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


  • 55% in floating-rate U.S. agency MBS4
  • SEC 30-day yield: 2.90% subsidized, 2.90% unsubsidized5
  • Average duration: 0.29 years6
  • Credit quality: 100% AAA7
  • Five-star overall Morningstar rating among 102 funds in the Short Government category8
  • 2019 Lipper Fund Awards from Refinitiv: Best Short U.S. Government Fund over 3 & 5 years9

For more information including standardized performance and the fund’s fees and expenses, CLICK HERE

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 3/31/19²
vs. # of funds in category
1 Year 3 year 5 year 10 year
Short Duration Municipal Opportunities Fund (EMAIX)
Muni National Short
2.17 7
out of 202
1
out of 180
1
out of 165
3
out of 112
Floating-Rate Municipal Income Fund (EILMX)
Muni National Short
0.07 81
out of 202
24
out of 180
75
out of 165
17
out of 112



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 3/31/19²
vs. # of funds in category
1 Year 3 year 5 year 10 year
Short Duration Government Income Fund (EILDX)
Short Government
0.29 66
out of 106
1
out of 102
2
out of 98
4
out of 72
Short Duration Inflation-Protected Income Fund (EIRRX)
Inflation-Protected Bond
2.07 85
out of 225
8
out of 200
42
out of 170
-



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 3/31/19²
vs. # of funds in category
1 Year 3 year 5 year 10 year
Floating-Rate Advantage Fund (EIFAX)
Bank Loan
0.19 20
out of 240
4
out of 215
1
out of 196
1
out of 81
Floating-Rate Fund (EIBLX)
Bank Loan
0.20 29
out of 240
14
out of 215
8
out of 196
23
out of 81
Floating-Rate & High Income Fund (EIFHX)
Bank Loan
0.82 13
out of 240
12
out of 215
3
out of 196
14
out of 81
Short Duration Strategic Income Fund (ESIIX)
Nontraditional Bond
0.71 78
out of 310
41
out of 278
26
out of 187
37
out of 66
Short Duration High Income Fund (ESHIX)
High Yield Bond
1.77 78
out of 700
90
out of 610
50
out of 519
-



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 3/31/19²
vs. # of funds in category
1 Year 3 year 5 year 10 year
Calvert Ultra-Short Duration Income Fund (CULIX)
Ultrashort Bond
0.30 38
out of 187
14
out of 151
16
out of 131
27
out of 59
Calvert Short Duration Income Fund (CDSIX)
Short-Term Bond
1.96 18
out of 531
12
out of 476
13
out of 415
19
out of 266
Calvert Floating-Rate Advantage Fund (CFOIX)
Bank Loan
0.18 69
out of 240
- - -

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.

1 As of 3/31/19, 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.

2Source: Morningstar, 3/31/19. 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.

©2019 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 3/31/19 rounded to the nearest percent.

5 Subsidized SEC 30-day yield: 2.90% as of 3/31/19. Unsubsidized SEC 30-day yield: 2.90% as of 3/31/19. 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. The Fund's monthly distribution may be comprised of ordinary income, net realized capital gains and returns of capital.

6 As of 3/31/19.

7 As of 3/31/19. 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

8 As of 3/31/19. 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, 98 and 72 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 24 Short U.S. Government funds as of 11/30/2018. 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. For more information, see www.lipperfundawards.com. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper Fund Awards from Refinitiv, ©2019 Refinitiv. All rights reserved. Used under license.

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. Interest payments on inflation-linked investments may vary widely and will fluctuate as principal and interest are adjusted for inflation. Investments in inflation-linked investments may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. 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 risk. Investments in debt instruments 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. Investments rated below investment grade (sometimes referred to as junk) are typically subject to greater price volatility and illiquidity than higher rated investments. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.