Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited)
| Asset-Backed Securities — 3.8% |
| Security | Principal Amount (000's omitted) | Value | |
| CFMT LLC, Series 2023-HB12, Class M4, 4.25%, 4/25/33(1)(2) | $ | 3,490 | $ 2,781,190 |
| KKR SFR Warehouse Participation, 8.836%, (30-day SOFR Average + 3.50%), 12/13/24(3) | 3,369 | 3,356,931 | |
| Loandepot GMSR Master Trust, Series 2018-GT1, Class A, 8.998%, (1 mo. SOFR + 3.664%), 10/16/25(1)(3) | 1,000 | 961,365 | |
| NewRez Warehouse Securitization Trust, Series 2021-1, Class E, 8.70%, (1 mo. SOFR + 3.364%), 5/25/55(1)(3) | 3,813 | 3,837,491 | |
| NRZ Excess Spread-Collateralized Notes: | |||
| Series 2021-FNT1, Class A, 2.981%, 3/25/26(1) | 212 | 198,948 | |
| Series 2021-GNT1, Class A, 3.474%, 11/25/26(1) | 1,230 | 1,146,332 | |
| Pagaya AI Technology in Housing Trust, Series 2023-1, Class F, 3.60%, 10/25/40(1) | 1,000 | 682,585 | |
| STAR Trust, Series 2021-SFR1, Class H, 9.899%, (1 mo. SOFR + 4.564%), 4/17/38(1)(3) | 500 | 456,669 | |
| VINE Trust, Series 2023-SFR1, Class E1, 4.75%, 12/17/40(1) | 2,000 | 1,804,983 | |
| Total Asset-Backed Securities (identified cost $15,006,367) | $ 15,226,494 | ||
| Collateralized Mortgage Obligations — 61.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Angel Oak Mortgage Trust I LLC, Series 2019-1, Class B1, 5.40%, 11/25/48(1)(2) | $ | 1,000 | $ 993,699 |
| Brean Asset-Backed Securities Trust, Series 2023-RM6, Class A1, 5.25% to 1/25/28, 1/25/63(1)(4) | 3,866 | 3,668,426 | |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54(1)(4) | 1,396 | 1,276,597 | |
| CFMT LLC, Series 2023-HB11, Class M2, 4.00%, 2/25/37(1)(2) | 2,000 | 1,764,921 | |
| CHNGE Mortgage Trust: | |||
| Series 2023-1, Class A1, 7.065% to 2/25/26, 3/25/58(1)(2) | 813 | 827,114 | |
| Series 2023-2, Class A3, 7.436% to 5/25/26, 6/25/58(1)(4) | 2,723 | 2,754,954 | |
| COLT Mortgage Loan Trust, Series 2020-2, Class A1, 1.853%, 3/25/65(1)(2) | 32 | 31,729 | |
| Deephaven Residential Mortgage Trust, Series 2020-2, Class B2, 5.786%, 5/25/65(1)(2) | 500 | 494,444 | |
| Ellington Financial Mortgage Trust, Series 2022-4, Class A3, 5.90% to 12/25/25, 9/25/67(1)(4) | 623 | 629,422 | |
| FARM Mortgage Trust, Series 2023-1, Class B, 3.034%, 3/25/52(1)(2) | 3,128 | 2,259,197 | |
| Security | Principal Amount (000's omitted) | Value | |
| Federal Home Loan Mortgage Corp.: | |||
| Series 30, Class I, 7.50%, 4/25/24 | $ | 0(5) | $ 5 |
| Series 1822, Class Z, 6.90%, 3/15/26 | 37 | 37,214 | |
| Series 1829, Class ZB, 6.50%, 3/15/26 | 0(5) | 504 | |
| Series 1896, Class Z, 6.00%, 9/15/26 | 11 | 10,645 | |
| Series 2075, Class PH, 6.50%, 8/15/28 | 17 | 17,548 | |
| Series 2091, Class ZC, 6.00%, 11/15/28 | 50 | 50,773 | |
| Series 2102, Class Z, 6.00%, 12/15/28 | 13 | 12,952 | |
| Series 2115, Class K, 6.00%, 1/15/29 | 92 | 92,386 | |
| Series 2142, Class Z, 6.50%, 4/15/29 | 31 | 31,413 | |
| Series 4107, Class SA, 0.00%, (2.506% - 30-day SOFR Average x 0.571, Floor 0.00%), 9/15/42(6) | 419 | 294,225 | |
| Series 4107, Class SB, 0.00%, (2.506% - 30-day SOFR Average x 0.571, Floor 0.00%), 9/15/42(6) | 208 | 146,267 | |
| Series 4107, Class SC, 0.00%, (2.506% - 30-day SOFR Average x 0.571, Floor 0.00%), 9/15/42(6) | 500 | 350,749 | |
| Series 4107, Class SD, 0.00%, (2.506% - 30-day SOFR Average x 0.571, Floor 0.00%), 9/15/42(6) | 373 | 203,394 | |
| Series 4204, Class AF, 5.00%, (30-day SOFR Average + 1.114%), 5/15/43(3) | 540 | 486,350 | |
| Series 4212, Class NS, 0.00%, (5.263% - 30-day SOFR Average x 1.20, Floor 0.00%), 6/15/43(6) | 287 | 257,751 | |
| Series 4259, Class UE, 2.50%, 5/15/43 | 257 | 233,438 | |
| Series 4623, Class SK, 0.00%, (3.49% - 30-day SOFR Average x 0.714, Floor 0.00%), 10/15/46(6) | 259 | 153,187 | |
| Series 4938, Class KZ, 2.50%, 12/25/49 | 654 | 365,350 | |
| Series 5009, Class ZN, 3.50%, 7/25/50 | 871 | 714,790 | |
| Series 5028, Class AZ, 2.00%, 10/25/50 | 220 | 93,392 | |
| Series 5028, Class TZ, 2.00%, 10/25/50 | 1,091 | 587,747 | |
| Series 5031, Class Z, 2.50%, 10/25/50 | 1 | 345 | |
| Series 5035, Class AZ, 2.00%, 11/25/50 | 1,111 | 542,964 | |
| Series 5035, Class ZK, 2.50%, 11/25/50 | 1,239 | 746,946 | |
| Series 5035, Class ZT, 2.00%, 10/25/50 | 776 | 369,519 | |
| Series 5039, Class ZJ, 2.00%, 11/25/50 | 101 | 43,030 | |
| Series 5040, Class TZ, 2.50%, 11/25/50 | 184 | 99,268 | |
| Series 5042, Class PZ, 2.00%, 11/25/50 | 2,084 | 958,527 | |
| Series 5058, Class ZH, 3.00%, 5/25/50 | 156 | 95,051 | |
| Series 5071, Class CS, 0.00%, (3.30% - 30-day SOFR Average, Floor 0.00%), 2/25/51(6) | 1,266 | 695,805 | |
| Series 5072, Class ZU, 2.50%, 2/25/51 | 341 | 186,447 | |
| Series 5083, Class ZW, 2.50%, 3/25/51 | 500 | 271,147 | |
| Series 5090, Class PZ, 2.50%, 3/25/51 | 244 | 125,540 | |
| Series 5093, Class Z, 3.00%, 1/25/51 | 0(5) | 39 | |
| Series 5101, Class EZ, 2.00%, 3/25/51 | 550 | 297,090 | |
| Series 5104, Class WZ, 3.00%, 4/25/51 | 130 | 87,620 | |
| Series 5114, Class ZH, 3.00%, 5/25/51 | 58 | 38,379 | |
| Series 5123, Class JZ, 2.00%, 7/25/51 | 110 | 60,162 | |
| Series 5129, Class HZ, 1.25%, 4/25/50 | 168 | 78,561 | |
| Series 5129, Class TZ, 2.50%, 8/25/51 | 449 | 230,351 | |
1
Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Federal Home Loan Mortgage Corp.: (continued) | |||
| Series 5131, Class QZ, 3.00%, 7/25/51 | $ | 275 | $ 176,392 |
| Series 5132, Class LZ, 2.50%, 8/25/51 | 1,009 | 572,586 | |
| Series 5135, Class MZ, 2.50%, 8/25/51 | 1,954 | 1,170,266 | |
| Series 5136, Class ZJ, 2.50%, 8/25/51 | 2,095 | 1,225,691 | |
| Series 5139, Class DZ, 2.50%, 9/25/51 | 1,376 | 805,290 | |
| Series 5141, Class ZJ, 2.50%, 9/25/51 | 1,803 | 1,055,462 | |
| Series 5144, Class Z, 2.50%, 9/25/51 | 4,190 | 2,547,817 | |
| Series 5148, Class AZ, 2.50%, 10/25/51 | 3,128 | 1,907,601 | |
| Series 5150, Class ZJ, 2.50%, 10/25/51 | 1,713 | 1,038,771 | |
| Series 5150, Class ZN, 2.50%, 10/25/51 | 189 | 103,863 | |
| Series 5159, Class ZP, 3.00%, 11/25/51 | 433 | 277,638 | |
| Series 5159, Class ZT, 3.00%, 11/25/51 | 769 | 517,838 | |
| Series 5163, Class Z, 3.00%, 11/25/51 | 544 | 332,538 | |
| Series 5168, Class MZ, 3.00%, 10/25/51 | 1,034 | 683,551 | |
| Series 5300, Class EY, 6.00%, 12/25/52 | 2,000 | 2,079,706 | |
| Series 5324, Class MZ, 6.00%, 7/25/53 | 3,443 | 3,603,287 | |
| Series 5327, Class B, 6.00%, 8/25/53 | 2,350 | 2,432,175 | |
| Interest Only:(7) | |||
| Series 362, Class C12, 4.00%, 12/15/47 | 2,086 | 422,026 | |
| Series 4749, Class IL, 4.00%, 12/15/47 | 747 | 147,867 | |
| Series 4756, Class KI, 4.00%, 1/15/48 | 822 | 160,357 | |
| Series 4768, Class IO, 4.00%, 3/15/48 | 588 | 117,214 | |
| Series 4772, Class PI, 4.00%, 1/15/48 | 872 | 173,774 | |
| Series 4791, Class JI, 4.00%, 5/15/48 | 1,194 | 248,577 | |
| Series 4966, Class SY, 0.591%, (5.936% - 30-day SOFR Average), 4/25/50(6) | 2,120 | 271,321 | |
| Series 5008, Class IE, 2.00%, 9/25/50 | 4,408 | 536,750 | |
| Series 5010, Class I, 2.00%, 9/25/50 | 3,309 | 404,749 | |
| Series 5010, Class IN, 2.00%, 9/25/50 | 2,405 | 291,314 | |
| Series 5010, Class NI, 2.00%, 9/25/50 | 2,763 | 334,731 | |
| Series 5016, Class UI, 2.00%, 9/25/50 | 2,683 | 326,689 | |
| Series 5017, Class DI, 2.00%, 9/25/50 | 4,695 | 571,705 | |
| Series 5024, Class CI, 2.00%, 10/25/50 | 5,181 | 627,904 | |
| Series 5025, Class GI, 2.00%, 10/25/50 | 1,128 | 138,721 | |
| Series 5028, Class TI, 2.00%, 10/25/50 | 1,444 | 137,316 | |
| Series 5038, Class DI, 2.00%, 11/25/50 | 7,273 | 878,667 | |
| Series 5051, Class S, 0.00%, (3.60% - 30-day SOFR Average, Floor 0.00%), 12/25/50(6) | 4,263 | 151,546 | |
| Series 5070, Class CI, 2.00%, 2/25/51 | 7,990 | 1,053,811 | |
| Principal Only:(8) | |||
| Series 246, Class PO, 0.00%, 5/15/37 | 1,199 | 966,538 | |
| Series 3435, Class PO, 0.00%, 4/15/38 | 1,141 | 911,825 | |
| Series 4239, Class OU, 0.00%, 7/15/43 | 319 | 174,224 | |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2019-HQA3, Class B2, 12.959%, (30-day SOFR Average + 7.614%), 9/25/49(1)(3) | 1,000 | 1,131,539 | |
| Security | Principal Amount (000's omitted) | Value | |
| Federal National Mortgage Association: | |||
| Series 1994-40, Class Z, 6.50%, 3/25/24 | $ | 1 | $ 850 |
| Series 1994-42, Class K, 6.50%, 4/25/24 | 5 | 5,174 | |
| Series 1994-82, Class Z, 8.00%, 5/25/24 | 5 | 4,619 | |
| Series 2000-49, Class A, 8.00%, 3/18/27 | 24 | 24,057 | |
| Series 2001-81, Class HE, 6.50%, 1/25/32 | 161 | 167,337 | |
| Series 2012-133, Class WS, 0.00%, (3.696% - 30-day SOFR Average x 0.833, Floor 0.00%), 12/25/42(6) | 305 | 192,367 | |
| Series 2012-134, Class ZT, 2.00%, 12/25/42 | 1,316 | 1,078,736 | |
| Series 2013-6, Class TY, 1.50%, 2/25/43 | 795 | 523,633 | |
| Series 2013-58, Class SC, 0.00%, (5.828% - 30-day SOFR Average x 1.50, Floor 0.00%), 6/25/43(6) | 323 | 246,742 | |
| Series 2020-45, Class MA, 0.00%, (3.108% - 30-day SOFR Average x 0.80, Floor 0.00%), 6/25/43(6) | 199 | 157,224 | |
| Series 2020-63, Class ZN, 3.00%, 9/25/50 | 95 | 56,118 | |
| Series 2021-3, Class ZH, 2.50%, 2/25/51 | 190 | 99,315 | |
| Series 2021-14, Class GZ, 2.50%, 3/25/51 | 134 | 67,174 | |
| Series 2021-42, Class ZD, 3.00%, 11/25/50 | 701 | 456,434 | |
| Series 2021-52, Class JZ, 2.50%, 8/25/51 | 1,640 | 982,646 | |
| Series 2021-56, Class LZ, 2.50%, 9/25/51 | 3,164 | 1,990,364 | |
| Series 2021-66, Class JZ, 2.50%, 10/25/51 | 1,385 | 826,721 | |
| Series 2021-77, Class WZ, 3.00%, 8/25/50 | 38 | 22,802 | |
| Series 2021-95, Class ZC, 3.00%, 8/25/51 | 537 | 355,519 | |
| Series 2023-12, Class LW, 6.00%, 4/25/53 | 2,000 | 2,079,801 | |
| Series 2023-13, Class LY, 6.00%, 4/25/53 | 2,000 | 2,085,725 | |
| Series 2023-14, Class EL, 6.00%, 4/25/53(9) | 7,000 | 7,296,935 | |
| Interest Only:(7) | |||
| Series 2017-66, Class TI, 0.05%, (5.936% - 30-day SOFR Average), 10/25/42(6) | 11,764 | 37,015 | |
| Series 2018-21, Class IO, 3.00%, 4/25/48 | 2,376 | 421,610 | |
| Series 2019-1, Class SA, 0.00%, (5.286% - 30-day SOFR Average, Floor 0.00%), 2/25/49(6) | 1,235 | 57,141 | |
| Series 2020-23, Class SP, 0.591%, (5.936% - 30-day SOFR Average), 2/25/50(6) | 2,084 | 270,302 | |
| Series 2020-45, Class HI, 2.50%, 7/25/50 | 3,200 | 457,659 | |
| Series 2020-45, Class IJ, 2.50%, 7/25/50 | 5,092 | 721,095 | |
| Series 2020-73, Class NI, 2.00%, 10/25/50 | 712 | 87,425 | |
| Series 2021-3, Class KI, 2.50%, 2/25/51 | 6,744 | 987,331 | |
| Series 2021-3, Class LI, 2.50%, 2/25/51 | 6,666 | 957,891 | |
| Series 2021-4, Class AI, 2.00%, 12/25/49 | 9,202 | 1,061,692 | |
| Series 2021-10, Class EI, 2.00%, 3/25/51 | 3,703 | 479,044 | |
| Principal Only:(8) | |||
| Series 379, Class 1, 0.00%, 5/25/37 | 762 | 602,901 | |
| Series 2014-9, Class DO, 0.00%, 2/25/43 | 473 | 352,985 | |
| Series 2014-17, Class PO, 0.00%, 4/25/44 | 1,049 | 754,646 | |
| Series 2023-55, Class OE, 0.00%, 11/25/53 | 6,206 | 5,089,898 | |
2
Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Finance of America HECM Buyout, Series 2022-HB2, Class M5, 6.00%, 8/1/32(1)(2) | $ | 1,000 | $ 657,412 |
| Government National Mortgage Association: | |||
| 7.50%, 1/1/54(10) | 1,690 | 1,720,901 | |
| Series 2016-168, Class JS, 0.00%, (4.336% - 1 mo. SOFR x 1.16, Floor 0.00%), 11/20/46(6) | 32 | 20,944 | |
| Series 2017-137, Class AF, 5.00%, (1 mo. SOFR + 0.614%, Cap 5.00%), 9/20/47(3) | 916 | 883,911 | |
| Series 2020-84, Class BZ, 2.50%, 6/20/50 | 686 | 370,439 | |
| Series 2021-1, Class ZD, 3.00%, 1/20/51 | 136 | 102,534 | |
| Series 2021-24, Class EZ, 2.50%, 1/20/51 | 393 | 217,621 | |
| Series 2021-24, Class KZ, 2.50%, 2/20/51 | 396 | 244,788 | |
| Series 2021-25, Class JZ, 2.50%, 2/20/51 | 224 | 110,908 | |
| Series 2021-49, Class VZ, 2.50%, 3/20/51 | 2 | 1,075 | |
| Series 2021-77, Class ZG, 3.00%, 7/20/50 | 48 | 27,494 | |
| Series 2021-97, Class MZ, 3.00%, 8/20/50 | 280 | 179,823 | |
| Series 2021-97, Class ZC, 3.00%, 8/20/50 | 598 | 389,924 | |
| Series 2021-105, Class MZ, 3.00%, 6/20/51 | 466 | 296,777 | |
| Series 2021-114, Class JZ, 3.00%, 6/20/51 | 185 | 113,921 | |
| Series 2021-118, Class EZ, 2.50%, 7/20/51 | 1,175 | 727,600 | |
| Series 2021-121, Class ZE, 2.50%, 7/20/51 | 37 | 19,583 | |
| Series 2021-122, Class ZL, 2.50%, 7/20/51 | 1,413 | 841,269 | |
| Series 2021-131, Class ZN, 3.00%, 7/20/51 | 304 | 203,042 | |
| Series 2021-136, Class WZ, 3.00%, 8/20/51 | 773 | 491,647 | |
| Series 2021-136, Class Z, 2.50%, 8/20/51 | 1,926 | 1,163,219 | |
| Series 2021-137, Class GZ, 2.50%, 8/20/51 | 2,095 | 1,419,628 | |
| Series 2021-138, Class Z, 2.50%, 8/20/51 | 1,246 | 789,309 | |
| Series 2021-139, Class ZJ, 2.50%, 8/20/51 | 1,716 | 1,179,875 | |
| Series 2021-154, Class ZC, 2.50%, 9/20/51 | 892 | 540,829 | |
| Series 2021-154, Class ZL, 3.00%, 9/20/51 | 480 | 281,028 | |
| Series 2021-156, Class GZ, 3.00%, 9/20/51 | 1,686 | 1,229,567 | |
| Series 2021-159, Class ZJ, 2.50%, 9/20/51 | 1,309 | 811,281 | |
| Series 2021-159, Class ZP, 2.00%, 9/20/51 | 1,166 | 786,929 | |
| Series 2021-160, Class NZ, 3.00%, 9/20/51 | 612 | 361,194 | |
| Series 2021-175, Class DZ, 3.00%, 10/20/51 | 1 | 676 | |
| Series 2021-177, Class JZ, 3.00%, 10/20/51 | 500 | 341,453 | |
| Series 2021-214, Class LZ, 3.00%, 12/20/51 | 1,064 | 763,426 | |
| Series 2022-173, Class S, 3.134%, (22.733% - 30-day SOFR Average x 3.667), 10/20/52(6) | 1,553 | 1,545,367 | |
| Series 2022-189, Class US, 3.134%, (22.733% - 30-day SOFR Average x 3.667), 11/20/52(6) | 1,828 | 1,847,710 | |
| Series 2022-195, Class AS, 3.348%, (23.125% - 30-day SOFR Average x 3.70), 11/20/52(6) | 952 | 1,028,272 | |
| Series 2022-197, Class SW, 3.491%, (16.32% - 30-day SOFR Average x 2.40), 11/20/52(6) | 1,721 | 1,721,776 | |
| Series 2023-53, Class AL, 5.50%, 4/20/53 | 4,000 | 3,950,924 | |
| Series 2023-53, Class SE, 2.951%, (22.55% - 30-day SOFR Average x 3.667), 4/20/53(6) | 2,866 | 2,945,515 | |
| Series 2023-63, Class LB, 6.00%, 5/20/53 | 3,000 | 3,139,736 | |
| Security | Principal Amount (000's omitted) | Value | |
| Government National Mortgage Association: (continued) | |||
| Series 2023-63, Class S, 2.951%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53(6) | $ | 1,933 | $ 1,941,307 |
| Series 2023-64, Class LB, 6.00%, 5/20/53 | 1,224 | 1,280,705 | |
| Series 2023-65, Class G, 2.951%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53(6) | 1,974 | 1,955,782 | |
| Series 2023-65, Class SB, 2.951%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53(6) | 1,867 | 1,908,223 | |
| Series 2023-66, Class S, 2.951%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53(6) | 969 | 994,818 | |
| Series 2023-82, Class AL, 6.00%, 6/20/53(9) | 6,000 | 6,279,841 | |
| Series 2023-84, Class MW, 6.00%, 6/20/53(9) | 3,500 | 3,638,169 | |
| Series 2023-84, Class SN, 2.77%, (22.387% - 30-day SOFR Average x 3.67), 6/20/53(6) | 1,941 | 1,935,421 | |
| Series 2023-96, Class BL, 6.00%, 7/20/53 | 2,500 | 2,598,441 | |
| Series 2023-96, Class DB, 6.00%, 7/20/53 | 2,500 | 2,598,634 | |
| Series 2023-97, Class CB, 6.00%, 7/20/53 | 3,000 | 3,103,684 | |
| Series 2023-98, Class BW, 6.00%, 7/20/53 | 1,500 | 1,559,155 | |
| Series 2023-98, Class JB, 6.00%, 7/20/53 | 3,000 | 3,118,016 | |
| Series 2023-99, Class AL, 6.00%, 7/20/53(9) | 4,000 | 4,158,094 | |
| Series 2023-117, Class JB, 6.00%, 8/20/53 | 2,000 | 2,077,760 | |
| Series 2023-150, Class AS, 6.948%, (27.528% - 30-day SOFR Average x 3.85), 10/20/53(6) | 2,975 | 3,226,125 | |
| Series 2023-164, Class EL, 6.00%, 11/20/53(9) | 5,000 | 5,175,180 | |
| Series 2023-164, Class LD, 6.50%, 11/20/53(9) | 4,778 | 5,015,071 | |
| Series 2023-165, Class DY, 6.00%, 11/20/53(9) | 10,000 | 10,270,937 | |
| Series 2023-165, Class EY, 6.50%, 11/20/53(9) | 19,000 | 19,998,414 | |
| Series 2023-173, Class AX, 6.00%, 11/20/53 | 5,000 | 5,169,495 | |
| Series 2023-182, Class EL, 6.00%, 12/20/53 | 2,500 | 2,585,694 | |
| Interest Only:(7) | |||
| Series 2013-66, Class IE, 0.05%, (6.636% - 1 mo. SOFR x 1.00), 7/20/42(6) | 6,362 | 14,784 | |
| Series 2014-94, Class IC, 0.10%, (6.286% - 1 mo. SOFR x 1.00), 9/20/35(6) | 9,231 | 37,401 | |
| Series 2014-100, Class VI, 0.15%, (6.486% - 1 mo. SOFR x 1.00), 5/20/40(6) | 3,801 | 18,238 | |
| Series 2014-139, Class BI, 0.25%, (6.536% - 1 mo. SOFR x 1.00), 11/20/37(6) | 3,790 | 26,216 | |
| Series 2018-127, Class SG, 0.799%, (6.136% - 1 mo. SOFR), 9/20/48(6) | 2,896 | 259,799 | |
| Series 2019-27, Class SA, 0.599%, (5.936% - 1 mo. SOFR), 2/20/49(6) | 2,038 | 208,210 | |
| Series 2019-38, Class SQ, 0.599%, (5.936% - 1 mo. SOFR), 3/20/49(6) | 2,532 | 244,964 | |
| Series 2019-43, Class BS, 0.599%, (5.936% - 1 mo. SOFR), 4/20/49(6) | 3,399 | 349,064 | |
| Series 2020-32, Class KI, 3.50%, 3/20/50 | 3,476 | 564,433 | |
| Series 2020-65, Class MI, 2.50%, 12/20/49 | 2,743 | 320,998 | |
| Series 2020-97, Class MI, 2.50%, 3/20/50 | 1,771 | 219,185 | |
| Series 2020-146, Class IQ, 2.00%, 10/20/50 | 10,245 | 1,144,875 | |
3
Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Interest Only: (continued) | |||
| Series 2020-146, Class QI, 2.00%, 10/20/50 | $ | 5,425 | $ 599,121 |
| Series 2020-149, Class NI, 2.50%, 10/20/50 | 10,765 | 1,438,960 | |
| Series 2020-165, Class UI, 2.00%, 11/20/50 | 4,443 | 508,221 | |
| Series 2020-167, Class KI, 2.00%, 11/20/50 | 6,944 | 775,182 | |
| Series 2020-167, Class YI, 2.00%, 11/20/50 | 5,640 | 666,405 | |
| Series 2020-173, Class DI, 2.00%, 11/20/50 | 8,390 | 1,008,986 | |
| Series 2020-181, Class TI, 2.00%, 12/20/50 | 14,366 | 1,649,184 | |
| Series 2021-23, Class TI, 2.50%, 2/20/51 | 6,859 | 878,532 | |
| Series 2021-56, Class SD, 0.00%, (2.30% - 30-day SOFR Average, Floor 0.00%), 9/20/50(6) | 4,353 | 57,731 | |
| Series 2021-114, Class MI, 3.00%, 6/20/51 | 4,868 | 755,291 | |
| Series 2021-122, Class NI, 3.00%, 7/20/51 | 3,347 | 509,804 | |
| Series 2021-125, Class SA, 0.00%, (3.636% - 1 mo. SOFR, Floor 0.00%), 7/20/51(6) | 3,983 | 121,617 | |
| Series 2021-131, Class QI, 3.00%, 7/20/51 | 6,407 | 790,187 | |
| Series 2021-140, Class YS, 0.00%, (1.586% - 1 mo. SOFR, Floor 0.00%), 8/20/51(6) | 3,330 | 24,856 | |
| Series 2021-175, Class AS, 0.00%, (1.686% - 1 mo. SOFR, Floor 0.00%), 10/20/51(6) | 17,041 | 134,874 | |
| Series 2021-175, Class SB, 0.00%, (1.686% - 1 mo. SOFR, Floor 0.00%), 10/20/51(6) | 8,633 | 68,449 | |
| Series 2021-193, Class IU, 3.00%, 11/20/49 | 13,642 | 1,768,266 | |
| Series 2021-193, Class YS, 0.00%, (2.45% - 30-day SOFR Average, Floor 0.00%), 11/20/51(6) | 8,274 | 81,659 | |
| Series 2021-196, Class GI, 3.00%, 11/20/51 | 6,318 | 939,585 | |
| Series 2022-119, Class CS, 0.00%, (3.00% - 30-day SOFR Average, Floor 0.00%), 7/20/52(6) | 45,419 | 392,714 | |
| Series 2022-126, Class AS, 0.00%, (3.69% - 30-day SOFR Average, Floor 0.00%), 7/20/52(6) | 13,544 | 211,503 | |
| Series 2022-135, Class SA, 0.00%, (3.00% - 30-day SOFR Average, Floor 0.00%), 6/20/52(6) | 18,287 | 179,223 | |
| Series 2023-13, Class SA, 0.055%, (5.40% - 30-day SOFR Average), 1/20/53(6) | 7,001 | 182,098 | |
| Series 2023-19, Class SD, 0.955%, (6.30% - 30-day SOFR Average), 2/20/53(6) | 4,658 | 235,343 | |
| Series 2023-20, Class HS, 0.955%, (6.30% - 30-day SOFR Average), 2/20/53(6) | 4,945 | 257,088 | |
| Series 2023-22, Class ES, 0.955%, (6.30% - 30-day SOFR Average), 2/20/53(6) | 7,473 | 388,489 | |
| Series 2023-22, Class SA, 0.355%, (5.70% - 30-day SOFR Average), 2/20/53(6) | 4,384 | 137,976 | |
| Series 2023-24, Class SB, 0.00%, (5.15% - 30-day SOFR Average, Floor 0.00%), 2/20/53(6) | 14,945 | 402,580 | |
| Series 2023-24, Class SG, 0.955%, (6.30% - 30-day SOFR Average), 2/20/53(6) | 7,473 | 388,489 | |
| Series 2023-32, Class SA, 0.955%, (6.30% - 30-day SOFR Average), 2/20/53(6) | 14,011 | 728,417 | |
| Series 2023-38, Class LS, 0.955%, (6.30% - 30-day SOFR Average), 3/20/53(6) | 4,714 | 245,199 | |
| Series 2023-47, Class HS, 0.955%, (6.30% - 30-day SOFR Average), 3/20/53(6) | 1,555 | 80,916 | |
| Security | Principal Amount (000's omitted) | Value | |
| Interest Only: (continued) | |||
| Series 2023-47, Class SC, 0.905%, (6.25% - 30-day SOFR Average), 3/20/53(6) | $ | 2,351 | $ 119,853 |
| Series 2023-89, Class SE, 0.705%, (6.05% - 30-day SOFR Average), 6/20/53(6) | 30,417 | 1,596,642 | |
| LHOME Mortgage Trust, Series 2023-RTL2, Class A1, 8.00% to 1/25/26, 6/25/28(1)(4) | 1,050 | 1,063,771 | |
| MFRA Trust, Series 2023-NQM1, Class A2, 5.75% to 1/25/26, 11/25/67(1)(4) | 548 | 556,068 | |
| NYMT Loan Trust, Series 2024-BPL1, Class A1, 7.154% to 7/25/26, 2/25/29(1)(4) | 2,000 | 1,994,665 | |
| PNMAC GMSR Issuer Trust: | |||
| 2024 Participation, 11.13%, (30-day SOFR Average + 5.75%), 12/14/24 | 718 | 720,043 | |
| Series 2022-GT1, Class A, 9.595%, (30-day SOFR Average + 4.25%), 5/25/27(1)(3) | 500 | 504,721 | |
| Radnor RE Ltd., Series 2022-1, Class M1A, 9.095%, (30-day SOFR Average + 3.75%), 9/25/32(1)(3) | 2,632 | 2,675,241 | |
| Unison Trust, Series 2021-1, Class A, 4.50%, 4/25/50(1)(2) | 8,768 | 8,106,475 | |
| Total Collateralized Mortgage Obligations (identified cost $277,090,086) | $ 246,946,823 | ||
| Commercial Mortgage-Backed Securities — 0.4% |
| Security | Principal Amount (000's omitted) | Value | |
| CSMC Trust, Series 2022-NWPT, Class A, 8.476%, (1 mo. SOFR + 3.143%), 9/9/24(1)(3) | $ 1,520 | $ 1,534,267 | |
| Total Commercial Mortgage-Backed Securities (identified cost $1,518,832) | $ 1,534,267 | ||
| U.S. Department of Agriculture Loans — 5.7% |
| Security | Principal Amount (000's omitted) | Value | |
| USDA Guaranteed Loans: | |||
| 8.00%, (USD Prime - 0.50%), 2/16/43(3) | $ | 9,287 | $ 9,290,571 |
| 8.00%, (USD Prime - 0.50%), 2/16/43(3) | 2,685 | 2,685,761 | |
| 8.00%, (USD Prime - 0.50%), 2/16/43(3) | 11,012 | 11,018,348 | |
| Total U.S. Department of Agriculture Loans (identified cost $22,983,722) | $ 22,994,680 | ||
4
Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| U.S. Government Agency Commercial Mortgage-Backed Securities — 0.6% |
| Security | Principal Amount (000's omitted) | Value | |
| FRESB Mortgage Trust: | |||
| Interest Only:(7) Series 2021-SB91, Class X1, 0.681%, 8/25/41(2) | $ | 4,737 | $ 132,036 |
| Government National Mortgage Association: | |||
| Interest Only:(7) | |||
| Series 2021-101, Class IO, 0.677%, 4/16/63(2) | 8,887 | 474,447 | |
| Series 2021-132, Class IO, 0.726%, 4/16/63(2) | 8,699 | 484,407 | |
| Series 2021-144, Class IO, 0.825%, 4/16/63(2) | 8,552 | 514,328 | |
| Series 2021-186, Class IO, 0.764%, 5/16/63(2) | 9,475 | 545,459 | |
| Series 2022-3, Class IO, 0.64%, 2/16/61(2) | 9,630 | 467,201 | |
| Total U.S. Government Agency Commercial Mortgage-Backed Securities (identified cost $3,328,063) | $ 2,617,878 | ||
| U.S. Government Agency Mortgage-Backed Securities — 79.9% |
| Security | Principal Amount (000's omitted) | Value | |
| Federal Home Loan Mortgage Corp.: | |||
| 4.339%, (COF + 1.254%), with maturity at 2034(11) | $ | 83 | $ 80,506 |
| 4.391%, (COF + 1.254%), with maturity at 2035(11) | 326 | 320,007 | |
| 4.50%, with maturity at 2035 | 579 | 567,627 | |
| 5.00%, with maturity at 2052(9) | 4,902 | 4,788,607 | |
| 5.459%, (1 yr. CMT + 2.238%), with maturity at 2036(11) | 389 | 394,033 | |
| 5.50%, with various maturities to 2052 | 1,722 | 1,733,192 | |
| 5.50%, with maturity at 2053(9) | 1,806 | 1,820,857 | |
| 5.523%, (1 yr. CMT + 2.249%), with maturity at 2038(11) | 339 | 343,360 | |
| 6.00%, with various maturities to 2053 | 3,735 | 3,797,242 | |
| 6.00%, with maturity at 2052(9) | 1,129 | 1,149,700 | |
| 6.50%, with various maturities to 2053 | 1,330 | 1,369,086 | |
| 7.00%, with various maturities to 2025 | 7 | 7,082 | |
| 7.50%, with maturity at 2024 | 0(5) | 6 | |
| 8.50%, with maturity at 2025 | 1 | 577 | |
| 9.00%, with various maturities to 2027 | 1 | 715 | |
| 9.50%, with maturity at 2025 | 0(5) | 61 | |
| Federal National Mortgage Association: | |||
| 4.286%, (COF + 1.272%), with maturity at 2033(11) | 176 | 171,083 | |
| 4.312%, (COF + 1.298%), with maturity at 2033(11) | 96 | 93,163 | |
| 4.325%, (COF + 1.298%), with maturity at 2035(11) | 94 | 91,925 | |
| 4.335%, (COF + 1.25%), with maturity at 2025(11) | 14 | 14,439 | |
| Security | Principal Amount (000's omitted) | Value | |
| Federal National Mortgage Association: (continued) | |||
| 4.339%, (COF + 1.254%), with maturity at 2034(11) | $ | 23 | $ 22,640 |
| 4.367%, (COF + 1.254%), with maturity at 2035(11) | 96 | 94,657 | |
| 4.369%, (COF + 1.25%), with maturity at 2026(11) | 60 | 59,802 | |
| 4.373%, (COF + 1.254%), with maturity at 2034(11) | 143 | 138,424 | |
| 4.50%, with various maturities to 2052 | 774 | 753,264 | |
| 4.528%, (COF + 1.26%), with maturity at 2036(11) | 94 | 91,505 | |
| 4.622%, (COF + 1.312%), with maturity at 2036(11) | 161 | 156,966 | |
| 4.667%, (COF + 1.258%), with maturity at 2036(11) | 25 | 24,218 | |
| 4.903%, (COF + 2.365%), with maturity at 2027(11) | 47 | 47,399 | |
| 4.991%, (COF + 1.737%), with maturity at 2035(11) | 376 | 370,219 | |
| 5.00%, with maturity at 2027 | 20 | 20,254 | |
| 5.117%, (COF + 1.855%), with maturity at 2034(11) | 162 | 160,919 | |
| 5.35%, (COF + 1.814%), with maturity at 2036(11) | 1,775 | 1,743,148 | |
| 5.50%, with various maturities to 2052 | 4,284 | 4,309,989 | |
| 5.50%, with maturity at 2052(9) | 9,381 | 9,432,976 | |
| 5.93%, (1 yr. CMT + 2.095%), with maturity at 2040(11) | 175 | 176,780 | |
| 6.00%, with various maturities to 2053 | 4,278 | 4,362,027 | |
| 6.00%, with maturity at 2053(9) | 3,437 | 3,491,616 | |
| 6.224%, (1yr. MTA + 1.167%), with maturity at 2044(11) | 155 | 153,367 | |
| 6.50%, with various maturities to 2053 | 6,258 | 6,424,759 | |
| 6.656%, with maturity at 2025 | 4 | 4,214 | |
| 7.50%, with maturity at 2026 | 0(5) | 355 | |
| 8.059%, with maturity at 2030 | 1 | 533 | |
| 8.50%, with maturity at 2037 | 47 | 48,882 | |
| 9.00%, with maturity at 2025 | 6 | 6,547 | |
| 9.50%, with various maturities to 2030 | 2 | 2,099 | |
| Government National Mortgage Association: | |||
| 3.50%, with maturity at 2050 | 451 | 416,429 | |
| 3.75%, (1 yr. CMT + 1.50%), with maturity at 2027(11) | 35 | 33,922 | |
| 4.00%, with various maturities to 2049 | 1,150 | 1,100,427 | |
| 4.00%, (1 yr. CMT + 1.50%), with maturity at 2026(11) | 25 | 24,978 | |
| 4.50%, with various maturities to 2049 | 429 | 420,464 | |
| 5.00%, with various maturities to 2052 | 928 | 927,300 | |
| 5.00%, with various maturities to 2052(9) | 7,631 | 7,599,769 | |
| 5.00%, with maturity at 2052(9) | 1,645 | 1,638,089 | |
| 5.50%, with various maturities to 2063 | 34,320 | 34,728,799 | |
| 5.50%, with maturity at 2052(9) | 3,323 | 3,355,595 | |
5
Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Government National Mortgage Association: (continued) | |||
| 5.50%, with maturity at 2062(9) | $ | 2,699 | $ 2,702,475 |
| 5.50%, with maturity at 2052(9) | 1,910 | 1,951,280 | |
| 6.00%, with various maturities to 2063 | 46,896 | 47,901,833 | |
| 6.00%, with various maturities to 2053(9) | 4,323 | 4,447,436 | |
| 6.00%, with maturity at 2053(9) | 2,566 | 2,645,157 | |
| 6.50%, with maturity at 2062(9) | 2,512 | 2,558,206 | |
| 6.50%, with various maturities to 2063 | 23,717 | 24,307,322 | |
| 6.50%, with various maturities to 2063(9) | 12,129 | 12,516,237 | |
| 6.50%, with maturity at 2063(9) | 2,251 | 2,291,830 | |
| 7.00%, with various maturities to 2063 | 13,085 | 13,571,148 | |
| 7.00%, with maturity at 2053(9) | 1,260 | 1,320,652 | |
| 7.00%, with maturity at 2053(9) | 3,362 | 3,520,840 | |
| 7.50%, with various maturities to 2053 | 889 | 917,130 | |
| 9.50%, with maturity at 2025 | 1 | 1,138 | |
| Uniform Mortgage-Backed Security: | |||
| 5.00%, 30-Year, TBA(12) | 43,750 | 43,290,284 | |
| 5.50%, 30-Year, TBA(12) | 19,500 | 19,578,456 | |
| 6.00%, 30-Year, TBA(12) | 40,000 | 40,589,064 | |
| Total U.S. Government Agency Mortgage-Backed Securities (identified cost $323,266,890) | $ 323,197,087 | ||
| U.S. Government Guaranteed Small Business Administration Loans — 0.1% |
| Security | Principal Amount (000's omitted) | Value | |
| SBA IO Trust: | |||
| Interest Only:(13)(14) | |||
| Series 2018-4, Class A, 1.807%, 2/25/44(1) | $ | 15,452 | $ 553,434 |
| Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $4,254,057) | $ 553,434 | ||
| Short-Term Investments — 1.6% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(15) | 6,395,739 | $ 6,395,739 | |
| Total Short-Term Investments (identified cost $6,395,739) | $ 6,395,739 | ||
| Total Purchased Swaptions — 0.0%(16) (identified cost $381,014) | $ 168,633 | ||
| Total Investments — 153.2% (identified cost $654,224,770) | $ 619,635,035 | ||
| Total Written Swaptions — (0.0)%(16) (premiums received $361,610) | $ (9,374) | ||
| TBA Sale Commitments — (24.8)% | |||
| U.S. Government Agency Mortgage-Backed Securities — (24.8)% |
| Security | Principal Amount (000's omitted) | Value | |
| Government National Mortgage Association, 6.00%, 30-Year, TBA(12) | $ (35,400) | $ (35,958,024) | |
| Uniform Mortgage-Backed Security: | |||
| 6.50%, 30-Year, TBA(12) | (54,370) | (55,697,395) | |
| 7.00%, 30-Year, TBA(12) | (8,250) | (8,513,206) | |
| Total U.S. Government Agency Mortgage-Backed Securities (proceeds $100,089,820) | $(100,168,625) | ||
| Total TBA Sale Commitments (proceeds $100,089,820) | $(100,168,625) | ||
| Other Assets, Less Liabilities — (28.4)% | $(115,083,184) | ||
| Net Assets — 100.0% | $ 404,373,852 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2024, the aggregate value of these securities is $45,347,659 or 11.2% of the Fund's net assets. |
| (2) | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at January 31, 2024. |
| (3) | Variable rate security. The stated interest rate represents the rate in effect at January 31, 2024. |
| (4) | Step coupon security. Interest rate represents the rate in effect at January 31, 2024. |
6
Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| (5) | Principal amount is less than $500. |
| (6) | Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at January 31, 2024. |
| (7) | Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated. |
| (8) | Principal only security that entitles the holder to receive only principal payments on the underlying mortgages. |
| (9) | Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements. |
| (10) | When-issued security. |
| (11) | Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at January 31, 2024. |
| (12) | TBA (To Be Announced) securities are purchased or sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount, which is not expected to differ significantly from the commitment amount, and maturity date are determined upon settlement. |
| (13) | Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated. |
| (14) | The stated interest rate represents the weighted average fixed interest rate at January 31, 2024 of all interest only securities comprising the trust. |
| (15) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2024. |
| (16) | Amount is less than 0.05% or (0.05)%, as applicable. |
| Purchased Interest Rate Swaptions (OTC) — 0.0%(1) | |||||
| Description | Counterparty | Notional Amount | Expiration Date | Value | |
| Option to enter into interest rate swap expiring 5/10/29 to pay 3.93% and receive SOFR | Bank of America, N.A. | USD | 48,508,668 | 5/8/24 | $168,633 |
| Total | $168,633 | ||||
| (1) | Amount is less than 0.05%. |
| Written Interest Rate Swaptions (OTC) — (0.0)%(1) | |||||
| Description | Counterparty | Notional Amount | Expiration Date | Value | |
| Option to enter into interest rate swap expiring 5/10/29 to receive 1.93% and pay SOFR | Bank of America, N.A. | USD | (48,508,668) | 5/8/24 | $(9,374) |
| Total | $(9,374) | ||||
| (1) | Amount is less than (0.05)%. |
7
Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| Futures Contracts | |||||
| Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
| Interest Rate Futures | |||||
| U.S. 5-Year Treasury Note | 4,222 | Long | 3/28/24 | $457,625,219 | $ 7,928,611 |
| U.S. 10-Year Treasury Note | 107 | Long | 3/19/24 | 12,019,109 | 315,902 |
| U.S. Long Treasury Bond | (485) | Short | 3/19/24 | (59,336,719) | (3,020,908) |
| U.S. Ultra-Long Treasury Bond | (91) | Short | 3/19/24 | (11,758,906) | (466,514) |
| $4,757,091 | |||||
| Interest Rate Swaps (Centrally Cleared) | ||||||||
| Notional Amount (000's omitted) | Fund Pays/ Receives Floating Rate | Floating Rate | Annual Fixed Rate | Termination Date | Value | Unamortized Upfront Receipts (Payments) | Unrealized Appreciation (Depreciation) | |
| USD | 50,000 | Receives | SOFR (pays annually) | 3.07% (pays annually) | 10/14/32 | $ 2,225,987 | $ — | $ 2,225,987 |
| USD | 6,000 | Receives | SOFR (pays annually) | 3.16% (pays annually) | 1/5/33 | 220,895 | — | 220,895 |
| USD | 25,000 | Receives | SOFR (pays annually) | 1.92% (pays annually) | 4/8/52 | 7,913,038 | — | 7,913,038 |
| Total | $10,359,920 | $ — | $10,359,920 | |||||
| Abbreviations: | |
| CMT | – Constant Maturity Treasury |
| COF | – Cost of Funds 11th District |
| MTA | – Monthly Treasury Average |
| OTC | – Over-the-counter |
| SOFR | – Secured Overnight Financing Rate |
| STACR | – Structured Agency Credit Risk |
| TBA | – To Be Announced |
| Currency Abbreviations: | |
| USD | – United States Dollar |
At January 31, 2024, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
In the normal course of pursuing its investment objective, the Fund is subject to the following risks:
Interest Rate Risk: Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund utilizes futures contracts and interest rate swaps and swaptions to enhance total return, to change the overall duration of the Fund and/or to hedge against fluctuations in securities prices due to changes in interest rates.
8
Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Reverse Repurchase Agreements
Reverse repurchase agreements outstanding as of January 31, 2024 were as follows:
| Counterparty | Trade Date | Maturity Date | Interest Rate Paid (Received) | Principal Amount | Value Including Accrued Interest |
| BMO Capital Markets Corp. | 1/3/24 | On Demand(1) | 5.50% | $9,005,638 | $9,044,163 |
| BMO Capital Markets Corp. | 1/3/24 | On Demand(1) | 5.55 | 6,757,445 | 6,786,615 |
| BMO Capital Markets Corp. | 1/3/24 | On Demand(1) | 5.50 | 1,721,343 | 1,728,707 |
| MUFG Securities Americas, Inc. | 12/5/23 | On Demand(1) | 5.65 | 5,733,233 | 5,785,421 |
| MUFG Securities Americas, Inc. | 12/5/23 | On Demand(1) | 5.65 | 3,801,004 | 3,835,604 |
| MUFG Securities Americas, Inc. | 12/5/23 | On Demand(1) | 5.65 | 3,323,376 | 3,353,628 |
| MUFG Securities Americas, Inc. | 1/22/24 | On Demand(1) | 5.55 | 9,647,250 | 9,662,123 |
| MUFG Securities Americas, Inc. | 1/22/24 | On Demand(1) | 5.55 | 4,851,175 | 4,858,654 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 8,156,407 | 8,226,570 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 4,952,790 | 4,995,395 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 4,675,583 | 4,715,803 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 4,567,934 | 4,607,228 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 3,302,513 | 3,330,922 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 3,236,658 | 3,264,500 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 3,126,200 | 3,153,092 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 2,898,417 | 2,923,350 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 2,866,644 | 2,891,304 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 2,673,468 | 2,696,466 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 2,654,999 | 2,677,838 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 2,454,967 | 2,476,085 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 2,364,071 | 2,384,407 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 2,314,818 | 2,334,731 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 2,295,172 | 2,314,916 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 1,974,462 | 1,991,447 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 1,967,955 | 1,984,884 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 1,865,297 | 1,881,343 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 1,576,187 | 1,589,746 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 1,262,257 | 1,273,115 |
| TD Securities (USA) LLC | 12/7/23 | On Demand(1) | 5.53 | 987,416 | 995,910 |
| TD Securities (USA) LLC | 12/11/23 | On Demand(1) | 5.63 | 7,107,279 | 7,165,077 |
| TD Securities (USA) LLC | 12/19/23 | On Demand(1) | 5.63 | 2,081,196 | 2,095,517 |
| TD Securities (USA) LLC | 1/18/24 | On Demand(1) | 5.63 | 4,820,211 | 4,830,765 |
| Total | $121,023,365 | $121,855,326 |
| (1) | Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand. |
At January 31, 2024, the remaining contractual maturity of all open reverse repurchase agreements was overnight and continuous. At January 31, 2024, the underlying collateral for all open reverse repurchase agreements was $132,492,688 comprised of cash of $590,000 and agency mortgage-backed securities and collateralized mortgage obligations having an aggregate market value of $131,902,688.
Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at January 31, 2024. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy at January 31, 2024.
9
Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Affiliated Investments
At January 31, 2024, the value of the Fund's investment in funds that may be deemed to be affiliated was $6,395,739, which represents 1.6% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended January 31, 2024 were as follows:
| Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund, Institutional Class(1) | $4,120,946 | $69,638,859 | $(67,364,066) | $ — | $ — | $6,395,739 | $54,228 | 6,395,739 |
| (1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At January 31, 2024, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Asset-Backed Securities | $ — | $ 15,226,494 | $ — | $ 15,226,494 |
| Collateralized Mortgage Obligations | — | 246,946,823 | — | 246,946,823 |
| Commercial Mortgage-Backed Securities | — | 1,534,267 | — | 1,534,267 |
| U.S. Department of Agriculture Loans | — | 22,994,680 | — | 22,994,680 |
| U.S. Government Agency Commercial Mortgage-Backed Securities | — | 2,617,878 | — | 2,617,878 |
| U.S. Government Agency Mortgage-Backed Securities | — | 323,197,087 | — | 323,197,087 |
| U.S. Government Guaranteed Small Business Administration Loans | — | 553,434 | — | 553,434 |
| Short-Term Investments | 6,395,739 | — | — | 6,395,739 |
| Purchased Interest Rate Swaptions | — | 168,633 | — | 168,633 |
| Total Investments | $ 6,395,739 | $ 613,239,296 | $ — | $ 619,635,035 |
| Futures Contracts | $ 8,244,513 | $ — | $ — | $ 8,244,513 |
| Swap Contracts | — | 10,359,920 | — | 10,359,920 |
| Total | $14,640,252 | $ 623,599,216 | $ — | $ 638,239,468 |
| Liability Description | ||||
| TBA Sale Commitments | $ — | $(100,168,625) | $ — | $(100,168,625) |
| Written Interest Rate Swaptions | — | (9,374) | — | (9,374) |
10
Eaton Vance
Government Opportunities Fund
January 31, 2024
Portfolio of Investments (Unaudited) — continued
| Liability Description (continued) | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts | $(3,487,422) | $ — | $ — | $ (3,487,422) |
| Total | $(3,487,422) | $(100,177,999) | $ — | $(103,665,421) |
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
11