Overview

Relative to other short government funds, over the past 10 years this fund has had: Higher return, Higher risk-adjusted return, and Lower volatility.1

As of 03/31/2016.

  • Class A at NAV
  • Morningstar Short Government Category

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2016
Fund at NAV 0.32 0.38 -0.14 0.25 0.79 1.29 2.84
Fund w/Max Sales Charge -1.93 -1.86 -2.36 -2.06 0.04 0.83 2.61
BofA Merrill Lynch 1-3 Year U.S. Treasury Index2 0.04 0.33 0.94 0.91 0.74 0.79 2.44
03/31/2016
Fund at NAV 0.33 -0.46 -0.46 0.21 0.65 1.28 2.84
Fund w/Max Sales Charge -1.93 -2.67 -2.67 -2.09 -0.09 0.82 2.61
BofA Merrill Lynch 1-3 Year U.S. Treasury Index2 0.17 0.90 0.90 0.92 0.77 0.87 2.47
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: 2.25%.

Fund Factsas of Apr 30, 2016

Class A Inception 09/30/2002
Investment Objective Total return
Total Net Assets $495.5M
Minimum Investment $1000
Expense Ratio3 0.99%
CUSIP 277911160

Portfolio Management

Andrew Szczurowski, CFA Managed Fund since 2014

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. As interest rates rise, the value of certain income investments is likely to decline. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2016
Fund at NAV 0.32 0.38 -0.14 0.25 0.79 1.29 2.84
Fund w/Max Sales Charge -1.93 -1.86 -2.36 -2.06 0.04 0.83 2.61
BofA Merrill Lynch 1-3 Year U.S. Treasury Index2 0.04 0.33 0.94 0.91 0.74 0.79 2.44
Morningstar™ Short Government Category4 0.02 0.37 1.01 0.55 0.38 0.77 2.49
03/31/2016
Fund at NAV 0.33 -0.46 -0.46 0.21 0.65 1.28 2.84
Fund w/Max Sales Charge -1.93 -2.67 -2.67 -2.09 -0.09 0.82 2.61
BofA Merrill Lynch 1-3 Year U.S. Treasury Index2 0.17 0.90 0.90 0.92 0.77 0.87 2.47
Morningstar™ Short Government Category4 0.23 1.00 1.00 0.56 0.42 0.87 2.51
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: 2.25%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 3.86 5.99 1.38 8.35 3.19 1.21 3.48 -1.15 2.47 1.15
BofA Merrill Lynch 1-3 Year U.S. Treasury Index2 3.96 7.32 6.61 0.78 2.35 1.55 0.43 0.36 0.62 0.54

Fund Facts

Expense Ratio3 0.99%
Class A Inception 09/30/2002
Distribution Frequency Monthly

Yield Information5as of Apr 30, 2016

Distribution Rate at NAV 3.37%
SEC 30-day Yield 2.27%

Morningstar™ Ratingsas of Apr 30, 2016

Time Period Rating Rating (Load Waived) Funds in
Short Government
Category
Overall *** **** 114
3 Years ** **** 114
5 Years *** **** 107
10 Years *** *** 91
Based on Risk-Adjusted Returns.

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

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

NAV History

Date NAV NAV Change
May 27, 2016 $8.29 $0.00
May 26, 2016 $8.29 $0.01
May 25, 2016 $8.28 -$0.01
May 24, 2016 $8.29 $0.00
May 23, 2016 $8.29 $0.00
May 20, 2016 $8.29 $0.00
May 19, 2016 $8.29 $0.00
May 18, 2016 $8.29 $0.00
May 17, 2016 $8.29 $0.01
May 16, 2016 $8.28 -$0.01
View All

Distribution History6

Ex-Date Distribution Reinvest NAV
Apr 29, 2016 $0.01671 $8.29
Mar 31, 2016 $0.01716 $8.28
Feb 29, 2016 $0.01752 $8.27
Jan 29, 2016 $0.01681 $8.31
Dec 31, 2015 $0.01713 $8.37
Nov 30, 2015 $0.01705 $8.39
Oct 30, 2015 $0.01717 $8.40
Sep 30, 2015 $0.02090 $8.40
Aug 31, 2015 $0.02185 $8.45
Jul 31, 2015 $0.02300 $8.46
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

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 primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. As interest rates rise, the value of certain income investments is likely to decline. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. 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 (%)7as of Mar 31, 2016

Fixed Rate CMOs 39.26
Adjustable Rate MBS 21.62
U.S. Government Agency Obligations 11.20
Floating Rate CMOs 10.87
Other 6.82
Short Term Investments 5.14
Fixed Rate MBS 5.08
Total 100.00

Portfolio Statisticsas of Mar 31, 2016

Number of Holdings 1119
Average Coupon 3.42%
Average Duration 0.43 yrs.

Portfolio Information (%)as of Mar 31, 2016

Portfolio Allocations Average Duration
Short-Term U.S. Government Portfolio 91.5 0.38 yrs.
Government Obligations Portfolio 5.1 1.34 yrs.
Senior Debt Portfolio 3.4 0.31 yrs.

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

AAA 95.08
A 0.01
BBB 0.24
BB 1.29
B 1.18
CCC or Lower 0.08
Not Rated 2.13
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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's 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.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. As interest rates rise, the value of certain income investments is likely to decline. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Commentary

A Word On The Markets as of Mar 31, 2016

It was a volatile quarter for the world's financial markets. The "risk-off" environment that characterized late 2015 spilled over into the new year, as slowing global growth, the prospect of additional U.S. monetary tightening and a steep drop in Chinese equities kept investors on edge. Continued weakness in the oil markets further dampened sentiment, with crude prices touching levels unseen in nearly 13 years.

Oil and other risk assets remained under pressure until mid-February, when central bank actions helped ignite a strong rally. The Bank of Japan introduced negative interest rates, and the European Central Bank cut its deposit rate deeper into negative territory, expanded its bond-buying program and launched a series of inexpensive four-year bank loans. Additionally, China announced a series of measures designed to boost economic growth and stem capital outflows.

In the United States, the Federal Reserve (the Fed) decided not to immediately follow up on its December rate hike with another increase and lowered the number of times it expects to raise rates in 2016 from four to two. The Fed also trimmed its growth projections for the U.S. economy. Job creation was solid, home prices continued to rise and inflation firmed. However, consumers spent cautiously, and exports and manufacturing remained soft.

As the Fed shifted back to a dovish tone, Treasurys rallied and yields on the long end of the curve finished roughly 50 basis points lower than where they began the quarter. As long end Treasury yields fell, so too did mortgage rates, causing agency mortgage-backed securities (MBS) spreads to widen due to rising prepayment fears over the coming months.

Performance Summary 

Eaton Vance Short Duration Government Income Fund (the Fund) underperformed its benchmark, the BofA Merrill Lynch 1-3 Year U.S. Treasury Index (the Index)2, at net asset value for the quarter.

  • While a shorter duration9 than the Index aided the Fund's relative performance in the fourth quarter of 2015, it was the leading cause of underperformance in the first quarter of 2016.
  • Agency MBS spreads widened during the quarter, leading to underperformance relative to Treasurys.
  • The Fund's investment in interest-only agency MBS detracted from performance relative to the Index. As Treasury yields fell across the curve, mortgage rates also declined. Interest-only agency MBS spreads widened due to fears prepayments would increase over the coming months.

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.33 -0.46 -0.46 0.21 0.65 1.28 2.84
Fund w/Max Sales Charge -1.93 -2.67 -2.67 -2.09 -0.09 0.82 2.61
BofA Merrill Lynch 1-3 Year U.S. Treasury Index2 0.17 0.90 0.90 0.92 0.77 0.87 2.47
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: 2.25%.

Fund Factsas of Mar 31, 2016

Class A Inception 09/30/2002
Expense Ratio3 0.99%

Contributors 

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

  • The Fund's investment in longer duration government agency debt obligations outperformed for the quarter as the yield curve10 flattened.

Detractors 

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

  • While a shorter duration than the Index aided the Fund's relative performance in the fourth quarter of 2015, it was the leading cause of underperformance in the first quarter of 2016.
  • Agency MBS spreads widened during the quarter, leading to underperformance relative to Treasurys.
  • The Fund's investment in interest-only agency MBS detracted from performance relative to the Index. As Treasury yields fell across the curve, mortgage rates also declined. Interest-only agency MBS spreads widened due to fears prepayments would increase over the coming months.

Investment Outlook And Fund Positioning 

Looking ahead, management expects the Fed to continue to reinvest their agency MBS prepayments for the foreseeable future. The continued Fed reinvestment is a positive for supply/demand technical, which we believe bodes well for MBS spreads going forward.

Management believes that high-coupon, seasoned agency MBS will continue to offer the most value in the agency MBS market and will likely not have the extension risk that lower coupon generic MBS have, which may be valuable if rates rise.

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

AAA 95.08
A 0.01
BBB 0.24
BB 1.29
B 1.18
CCC or Lower 0.08
Not Rated 2.13
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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's 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 primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. As interest rates rise, the value of certain income investments is likely to decline. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. 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

No attribution information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. As interest rates rise, the value of certain income investments is likely to decline. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. 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. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. 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
Andrew Szczurowski, CFA

Andrew Szczurowski, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2007

Andrew Szczurowski is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s mortgage-backed securities strategies. He joined Eaton Vance in 2007.

Andrew began his career in the investment management industry in 2005. Before joining Eaton Vance, he was affiliated with BNY Mellon.

Andrew earned a B.S., cum laude, from Peter T. Paul College of Business and Economics at the University of New Hampshire. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S. University of New Hampshire
Experience
  • Managed Fund since 2014

Literature

Literature

Fact Sheet

Commentary

Annual Report

Full Prospectus

Short Duration Government Income Holdings

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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    Symbol:  

    NAV as of