Eaton Vance Short Duration Government Income Fund
Eaton Vance Mutual Funds Trust · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Eaton Vance Short Duration Government Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The Funds investment objective is to seek total return.
The fund invests at least 90% of its net assets in securities issued, backed or guaranteed by the U.S. Government or its agencies, including Treasuries, agency bonds and mortgage-backed securities, with up to 10% in other income securities such as non-agency MBS, asset-backed securities and corporate bonds. The portfolio managers select securities based on relative value with respect to price, yield and expected total return. The fund's dollar-weighted average duration will not exceed three years, and it may use derivatives, leverage, short sales and forward commitments on mortgage securities to adjust positioning and seek returns.
| Share class | Expense ratio |
|---|---|
| EALDX | 0.89% |
| ECLDX | 1.49% |
| EILDX | 0.64% |
| C000227652 | 0.89% |
Portfolio turnover 580.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 128.52% |
| Bonds | 2.94% |
| Derivatives | 1.61% |
| Cash & short-term | -2.84% |
These positions come to 130.23% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: UMBS, TBA ×6, Government National Mortgage Association ×2
Largest exited: UMBS, TBA ×5, Government National Mortgage Association ×3
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.11% | +15.84% | +12.11% | 1.92% | -1.91% | |
| +4.50% | +13.78% | +8.79% | 1.97% | -2.01% | |
| +5.51% | +16.85% | +13.63% | 2.04% | -1.88% | |
| +5.25% | +15.98% | +12.26% | 1.96% | -1.78% |
These classes hold the same portfolio, so the 4.84pp spread over 5 years is the cost difference between them — roughly 0.97pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 78.4% |
| Floating rate | 21.2% |
| Zero-coupon or unclassified | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.0% |
| 1-3y | 0.0% |
| 3-5y | 0.0% |
| 5-10y | 0.1% |
| 10y+ | 99.9% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 85% |
| Credit spreads | 15% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +0.87 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 1% |
| 1 yr | 0.79 yr | 16% |
| 5 yr | 1.54 yr | 31% |
| 10 yr | 1.90 yr | 39% |
| 30 yr | 0.64 yr | 13% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.01 yr | 1% |
| 5 yr | 0.02 yr | 2% |
| 10 yr | 0.07 yr | 8% |
| 30 yr | 0.77 yr | 89% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.00 | +0.00 | $0 | $110 |
| 1 yr | +0.79 | +0.00 | +0.01 | $0 | $1.7k |
| 5 yr | +1.54 | +0.00 | +0.02 | $0 | $6.1k |
| 10 yr | +1.90 | +0.00 | +0.07 | $0 | $21.2k |
| 30 yr | +0.64 | +0.00 | +0.77 | $0 | $243.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | UMBS, TBA5.50% · due 2056-05-01 | 7.08% | $222.23M | — |
| — | UMBS, TBA6.00% · due 2056-05-01 | 6.58% | $206.59M | — |
| — | UMBS, TBA6.00% · due 2056-06-01 | 6.50% | $204.05M | — |
| — | Government National Mortgage Association3.00% · due 2056-05-20 | 5.04% | $158.13M | — |
| — | UMBS, TBA6.50% · due 2056-05-01 | 3.07% | $96.41M | — |
| — | UMBS, TBA5.50% · due 2056-06-01 | 3.01% | $94.62M | — |
| — | NOMURA CORPORATE FDG AMERS LLC5.40% · due 2059-01-01 | 2.94% | $92.22M | — |
| — | UMBS, TBA3.00% · due 2056-06-01 | 2.77% | $86.89M | — |
| — | Government National Mortgage Association6.50% · due 2066-04-20 | 2.51% | $78.81M | — |
| — | UMBS, TBA3.00% · due 2056-05-01 | 2.19% | $68.62M | — |
Top 10 positions are 41.68% of net assets, top 25 62.88%, across 18 issuers.
See more of this fund's book
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