Government Obligations Fund (A)

Overview

Average Annual Returns (%) as of Dec 31, 2011
1/31/2012	as of Jan 31, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	0.80	0.18	3.74	4.50	5.66	4.34
Fund w/Max Sales Charge	-3.96	-4.55	-1.16	2.81	4.62	3.83
Barclays Capital U.S. Intermediate Government Index¹	1.38	0.51	6.32	4.16	5.96	4.89
12/31/2011	as of Dec 31, 2011
Fund at NAV	0.66	3.64	3.64	4.43	5.57	4.38
Fund w/Max Sales Charge	-4.08	-1.24	-1.24	2.76	4.54	3.88
Barclays Capital U.S. Intermediate Government Index¹	0.68	6.08	6.08	3.54	5.86	4.88
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 Facts as of Jan 31, 2012
Class A Inception	08/24/1984
Investment Objective	High current return
Total Net Assets of Fund	$1.1B
Total Net Assets of Portfolio²	$1.2B
Minimum Investment	$1000
Expense Ratio:³	1.15%
CUSIP	277911103

Top 10 Holdings (%)^4,5 as of Dec 31, 2011
FN AD0716
EV CASH RESERVES FUND
FN AD0728
AID 5 1/2 09/18/23
FHLB 4 1/8 03/13/20
FN 544874
FN 544863
FN 806483
FHLB 5 5/8 06/11/21
AID 5 1/2 04/26/24
Total	29.02

Portfolio Management
Susan Schiff, CFA			Managed Fund since 1992

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. Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

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. As interest rates rise, the value of certain income investments is likely to decline. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment 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. Derivatives 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 Dec 31, 2011
1/31/2012	as of Jan 31, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	0.80	0.18	3.74	4.50	5.66	4.34
Fund w/Max Sales Charge	-3.96	-4.55	-1.16	2.81	4.62	3.83
Barclays Capital U.S. Intermediate Government Index¹	1.38	0.51	6.32	4.16	5.96	4.89
12/31/2011	as of Dec 31, 2011
Fund at NAV	0.66	3.64	3.64	4.43	5.57	4.38
Fund w/Max Sales Charge	-4.08	-1.24	-1.24	2.76	4.54	3.88
Barclays Capital U.S. Intermediate Government Index¹	0.68	6.08	6.08	3.54	5.86	4.88
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 (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	7.84	-0.35	2.23	2.43	4.06	7.24	7.37	5.32	4.35	3.64
Barclays Capital U.S. Intermediate Government Index¹	9.64	2.29	2.33	1.68	3.84	8.47	10.43	-0.32	4.98	6.08

Fund Facts
Expense Ratio:³	1.15%
Class A Inception	08/24/1984
Distribution Frequency	Monthly

Yield Information⁶ as of Jan 31, 2012
SEC 30 Day Yield	2.41%

Morningstar™ Ratings as of Jan 31, 2012
Time Period	Rating	Rating (Load Waived)	Funds in Short Government Category
Overall			134
3 Years			134
5 Years			125
10 Years			106
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. © 2011 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 17, 2012	$7.45	$0.00
Feb 16, 2012	$7.45	$0.00
Feb 15, 2012	$7.45	$0.00
Feb 14, 2012	$7.45	$0.00
Feb 13, 2012	$7.45	$0.00
Feb 10, 2012	$7.45	$0.01
Feb 09, 2012	$7.44	$-0.01
Feb 08, 2012	$7.45	$0.00
Feb 07, 2012	$7.45	$-0.01

Distribution History⁷
Ex-Date	Distribution	Reinvest NAV
Jan 31, 2012	$0.02330	$7.46
Dec 30, 2011	$0.02336	$7.47
Nov 30, 2011	$0.02260	$7.44
Oct 31, 2011	$0.02336	$7.47
Sep 30, 2011	$0.02260	$7.49
Aug 31, 2011	$0.02336	$7.51
Jul 29, 2011	$0.02497	$7.47
Jun 30, 2011	$0.02416	$7.45
May 31, 2011	$0.02497	$7.48
Apr 29, 2011	$0.02416	$7.47
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 www.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.

About Risk

1. Barclays Capital U.S. Intermediate Government Index is an unmanaged index of U.S. government bonds with maturities from one year up to (but not including) 10 years. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
3. Source: Fund prospectus.
6. SEC 30-Day Yield is calculated by dividing the net investment income per share for the 30-day period by the maximum offering price at the end of the period and annualizing the result. Subsidized yield reflects the effect of fee waivers and expense reimbursements.
7. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)⁴ as of Dec 31, 2011
U.S. Govt Agency Mortgage Backed Securities	80.88
U.S. Govt Agency Bonds	13.83
Cash & Equivalents	4.52
U.S. Treasuries	0.77
Total	100.00

Portfolio Statistics as of Dec 31, 2011
Number of Holdings:	599
Average Coupon:	5.81%
Average Duration:	3.01 yrs.

Sector Breakdown (%)⁴ as of Dec 31, 2011
Fixed Rate 30yr MBS coupon< 8%	40.40
Adjustable Rate MBS	14.09
U.S. Government Agency Obligations	13.83
Fixed Rate 15 & 20yr MBS	11.81
Fixed Rate 30yr MBS coupon >8%	10.17
Short Term Investments	4.52
Fixed Rate CMOs	4.42
U.S. Treasuries	0.77

Credit Quality (%)⁸ as of Dec 31, 2011
Government	0.80
Government Agency	99.20
Total	100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency 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. If securities are rated differently by the rating agencies, the higher rating is applied.

About Risk

Insights & Analysis

Quarterly Commentary

No commentary information is available.

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.