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 12/31/2015

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

Average Annual Returns (%)Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
01/31/2016
Fund at NAV -0.95 -4.50 -0.95 -3.80 1.80 4.40 5.95
Fund w/Max Sales Charge -5.66 -9.00 -5.66 -8.32 0.17 3.38 5.43
BofA Merrill Lynch U.S. High Yield Index2 -1.58 -6.27 -1.58 -6.79 0.64 4.07 6.47
12/31/2015
Fund at NAV -1.83 -1.16 -2.05 -2.05 2.52 5.02 6.22
Fund w/Max Sales Charge -6.56 -5.90 -6.66 -6.66 0.87 4.01 5.69
BofA Merrill Lynch U.S. High Yield Index2 -2.58 -2.17 -4.64 -4.64 1.64 4.84 6.81
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 FactsJan 31, 2016

Class A Inception 06/15/1972
Investment Objective High current income
Total Net Assets $5.2B
Minimum Investment $1000
Expense Ratio3 1.00%
CUSIP 277907101

Top 10 Issuers (%)4Dec 31, 2015

Sprint Communications Inc
First Data Corp
Sabine Pass Liquefaction LLC
Valeant Pharmaceuticals International Inc
Neptune Finco Corp
T-Mobile USA Inc
CCO Holdings LLC / CCO Holdings Capital Corp
Schaeffler Holding Finance BV
HCA Inc
L Brands Inc
Total 13.76

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 (%)Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
01/31/2016
Fund at NAV -0.95 -4.50 -0.95 -3.80 1.80 4.40 5.95
Fund w/Max Sales Charge -5.66 -9.00 -5.66 -8.32 0.17 3.38 5.43
BofA Merrill Lynch U.S. High Yield Index2 -1.58 -6.27 -1.58 -6.79 0.64 4.07 6.47
Morningstar™ High Yield Bond Category5 -1.55 -5.63 -1.55 -5.79 0.31 3.34 5.28
12/31/2015
Fund at NAV -1.83 -1.16 -2.05 -2.05 2.52 5.02 6.22
Fund w/Max Sales Charge -6.56 -5.90 -6.66 -6.66 0.87 4.01 5.69
BofA Merrill Lynch U.S. High Yield Index2 -2.58 -2.17 -4.64 -4.64 1.64 4.84 6.81
Morningstar™ High Yield Bond Category5 -2.33 -1.95 -4.01 -4.01 1.28 4.11 5.58
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 (%)

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

Fund Facts

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

Yield Information6Dec 31, 2015

Distribution Rate at NAV 6.32%
SEC 30-day Yield 5.90%

Morningstar™ RatingsJan 31, 2016

Time Period Rating Rating (Load Waived) Funds in
High Yield Bond
Category
Overall *** **** 636
3 Years *** **** 636
5 Years *** **** 522
10 Years *** *** 364
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
Feb 05, 2016 $5.28 $-0.02
Feb 04, 2016 $5.30
Feb 03, 2016 $5.30
Feb 02, 2016 $5.30 $-0.03
Feb 01, 2016 $5.33 $0.01
Jan 29, 2016 $5.32 $0.01
Jan 28, 2016 $5.31 $0.01
Jan 27, 2016 $5.30
Jan 26, 2016 $5.30 $0.01
Jan 25, 2016 $5.29 $0.01

Distribution History7

Ex-Date Distribution Reinvest NAV
Jan 29, 2016 $0.02892 $5.32
Dec 31, 2015 $0.02900 $5.40
Nov 30, 2015 $0.02825 $5.53
Oct 30, 2015 $0.03015 $5.66
Sep 30, 2015 $0.02918 $5.55
Aug 31, 2015 $0.03015 $5.72
Jul 31, 2015 $0.03015 $5.83
Jun 30, 2015 $0.02918 $5.86
May 29, 2015 $0.03015 $5.95
Apr 30, 2015 $0.02918 $5.95
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 (%)4Dec 31, 2015

Corporate Bonds 87.34
Cash 6.02
Floating-Rate Loans 4.95
Other Investments 0.99
Preferred Stock 0.53
Common Stocks 0.18
Total 100.00

Portfolio StatisticsDec 31, 2015

Number of Issuers 270
Number of Holdings 474
Average Yield to Maturity 7.29%
Average Coupon 6.62%
Average Maturity 6.17 yrs.
Average Effective Maturity 5.46 yrs.
Average Duration 3.78 yrs.
Average Price $96.54

Sector Breakdown (%)4Dec 31, 2015

Healthcare 13.20
Energy 10.86
Telecommunications 7.98
Services 7.07
Technology 6.74
Cable/Satellite TV 6.43
Retail 6.39
Consumer Products 2.73
Gaming 2.54
Utilities 2.24
View All

Credit Quality (%)8Dec 31, 2015

BBB 2.67
BB 38.56
B 41.01
CCC or Lower 15.23
Not Rated 2.52
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 (%)Dec 31, 2015

United States 83.65
Canada 4.74
Luxembourg 3.46
Netherlands 2.38
United Kingdom 1.20
Bermuda 1.08
Other 3.49

Maturity Distribution (%)4Dec 31, 2015

Less Than 1 Year 1.15
1 To 3 Years 6.36
3 To 5 Years 24.98
5 To 10 Years 63.54
10 To 20 Years 3.37
20 To 30 Years 0.50
More Than 30 Years 0.09
Total 100.00

Fund Holdings4,9Dec 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 12/31/2015 5.97%
Alphabet Holding Co Inc 7.75% 11/01/2017 0.91%
Laureate Education Inc 9.25% 09/01/2019 0.90%
First Data Corp 7.00% 12/01/2023 0.78%
Jaguar Holding Co II / Pharmaceutical Product Development LLC 6.38% 08/01/2023 0.75%
XPO Logistics Inc 7.88% 09/01/2019 0.73%
Alcatel-Lucent USA Inc 8.88% 01/01/2020 0.72%
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 9.88% 08/15/2019 0.67%
Dollar Tree Inc 5.75% 03/01/2023 0.65%
T-Mobile USA Inc 6.50% 01/15/2026 0.63%
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 Sep 30, 2015

High-yield corporate bonds, along with most asset classes, declined during a volatile third quarter. The market was unsettled early on, as Greece struggled to negotiate palatable terms with its creditors. Investor concern, however, soon shifted to slowing economic growth in China and how that would affect the many developed and emerging markets worldwide that were already experiencing decelerating or sluggish growth. Uncertainty about where U.S. interest rates were headed further rattled investors, culminating in mid September with the U.S. Federal Reserve's decision to leave key short-term interest rates unchanged. Declining oil and commodity prices presented additional pressures.

In this uncertain environment, investors grew increasingly risk averse, favoring higher-quality over lower-quality assets. The BofA Merrill Lynch U.S. High Yield Index (the Index)2 returned -4.90% for the three months ended September 30, 2015, its biggest quarterly decline in several years. This beat the -6.44% return of the S&P 500 Index,10 but lagged the 1.23% gain of the Barclays U.S. Aggregate Bond Index.11 U.S. Treasury yields edged lower, with 10-year yields moving from 2.35% to 2.06% at the end of the quarter.

By contrast, the high-yield bond asset class saw a meaningful increase in yields. Outflows were strong for much of the quarter even though fundamentals remained largely healthy. Leverage - a measure of a company's debt level - increased slightly, but remained at a reasonable level. Interest-rate coverage remained near all-time highs. The trailing 12-month default rate rose modestly from just under 2% to about 2.25%, staying well below its 3.8% historic average. Moreover, three out of every four defaults in high-yield year-to-date have occurred in energy and metals/mining, the worst performing sectors in the Index this quarter, due to weak commodity prices. New issue volume was sluggish, with only $60 billion of new bonds pricing, marking the lowest quarterly total since 2012. The increase in yields and spreads (the difference between yields on high-yield bonds and Treasurys), coupled with relatively healthy fundamentals, helped shore up investor demand late in the quarter.

Performance Summary 

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

  • Security selection was the primary driver of outperformance, although allocations across both sectors and duration segments also contributed.
  • The Fund's bias toward higher-quality, lower-yielding issues in the B and CCC segments led to favorable credit selection.
  • The Fund had a slightly shorter duration than the Index, which helped to lessen the volatility in the Fund during a turbulent market environment.
  • In terms of sectors, credit selection and allocations helped relative performance, with a notable boost from energy. This gain more than offset the modestly negative impact from credit selection in telecommunications and the Fund's underexposure to banks & thrifts, which eked out a positive return in the Index.

Average Annual Returns (%)Sep 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -2.46 -3.80 -0.90 -1.25 3.98 6.11 6.42
Fund w/Max Sales Charge -7.17 -8.33 -5.57 -5.98 2.33 5.07 5.91
BofA Merrill Lynch U.S. High Yield Index2 -2.59 -4.90 -2.53 -3.57 3.46 5.94 7.11
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 FactsSep 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:

  • Credit selection was strong in the weak-performing B and CCC segments, largely because of the Fund's focus on shorter-duration, lower beta issues.
  • Energy and metals/mining, the worst performers by far in the Index, aided results, thanks to the Fund's bias toward high-quality, lower-cost energy producers, underweight in metals/mining and lack of exposure to unsecured coal or iron ore bonds.
  • In terms of duration, the biggest relative gain came from credit selection in the two- to five-year segment, followed by an overweight and security selection in the zero to two-year range, the best-performing segment in the Index.

Detractors 

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

  • The Fund's underweight and credit selection in the BB segment modestly detracted from relative performance. Within the Index, BB bonds held up relatively well.
  • Credit selection in telecommunications nicked performance, as did an underweight in the better-performing banks & thrifts sector.
  • Positioning in bonds with durations over 10 years was a very slight negative, due to both the Fund's underweight and credit selection.

Investment Outlook And Fund Positioning 

We think volatility is likely to continue in the near term, given the many uncertainties overhanging the market. At period end, investors remained particularly concerned about China's slowdown. Most of the world's economies have been exhibiting sluggish or decelerating growth for some time, which could be exacerbated by China's problems. Expectations are that the U.S. economy will have grown modestly in third quarter, but at a slower pace than the 3.9% rate seen the previous quarter. The timing of the Fed decision to raise interest rates is an added worry, as are global geopolitical issues.

Despite this backdrop, we remain cautiously optimistic about the prospects for high-yield bonds generally and the Fund in particular. Highyield bonds offer an even better yield advantage today than three months ago, which should continue to attract investors. The prospect of an interest rate increase is relatively benign for high-yield bonds at this spread level. The asset class has historically outperformed investment grade issues when rates climb because of the additional spread cushion over Treasurys.

We also think the recent downturn in bond prices and rise in yields has created more opportunity in the high-yield asset class. Yields are up, prices are down, and high-yield corporate fundamentals - outside of the energy and metals and mining sectors - are expected to stay relatively stable as long as the economy remains healthy. The default rate will likely rise modestly, but it should stay well below long-term historic averages. New issue supply is expected to remain healthy, with lower-rated new issuance remaining subdued. Merger-and-acquisition (M&A) activity will likely remain robust, but we expect this activity to be strategic in nature, while leveraged buyout (LBO) activity remains negligible.

Going forward, we think it will be a bond picker's market. Our focus will be on finding names that have fallen due to technical dislocations, while avoiding names that have fallen due to deteriorating credit fundamentals. Long-term investors who can differentiate between issues that have been rightly or wrongly devalued can set themselves up for rewards when stability returns to the market. The Fund ended the quarter with a slightly higher-than-usual cash position that will allow it to take advantage of buying opportunities as they arise. We made relatively few changes to positioning over the quarter. The Fund remained conservatively positioned at period end, with a slightly shorter duration than the Index. We maintained a small overweight in CCCs; however, our CCCs have an average yield and duration that was much lower than the CCC credits in the Index. We also trimmed our energy holdings as excess global supply and sluggish demand growth suggest oil prices could remain depressed for some time. While we plan to remain selective in our purchasing, we believe there is opportunity in the new issue market, where large bond deals with decent credit quality have recently priced at a significant discount to the secondary market.

Credit Quality (%)8Sep 30, 2015

BBB 2.69
BB 37.04
B 41.04
CCC or Lower 17.83
Not Rated 1.40
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating, then the Moody's rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

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

About Risk 

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

Attribution

Attribution available in Fund Literature tab.

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

About Risk 

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


Management

Biography
Michael W. Weilheimer, CFA

Michael W. Weilheimer, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1990

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

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

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

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

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

Stephen C. Concannon, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

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

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

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

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

Literature

Literature

Fact Sheet

Commentary

Attribution

Eaton Vance Income Funds Brochure

Annual Report

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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