Overview

Growth of $10,000

10-year period ended 06/30/2017

  • Class A at NAV

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
07/31/2017
Fund at NAV 0.11 0.34 1.09 0.57 0.71 0.39 2.70
Bloomberg Barclays U.S. Intermediate Government Bond Index1 0.32 0.45 1.52 -0.97 1.66 1.01 3.29
06/30/2017
Fund at NAV 0.11 0.50 0.98 0.71 0.59 0.46 2.81
Bloomberg Barclays U.S. Intermediate Government Bond Index1 -0.26 0.66 1.20 -1.25 1.47 1.07 3.39
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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Fund Factsas of Jul 31, 2017

Class R Inception 08/12/2005
Performance Inception 08/24/1984
Investment Objective High current return
Total Net Assets $360.0M
Minimum Investment $1000
Expense Ratio2 1.35%
CUSIP 277911111

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 invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios.

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. 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 increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
07/31/2017
Fund at NAV 0.11 0.34 1.09 0.57 0.71 0.39 2.70
Bloomberg Barclays U.S. Intermediate Government Bond Index1 0.32 0.45 1.52 -0.97 1.66 1.01 3.29
Morningstar Short Government Category3 0.17 0.22 0.68 -0.17 0.61 0.34 1.96
06/30/2017
Fund at NAV 0.11 0.50 0.98 0.71 0.59 0.46 2.81
Bloomberg Barclays U.S. Intermediate Government Bond Index1 -0.26 0.66 1.20 -1.25 1.47 1.07 3.39
Morningstar Short Government Category3 -0.13 0.24 0.51 -0.36 0.51 0.38 2.02
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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 6.99 7.11 5.06 4.09 3.38 1.57 -1.81 2.41 0.17 0.05
Bloomberg Barclays U.S. Intermediate Government Bond Index1 8.47 10.43 -0.32 4.98 6.08 1.73 -1.25 2.52 1.18 1.05

Fund Facts

Expense Ratio2 1.35%
Class R Inception 08/12/2005
Performance Inception 08/24/1984
Distribution Frequency Monthly

Yield Information4as of Jul 31, 2017

Distribution Rate at NAV 3.19%
SEC 30-day Yield 1.46%

Morningstar Rating™as of Jul 31, 2017

Time Period Rating Funds in
Short Government
Category
Overall **** 105
3 Years *** 105
5 Years *** 95
10 Years ***** 73
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Aug 17, 2017 $6.31 $0.00
Aug 16, 2017 $6.31 $0.01
Aug 15, 2017 $6.30 -$0.01
Aug 14, 2017 $6.31 -$0.01
Aug 11, 2017 $6.32 $0.00
Aug 10, 2017 $6.32 $0.01
Aug 09, 2017 $6.31 $0.00
Aug 08, 2017 $6.31 $0.00
Aug 07, 2017 $6.31 -$0.01
Aug 04, 2017 $6.32 $0.00

Distribution History5

Ex-Date Distribution Reinvest NAV
Jul 31, 2017 $0.01708 $6.31
Jun 30, 2017 $0.01691 $6.32
May 31, 2017 $0.01738 $6.33
Apr 28, 2017 $0.01719 $6.34
Mar 31, 2017 $0.01703 $6.34
Feb 28, 2017 $0.01783 $6.36
Jan 31, 2017 $0.01561 $6.36
Dec 30, 2016 $0.01489 $6.36
Nov 30, 2016 $0.01516 $6.36
Oct 31, 2016 $0.01543 $6.41
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 History5

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios.

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. 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 increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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 (%)6as of Jun 30, 2017

Fixed Rate Agency MBS 77.67
Adjustable Rate Agency MBS 16.02
Floating Rate Agency MBS 3.86
Short Term Investments 2.45
Total 100.00

Portfolio Statisticsas of Jun 30, 2017

Number of Holdings 279
Average Coupon 5.29%
Average Duration 2.36 yrs.

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

AAA 100.00
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 invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios.

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. 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 increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Commentary

A Word On The Markets as of Jun 30, 2017

Risk assets continued their run of strong performance in the second quarter, adding to gains from earlier in the year. The period was characterized by favorable developments in Europe, optimism about the global economy, robust capital flows into emerging markets, a flattening yield curve in the U.S. and a weakening dollar.

The U.S. economy continued to grow at a steady but modest pace in the second quarter despite little progress out of Washington on Trump's pro-growth agenda, which continues to be bogged down by inter-party and intra-party fighting and obstruction. One bright spot in the U.S. economy continues to be the U.S. Labor market, with the unemployment rate falling to 4.4%, the lowest it has been since 2001. After a pickup in Q1 due to base effects, U.S. and global inflation continues to trend lower, and automation and ecommerce will likely continue to keep inflation in goods and services moderated for the foreseeable future.

Against a backdrop of a strong U.S. labor market, moderate GDP growth, lower inflation and a continued rally in risk assets, The Federal Reserve (the Fed) hiked the Fed Funds rate for the fourth time this economic cycle. In addition to hiking rates at the June Fed meeting, the Fed also updated their policy normalization principles, which laid out a plan for a gradual normalization of their 4.2 trillion dollar balance sheet. After a rate hike in mid-June, there was a dovish shift in the communication coming out of a number of members of the Fed the last two weeks of the month. Going forward it seems the resolve of the FOMC to reduce the balance sheet is greater than the resolve to hike rates in the near term.

Performance Summary 

Eaton Vance Government Obligations Fund (the Fund) underperformed its benchmark, the Barclays U.S. Intermediate Government Bond Fund Index (the Index)1, at net asset value for the quarter.

  • The Fund maintained a duration8 which was shorter than the Index, which hurt relative performance as the longer end of the curve outperformed.
  • The Fund's investments in fixed-rate Agency CMOs benefited from declining long end yields.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.11 0.50 0.98 0.71 0.59 0.46 2.81
Bloomberg Barclays U.S. Intermediate Government Bond Index1 -0.26 0.66 1.20 -1.25 1.47 1.07 3.39
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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Fund Factsas of Jun 30, 2017

Class R Inception 08/12/2005
Performance Inception 08/24/1984
Expense Ratio2 1.35%

Contributors 

The Fund's investments in fixed rate Agency CMOs aided performance during the period, as the securities outperformed Treasuries despite slight spread widening.

Detractors 

The Fund maintained a duration which was shorter than the Index, which hurt relative performance as the longer end of the curve outperformed.

Investment Outlook And Fund Positioning 

Management believes that although the U.S. economy remains on a solid footing, there is a growing likelihood that stimulative fiscal reform won't get done in 2017. Gridlock in Washington, coupled with a growing chorus of global central banks joining the Fed in less accommodative monetary policy don't provide a favorable backdrop for risk assets over the near term. Against this backdrop, management believes Agency Mortgage Backed Securities (MBS) remain an attractive investment alternative to investment grade corporates, as they provide investors with an attractive spread over Treasuries without taking credit risk.

In the current low yield environment, it is important not to reach for yield and be mindful of interest rate risk. As such, management believes Agency MBS with minimal extension risk and more stable prepayment profiles remain extremely attractive in the current rate environment.

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

AAA 100.00
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 invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios.

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. 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 increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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 invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios.

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. 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 increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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

Download - Last updated: Jun 30, 2017

Commentary

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: Mar 1, 2017

Government Obligations Holdings

Download - Last updated: Jun 30, 2017

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

Download

SAI

Download - Last updated: Mar 1, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2017

Summary Prospectus

Download - Last updated: May 1, 2017

XBRL

Download - Last updated: Mar 21, 2017