think they're worth that offer attractive yields and a potential catalyst that could help drive long-term price appreciation.

Credit Quality (%)7as of Jun 30, 2017

BBB 5.34
BB 35.50
B 46.66
CCC or Lower 9.81
Not Rated 2.69
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 increase both the risk and return potential of the Fund), 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 increase both the risk and return potential of the Fund), 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. 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: Sep 30, 2017

Commentary

Download - Last updated: Sep 30, 2017

Attribution

Download - Last updated: Sep 30, 2017

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: Mar 1, 2017

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

Download

SAI

Download - Last updated: Mar 1, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2017

Summary Prospectus

Download - Last updated: Aug 30, 2017

XBRL

Download - Last updated: Mar 13, 2017