Government Obligations Portfolio N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-08012
Government Obligations Portfolio
(Exact name of registrant as specified in charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts					02109
(Address of principal executive offices)					(Zip code)
Alan R. Dynner The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(617) 482-8260
Date of fiscal year end:	October 31
Date of reporting period:		April 30, 2007

Item 1. Reports to Stockholders

Government Obligations Portfolio as of April 30, 2007

PORTFOLIO OF INVESTMENTS (Unaudited)

Mortgage Pass-Throughs — 95.6%
Security	Principal Amount (000's omitted)		Value
Federal Home Loan Mortgage Corp.:
6.00%, with maturity at 2026	$	1,561	$	1,593,638
6.50%, with various maturities to 2028		31,894		32,997,944
6.87%, with maturity at 2024		474		487,690
7.00%, with various maturities to 2026		19,559		20,561,338
7.09%, with maturity at 2023		1,569		1,656,472
7.25%, with maturity at 2022		2,383		2,527,312
7.31%, with maturity at 2027		599		631,867
7.50%, with various maturities to 2029		29,686		31,400,977
7.63%, with maturity at 2019		1,022		1,089,427
7.75%, with various maturities to 2018		64		67,831
7.78%, with maturity at 2022		302		325,062
7.85%, with maturity at 2020		812		873,393
8.00%, with various maturities to 2028		28,160		30,152,182
8.13%, with maturity at 2019		1,683		1,819,938
8.15%, with maturity at 2021		526		558,636
8.25%, with various maturities to 2017		436		464,497
8.50%, with various maturities to 2028		17,025		18,257,527
8.75%, with various maturities to 2016		136		139,226
9.00%, with various maturities to 2032		24,708		27,122,164
9.25%, with various maturities to 2017		778		816,529
9.50%, with various maturities to 2026		5,882		6,533,662
9.75%, with various maturities to 2018		214		218,283
11.00%, with maturity at 2015		52		58,018
13.00%, with maturity at 2015		3		2,696
13.50%, with maturity at 2010		18		19,350
15.00%, with maturity at 2011		1		797
			$	180,376,456
Federal National Mortgage Assn.:
0.25%, with maturity at 2014	$	3	$	2,502
5.50%, with maturity at 2014		15,779		15,859,923
5.608%, with maturity at 2033(1)		7,584		7,595,353
5.636%, with maturity at 2035(1)		3,591		3,596,100
5.637%, with maturity at 2022(1)		3,171		3,174,149
5.64%, with maturity at 2022(1)		3,924		3,927,336
5.642%, with maturity at 2026(1)		2,475		2,478,817
5.646%, with various maturities to 2035(1)		54,307		54,371,946
5.647%, with maturity at 2036(1)		3,625		3,629,233
5.662%, with maturity at 2036(1)		1,484		1,486,100
6.00%, with various maturities to 2024		928		943,007
6.499%, with maturity at 2025(1)		707		731,303
6.50%, with various maturities to 2029		94,985		98,380,318
7.00%, with various maturities to 2029		42,095		44,174,399
7.25%, with various maturities to 2023		126		130,222
7.50%, with various maturities to 2029		20,569		21,807,692
7.75%, with maturity at 2008		7		6,747
7.875%, with maturity at 2021		1,642		1,772,544
7.879%, with maturity at 2030(1)		73		78,113
8.00%, with various maturities to 2027		26,098		28,121,650

Security	Principal Amount (000's omitted)		Value
8.25%, with various maturities to 2025	$	800	$	835,687
8.33%, with maturity at 2020		1,621		1,766,837
8.50%, with various maturities to 2027		9,638		10,378,839
8.636%, with maturity at 2021(2)		367		395,811
8.75%, with various maturities to 2016		329		335,446
8.966%, with maturity at 2010(2)		114		116,977
9.00%, with various maturities to 2030		3,899		4,215,327
9.125%, with maturity at 2011		79		81,672
9.25%, with various maturities to 2016		121		124,062
9.50%, with various maturities to 2030		5,946		6,564,491
9.75%, with maturity at 2019		55		62,238
9.968%, with maturity at 2021(2)		134		148,481
10.00%, with maturity at 2012		42		44,097
10.005%, with maturity at 2025(2)		118		131,413
10.081%, with maturity at 2021(2)		167		189,267
10.22%, with maturity at 2023(2)		215		243,356
10.262%, with maturity at 2021(2)		261		294,035
10.376%, with maturity at 2020(2)		215		236,727
10.851%, with maturity at 2025(2)		127		141,765
11.00%, with maturity at 2010		12		12,373
11.395%, with maturity at 2019(2)		204		227,998
11.50%, with maturity at 2012		85		92,467
11.617%, with maturity at 2018(2)		362		406,750
12.132%, with maturity at 2025(2)		111		126,764
12.391%, with maturity at 2021(2)		140		157,691
12.677%, with maturity at 2015(2)		301		346,863
13.00%, with maturity at 2010		62		64,950
			$	320,009,838
Government National Mortgage Assn.:
6.125%, with various maturities to 2027(1)	$	1,279	$	1,294,050
6.50%, with maturity at 2024		126		130,149
7.00%, with various maturities to 2025		40,166		42,365,922
7.25%, with maturity at 2022		135		143,180
7.50%, with various maturities to 2024		10,317		10,919,945
8.00%, with various maturities to 2027		25,007		27,015,115
8.25%, with various maturities to 2019		256		278,006
8.30%, with maturity at 2020		84		90,661
8.50%, with various maturities to 2018		4,272		4,641,475
9.00%, with various maturities to 2027		14,139		15,773,531
9.50%, with various maturities to 2026		10,818		12,168,106
			$	114,820,140
Collateralized Mortgage Obligations:
Federal Home Loan Mortgage Corp., Series 1822, Class Z, 6.90%, due 2026	$	3,570	$	3,707,078
Federal Home Loan Mortgage Corp., Series 1896, Class Z, 6.00%, due 2026		1,797		1,816,275
Federal Home Loan Mortgage Corp., Series 2075, Class PH, 6.50%, due 2028		914		941,260
Federal Home Loan Mortgage Corp., Series 2115, Class K, 6.00%, due 2029		5,210		5,266,673

See notes to financial statements
14

Government Obligations Portfolio as of April 30, 2007

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Security	Principal Amount (000's omitted)		Value
Federal Home Loan Mortgage Corp., Series 2142, Class Z, 6.50%, due 2029	$	1,893	$	1,954,224
Federal Home Loan Mortgage Corp., Series 2245, Class A, 8.00%, due 2027		19,053		20,251,096
Federal Home Loan Mortgage Corp., Series 30, Class I, 7.50%, due 2024		540		559,143
Federal National Mortgage Assn., Series 1993-149, Class M, 7.00%, due 2023		1,293		1,347,089
Federal National Mortgage Assn., Series 1993-16, Class Z, 7.50%, due 2023		1,064		1,119,306
Federal National Mortgage Assn., Series 1993-250, Class Z, 7.00%, due 2023		775		799,631
Federal National Mortgage Assn., Series 1993-39, Class Z, 7.50%, due 2023		2,515		2,655,119
Federal National Mortgage Assn., Series 1994-82, Class Z, 8.00%, due 2024		4,216		4,521,959
Federal National Mortgage Assn., Series 2000-49, Class A, 8.00%, due 2027		2,026		2,154,001
Federal National Mortgage Assn., Series 2002-1, Class G, 7.00%, due 2023		1,654		1,727,080
Federal National Mortgage Assn., Series G-8, Class E, 9.00%, due 2021		731		806,073
Federal National Mortgage Assn., Series G92-44, Class ZQ, 8.00%, due 2022		908		970,397
			$	50,596,404
Total Mortgage Pass-Throughs (identified cost $667,118,468)			$	665,802,838
U.S. Treasury Obligations — 1.1%
Security	Principal Amount (000's omitted)		Value
U.S. Treasury Bond, 7.125%, 2/15/23(3)	$	7,125	$	7,478,910
Total U.S. Treasury Obligations (identified cost, $6,248,871)			$	7,478,910

Short-Term Investments — 3.3%
Security	Interest (000's omitted)		Value
Investment in Cash Management Portfolio, 4.70%(4)	$	22,883	$	22,882,780
Total Short-Term Investments (identified cost, $22,882,780)			$	22,882,780
Total Investments — 100.0% (identified cost $696,250,119)			$	696,164,528
Other Assets, Less Liabilities — (0.0)%			$	(228,482	)
Net Assets — 100.0%			$	695,936,046

⁽¹⁾  Adjustable rate mortgage.

⁽²⁾  Weighted Average fixed-rate coupon that changes/updates monthly.

⁽³⁾  Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

⁽⁴⁾  Affiliated investment company available to Eaton Vance portfolios and funds, which invests in high quality, U.S. Dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2007.

See notes to financial statements
15

Government Obligations Portfolio as of April 30, 2007

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

As of April 30, 2007

Assets
Unaffiliated Investments, at value (identified cost, $673,367,339)	$	673,281,748
Affiliated Investments, at value (identified cost $22,882,780)		22,882,780
Receivable for investments sold		493,907
Interest receivable		3,981,733
Interest Receivable from affiliated investment		63,352
Receivable for daily variation margin on open financial futures contracts		302,738
Total assets	$	701,006,258
Liabilities
Payable for investments purchased	$	4,535,125
Payable to affiliate for investment advisory fees		418,541
Payable to affiliate for Trustees' fees		1,866
Accrued expenses		114,680
Total liabilities	$	5,070,212
Net Assets applicable to investors' interest in Portfolio	$	695,936,046
Sources of Net Assets
Net proceeds from capital contributions and withdrawals	$	695,388,587
Net unrealized appreciation (computed on the basis of identified cost)		547,459
Total	$	695,936,046

Statement of Operations

For the Six Months
Ended April 30, 2007

Investment Income
Interest	$	18,019,322
Interest income allocated from affiliated investments		140,831
Expenses allocated from affiliated investments		(13,320	)
Total investment income	$	18,146,833
Expenses
Investment adviser fee	$	2,582,260
Trustees' fees and expenses		10,699
Custodian fee		133,589
Legal and accounting services		38,868
Interest expense and fees		22,014
Miscellaneous		2,147
Total expenses	$	2,789,577
Deduct — Reduction of custodian fee	$	167
Total expense reductions	$	167
Net expenses	$	2,789,410
Net investment income	$	15,357,423
Realized and Unrealized Gain (Loss)
Net realized gain (loss) — Investment transactions (identified cost basis)	$	838,889
Financial futures contracts		(84,718	)
Net realized gain	$	754,171
Change in unrealized appreciation (depreciation) — Investments (identified cost basis)	$	1,801,454
Financial futures contracts		240
Net change in unrealized appreciation (depreciation)	$	1,801,694
Net realized and unrealized gain	$	2,555,865
Net increase in net assets from operations	$	17,913,288

See notes to financial statements
16

Government Obligations Portfolio as of April 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2007 (Unaudited)			Year Ended October 31, 2006
From operations — Net investment income	$	15,357,423		$	31,944,223
Net realized gain from investment transactions and financial futures contracts		754,171			1,348,494
Net change in unrealized appreciation (depreciation) from investments   and financial futures contracts		1,801,694			1,611,929
Net increase in net assets from operations	$	17,913,288		$	34,904,646
Capital transactions — Contributions	$	65,001,366		$	113,001,226
Withdrawals		(114,782,728	)		(286,374,607	)
Net decrease in net assets from capital transactions	$	(49,781,362	)	$	(173,373,381	)
Net decrease in net assets	$	(31,868,074	)	$	(138,468,735	)
Net Assets
At beginning of period	$	727,804,120		$	866,272,855
At end of period	$	695,936,046		$	727,804,120

See notes to financial statements
17

Government Obligations Portfolio as of April 30, 2007

FINANCIAL STATEMENTS CONT'D

Supplementary Data

	Six Months Ended April 30, 2007			Year Ended October 31,						Period Ended			Year Ended December 31,
	(Unaudited)			2006			2005			October 31,2004(1)			2003			2002			2001(2)
Ratios/Supplemental Data
Ratios (As a percentage of average daily net assets):
Expenses		0.79	%(4)		0.79	%		0.77	%		0.75	%(4)		0.70	%		0.75	%		0.81	%
Expenses after custodian fee reduction		0.79	%(4)		0.79	%		0.77	%		0.75	%(4)		0.70	%		0.75	%		0.81	%
Interest expense		0.01	%(4)		0.00	%(3)		0.00	%(3)		0.00	%(3)(4)		0.01	%		0.00	%(3)		0.02	%
Net investment income		4.36	%(4)		4.09	%		3.21	%		3.63	%(4)		2.26	%		4.41	%		5.91	%
Portfolio Turnover(5)		7	%		2	%		30	%		5	%		67	%		41	%		21	%
Total Return		2.53	%		4.71	%		2.46	%		2.23	%		0.01	%		8.24	%		9.52	%
Net assets, end of period (000's omitted)	$	695,936		$	727,804		$	866,273		$	1,060,801		$	1,521,288		$	1,572,812		$	675,520

⁽¹⁾  For the ten-month period ended October 31, 2004.

⁽²⁾  The Portfolio adotped the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began amortizing market premium on fixed income securities. Additionally, the Portfolio reclassified net losses realized on prepayments received on mortgage-backed securities that were previously included in realized gains/losses to interest income. The effect of these changes for the year ended December 31, 2001 was a decrease in the ratio of net investment income to average net assets from 7.51% to 5.91%.

⁽³⁾  Represents less than 0.01%.

⁽⁴⁾  Annualized.

⁽⁵⁾  Total return is not computed on an annualized basis.

See notes to financial statements
18

Government Obligations Portfolio as of April 30, 2007

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1  Significant Accounting Policies

Government Obligations Portfolio (the Portfolio) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified open-end management investment company. The Portfolio, which was organized as a trust under the laws of the State of New York in 1992, seeks to achieve a high current return by investing primarily in mortgage-backed securities (MBS) issued, backed or otherwise guaranteed by the U.S. government or its agencies or instrumentalities. The Declaration of Trust permits the Trustees to issue beneficial interests in the Portfolio. At April 30, 2007, the Eaton Vance Government Obligations Fund and Eaton Vance Diversified Income Fund had a 78.2% and 18.5% interest in the Portfolio, respectively. The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America.

A  Investment Valuation — Debt securities (including collateralized mortgage obligations and certain mortgage backed securities ("MBS")) normally are valued by independent pricing services. The pricing services consider various factors relating to bonds or loans and/or market transactions to determine market value. Most seasoned 30 year fixed-rate MBS are valued by the investment adviser's matrix pricing system. The matrix pricing system also considers various factors relating to bonds and market transactions to determine market value. Options are valued at last sale price on a U.S. exchange or board of trade or, in the absence of a sale, at the mean between the last bid and asked price. Financial futures contracts listed on commodity exchanges are valued at closing settle ment prices. Securities for which there is no such quotation or valuation are valued at fair value using methods determined in good faith by or at the direction of the Trustees. Short-term obligations having remaining maturities of 60 days or less are valued at amortized cost, which approximates value. If short-term debt securities are acquired with a remaining maturity of more than 60 days, they will be valued by a pricing service. The Portfolio may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research (BMR), a wholly-owned subsidiary of Eaton Vance Management (EVM). Cash Management values its investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 of the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium.

B  Income — Interest income is determined on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio' s net investment income, net realized capital gains, and any other items of income, gain, loss, deduction or credit.

D  Expense Reduction — Investors Bank & Trust Company (IBT) serves as custodian to the Portfolio. Pursuant to the custodian agreement, IBT receives a fee reduced by credits which are determined based on the average daily cash balance the Portfolio maintains with IBT. All credit balances used to reduce the Portfolio's custodian fees are reported as a reduction of expenses in the Statement of Operations.

E  Written Options — Upon the writing of a call or a put option, an amount equal to the premium received by the Portfolio is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written in accordance with the Portfolio's policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Portfolio. The Por tfolio, as writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities underlying the written option.

F  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Statement of Assets and Liabilities as an

19

Government Obligations Portfolio as of April 30, 2007

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio's policies on investment valuations discussed above. If an option which the Portfolio has purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If a Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the pre mium originally paid.

G  Financial Futures Contracts — Upon entering into a financial futures contract, the Portfolio is required to deposit an amount (initial margin) either in cash or securities equal to a certain percentage of the purchase price indicated in the financial futures contract. Subsequent payments are made or received by the Portfolio (margin maintenance) each day, dependent on the daily fluctuations in the value of the underlying securities, and are recorded for book purposes as unrealized gains or losses by the Portfolio.

If the Portfolio enters into a closing transaction, the Portfolio will realize, for book purposes, a gain or loss equal to the difference between the value of the financial futures contract to sell and the financial futures contract to buy. The Portfolio's investment in financial futures contracts is designed only to hedge against anticipated future changes in interest rates. Should interest rates move unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

H  Other — Investment transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses on securities sold are determined on the basis of identified cost.

I  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

J  Indemnifications — Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Interestholders in the Portfolio are jointly and severally liable for the liabilities and obligations of the Portfolio in the event that the Portfolio fails to satisfy such liabilities and obligations; provided, however, that, to the extent assets are available in the Portfolio, the Portfolio may, under certain circumstances, indemnify interestholders from and against any claim or liability to which such holder may become subject by reason of being or having been an interestholder in the Portfolio. Additionally, in the normal course of business, the Portfo lio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

K  Interim Financial Statements — The interim financial statements relating to April 30, 2007 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio's management reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including paydowns, aggregated $47,885,521 and $74,303,486, respectively.

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by BMR, as compensation for management and investment advisory services rendered to the Portfolio. Under its investment advisory agreement with the Portfolio, BMR receives a fee computed at the monthly rate of 0.0625% (0.75% per annum) of the Portfolio's average daily net assets up to $500 million. On net assets of $500 million or more, BMR has contractually agreed to reduce its advisory fee as follows: 0.6875% annually on average daily net assets of $500 million but less than $1 billion; 0.6250% of average daily net assets of $1 billion but less than $1.5 billion; 0.5625% of average daily net assets of $1.5 billion but less than $2 billion; 0.5000% of average daily net assets of $2 billion but less than $2.5 billion; and 0.4375% of average daily net assets of $2.5 billion and over. These contractual

20

Government Obligations Portfolio as of April 30, 2007

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

fee reductions cannot be terminated or decreased without the approval of the Portfolio's Board of Trustees and its shareholders and are intended to continue indefinitely. The portion of advisory fees payable by Cash Management on the Portfolio's investment of cash therein is credited against the Portfolio's advisory fee. For the six months ended April 30, 2007 the Portfolio's advisory fee totaled $2,595,462 of which $13,202 was allocated from Cash Management and $2,582,260 was paid or accrued directly by the Portfolio. For the six months ended April 30, 2007, the Portfolio's advisory fee, including the portion allocated for Cash Management, was 0.73% of the Portfolio's average daily net assets. Except as to Trustees of the Portfolio who are not members of EVM's or BMR's organization, officers and Trustees receive remuneration for their services to the Portfolio out of such investment adviser fee. Trustees of the Portfolio that a re not affiliated with the Investment Adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2007, no significant amounts have been deferred.

Certain officers and Trustees of the Portfolio are officers of the above organizations.

4  Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and EVM and its affiliates in a $150 million unsecured line of credit agreement with a group of banks. Borrowings will be made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short term cash requirements. Interest is charged to each participating portfolio or fund based on its borrowings at an amount above either the Eurodollar rate or federal funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. The Portfolio did not have any significant borrowings during the six months ended April 30, 2007.

5  Securities Lending Agreement

The Portfolio has established a securities lending agreement with brokers in which the Portfolio lends portfolio securities to a broker in exchange for collateral consisting of either cash or U.S. government securities in an amount at least equal to the market value of the securities on loan. Under the agreement, the Portfolio continues to earn interest on the securities loaned. Collateral received is generally cash, and the Portfolio invests the cash in accordance with the Portfolio's investment objective and policies and receives any interest on the amount invested but it must also pay the broker a loan rebate fee computed as a varying percentage of the collateral received. The loan rebate fee paid by the Portfolio offsets a portion of the interest income received. There was no loan rebate for the six months ended April 30, 2007. In the event of counterparty default, the Portfolio is subject to potential loss if it is delayed or prevented from exercising its right to dispose of the collateral. The Portfolio bears risk in the event that invested collateral is not sufficient to meet obligations due on the loans. During the six months ended April 30, 2007, the Portfolio had no outstanding securities on loan.

6  Federal Income Tax Basis of Unrealized Appreciation (Depreciation)

The cost and unrealized appreciation (depreciation) in value of the investments owned at April 30, 2007, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	705,509,287
Gross unrealized appreciation	$	—
Gross unrealized depreciation		(9,344,759	)
Net unrealized depreciation	$	(9,344,759	)

7  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include written options and financial futures contracts, and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful

21

Government Obligations Portfolio as of April 30, 2007

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2007 is as follows:

Futures Contracts
Expiration Date(s)		Contracts	Position	Aggregate Cost		Value		Net Unrealized Appreciation
	06/07	625 U.S Ten Year Treasury Note	Long	$	67,072,031	$	67,705,081	$	633,050

At April 30, 2007, the Portfolio had sufficient cash and/or securities to cover margin requirements on any open futures contracts.

8  Recently Issued Accounting Pronouncements

In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB Interpretation No. 48, ("FIN 48") "Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes." This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. Management is currently evaluating the impact of applying the various provisions of FIN 48.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, ("FAS 157") "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of FAS 157 will have on the Portfolio's financial statement disclosures.

22

Eaton Vance Government Obligations Fund

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance group of mutual funds (the "Eaton Vance Funds") held on April 23, 2007, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Special Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Special Committee reviewed information furnished for a series of meetings of the Special Committee held in February, March and April 2007. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund's total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through "soft dollar" benefits received in connection with the funds' brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

•  The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser's proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

•  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds' administrator; and

•  The terms of each advisory agreement.

23

Eaton Vance Government Obligations Fund

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT _CONT'D

In addition to the information identified above, the Special Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2007, the Board met ten times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, fourteen and eight times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund's investment objective.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund's investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Special Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Special Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Special Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Special Committee concluded that the continuance of the investment advisory agreement of the Government Obligations Portfolio (the "Portfolio"), the portfolio in which the Eaton Vance Government Obligations Fund (the "Fund") invests, with Boston Management and Research (the "Adviser"), including the fee structure, is in the interests of shareholders and, therefore, the Special Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Portfolio, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio, including recent changes to such personnel. The Board specifically noted the Adviser's experience in investing in mortgage-backed securities, including seasoned mortgage-backed securities. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Portfolio by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the National Association of Securities Dealers.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

24

Eaton Vance Government Obligations Fund

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT _CONT'D

Fund Performance

The Board compared the Fund's investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2006 for the Fund. The Board concluded that the Fund's performance was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Portfolio and the Fund (referred to as "management fees"). As part of its review, the Board considered the management fees and the Fund's total expense ratio for the one-year period ended September 30, 2006, as compared to a group of similarly managed funds selected by an independent data provider.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services and the Fund's total expense ratio are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Fund.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Portfolio, the structure of the advisory fee, which includes breakpoints at several asset levels, can be expected to cause the Adviser and its affiliates and the Fund to continue to share such benefits equitably.

25

Eaton Vance Government Obligations Fund

INVESTMENT MANAGEMENT

Eaton Vance Government Obligations Fund

Officers
Thomas E. Faust Jr.
President and Trustee
William H. Ahern, Jr.
Vice President
Cynthia J. Clemson
Vice President
Christine M. Johnston
Vice President
Aamer Khan
Vice President
Thomas H. Luster
Vice President
Michael R. Mach
Vice President
Robert B. MacIntosh
Vice President
Duncan W. Richardson
Vice President
Walter A. Row, III
Vice President
Judith A. Saryan
Vice President
Susan Schiff
Vice President
Thomas Seto
Vice President
David M. Stein
Vice President
Mark S. Venezia
Vice President
Barbara E. Campbell
Treasurer
Alan R. Dynner
Secretary
Paul M. O'Neil
Chief Compliance Officer Trustees
Samuel L. Hayes, III
Chairman
Benjamin C. Esty
Allen R. Freedman
James B. Hawkes
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Heidi L. Steiger
Lynn A. Stout
Ralph F. Verni

26

Eaton Vance Government Obligations Fund

INVESTMENT MANAGEMENT CONT'D

Government Obligations Portfolio

Officers
Mark Venezia
President
Susan Schiff
Vice President and
Co-Portfolio Manager
Dan A. Maalouly
Treasurer
Alan R. Dynner
Secretary
Paul M. O'Neil
Chief Compliance Officer Trustees
Samuel L. Hayes, III
Chairman
Benjamin C. Esty
Tomas E. Faust Jr.
Allen R. Freedman
James B. Hawkes
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Heidi L. Steiger
Lynn A. Stout
Ralph F. Verni

27

This Page Intentionally Left Blank

Investment Adviser of Government Obligations Portfolio
Boston Management and Research

The Eaton Vance Building
255 State Street
Boston, MA 02109

Administrator of Eaton Vance Government Obligations Fund
Eaton Vance Management

The Eaton Vance Building
255 State Street
Boston, MA 02109

Principal Underwriter
Eaton Vance Distributors, Inc.

The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260

Custodian
Investors Bank & Trust Company

200 Clarendon Street
Boston, MA 02116

Transfer Agent
PFPC Inc.

Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122

Eaton Vance Government Obligations Fund
The Eaton Vance Building
255 State Street
Boston, MA 02109

This report must be preceded or accompanied by a current prospectus. Before investing, investors should consider carefully the Fund's investment objectives, risks, and charges and expenses. The Fund's current prospectus contains this and other information about the Fund and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 1-800-225-6265.

140-6/07  GOSRC

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms). Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman and Chief Operating Officer of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).

Item 4. Principal Accountant Fees and Services

Not required in this filing

Item 5. Audit Committee of Listed registrants

Not required in this filing.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not required in this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

No Material Changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Government Obligations Portfolio
By:	/s/Mark S. Venezia
	Mark S. Venezia
	President
Date:		June 11, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Dan A. Maalouly
	Dan A. Maalouly
	Treasurer
Date:		June 11, 2007

By:	/s/Mark S. Venezia
	Mark S. Venezia
	President
Date:		June 11, 2007