<PAGE>
[LOGO OF EATON Investing [PICTURE OF THE
VANCE APPEARS HERE] for the STATUE OF LIBERTY
21th APPEARS HERE]
Century
Semiannual Report June 30, 1997
EV
CLASSIC
[PICTURE OF TREASURY
BUILDING APPEARS GOVERNMENT
HERE]
OBLIGATIONS
FUND
C L A S S I C
Eaton Vance
Global Management-Global Distribution
[PICTURE OF UNITED STATES
FLAG APPEARS HERE]
<PAGE>
EV Classic Government Obligations Fund as of June 30, 1997
INVESTMENT UPDATE
[PHOTO OF SUSAN SCHIFF APPEARS HERE]
Susan Schiff,
Portfolio Manager
Investment Environment
- --------------------------------------------------------------------------------
The Economy
. Interest rates moved modestly higher during the six months ended June 30. For
example, three-year Treasury bond yields rose from 6.01% on December 31 to
6.21% on June 30. However, recent data have reassured investors that
inflation does not pose an imminent threat.
. Not surprisingly, in a somewhat defensive market, mortgage-backed securities
(MBS) slightly outperformed Treasuries. Yield spreads - the yield
differential of mortgage securities over similar maturity Treasury bonds -
narrowed by around 15 basis points (.15%) during the period, according to
Bloomberg Financial.
. Prepayment rates - the rate at which homeowners prepay their mortgages -
increased slightly for generic MBS during the period, as homeowners moved to
refinance before interest rates rose further.
. Predictably, the story was different for seasoned mortgages - the investment
universe of the Fund. Prepayment rates were little changed, reflecting the
relative insensitivity of these mortgages to changes in interest rates.
The Fund
- --------------------------------------------------------------------------------
Performance for the Past Six Months
. The Fund's total return was 2.4% for the six months ended June 30, 1997,/1/
the result of a decline in net asset value per share from $9.19 on December
31, 1996 to $9.10 on June 30, 1997, and the reinvestment of $0.305 in
dividends. Based on its $9.10 net asset value on June 30, the Fund had a
distribution rate of 6.73%.
. In comparison, the Lehman Government/Corporate Index/2/ - an unmanaged index
of U.S. government and corporate bond issues - had a total return of 2.7%
during the same period.
. Within its competitive universe, the Fund performed generally in line with
the 2.6% average return of 97 Short/Intermediate Government Bond funds as
monitored by Lipper Analytical Services, Inc./3/
Management Discussion
. The majority (57%) of the Portfolio's investments were seasoned low-coupon
MBS. These low interest rate mortgages were originated in the 1960s-70s by
homeowners who now have little incentive to refinance their mortgages.
Therefore, they provide relatively stable cash flows.
. Another major segment of the Portfolio (23%) was invested in seasoned high-
coupon MBS. With coupons in the 12-to-16% range, these securities provide a
significant yield advantage over Treasury securities with similar maturities.
. The Fund had a duration of 2.9 years at June 30. That was slightly shorter
than the Fund's 3.2-year duration at December 31, and reflected the
Portfolio's more cautious market stance in the face of stronger economic
data. Duration is a measure of interest rate sensitivity that factors average
maturity and future cash flows.
. The Fund benefited from continued adequate supply of seasoned mortgages
within the $1 trillion mortgage securities market. Demand for seasoned paper
has risen as investors look for what they consider the less sensitive
securities in the U.S. mortgage market.
- --------------------------------------------------------------------------------
/1/This return does not include the Fund's 1% contingent deferred sales charge
incurred by shareholders redeeming within the first year.
/2/It is not possible to invest directly in the Index.
/3/It is not possible to invest directly in the Lipper category of
Short/Intermediate Government Bond Funds.
/4/Returns are calculated by determining the percentage change in net asset
value with all distributions reinvested. SEC average annual returns reflect
1% CDSC on shareholders redeeming within first year.
/5/Because the Fund is actively managed, sector weightings and Portfolio
Overview are subject to change.
Past performance is no guarantee of future results. The value of an
investment in the Fund will fluctuate so that shares, when redeemed, may be
worth more or less than their original cost.
- --------------------------------------------------------------------------------
Mutual fund shares are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Fund Information
as of June 30, 1997
<TABLE>
<CAPTION>
Performance/4/
- ---------------------------------------
Average Annual Total Returns
- ---------------------------------------
<S> <C>
One year 6.2%
Life of Fund (11/1/93) 4.4
<CAPTION>
SEC Average Annual Total Returns
- ---------------------------------------
<S> <C>
One year 5.2%
Life of Fund (11/1/93) 4.4
<CAPTION>
Diversification by Sectors/5/
- ---------------------------------------
By total net investments
[PIE CHART APPEARS HERE]
<S> <C>
Federal National Mortgage Assn. 37.4%
Federal Home Loan Mortgage Corp. 33.7
U.S. Treasuries 15.9
Govt. National Mortgage Assn. 9.0
CMOs 3.1
Commercial Paper 0.9
<CAPTION>
Portfolio Overview/5/
- ---------------------------------------
<S> <C>
Duration 2.9 years
Low Coupon MBS 57%
High Coupon MBS 23%
</TABLE>
2
<PAGE>
EV Classic Government Obligations Fund as of June 30, 1997
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
As of June 30, 1997
Assets
- --------------------------------------------------------------------------------
<S> <C>
Investment in Government Obligations Portfolio
(Portfolio), $28,987,308
at value (Note 1A) (identified cost, $30,426,515)
Receivable for Fund shares sold 43,881
Deferred organization expenses (Note 1D) 6,255
- --------------------------------------------------------------------------------
Total assets $29,037,444
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Dividends payable $ 38,634
Payable for Fund shares redeemed 66,209
Payable to affiliate for Trustees' fees 42
Accrued expenses 10,918
- --------------------------------------------------------------------------------
Total liabilities $ 115,803
- --------------------------------------------------------------------------------
Net Assets for 3,179,367 shares of
beneficial interest outstanding $28,921,641
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Paid-in capital $32,877,327
Accumulated net realized loss on investments from
Portfolio (computed on the basis of (2,468,536)
identified cost)
Accumulated distributions in excess of net investment (47,943)
income
Net unrealized depreciation of investments from
Portfolio (computed on the basis of (1,439,207)
identified cost)
- --------------------------------------------------------------------------------
Total $28,921,641
- --------------------------------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share (Note 7)
- --------------------------------------------------------------------------------
($28,921,641 / 3,179,367 shares of
beneficial interest outstanding) $ 9.10
- --------------------------------------------------------------------------------
</TABLE>
Statement of Operations
<TABLE>
<CAPTION>
For the Six Months Ended
June 30, 1997
Investment Income (Note 1B)
- --------------------------------------------------------------------------------
<S> <C>
Interest income allocated from Portfolio $ 1,303,835
Expenses allocated from Portfolio (121,391)
- --------------------------------------------------------------------------------
Net investment income from Portfolio $ 1,182,444
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Compensation of Trustees not members of the
Administrator's organization (Note 5) $ 83
Distribution fees (Note 6) 146,164
Printing and postage 21,078
Transfer and dividend disbursing agent fees 16,484
Legal and accounting services 4,225
Registration fees 4,142
Amortization of organization expenses (Note 1D) 2,313
Custodian fee 1,973
Miscellaneous 6,319
- --------------------------------------------------------------------------------
Total expenses $ 202,781
- --------------------------------------------------------------------------------
Net investment income $ 979,663
- --------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) from Portfolio
- --------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (142,170)
Financial futures contracts 131,753
- --------------------------------------------------------------------------------
Net realized loss on investment transactions $ (10,417)
- --------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments $ (178,681)
Financial futures contracts (122,086)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation)
of investments $ (300,767)
- --------------------------------------------------------------------------------
Net realized and unrealized loss on investments $ (311,184)
- --------------------------------------------------------------------------------
Net increase in net assets from operations $ 668,479
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
3
<PAGE>
EV Classic Government Obligations Fund as of June 30, 1997
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
Increase (Decrease) June 30, 1997 Year Ended
in Net Assets (Unaudited) December 31, 1996
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment income $ 979,663 $ 2,352,918
Net realized loss on investments (10,417) (548,214)
Net change in unrealized
appreciation (depreciation)
of investments (300,767) (809,391)
- -----------------------------------------------------------------------------------------------
Net increase in net assets
from operations $ 668,479 $ 995,313
- -----------------------------------------------------------------------------------------------
Distributions to shareholders (Note 2)--
From net investment income $ (979,663) $ (2,344,400)
In excess of net investment
income (2,657) --
- -----------------------------------------------------------------------------------------------
Total distributions to shareholders $ (982,320) $ (2,344,400)
- -----------------------------------------------------------------------------------------------
Transactions in shares of beneficial
interest (Note 3) --
Proceeds from sale of shares $ 3,925,725 $ 5,910,411
Net asset value of shares issued
to shareholders in payment of
distributions declared 613,514 1,376,919
Cost of shares redeemed (5,457,153) (17,822,785)
- -----------------------------------------------------------------------------------------------
Net decrease in net assets from
Fund share transactions $ (917,914) $(10,535,455)
- -----------------------------------------------------------------------------------------------
Net decrease in net assets $ (1,231,755) $(11,884,542)
- -----------------------------------------------------------------------------------------------
Net Assets
- -----------------------------------------------------------------------------------------------
At beginning of period $ 30,153,396 $ 42,037,938
- -----------------------------------------------------------------------------------------------
At end of period $ 28,921,641 $ 30,153,396
- -----------------------------------------------------------------------------------------------
Accumulated distributions in
excess of net investment income
included in net assets
- -----------------------------------------------------------------------------------------------
At end of period $ (47,943) $ (45,286)
- -----------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
4
<PAGE>
EV Classic Government Obligations Fund as of June 30, 1997
FINANCIAL STATEMENTS CONT'D
Financial Highlights
<TABLE>
<CAPTION>
Six Months Ended Year Ended December 31,
June 30, 1997 --------------------------------------------------------
(Unaudited) 1996 1995 1994 1993*
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- Beginning of period $ 9.190 $ 9.490 $ 8.980 $ 9.940 $ 10.000
- ---------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.303 $ 0.613 $ 0.609 $ 0.626 $ 0.107
Net realized and unrealized gain (loss) on
investments (0.089) (0.300) 0.520 (0.876) (0.051)
- ---------------------------------------------------------------------------------------------------------------------------
Total income (loss) from operations $ 0.214 $ 0.313 $ 1.129 $(0.250) $ 0.056
- ---------------------------------------------------------------------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.303) $(0.613) $(0.609) $(0.626) $ (0.107)
In excess of net investment income (0.001) -- (0.010) (0.084) (0.009)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.304) $(0.613) $(0.619) $(0.710) $ (0.116)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value-- End of period $ 9.100 $ 9.190 $ 9.490 $ 8.980 $ 9.940
- ---------------------------------------------------------------------------------------------------------------------------
Total Return /(1)/ 2.38% 3.49% 12.94% (2.54)% 0.34%
- ---------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ---------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000 omitted) $28,922 $30,153 $42,038 $39,586 $ 17,441
Ratio of expenses to average net assets (2) 2.22%+ 2.09% 2.12% 2.16% 2.33%+
Ratio of net investment income to average daily
net assets 6.70%+ 6.66% 6.57% 6.60% 5.45%+
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, November 1, 1993, to December 31,
1993.
(1) Total return is calculated assuming a purchase at the net asset value on the
first day and a sale at the net asset value on the last day of each period
reported. Dividends and distributions, if any, are assumed to be reinvested
at the net asset value on the payable date. Total return is not computed on
an annualized basis.
(2) Includes the Fund's share of the Portfolio's allocated expenses.
See notes to financial statements
5
<PAGE>
EV Classic Government Obligations Fund as of June 30, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
----------------------------------------------------------------------------
EV Classic Government Obligations Fund (the Fund) is a diversified entity of
the type commonly known as a Massachusetts business trust and is registered
under the Investment Company Act of 1940, as amended, as an open-end
management investment company. The Fund is a series of Eaton Vance Mutual
Funds Trust (formerly Eaton Vance Government Obligations Trust). The Fund
invests all of its investable assets in interests in the Government
Obligations Portfolio (the Portfolio), a New York Trust, having the same
investment objective as the Fund. The value of the Fund's investment in the
Portfolio reflects the Fund's proportionate interest in the net assets of
the Portfolio (6.7% at June 30, 1997). The performance of the Fund is
directly affected by the performance of the Portfolio. The financial
statements of the Portfolio, including the portfolio of investments, are
included elsewhere in this report and should be read in conjunction with the
Fund's financial statements. The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of
its financial statements. The policies are in conformity with generally
accepted accounting principles.
A Investment Valuation -- Valuation of securities by the Portfolio is
discussed in Note 1A of the Portfolio's Notes to Financial Statements which
are included elsewhere in this report.
B Income -- The Fund's net investment income consists of the Fund's pro rata
share of the net investment income of the Portfolio, less all actual and
accrued expenses of the Fund.
C Federal Taxes -- The Fund's policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable income, including
any net realized gain on investments, options and financial futures
transactions. Accordingly, no provision for federal income or excise tax is
necessary. At December 31, 1996, the Fund, for federal income tax purposes,
had a capital loss carryover of $2,993,008, which will reduce the Fund's
taxable income arising from future net realized gain on investment
transactions, if any, to the extent permitted by the Internal Revenue Code,
and thus will reduce the amount of the distribution to shareholders which
would otherwise be necessary to relieve the Fund of any liability for
federal income tax. Such capital loss carryovers will expire on December 31,
2001 ($32,316), December 31, 2002 ($1,822,648), December 31, 2003 ($226,377)
and December 31, 2004 ($911,667).
D Deferred Organization Expenses -- Costs incurred by the Fund in connection
with its organization are being amortized on the straight-line basis over
five years.
E Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles 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.
F Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Fund and the Portfolio. Pursuant to the custodian
agreements, IBT receives a fee reduced by credits which are determined based
on the average daily cash balances the Fund or the Portfolio maintains with
IBT. All significant credit balances used to reduce the Fund's custodian
fees are reported as a reduction of expenses on the Statement of Operations.
G Interim Financial Information -- The interim financial statements relating
to June 30, 1997 and the period 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 Distributions to Shareholders
----------------------------------------------------------------------------
The net income of the Fund is determined daily and substantially all of the
net income so determined is declared as a dividend to shareholders of record
at the time of declaration. Distributions are paid monthly. Distributions of
allocated realized capital gains, if any, are made at least annually.
Shareholders may reinvest capital gain distributions in additional shares of
the Fund at the net assets value as of the ex-dividend date. Distributions
are paid in the form of additional shares or, at the election of the
shareholder, in cash. The Fund distinguishes between distributions on a tax
basis and a financial reporting basis. Generally accepted accounting
principles require that only distributions in excess of tax basis earnings
and profits be reported in the financial statements
6
<PAGE>
EV Classic Government Obligations Fund as of June 30, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
as a return of capital. Differences in the recognition or classification of
income between the financial statements and tax earnings and profits which
result in over-distributions for financial statement purposes only are
classified as distributions in excess of net investment income or
accumulated net realized gain.
3 Shares of Beneficial Interest
----------------------------------------------------------------------------
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
Six Months
Ended
June 30, 1997 Year Ended
(Unaudited) December 31, 1996
----------------------------------------------------------------------------
<S> <C> <C>
Sales 429,817 638,952
Issued to shareholders electing
to receive payments of
distributions in capital stock 67,276 149,243
Redemptions (598,075) (1,937,396)
----------------------------------------------------------------------------
Net increase (decrease) (100,982) (1,149,201)
----------------------------------------------------------------------------
</TABLE>
4 Investment Transactions
----------------------------------------------------------------------------
Increases and decreases in the Fund's investment in the Portfolio for the
six months ended June 30, 1997, aggregated $4,098,276 and $6,261,684,
respectively.
5 Transactions with Affiliates
----------------------------------------------------------------------------
Eaton Vance Management (EVM) serves as the administrator of the Fund, but
receives no compensation. The Portfolio has engaged Boston Management and
Research (BMR), a subsidiary of EVM, to render investment advisory services.
See Note 3 of the Portfolio's Notes to Financial Statements which are
included elsewhere in this report. Certain of the officers and Trustees of
the Fund and Portfolio are officers and trustees of the above
organizations(Note 6). Except as to Trustees of the Fund and the Portfolio
who are not members of EVM's organization, officers and Trustees receive
remuneration for their services to the Fund out of such investment adviser
fee earned by BMR.
6 Distribution Plan
----------------------------------------------------------------------------
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1
under the Investment Company Act of 1940. The Plan requires the Fund to pay
the principal underwriter, Eaton Vance Distributors, Inc. (EVD) amounts
equal to 1/365 of 0.75% of the Fund's daily net assets, for providing
ongoing distribution services and facilities to the Fund. The Fund will
automatically discontinue payments to EVD during any period in which there
are no outstanding Uncovered Distribution Charges, which are equivalent to
the sum of (i) 6.25% of the aggregate amount received by the Fund for the
shares sold plus, (ii) distribution fees calculated by applying the rate of
1% over the prevailing prime rate to the outstanding balance of Uncovered
Distribution Charges of EVD reduced by amounts theretofore paid to EVD. The
amount payable to EVD with respect to each day is accrued on such day as a
liability of the Fund and, accordingly, reduces the Fund's net assets. The
Fund paid or accrued $109,623 to or payable to EVD for the six months ended
June 30, 1997, representing 0.75% (annualized) of average daily net assets.
At June 30, 1997, the amount of Uncovered Distribution Charges of EVD
calculated under the Plan was approximately $8,012,000.
In addition, the Plan permits the Fund to make monthly payments of service
fees to the Principal Underwriter in amounts not expected to exceed 0.25%,
of the Fund's average daily net assets for any fiscal year. The Trustees
have initially implemented the Plan by authorizing the Fund to make monthly
service fee payments to the Principal Underwriter in amounts not expected to
exceed 0.25% of the Fund's average daily net assets for any fiscal year. The
Fund paid or accrued service fees to or payable to EVD for the six months
ended June 30, 1997, in the amount of $36,541. EVD makes monthly service fee
payments to Authorized Firms in amounts anticipated to be equivalent to
0.25%, annualized, of the assets maintained in the Fund by their customers.
On sales of shares made on January 30, 1995 and thereafter, EVD currently
expects to pay to an Authorized Firm a service fee at the time of sale equal
to 0.25% of the purchase price of the shares sold by such Firm and monthly
payments of service fees in amounts not expected to exceed 0.25% per annum
of the Funds' average daily net assets based on the value of Fund shares
sold by such Firm and remaining outstanding for at least one year. During
the first year after a purchase of Fund shares, EVD will retain the service
fee as reimbursement for the service fee payment made to the Authorized firm
at the time of sale. Service fee payments are made for personal services
and/or the maintenance of shareholder accounts. Service fees paid to EVD and
Authorized Firms are separate and distinct from the sales commissions and
distribution fees payable by the Fund to EVD, and as such are not subject to
automatic discontinuance when there are no outstanding Uncovered
Distribution Charges of EVD.
7
<PAGE>
EV Classic Government Obligations Fund as of June 30, 1997
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
Certain officers and Trustees of the Fund are officers or directors of EVD.
7 Contingent Deferred Sales Charge
----------------------------------------------------------------------------
For shares purchased on or after January 30, 1995, a contingent deferred
sales charge (CDSC) of 1% is imposed on any redemption of Fund shares made
within one year of purchase. Generally, the CDSC is based upon the lower of
the net asset value at date of redemption or date of purchase. No charge is
levied on shares acquired by reinvestment of dividends or capital gains
distributions. No CDSC is levied on shares which have been sold to EVD or
its affiliates or to their respective employees or clients.
CDSC charges are paid to EVD to reduce the amount of Uncovered Distribution
Charges calculated under the Fund's Distribution Plan. CDSC charges received
when no Uncovered Distribution Charges exist will be credited to the Fund.
For the six months ended June 30, 1997, EVD received approximately $7,700 of
CDSC paid by shareholders.
8
<PAGE>
Government Obligations Portfolio as of June 30, 1997
PORTFOLIO OF INVESTMENTS (Unaudited)
Mortgage Pass-Throughs -- 93.5%
<TABLE>
<CAPTION>
Principal
Amount
(000's omitted) Value
- --------------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Mortgage Corp.:
4.50%, with maturity at 2000 $ 13 $ 12,637
4.75%, with various maturities to 2002 32 31,193
5.00%, with various maturities to 2003 425 414,446
5.25%, with various maturities to 2005 224 217,465
5.50%, with various maturities to 2011 852 831,565
5.75%, with maturity at 1998 10 10,265
6.00%, with various maturities to 2022 2,651 2,607,163
6.25%, with various maturities to 2013 690 679,971
6.50%, with various maturities to 2022 8,482 8,423,678
6.75%, with various maturities to 2011 7,017 6,997,732
7.00%, with various maturities to 2019 11,467 11,489,469
7.25%, with maturity at 2003 1,261 1,267,671
7.50%, with various maturities to 2020 15,747 15,943,168
7.75%, with various maturities to 2018 3,286 3,339,433
8.00%, with various maturities to 2026 20,836 21,379,026
8.25%, with various maturities to 2011 11,701 12,073,907
8.50%, with various maturities to 2024 22,729 23,650,174
8.75%, with various maturities to 2014 2,905 3,022,764
9.00%, with various maturities to 2020 9,003 9,528,889
9.25%, with various maturities to 2010 2,891 3,053,102
9.50%, with various maturities to 2016 1,046 1,109,069
10.00%, with various maturities to 2017 241 261,242
11.00%, with various maturities to 2019 2,078 2,328,397
12.00%, with various maturities to 2019 1,717 1,972,192
12.25%, with various maturities to 2019 3,176 3,667,119
12.50%, with various maturities to 2019 9,400 10,917,804
12.75%, with various maturities to 2015 1,312 1,528,041
13.00%, with various maturities to 2019 3,730 4,392,538
13.25%, with various maturities to 2019 371 439,958
13.50%, with various maturities to 2015 4,501 5,282,284
13.75%, with various maturities to 2014 50 58,662
14.00%, with various maturities to 2016 2,316 2,754,748
14.50%, with various maturities to 2014 224 268,284
14.75%, with maturity at 2010 779 929,820
15.00%, with various maturities to 2013 912 1,117,911
15.25%, with maturity at 2012 145 180,007
15.50%, with various maturities to 2012 190 232,340
16.00%, with various maturities to 2012 138 172,277
16.25%, with various maturities to 2012 217 271,629
- --------------------------------------------------------------------------
$ 162,858,040
- --------------------------------------------------------------------------
Federal National Mortgage Assn.:
0.25%, with maturity at 2014 $ 182 $ 153,729
3.50%, with maturity at 2007 121 112,133
4.50%, with maturity at 1999 $ 4 $ 4,405
5.00%, with various maturities to 2017 718 691,166
5.25%, with various maturities to 2006 167 159,961
5.50%, with various maturities to 2006 436 425,991
5.75%, with maturity at 2003 115 113,016
6.00%, with various maturities to 2010 16,274 15,982,596
6.25%, with various maturities to 2007 466 459,021
6.50%, with various maturities to 2017 1,232 1,217,448
6.75%, with various maturities to 2007 919 915,038
7.00%, with various maturities to 2018 5,989 5,992,597
7.25%, with various maturities to 2017 1,733 1,746,985
7.50%, with various maturities to 2020 11,358 11,518,152
7.75%, with various maturities to 2008 1,276 1,300,410
8.00%, with various maturities to 2019 32,032 32,932,507
8.25%, with various maturities to 2020 11,056 11,414,451
8.50%, with various maturities to 2020 17,199 17,887,057
8.75%, with various maturities to 2017 1,262 1,316,904
9.00%, with various maturities to 2020 8,111 8,576,712
9.25%, with various maturities to 2016 3,911 4,150,968
9.50%, with maturity at 2009 229 245,909
9.75%, with maturity at 2019 352 384,853
11.00%, with maturity at 2010 37 41,086
11.75%, with various maturities to 2015 1,939 2,228,340
12.00%, with various maturities to 2020 7,159 8,236,538
12.25%, with various maturities to 2015 3,234 3,770,118
12.50%, with various maturities to 2021 11,793 13,764,056
12.75%, with various maturities to 2014 1,585 1,861,132
13.00%, with various maturities to 2019 11,533 13,748,527
13.25%, with various maturities to 2015 2,014 2,386,684
13.50%, with various maturities to 2015 4,416 5,292,205
13.75%, with various maturities to 2014 161 192,954
14.00%, with various maturities to 2014 684 821,469
14.25%, with various maturities to 2014 293 357,819
14.50%, with various maturities to 2014 224 271,903
14.75%, with various maturities to 2012 3,729 4,605,602
15.00%, with various maturities to 2013 2,954 3,669,819
15.50%, with various maturities to 2012 894 1,112,763
15.75%, with maturity at 2011 27 34,511
16.00%, with various maturities to 2012 330 414,700
- --------------------------------------------------------------------------
$ 180,512,235
- --------------------------------------------------------------------------
Government National Mortgage Assn.:
5.50%, with maturity at 1999 $ 13 $ 13,299
6.50%, with various maturities to 2002 463 461,298
7.25%, with various maturities to 2022 3,839 3,889,390
7.50%, with maturity at 2017 973 998,937
8.00%, with various maturities to 2017 19,812 20,477,595
8.25%, with various maturities to 2008 479 497,455
8.50%, with various maturities to 2018 1,598 1,685,909
9.00%, with various maturities to 2016 5,099 5,423,565
</TABLE>
9
<PAGE>
Government Obligations Portfolio as of June 30, 1997
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
<TABLE>
<CAPTION>
Principal
Amount
(000's omitted) Value
- -----------------------------------------------------------------------
<S> <C> <C>
11.50%, with maturity at 2013 $ 339 $ 387,665
12.00%, with various maturities to 2015 3,360 3,896,870
12,50%, with various maturities to 2015 1,797 2,118,173
13.00%, with various maturities to 2014 1,134 1,351,592
13.50%, with various maturities to 2013 278 992,915
14.00%, with various maturities to 2015 161 196,731
14.50%, with various maturities to 2014 451 556,711
15.00%, with various maturities to 2013 632 790,796
16.00%, with various maturities to 2012 367 470,240
- -----------------------------------------------------------------------
$ 43,549,141
- -----------------------------------------------------------------------
Collaterized Mortgage Obligations:
Federal Home Loan Mtg. Corp.
Series 1188-GC, 7.5% due 2019
Collaterized 100% FHLMC PC $10,000 $ 10,110,930
Federal Home Loan Mtg. Corp.
Series B Class 3,12.5%, due 2013
Collateral 100% FHLMC PC 180 206,138
Federal National Mtg, Association
Sales 93-73E, 6.35% due 2019
Collateral 100% FNMA MBS 3,000 2,933,904
Salomon Brothers Mortgage Securities II, Inc.
11.50%, with maturity at 2015 1,404 1,542,031
- -----------------------------------------------------------------------
$ 14,793,003
- -----------------------------------------------------------------------
Total Mortage Pass-Throughs
(identified cost, $398,405,795) $ 401,712,419
- -----------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS - 17.8%
Principal
Amount
(000's omitted) Value
- -----------------------------------------------------------------------
U.S. Treasury Bond, 7.125%, 2/15/23+ $ 6,000 $ 6,192,186
U.S. Treasury Bond, 12.000%, 8/15/13++ 50,000 70,445,300
- -----------------------------------------------------------------------
Total U.S. Obligations
(identified cost, $67,368,568) $ 76,637,486
- -----------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.0%
Principal
Amount
(000's omitted) Value
- -----------------------------------------------------------------------
Banque National de Paris
Euro Time-deposit Cayman
Island, 5.750%, 7/01/97 $ 4,200 $ 4,200,000
- -----------------------------------------------------------------------
Total Short-Term Investments
(identified cost, $4,200,000) $ 4,200,000
- -----------------------------------------------------------------------
Total Investments- 112.3%
(identified cost $469,974,363) $ 482,549,905
- -----------------------------------------------------------------------
Other Assets, Less Liabilities -(12.3)% $ (52,784,637)
- -----------------------------------------------------------------------
Net Assets - 100% $ 429,765,268
- -----------------------------------------------------------------------
</TABLE>
+ Security has been pledged as collateral for futures contracts.
++ Security has been pledged as collateral for securities lending.
See notes to financial statements
10
<PAGE>
GOVERNMENT OBLIGATIONS PORTFOLIO as of June 30, 1997
FINANCIAL STATEMENTS (Unaudited)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF JUNE 30, 1997
Assets
- ------------------------------------------------------------------------
<S> <C>
Investments, at value (Note 1A)
(identified cost, $469,974,363) $482,549,905
Cash 71,452
Receivable for investments sold 927,067
Interest receivable 5,625,320
Receivable for variation margin on open financial
futures contracts (Note 1G) 249,996
Deferred organization expenses (Note 1H) 5,062
- ------------------------------------------------------------------------
Total assets $489,428,802
- ------------------------------------------------------------------------
Liabilities
- ------------------------------------------------------------------------
Liability for collateral received for securities
loaned (Note 5) $ 59,619,200
Payable to affiliate - Trustees' fees 4,948
Accrued expenses 39,386
- ------------------------------------------------------------------------
Total liabilities $ 59,663,534
- ------------------------------------------------------------------------
Net Assets applicable to investors' interest in Portfolio $429,765,268
- ------------------------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------------------------
Net proceeds from capital contributions and withdrawals $418,203,460
Net unrealized appreciation of investments (computed
on the basis of identified cost) 11,561,808
- ------------------------------------------------------------------------
Total $429,765,268
- ------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED
JUNE 30, 1997
Investment Income
- ------------------------------------------------------------------------
Interest income $ 19,517,411
- ------------------------------------------------------------------------
Total income $ 19,517,411
- ------------------------------------------------------------------------
Expenses
- ------------------------------------------------------------------------
Investment adviser fee (Note 3) $ 1,658,818
Compensation of Trustees not members of the
Investment Adviser's organization (Note 3) 9,818
Custodian fee 103,395
Legal and accounting services 18,674
Amortization of organization expenses (Note 1H) 1,890
Miscellaneous 34,028
- ------------------------------------------------------------------------
Total expenses $ 1,826,623
- ------------------------------------------------------------------------
Net investment income $ 17,690,788
- ------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (2,125,932)
Financial futures contracts 1,938,263
- ------------------------------------------------------------------------
Net realized loss on investments $ (187,669)
- ------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (2,633,804)
Financial futures contracts (1,888,943)
- ------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $ (4,522,747)
- ------------------------------------------------------------------------
Net realized and unrealized loss on investments $ (4,710,416)
- ------------------------------------------------------------------------
Net increase in net assets from operations $ 12,980,372
- ------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
GOVERNMENT OBLIGATIONS PORTFOLIO AS OF JUNE 30, 1997
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
Increase (Decrease) JUNE 30, 1997 YEAR ENDED
in Net Assets (UNAUDITED) DECEMBER 31, 1996
- -------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment income $ 17,690,788 $ 37,858,369
Net realized loss
on investments (187,669) (5,404,267)
Net change in unrealized
appreciation (depreciation) (4,522,747) (10,812,405)
- -------------------------------------------------------------------------
Net increase in net assets
from operations $ 12,980,372 $ 21,641,697
- -------------------------------------------------------------------------
Capital transactions --
Contributions $ 77,668,092 $ 66,333,513
Withdrawals (116,405,744) (154,241,567)
- -------------------------------------------------------------------------
Net decrease in net assets
from capital transactions $ (38,737,652) $ (87,908,054)
- -------------------------------------------------------------------------
Net decrease in net assets $ (25,757,280) $ (66,266,357)
- -------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------
At beginning of period $ 455,522,548 $ 521,788,905
- -------------------------------------------------------------------------
At end of period $ 429,765,268 $ 455,522,548
- -------------------------------------------------------------------------
</TABLE>
See notes to financial statements
12
<PAGE>
Government Obligations Portfolio as of June 30, 1997
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Six Months Ended
June 30, 1997 Year Ended December 31,
----------------------------------------
(Unaudited) 1996 1995 1994 1993*
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- ----------------------------------------------------------------------------------------------------------------------------
Expenses 0.83%+ 0.83% 0.84% 0.81% 0.87%+
Net investment income 8.07%+ 7.88% 7.82% 8.03% 8.46%+
Portfolio Turnover 4% 11% 19% 35% 42%
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000s omitted) $429,765 $455,523 $521,789 $515,670 $537,297
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
* For the period from the start of business, October 28, 1993, to December 31,
1993.
+ Annualized.
See notes to financial statements
13
<PAGE>
Government Obligations Portfolio as of June 30, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
------------------------------------------------------------------------------
Government Obligations Portfolio (the Portfolio) is registered under the
Investment Company Act of 1940 as a diversified open-end investment company
which was organized as a trust under the laws of the State of New York in
1992. The Declaration of Trust permits the Trustees to issue beneficial
interests in the Portfolio. The following is a summary of significant
accounting policies of the Portfolio. The policies are in conformity with
generally accepted accounting principles.
A Investment Valuation -- Mortgage backed, "pass-through" securities are
valued using a matrix pricing system which takes into account closing bond
valuations, yield differentials, anticipated prepayments, and interest rates.
Debt securities (other than mortgage backed, "pass-through" securities) are
normally valued at the mean between the latest available bid and asked prices
for securities for which the over-the-counter market is the primary market.
Debt securities may also be valued on the basis of valuations furnished by 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 less than 60 days 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 discount when required for
federal income tax purposes.
C Gains and Losses From Security Transactions -- For book purposes, gains or
losses are not recognized until disposition. For federal tax purposes, the
Portfolio has elected, under Section 1092 of the Internal Revenue Code, to
utilize mixed straddle accounting for certain designated classes of activities
involving options and financial futures contracts in determining recognized
gains or losses. Under this method, Section 1256 positions (financial futures
contracts and options on investments or financial futures contracts) and non-
Section 1256 positions (bonds, etc.) are marked-to market on a daily basis
resulting in the recognition of taxable gains or losses on a daily basis. Such
gains or losses are categorized as short-term or long-term based on
aggregation rules provided in the Code.
D 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 some of the
Portfolio's investors are regulated investment companies that invest all or
substantially all of their 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 investors'
distributive share of the Portfolio's net investment income, net realized
capital gains, and any other items of income, gain, loss, deduction or credit.
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
14
<PAGE>
Government Obligations Portfolio as of June 30, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
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
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 Contract -- 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 or
currency exchange rates. Should interest or currency exchange rates move
unexpectedly, the Portfolio may not achieve the anticipated benefits of the
financial futures contract 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 Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization are being amortized on the straight-line
basis over five years.
I Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolio. Pursuant to the Custodian agreement, IBT receives
a fee reduced by the credits which are determined based on the average cash
balances the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reflected as a reduction of
operating expense on the statement of operations.
J Other -- Investment transactions are accounted for on the date the
investments are purchased or sold.
K Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles 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.
L Interim Financial Information -- The interim financial statements relating
to June 30, 1997 and the six month period then ended have not been audited by
independent certified public accountants, but in the opinion of the Fund'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, sales and paydowns of investments, other than short-term
obligations, aggregated $19,589,772, $4,035,404 and $41,353,683,
respectively.
3 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------------------------
The investment adviser 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 and at
reduced rates as daily net assets exceed that level 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. For the six months ended June 30, 1997,
the fee was equivalent to 0.75% (annualized) of the Portfolio's average net
assets for such period and amounted to $1,658,818. Except as to Trustees of
the Portfolio who are not members of EVM's or BMR's organization, officers and
Trustees receive renumeration for their services to the Portfolio out of such
investment adviser fee. Certain of the officers and Trustees of the Portfolio
are officers and directors/trustees of the above organizations. 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, 1997, no significant amounts have been deferred.
15
<PAGE>
GOVERNMENT OBLIGATIONS PORTFOLIO as of June 30, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
4 Line of Credit
------------------------------------------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a committed $120 million unsecured line of credit
agreement with a group of banks. The Portfolio may temporarily borrow from the
line of credit to satisfy redemption requests or settle investment
transactions. Interest is charged to each portfolio or fund based on its
borrowings at an amount above the bank's adjusted certificate of deposit rate,
eurodollar rate of federal funds rate. In addition, a fee computed at an
annual rate of 0.15% on the daily unused portion of the line of credit is
allocated among the participating Portfolio and funds at the end of each
quarter. The average daily loan was $361,685 and the average interest rate was
4.2%. The maximum borrowing outstanding at any time during the six months
ended June 30, 1997 was $3,621,000.
5 Securities Lending Agreement
------------------------------------------------------------------------------
The Portfolio has established a securities lending agreement with a broker in
which the Portfolio lends portfolio securities to the broker in exchange for
collateral consisting of either cash or U.S. government securities. Under the
agreement, the Portfolio continues to earn interest on the securities loaned.
If the collateral received is U.S. government securities, the Portfolio will
also receive from the broker an additional loan premium fee computed as a
varying percentage of the market value of the securities loaned. If the
collateral received is cash, the Portfolio may invest the cash and receive
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
Portfolio did not receive any loan premium fee during the six months ended
June 30, 1997. The loan rebate fee paid by the Fund offsets a portion of the
interest income received. At June 30, 1997, the value of the securities loaned
and the value of the collateral amounted to $56,356,240 and $59,619,200,
respectively.
6 Federal Income Tax Basis of Investments
------------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in value of the investment
securities owned at June 30, 1997, as computed on a federal income tax basis,
were a follows:
<TABLE>
<S> <C>
Aggregate cost $ 480,811,297
-----------------------------------------------------------------------------
Gross unrealized appreciation $ 6,576,758
Gross unrealized depreciation (4,838,150)
-----------------------------------------------------------------------------
Net unrealized appreciation $ 1,738,608
-----------------------------------------------------------------------------
</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, forward foreign currency exchange contracts, and financial futures
contracts and may involve, to a varying degree, elements of risk in excess of
the amounts recognized for financial statements purposes. The notional or
contractual amounts of these instruments represent the investment the Fund has
in particular classes of financial instruments and does not necessarily
represent the amounts potentially subject to risk. The measurements 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, 1997 is
as follows:
<TABLE>
<CAPTION>
Futures Contracts
--------------------------------------------------------------------------
Expiration Net Unrealized
Date Contracts Position Depreciation
--------------------------------------------------------------------------
<S> <C> <C> <C>
9/97 1000 U.S. Treasury Five
Year Note Futures Short $ (1,013,734)
--------------------------------------------------------------------------
$ (1,013,734)
--------------------------------------------------------------------------
</TABLE>
At June 30, 1997, the Portfolio had sufficient cash and/or securities to cover
margin requirements on any open futures contracts.
16
<PAGE>
EV Classic Government Obligations Fund as of June 30, 1997
INVESTMENT MANAGEMENT
EV Classic Government Obligations Fund
Officers Independent Trustees
M. Dozier Gardner Donald R. Dwight
President President, Dwight Partners, Inc.
Chairman, Newspapers of New England, Inc.
James B. Hawkes
Vice President and Trustee Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
William H. Ahern, Jr. Banking, Harvard University Graduate School of
Vice President Business Administration
Michael B. Terry Norton H. Reamer
Vice President President and Director, United Asset
Management Corporation
James L. O'Connor
Treasurer John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Alan R. Dynner
Secretary Jack L. Treynor
Investment Adviser and Consultant
Government Obligations Portfolio
Officers Independent Trustees
M. Dozier Gardner Donald R. Dwight
President President, Dwight Partners, Inc.
Chairman, Newspapers of New England, Inc.
James B. Hawkes
Vice President and Trustee Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Susan Schiff Banking, Harvard University Graduate School
Vice President and of Business Administration
Portfolio Manager
Norton H. Reamer
Mark S. Venezia President and Director, United Asset
Vice President Management Corporation
James L. O'Connor John L. Thorndike
Treasurer Formerly Director, Fiduciary Company Incorporated
Alan R. Dynner Jack L. Treynor
Secretary Investment Adviser and Consultant
17
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK
<PAGE>
Investment Adviser of
Government Obligations Portfolio
Boston Management and Research
24 Federal Street
Boston, MA 02110
Administrator of EV Classic
Government Obligations Fund
Eaton Vance Management
24 Federal Street
Boston, MA 02110
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617)482-8260
Custodian
Investors Bank & Trust Company
200 Clarendon Street,16th Floor
Boston, MA 02116
Transfer Agent
First Data Investor Services Group
Attention: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 01581-5123
EVClassic Government
Obligations Fund
24 Federal Street
Boston, MA 02110
- --------------------------------------------------------------------------------
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its sales charges and
expenses. Please read the prospectus carefully before you invest or send money.
- --------------------------------------------------------------------------------
C-GOSRC-8/97
