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 06/30/2015

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

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2015
Fund at NAV -1.37 -2.38 1.60 -0.60 5.21 7.16 6.64
Fund w/Max Sales Charge -6.04 -7.06 -3.19 -5.25 3.54 6.13 6.12
BofA Merrill Lynch U.S. High Yield Index2 -1.76 -3.86 0.07 -3.07 4.86 7.12 7.28
06/30/2015
Fund at NAV -1.02 0.47 3.01 1.12 6.57 8.12 7.06
Fund w/Max Sales Charge -5.77 -4.37 -1.85 -3.73 4.86 7.06 6.53
BofA Merrill Lynch U.S. High Yield Index2 -1.53 -0.05 2.49 -0.55 6.80 8.40 7.75
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 one year is cumulative. Max Sales Charge: 4.75%.

Fund Factsas of Aug 31, 2015

Class A Inception 06/15/1972
Investment Objective High current income
Total Net Assets $5.3B
Minimum Investment $1000
Expense Ratio3 1.00%
CUSIP 277907101

Top 10 Issuers (%)4as of Jul 31, 2015

Sprint Communications Inc
Valeant Pharmaceuticals International Inc
Laureate Education Inc
Sabine Pass Liquefaction LLC
Alere Inc
Asurion LLC
XPO Logistics Inc
Alcatel-Lucent USA Inc
CHS/Community Health Systems Inc
DISH DBS Corp
Total 13.84


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

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
07/31/2015
Fund at NAV 0.00 -0.52 3.01 2.45 6.01 7.43 6.85
Fund w/Max Sales Charge -4.71 -5.29 -1.84 -2.39 4.32 6.40 6.34
BofA Merrill Lynch U.S. High Yield Index2 -0.62 -1.84 1.86 0.16 5.91 7.54 7.51
Morningstar™ High Yield Bond Category5 -0.46 -1.44 1.94 -0.32 5.25 6.76 6.31
06/30/2015
Fund at NAV -1.02 0.47 3.01 1.12 6.57 8.12 7.06
Fund w/Max Sales Charge -5.77 -4.37 -1.85 -3.73 4.86 7.06 6.53
BofA Merrill Lynch U.S. High Yield Index2 -1.53 -0.05 2.49 -0.55 6.80 8.40 7.75
Morningstar™ High Yield Bond Category5 -1.34 0.15 2.40 -1.12 6.02 7.61 6.53
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 one year is cumulative. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 3.61 11.29 2.25 -30.31 57.07 14.84 4.58 13.40 7.29 2.54
BofA Merrill Lynch U.S. High Yield Index2 2.74 11.77 2.19 -26.39 57.51 15.19 4.38 15.58 7.42 2.50

Fund Facts

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

Yield Information6as of Aug 31, 2015

Distribution Rate at NAV 6.21%
SEC 30-day Yield 4.82%


Morningstar™ Ratingsas of Jul 31, 2015

Time Period Rating Rating (Load Waived) Funds in
High Yield Bond
Category
Overall *** **** 613
3 Years ** **** 613
5 Years *** **** 517
10 Years *** *** 362
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
Sep 03, 2015 $5.73 $0.01
Sep 02, 2015 $5.72 $0.01
Sep 01, 2015 $5.71 $-0.01
Aug 31, 2015 $5.72 $0.00
Aug 28, 2015 $5.72 $0.01
Aug 27, 2015 $5.71 $0.02
Aug 26, 2015 $5.69 $0.00
Aug 25, 2015 $5.69 $0.03
Aug 24, 2015 $5.66 $-0.05
Aug 21, 2015 $5.71 $-0.02

Distribution History7

Ex-Date Distribution Reinvest NAV
Aug 31, 2015 $0.03015 $5.72
Jul 31, 2015 $0.03015 $5.83
Jun 30, 2015 $0.02918 $5.86
May 29, 2015 $0.03015 $5.95
Apr 30, 2015 $0.02918 $5.95
Mar 31, 2015 $0.03015 $5.92
Feb 27, 2015 $0.02723 $5.97
Jan 30, 2015 $0.03015 $5.88
Dec 31, 2014 $0.03015 $5.86
Nov 28, 2014 $0.02918 $5.96
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 Jul 31, 2015

Corporate Bonds 89.25
Floating-Rate Loans 5.53
Cash 3.76
Preferred Stock 0.71
Other Investments 0.48
Common Stocks 0.27
Total 100.00

Portfolio Statisticsas of Jul 31, 2015

Number of Issuers 265
Number of Holdings 451
Average Yield to Maturity 6.43%
Average Coupon 6.79%
Average Maturity 6.07 yrs.
Average Effective Maturity 4.44 yrs.
Average Duration 3.38 yrs.
Average Price $101.83


Sector Breakdown (%)4as of Jul 31, 2015

Energy 14.25
Healthcare 14.06
Telecommunications 7.73
Services 6.69
Retail 6.67
Technology 6.18
Cable/Satellite TV 5.47
Automotive & Auto Parts 3.16
Gaming 2.56
Building Materials 2.35
View All

Credit Quality (%)8as of Jul 31, 2015

BBB 3.29
BB 34.53
B 39.37
CCC or Lower 20.30
Not Rated 2.50
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 Jul 31, 2015

United States 83.29
Canada 3.47
Luxembourg 3.04
France 2.09
Germany 1.71
Netherlands 1.20
Other 5.20

Maturity Distribution (%)4as of Jul 31, 2015

Less Than 1 Year 0.93
1 To 3 Years 4.75
3 To 5 Years 23.18
5 To 10 Years 69.83
10 To 20 Years 0.93
20 To 30 Years 0.28
More Than 30 Years 0.09
Total 100.00


Fund Holdings4,9as of Jul 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 07/31/2015 3.72%
Laureate Education Inc 10.00% 09/01/2019 1.48%
XPO Logistics Inc 7.88% 09/01/2019 0.81%
FCA US LLC / CG Co-Issuer Inc 8.25% 06/15/2021 0.76%
Alcatel-Lucent USA Inc 8.88% 01/01/2020 0.75%
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 9.88% 08/15/2019 0.74%
Tenet Healthcare Corp 8.13% 04/01/2022 0.69%
Dollar Tree Inc 5.75% 03/01/2023 0.69%
Alphabet Holding Co Inc 7.75% 11/01/2017 0.68%
Asurion 8.50% 03/03/2021 0.67%
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

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2015

High-yield corporate bond returns were flat for the quarter. Demand for high-yield bonds started off strong in the first weeks of April, as interest rates remained low and oil prices rose off their bottom. However, flows into the asset class began to slow, as volatility increased and yields on 10-year German bunds and U.S. Treasurys moved higher. A string of strong U.S. economic numbers in late May and June accelerated prospects for a near-term interest-rate hike, which further unsettled investors. Then, in late June, Greece became the first developed country to miss a payment to the International Monetary Fund. Uncertainty about whether Greece would be forced out of the eurozone, along with a potential default by Puerto Rico and declining stock prices in China, weighed on the markets.

Increased volatility and uncertainty pressured the performance of most asset classes. The BofA Merrill Lynch U.S. High Yield Index (the Index)2 returned -0.05% for the three months ended June 30, 2015, compared to -1.68% for the Barclays U.S. Aggregate Bond Index.10 Prices on U.S. Treasury bonds fell, as yields on the 10-year climbed from 1.94% to 2.35% over the quarter. The S&P 500 Index,11 a common gauge of the stock market’s performance, rose 0.28%.

Despite macro headwinds, fundamentals for the high-yield bond market remained healthy. Supply was decent, with refinancing accounting for a little over half of new issuance in the quarter. New issuance to fund acquisitions rose sharply in the month of June, while leveraged buyouts and lower-rated issuance remained at low levels. The trailing 12-month default rate for high-yield bonds stayed under 2%, with 70% of defaults so far this year coming from the energy and metals/mining sectors, both of which were pressured by depressed commodity prices.

Performance Summary 

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

  • The Fund benefited the most from security selection, although allocations across sectors, as well as across credit and duration segments, also contributed to outperformance.
  • Our bias toward higher-quality, loweryielding issues in the B- and CCC-rated segments led to particularly favorable security selection.
  • A shorter average duration12 (or less sensitivity to changes in interest rates) than the Index bolstered the Fund’s relative performance, as yields rose and shorter duration bonds held up better than longer duration issues.
  • In terms of sectors, credit selection helped the most in metals/mining and health care, but was a modest detractor in gaming.

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -1.02 0.47 3.01 1.12 6.57 8.12 7.06
Fund w/Max Sales Charge -5.77 -4.37 -1.85 -3.73 4.86 7.06 6.53
BofA Merrill Lynch U.S. High Yield Index2 -1.53 -0.05 2.49 -0.55 6.80 8.40 7.75
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 one year is cumulative. Max Sales Charge: 4.75%.

Fund Factsas of Jun 30, 2015

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:

  • Security selection was favorable across duration segments. The biggest relative gain came from the two- to five-year segment, followed by the five- to 10-year and zero- to two-year segments. Underweights in bonds with five- to 10-year and 10-year or longer durations also helped.
  • Metals/mining, the weakest sector in the Index, was a top contributor to the Fund’s relative performance. The Fund benefited from avoiding unsecured coal or iron ore bonds, which were poor performers. Credit selection in health care also helped, thanks to certain holdings that benefited from industry consolidation and an out-of-Index convertible security that was a strong performer.

Detractors 

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

  • Credit selection in gaming nicked results, largely due to two out-of-Index positions. One of these issuers defaulted and the other came under pressure as the Chinese government’s recent anti-corruption campaign slowed tourist volumes in Macau.
  • A small underweight in the top-performing two- to five-year duration segment nicked relative performance.

Investment Outlook And Fund Positioning 

We’re cautiously optimistic about the outlook for high-yield bonds. On a macro level, we’ve been encouraged by the U.S. economy’s momentum and its resilience in light of recent events in Greece. Improved economic growth typically keeps a lid on defaults and often boosts the financial strength of many high-yield issuers. In addition, high-yield bonds offer a potential yield advantage that attracts investors in a low interest rate environment. While no one can predict exactly when, expectations are that interest rates will eventually begin to increase. When rates do rise, history has shown that high-yield issues typically hold up better than investment-grade bonds (Sources: JPMorgan; S&P/LCD). We’ve been in an environment in recent years where economic growth that has been modest enough to keep interest rates from going up too fast and pressuring bond prices. At some point, that could change. However, we think the backdrop for high-yield bonds is favorable enough that we would view any type of market dip as a buying opportunity.

Fundamentals remain relatively healthy. The 12-month trailing default rate on high-yield issuance continues to be well below the historic average. While it will likely edge higher in the coming year, we expect the rate to stay reasonably low as issuance trends in the primary market have been healthy. Through the first half of 2015, over half of the proceeds from new issuance have been used to refinance existing debt. Lower- rated (split B- and CCC-rated) issuance is very low. The use of new issuance to finance strategic mergers and acquisitions also has increased, which we view as an opportunity because high-yield issuers that are bought out by investment-grade companies typically see their debt immediately upgraded. The fact that leveraged buyouts (LBOs) represent only 2% of new high-yield issuance, compared to the 30% of new issue proceeds that went into LBOs in 2007-2008, is another sign of the asset class’s health (Source: JPMorgan, 06/08/2015). Lastly, corporate cash flows continue to grow in most sectors outside of energy and metals/mining, strengthening the balance sheets of many high-yield issuers.

Going forward, we plan to keep a watchful eye on news affecting the markets, including the problems in Greece and economic data that could influence when the Federal Reserve decides to raise interest rates. We’ll also continue monitoring flows in and out of the high-yield asset class.

Given the potential for more volatility ahead, we think it makes sense to be more conservative in terms of both quality and interest-rate positioning. At period end, the Fund had a shorter average duration than the Index. Although the Fund has maintained an overweight in CCC-rated bonds, the average yield and duration of those issues was much lower than the average for the CCC credits in the Index. The Fund also had less exposure than the Index to BB-rated bonds and was aligned with the Index in its allocation to B-rated credits. In terms of sectors, we’ve found some of the best opportunities in health care, services and retail, all of which represent overweights. We believe the Fund is well positioned to potentially offer downside protection in the event of a market correction, while allowing for participation in future rallies.

Credit Quality (%)8as of Jun 30, 2015

BBB 2.56
BB 34.09
B 40.63
CCC or Lower 20.04
Not Rated 2.68
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

Fund Literature

Fund Literature

Annual Report

Attribution

Eaton Vance Income Funds Brochure

Commentary

Fact Sheet

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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