<Page>
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)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Name and Address of Agent for Services)
(617) 482-8260
-------------
(Registrant's Telephone Number)
December 31, 2003
-----------------
Date of Fiscal Year End
June 30, 2003
-------------
Date of Reporting Period
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
GOVERNMENT OBLIGATIONS PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
U.S. GOVERNMENT AGENCY DEBENTURES -- 12.9%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- -------------------------------------------------------------------------
Fannie Mae, 6.125%, 3/15/12(1) $125,000 $ 147,673,000
Federal Home Loan Mortgage Corp.,
6.625%, 9/15/09(1) 95,000 114,165,490
- -------------------------------------------------------------------------
Total U.S. Government Agency Debentures
(identified cost, $237,056,187) $ 261,838,490
- -------------------------------------------------------------------------
</Table>
MORTGAGE PASS-THROUGHS -- 103.6%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- -------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.:
5.00%, with maturity at 2003(2) $ 0 $ 181
5.50%, with various maturities to
2011 28 29,076
6.00%, with various maturities to
2026 5,567 5,881,071
6.25%, with maturity at 2008 16 16,724
6.50%, with various maturities to
2024 96,815 103,602,929
6.75%, with various maturities to
2007 15 15,766
6.87%, with maturity at 2024 2,815 3,032,438
7.00%, with various maturities to
2019 78,800 85,141,477
7.089%, with maturity at 2023 5,051 5,469,182
7.25%, with various maturities to
2022 8,455 9,171,092
7.50%, with various maturities to
2033 40,636 44,351,988
7.625%, with maturity at 2019 2,986 3,307,445
7.75%, with various maturities to
2018 390 424,713
7.78%, with maturity at 2022 1,181 1,293,998
7.85%, with maturity at 2020 3,114 3,471,830
8.00%, with various maturities to
2028 96,896 107,389,495
8.13%, with maturity at 2019 4,740 5,316,261
8.15%, with various maturities to
2021 2,560 2,854,619
8.25%, with various maturities to
2017 4,287 4,626,807
8.50%, with various maturities to
2027 37,383 41,705,829
8.75%, with various maturities to
2016 3,424 3,700,649
9.00%, with various maturities to
2027 31,198 34,968,896
9.25%, with various maturities to
2012 2,440 2,689,111
9.50%, with various maturities to
2026 21,586 24,519,554
9.75%, with various maturities to
2018 1,762 1,947,170
10.00%, with various maturities to
2025 24,681 28,961,413
10.50%, with various maturities to
2021 14,753 17,713,777
10.75%, with maturity at 2011 494 563,734
11.00%, with various maturities to
2021 18,522 22,326,037
11.25%, with maturity at 2014 493 575,467
11.50%, with various maturities to
2017 1,685 2,027,869
11.75%, with maturity at 2011 265 311,846
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- -------------------------------------------------------------------------
12.00%, with various maturities to
2019 $ 2,476 $ 3,056,805
12.25%, with various maturities to
2019 419 504,734
12.50%, with various maturities to
2019 8,200 10,019,603
12.75%, with various maturities to
2015 90 110,265
13.00%, with various maturities to
2019 1,049 1,305,719
13.25%, with various maturities to
2019 112 138,848
13.50%, with various maturities to
2019 2,105 2,593,533
14.00%, with various maturities to
2016 402 501,855
14.50%, with various maturities to
2014 30 39,508
14.75%, with maturity at 2010 134 162,711
15.00%, with various maturities to
2013 829 1,062,392
15.25%, with maturity at 2012 33 43,495
15.50%, with maturity at 2011 11 14,078
16.00%, with maturity at 2012 38 50,178
16.25%, with various maturities to
2012 39 49,708
- -------------------------------------------------------------------------
$ 587,061,876
- -------------------------------------------------------------------------
Federal National Mortgage Assn.:
0.25%, with maturity at 2014 $ 13 $ 11,891
3.50%, with maturity at 2007 4 3,991
5.00%, with maturity at 2017 50 52,677
5.25%, with maturity at 2006 21 21,577
5.50%, with maturity at 2006 15 15,822
6.00%, with various maturities to
2024 3,147 3,333,964
6.50%, with various maturities to
2026 235,411 251,360,891
6.75%, with maturity at 2007 5 4,943
7.00%, with various maturities to
2017 176,677 190,665,744
7.25%, with various maturities to
2017 1,705 1,862,769
7.50%, with various maturities to
2029 106,515 116,128,226
7.75%, with various maturities to
2008 194 205,898
7.875%, with maturity at 2021 4,178 4,664,223
7.979%, with maturity at 2030 592 662,036
8.00%, with various maturities to
2025 60,934 67,104,579
8.25%, with various maturities to
2025 5,339 5,819,636
8.33%, with maturity at 2020 2,118 2,379,826
8.50%, with various maturities to
2026 14,481 16,023,275
8.575%, with maturity at 2021 2,307 2,601,024
8.75%, with various maturities to
2017 3,700 4,018,204
8.881%, with maturity at 2010 777 858,733
9.00%, with various maturities to
2030 14,732 16,450,313
9.125%, with maturity at 2011 557 625,648
9.25%, with various maturities to
2017 2,007 2,228,124
9.50%, with various maturities to
2030 19,333 21,998,844
9.704%, with maturity at 2025 426 499,262
9.75%, with maturity at 2019 83 97,374
9.92%, with maturity at 2021 493 578,681
10.00%, with various maturities to
2027 15,350 18,019,681
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
11
<Page>
GOVERNMENT OBLIGATIONS PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- -------------------------------------------------------------------------
10.036%, with maturity at 2020 $ 739 $ 866,078
10.053%, with maturity at 2023 737 873,436
10.29%, with maturity at 2021 827 992,107
10.294%, with maturity at 2021 365 431,399
10.365%, with maturity at 2025 628 749,622
10.50%, with various maturities to
2025 2,676 3,190,143
11.00%, with various maturities to
2025 9,495 11,412,546
11.50%, with various maturities to
2020 5,266 6,365,591
11.534%, with maturity at 2025 365 451,071
11.591%, with maturity at 2018 1,140 1,382,829
11.75%, with various maturities to
2017 686 836,270
12.00%, with various maturities to
2020 14,213 17,398,841
12.25%, with various maturities to
2015 653 802,149
12.267%, with maturity at 2021 656 806,854
12.50%, with various maturities to
2021 3,818 4,687,489
12.707%, with maturity at 2015 1,032 1,286,917
12.75%, with various maturities to
2015 676 832,906
13.00%, with various maturities to
2019 2,563 3,118,116
13.25%, with various maturities to
2015 641 791,769
13.50%, with various maturities to
2015 1,676 2,113,609
13.75%, with maturity at 2011 23 28,833
14.00%, with various maturities to
2014 63 78,392
14.50%, with various maturities to
2014 69 87,194
14.75%, with maturity at 2012 1,188 1,512,947
15.00%, with various maturities to
2013 1,170 1,510,023
15.50%, with maturity at 2012 201 260,999
15.75%, with maturity at 2011 7 8,827
16.00%, with maturity at 2012 716 936,954
- -------------------------------------------------------------------------
$ 792,111,764
- -------------------------------------------------------------------------
Government National Mortgage Assn.:
6.50%, with various maturities to
2026 $262,188 $ 280,612,857
7.00%, with various maturities to
2025 177,967 192,615,700
7.25%, with various maturities to
2022 441 471,712
7.50%, with various maturities to
2024 37,218 40,926,342
8.00%, with various maturities to
2023 49,974 55,421,342
8.25%, with various maturities to
2019 906 1,010,999
8.30%, with maturity at 2020 371 416,713
8.50%, with various maturities to
2018 10,438 11,719,852
9.00%, with various maturities to
2033 50,986 57,344,562
9.50%, with various maturities to
2025 22,227 25,250,796
10.00%, with various maturities to
2025 5,300 6,053,759
11.00%, with various maturities to
2020 4,443 5,399,407
11.50%, with maturity at 2013 52 63,018
12.00%, with various maturities to
2015 3,496 4,293,336
12.50%, with various maturities to
2019 1,532 1,890,737
13.00%, with various maturities to
2014 313 390,858
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- -------------------------------------------------------------------------
13.50%, with maturity at 2011 $ 12 $ 14,121
14.00%, with maturity at 2015 31 39,685
14.50%, with maturity at 2014 12 14,254
15.00%, with various maturities to
2013 222 289,458
16.00%, with various maturities to
2012 58 76,222
- -------------------------------------------------------------------------
$ 684,315,730
- -------------------------------------------------------------------------
Collateralized Mortgage Obligations:
Federal Home Loan Mortgage Corp.
Series B, Class 3 100% FHLMC PC
Collateral, 12.50%, due 2013 $ 28 $ 32,741
Federal National Mortgage Assn.,
Series G93-29, Class Z, 7.00%, due
2023 14,488 15,397,225
Federal National Mortgage Assn.,
Series 1993-120, Class K,
7.00%, due 2022 13,000 13,401,778
Federal National Mortgage Assn.,
Series 1993-39, Class Z,
7.50%, due 2023 11,434 12,276,795
- -------------------------------------------------------------------------
$ 41,108,539
- -------------------------------------------------------------------------
Total Mortgage Pass-Throughs
(identified cost $2,062,952,117) $2,104,597,909
- -------------------------------------------------------------------------
</Table>
U.S. TREASURY OBLIGATIONS -- 0.4%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- -------------------------------------------------------------------------
U.S. Treasury Bond, 7.125%, 2/15/23(3) $ 6,000 $ 8,042,112
- -------------------------------------------------------------------------
Total U.S. Treasury Obligations
(identified cost, $6,279,332) $ 8,042,112
- -------------------------------------------------------------------------
Total Investments -- 116.9%
(identified cost $2,306,287,636) $2,374,478,511
- -------------------------------------------------------------------------
Other Assets, Less Liabilities -- (16.9)% $ (343,064,602)
- -------------------------------------------------------------------------
Net Assets -- 100.0% $2,031,413,909
- -------------------------------------------------------------------------
</Table>
(1) A portion of this security is on loan at June 30, 2003.
(2) Remaining principal is less than 1,000.
(3) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
SEE NOTES TO FINANCIAL STATEMENTS
12
<Page>
GOVERNMENT OBLIGATIONS PORTFOLIO AS OF JUNE 30, 2003
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
AS OF JUNE 30, 2003
Assets
- --------------------------------------------------------
Investments, at value (identified cost,
$2,306,287,636) $2,374,478,511
Cash 78,366
Receivable for investments sold 4,565,573
Interest receivable 17,138,520
Prepaid expenses 1,285
- --------------------------------------------------------
TOTAL ASSETS $2,396,262,255
- --------------------------------------------------------
Liabilities
- --------------------------------------------------------
Collateral for securities loaned $ 270,096,000
Payable for investments purchased 49,432,188
Demand note payable 44,200,000
Payable for daily variation margin on
open financial futures contracts 982,812
Payable to affiliate for Trustees' fees 28,574
Accrued expenses 108,772
- --------------------------------------------------------
TOTAL LIABILITIES $ 364,848,346
- --------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $2,031,413,909
- --------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $1,962,145,872
Net unrealized appreciation (computed on
the basis of identified cost) 69,268,037
- --------------------------------------------------------
TOTAL $2,031,413,909
- --------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
JUNE 30, 2003
Investment Income
- ------------------------------------------------------
Interest $ 28,994,648
Security lending income 1,613,169
- ------------------------------------------------------
TOTAL INVESTMENT INCOME $ 30,607,817
- ------------------------------------------------------
Expenses
- ------------------------------------------------------
Investment adviser fee $ 6,094,726
Trustees' fees and expenses 36,293
Custodian fee 200,988
Legal and accounting services 11,574
Interest expense 48,975
Miscellaneous 11,373
- ------------------------------------------------------
TOTAL EXPENSES $ 6,403,929
- ------------------------------------------------------
NET INVESTMENT INCOME $ 24,203,888
- ------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ------------------------------------------------------
Net realized gain (loss) --
Financial futures contracts $(22,071,034)
- ------------------------------------------------------
NET REALIZED LOSS $(22,071,034)
- ------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 11,357,855
Financial futures contracts 10,526,396
- ------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ 21,884,251
- ------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $ (186,783)
- ------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 24,017,105
- ------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
13
<Page>
GOVERNMENT OBLIGATIONS PORTFOLIO AS OF JUNE 30, 2003
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) JUNE 30, 2003 YEAR ENDED
IN NET ASSETS (UNAUDITED) DECEMBER 31, 2002
- -----------------------------------------------------------------------------
From operations --
Net investment income $ 24,203,888 $ 44,751,237
Net realized gain (loss) (22,071,034) 360,261
Net change in unrealized appreciation
(depreciation) 21,884,251 35,242,970
- -----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 24,017,105 $ 80,354,468
- -----------------------------------------------------------------------------
Capital transactions --
Contributions $ 783,993,155 $ 1,229,453,821
Withdrawals (349,408,625) (412,516,376)
- -----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 434,584,530 $ 816,937,445
- -----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 458,601,635 $ 897,291,913
- -----------------------------------------------------------------------------
Net Assets
- -----------------------------------------------------------------------------
At beginning of period $ 1,572,812,274 $ 675,520,361
- -----------------------------------------------------------------------------
AT END OF PERIOD $ 2,031,413,909 $ 1,572,812,274
- -----------------------------------------------------------------------------
</Table>
STATEMENT OF CASH FLOWS (UNAUDITED)
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) IN CASH JUNE 30, 2003
- ----------------------------------------------------------
Cash Flows From (Used For) Operating
Activities --
Purchase of investments $ (1,143,661,553)
Proceeds from sales of investments
and principal repayments 547,035,192
Interest received, including net
securities lending income 62,441,509
Interest paid (48,975)
Operating expenses paid (6,305,812)
Net purchase of short-term
investments 3,494,000
Financial futures contracts
transactions (20,556,989)
Repayment of collateral for
securities loaned, net 68,365,500
Decrease in unrealized loss from
futures transactions 10,526,396
Increase in demand deposit payable 44,200,000
Decrease in prepaid expenses 1,754
- ----------------------------------------------------------
NET CASH USED FOR OPERATING ACTIVITIES $ (434,508,978)
- ----------------------------------------------------------
Cash Flows From (Used For) Financing
Activities --
Proceeds from capital contributions $ 783,993,155
Payments for capital withdrawals (349,408,625)
- ----------------------------------------------------------
NET CASH FROM FINANCING ACTIVITIES $ 434,584,530
- ----------------------------------------------------------
NET INCREASE IN CASH $ 75,552
- ----------------------------------------------------------
CASH AT BEGINNING OF PERIOD $ 2,814
- ----------------------------------------------------------
CASH AT END OF PERIOD $ 78,366
- ----------------------------------------------------------
Reconciliation of Net Increase in Net Assets
From Operations to Net Cash Used For
Operating Activities
- ----------------------------------------------------------
Net increase in net assets from
operations $ 24,017,105
Increase in receivable for investments
sold (987,650)
Increase in payable for investments
purchased 39,659,627
Increase in interest receivable (3,379,532)
Decrease in receivable for variation
margin 1,514,045
Increase in payable to affiliate 22,321
Increase in accrued expenses 26,821
Decrease in prepaid expenses 1,754
Increase in collateral for securities
loaned 68,365,500
Net increase in investments (607,948,969)
Increase in demand note payable 44,200,000
- ----------------------------------------------------------
NET CASH USED FOR OPERATING ACTIVITIES $ (434,508,978)
- ----------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
14
<Page>
GOVERNMENT OBLIGATIONS PORTFOLIO AS OF JUNE 30, 2003
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2003 -----------------------------------------------------------------
(UNAUDITED) 2002 2001(1) 2000 1999 1998
- -----------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.70%(3) 0.75% 0.81% 0.84% 0.83% 0.82%
Interest expense 0.00%(2)(3) 0.00%(2) 0.02% 0.02% 0.02% 0.07%
Net investment income 2.66%(3) 4.41% 5.91% 7.77% 7.79% 7.85%
Portfolio Turnover 26% 41% 21% 22% 18% 48%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN* 1.30% 8.24% 9.52% -- -- --
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $2,031,414 $1,572,812 $675,520 $339,990 $345,200 $421,011
- -----------------------------------------------------------------------------------------------------------------------
</Table>
(1) The Portfolio adopted 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%.
(2) Represents less than 0.01%.
(3) Annualized.
* Total return is required to be disclosed for fiscal years beginning
after December 15, 2000.
SEE NOTES TO FINANCIAL STATEMENTS
15
<Page>
GOVERNMENT OBLIGATIONS PORTFOLIO AS OF JUNE 30, 2003
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, 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 June 30, 2003, the Eaton Vance
Government Obligations Fund had a 95% interest in the Portfolio. 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 -- Seasoned mortgage backed, pass-through securities are
valued using an independent matrix pricing system applied by the adviser
which takes into account closing bond valuations, yield differentials,
anticipated prepayments and interest rates provided by dealers. Debt
securities (other than seasoned mortgage backed, pass-through securities) are
normally valued on the basis of valuations furnished by dealers or a pricing
service. 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 settlement 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.
B Income -- Interest income is determined on the basis of interest accrued and
discount earned, adjusted for amortization of premium or accretion of
discount.
C Income Taxes -- The Portfolio is 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. 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 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
balances the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
expenses on the Statement of Operations. For the six months ended June 30,
2003, $231 in credit balances were used to reduce the Portfolio's custodian
fee.
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 Portfolio, 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 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
16
<Page>
GOVERNMENT OBLIGATIONS PORTFOLIO AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
call option, the cost of the security which the Portfolio purchases upon
exercise will be increased by the premium originally paid. For tax purposes,
the Portfolio's options are generally subject to the mixed straddle rules
described in Note 1C, and unrealized gains or losses are recognized on a
daily basis.
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. For tax purposes, such futures contracts are generally subject to the
mixed straddle rules described in Note 1C, and unrealized gains or losses are
recognized on a daily basis.
H Other -- Investment transactions are accounted for on the date the securities
are purchased or sold. Realized gains and losses are computed based on the
specific identification of securities sold.
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 Statement of Cash Flows -- The cash amount shown in the Statement of Cash
Flows is the amount included in the Portfolio's Statement of Assets and
Liabilities and represents cash on hand at its custodian and does not include
any short-term investments at June 30, 2003.
K Interim Financial Statements -- The interim financial statements relating to
June 30, 2003 and for the six months then ended have not been audited by
independent certified public accountants, 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 paydowns of investments, other than short-term obligations,
aggregated $1,183,321,180 and $547,470,980, respectively.
3 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to the Portfolio.
The fee is computed at the monthly rate of 0.0625% (0.75% per annum) of the
Portfolio's average daily net assets up to $500 million, 0.6875% (per annum)
from $500 million to $1 billion, 0.6250% (per annum) from $1 billion to $1.5
billion, 0.5625% (per annum) from $1.5 billion to $2 billion and at reduced
rates as daily net assets exceed that level. For the six months ended
June 30, 2003, the fee was equivalent to 0.67% (annualized) of the
Portfolio's average net assets for such period and amounted to $6,094,726.
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 are 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 June 30, 2003, 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
17
<Page>
GOVERNMENT OBLIGATIONS PORTFOLIO AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
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 average daily loan balance for the six months ended June 30,
2003 was $22,886,364 and the average interest rate was 1.78%. At June 30,
2003, the Portfolio had a balance outstanding pursuant to this line of credit
of $44,200,000.
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 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 and amounted to $1,434,465 for the
six months ended June 30, 2003. At June 30, 2003, the value of the securities
loaned and the value of the collateral amounted to $261,838,490 and
$270,096,000, respectively. 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.
6 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at June 30, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $2,326,425,318
--------------------------------------------------------
Gross unrealized appreciation $ 51,498,624
Gross unrealized depreciation (3,445,431)
--------------------------------------------------------
NET UNREALIZED APPRECIATION $ 48,053,193
--------------------------------------------------------
</Table>
7 Financial Instruments
- -------------------------------------------
The Portfolio regularly trades 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 only when all related and offsetting
transactions are considered. A summary of obligations under these financial
instruments at June 30, 2003 is as follows:
<Table>
<Caption>
FUTURES CONTRACTS
--------------------------------------------------------------------------------
EXPIRATION NET UNREALIZED
DATE(S) CONTRACTS POSITION APPRECIATION
--------------------------------------------------------------------------------
9/03 3,700 US Treasury Five Year Note Futures Short $1,077,162
</Table>
At June 30, 2003, the Portfolio had sufficient cash and/or securities to
cover margin requirements on any open futures contracts.
8 Interestholder Meeting
- -------------------------------------------
The Portfolio held a Special Meeting of Interestholders on June 6, 2003 to
elect Trustees. The results of the vote were as follows:
<Table>
<Caption>
INTEREST IN THE PORTFOLIO
-------------------------
NOMINEE FOR TRUSTEE AFFIRMATIVE WITHHOLD
-------------------------------------------------------------------
Jessica M. Bibliowicz 97% 3%
Donald R. Dwight 97% 3%
James B. Hawkes 97% 3%
Samuel L. Hayes, III 97% 3%
William H. Park 97% 3%
Norton H. Reamer 97% 3%
Lynn A. Stout 97% 3%
</Table>
Results are rounded to the nearest whole number. Donald R. Dwight retired as
a Trustee effective July 1, 2003 pursuant to the mandatory retirement policy
of the Portfolio.
18
<Page>
INVESTMENT MANAGEMENT
GOVERNMENT OBLIGATIONS PORTFOLIO
Officers
Mark Venezia
President
Susan Schiff
Vice President and
Portfolio Manager
Barbara E. Campbell
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
James B. Hawkes
Samuel L. Hayes, III
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
19
<Page>
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 President and
Chief Executive Officer of Prizm Capital Management, LLC (a fixed income
investment management firm). Previously, he served as Executive Vice President
and Chief Financial Officer of United Asset Management Corporation ("UAM") (a
holding company
<Page>
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 of
Unicorn Capital (an investment and financial advisory services company),
Chairman of Hellman, Jordan Management Co., Inc. (an investment management
company) and Advisory Director of Berkshire Capital Corporation (an investment
banking firm). Previously, Mr. Reamer was 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. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 8. [RESERVED]
ITEM 9. 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 significant changes in the registrant's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. 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.
<Page>
(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 Venezia
-----------------
Mark Venezia
President
Date: August 18, 2003
---------------
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/ Barbara E. Campbell
-----------------------
Barbara E. Campbell
Treasurer
Date: August 18, 2003
---------------
By: /s/ Mark Venezia
----------------
Mark Venezia
President
Date: August 18, 2003
---------------