Spotlight Fund


Short Duration Government Income Fund (EILDX)

Gain high-quality exposure from primary investments in AAA-rated Agency MBS that float with short-term interest rates.

Coupon Mix (%)4

  • 66% in floating-rate U.S. agency MBS4
  • Yield: 2.80% (SEC-30-day yield: 2.97%)5
  • Average duration: 0.39 years6
  • Credit quality: 100% AAA7
  • Five-star overall Morningstar rating among 105 funds in the Short Government category8
  • 2018 Thomson Reuters Lipper Fund Awards: Best Short U.S. Government Fund over 3 & 5 years9

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Fund Prospectus

Tax-Exempt Short-Duration Strategies

Funds with limited duration that seek tax-exempt income.



Name (ticker)
Morningstar Category
Duration1
Total Percentile (%) Rankings as of 7/31/18²
vs. # of funds in category
1 Year 3 year 5 year 10 year
Short Duration Municipal Opportunities Fund (EMAIX)
Muni National Short
3.08 1
out of 194
1
out of 179
1
out of 158
5
out of 100
Floating-Rate Municipal Income Fund (EILMX)
Muni National Short
0.15 5
out of 194
26
out of 179
80
out of 158
17
out of 100



High-Quality Short-Duration Strategies3

Funds with limited duration and an emphasis on investment-grade securities.



Name (ticker)
Morningstar Category
Duration1
Total Percentile (%) Rankings as of 7/31/18²
vs. # of funds in category
1 Year 3 year 5 year 10 year
Short Duration Government Income Fund (EILDX)
Short Government
0.39 1
out of 105
1
out of 102
1
out of 92
3
out of 69
Short Duration Inflation-Protected Income Fund (EIRRX)
Inflation-Protected Bond
2.16 12
out of 240
10
out of 211
22
out of 179
-



Corporate Credit Short-Duration Strategies

Funds with limited duration and an emphasis on high-yield corporate securities.



Name (ticker)
Morningstar Category
Duration1
Total Percentile (%) Rankings as of 7/31/18²
vs. # of funds in category
1 Year 3 year 5 year 10 year
Floating-Rate Advantage Fund (EIFAX)
Bank Loan
0.20 2
out of 235
1
out of 211
2
out of 171
1
out of 80
Floating-Rate Fund (EIBLX)
Bank Loan
0.22 8
out of 235
7
out of 211
13
out of 171
22
out of 80
Floating-Rate & High Income Fund (EIFHX)
Bank Loan
0.76 21
out of 235
5
out of 211
6
out of 171
14
out of 80
Short Duration Strategic Income Fund (ESIIX)
Nontraditional Bond
0.16 37
out of 323
45
out of 278
15
out of 171
51
out of 51
Short Duration High Income Fund (ESHIX)
High Yield Bond
1.86 53
out of 689
74
out of 588
- -



ESG Short-Duration Strategies

Funds with limited duration and a focus on environmental, social and governance (ESG) factors.



Name (ticker)
Morningstar Category
Duration1
Total Percentile (%) Rankings as of 7/31/18²
vs. # of funds in category
1 Year 3 year 5 year 10 year
Calvert Ultra-Short Duration Income Fund (CULIX)
Ultrashort Bond
0.47 33
out of 183
13
out of 143
13
out of 111
14
out of 59
Calvert Short Duration Income Fund (CDSIX)
Short-Term Bond
2.10 25
out of 525
10
out of 461
15
out of 388
14
out of 256
Calvert Floating-Rate Advantage Fund (CFOIX)
Bank Loan
- - - - -

1 Duration is the measure of the sensitivity of the price of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years.

2 Source: Morningstar, 7/31/18. The Morningstar percentile ranking is based on the fund’s total return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges. The top-performing funds in a category will always receive a rank of 1. Past performance is no guarantee of future results.

©2018 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.

3 High quality is defined as funds that historically have had the majority of their assets invested in investment grade securities as defined by Moodys, 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.

4 Percent of bond holdings as of 6/30/18 rounded to the nearest percent.

5 Reflects distribution rate at NAV as of 7/31/18. SEC 30-day yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC 30-day yield is not based on the distributions made by the fund, which may differ. Distribution Rate at NAV is calculated by dividing the last distribution paid per share (annualized) by NAV. The Fund's monthly distribution may be comprised of ordinary income, net realized capital gains and returns of capital.

6 As of 6/30/18.

7 As of 6/30/18. Percent of bond holdings. Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest 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.

8As of 7/31/18. 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 Morningstar rating for the Eaton Vance Short Duration Government Income Fund is 5 stars over 3 years, 5 years and 10 years out of 102, 92 and 69 funds respectively in the Short Government Category.

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.

©2018 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.

9 Out of 25 Short U.S. Government funds as of 11/30/17. The Thomson Reuters Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. Other share classes may have different performance and expense characteristics. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper awards are not intended to predict future results. For more information, see www.lipperfundawards.com. From Thomson Reuters Lipper Awards, ©2018 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this content without express written permission is prohibited.

About Risk: The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. 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 (sometimes referred to as junk) are typically subject to greater price volatility and illiquidity than higher rated investments. No fund is a complete investment program and you may lose money investing in a fund. The Funds may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.