UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08012

Government Obligations Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)

Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2011

Date of Reporting Period

Item 1. Reports to Stockholders

Government Obligations Portfolio

October 31, 2011

Portfolio of Investments

Mortgage Pass-Throughs — 77.6%
	Principal
	Amount
Security	(000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
2.929%, with maturity at 2035(1)	$	11,205	$	11,742,702
3.088%, with maturity at 2034(1)		2,443		2,583,302
5.00%, with various maturities to 2018		5,879		6,329,783
5.50%, with various maturities to 2032		10,877		11,749,364
6.00%, with various maturities to 2035		27,362		30,715,950
6.50%, with various maturities to 2035		59,277		67,697,537
6.87%, with maturity at 2024		225		260,674
7.00%, with various maturities to 2035		27,866		32,104,846
7.09%, with maturity at 2023		794		924,064
7.25%, with maturity at 2022		1,183		1,370,124
7.31%, with maturity at 2027		320		381,408
7.50%, with various maturities to 2035		28,760		34,068,838
7.63%, with maturity at 2019		438		498,059
7.75%, with maturity at 2018		22		24,427
7.78%, with maturity at 2022		154		182,097
7.85%, with maturity at 2020		290		335,838
8.00%, with various maturities to 2028		10,097		11,573,524
8.13%, with maturity at 2019		559		620,564
8.15%, with various maturities to 2021		238		274,522
8.25%, with maturity at 2017		46		52,645
8.50%, with various maturities to 2031		6,453		7,705,073
8.75%, with maturity at 2016		10		10,301
9.00%, with various maturities to 2027		6,775		7,739,185
9.25%, with maturity at 2017		49		54,452
9.50%, with various maturities to 2026		2,067		2,439,138
9.75%, with maturity at 2018		1		1,109
10.50%, with maturity at 2020		651		766,592
11.00%, with maturity at 2015		21		23,366
			$	232,229,484
Federal National Mortgage Association:
2.566%, with various maturities to 2026(1)	$	3,032	$	3,128,570
2.588%, with various maturities to 2033(1)		4,024		4,176,948
2.60%, with various maturities to 2035(1)		30,622		31,938,246
2.617%, with maturity at 2022(1)		2,025		2,078,133
2.631%, with maturity at 2035(1)		1,861		1,929,622
2.654%, with maturity at 2031(1)		3,297		3,388,898
2.819%, with maturity at 2037(1)		6,028		6,320,355
2.969%, with maturity at 2040(1)		1,877		1,958,752
3.052%, with maturity at 2036(1)		1,934		1,996,286
3.466%, with maturity at 2036(1)		2,292		2,357,567
3.659%, with maturity at 2034(1)		7,631		8,245,344
3.831%, with maturity at 2035(1)		9,106		9,868,861
3.918%, with maturity at 2034(1)		7,274		7,885,633
3.922%, with maturity at 2036(1)		654		681,194
3.944%, with maturity at 2021(1)		1,805		1,871,318
4.00%, with maturity at 2014		231		242,768
4.319%, with maturity at 2036(1)		28,510		31,098,239
4.494%, with maturity at 2035(1)		9,154		9,984,538
4.50%, with various maturities to 2018		24,271		25,856,765
4.818%, with maturity at 2034(1)		25,174		27,459,543
5.00%, with various maturities to 2027		12,799		13,741,825
5.50%, with various maturities to 2030		29,225		31,676,809
6.00%, with various maturities to 2033		14,564		16,262,728
6.478%, with maturity at 2025(2)		292		325,562
6.50%, with various maturities to 2036		138,092		157,301,284
7.00%, with various maturities to 2036		76,225		88,473,247
7.25%, with maturity at 2023		26		27,947
7.50%, with various maturities to 2032		10,566		12,446,340
7.875%, with maturity at 2021		809		957,340
7.881%, with maturity at 2030(2)		28		31,968
8.00%, with various maturities to 2032		14,206		16,618,669
8.25%, with maturity at 2025		313		374,603
8.33%, with maturity at 2020		721		827,902
8.50%, with various maturities to 2032		8,045		9,767,523
8.506%, with maturity at 2021(2)		108		128,811
9.00%, with various maturities to 2030		966		1,144,810
9.50%, with various maturities to 2030		2,220		2,654,688
9.626%, with maturity at 2025(2)		31		37,112
9.75%, with maturity at 2019		14		15,988
9.797%, with maturity at 2021(2)		91		105,492
9.852%, with maturity at 2020(2)		48		54,480
9.923%, with maturity at 2021(2)		69		83,655
9.986%, with maturity at 2023(2)		68		80,093
10.102%, with maturity at 2021(2)		50		59,470
10.339%, with maturity at 2025(2)		35		39,693
10.826%, with maturity at 2025(2)		17		19,355
11.00%, with maturity at 2020		566		638,514
11.379%, with maturity at 2019(2)		70		76,875
11.879%, with maturity at 2018(2)		54		58,828
12.147%, with maturity at 2021(2)		20		21,144
12.708%, with maturity at 2015(2)		68		76,068
			$	536,596,403
Government National Mortgage Association:
2.125%, with various maturities to 2027(1)	$	683	$	708,518
6.10%, with maturity at 2033		11,638		13,351,123
6.50%, with various maturities to 2036		8,586		9,940,569
7.00%, with various maturities to 2034		35,116		41,005,998
7.25%, with maturity at 2022		28		32,458

See Notes to Financial Statements.

21

Government Obligations Portfolio

October 31, 2011

Portfolio of Investments — continued

	Principal
	Amount
Security	(000’s omitted)		Value
Government National Mortgage Association: (continued)
7.50%, with various maturities to 2025	$	6,530	$	7,600,815
8.00%, with various maturities to 2027		10,058		11,819,932
8.25%, with maturity at 2019		141		163,250
8.30%, with maturity at 2020		41		48,103
8.50%, with various maturities to 2018		1,536		1,739,377
9.00%, with various maturities to 2027		6,604		8,262,533
9.50%, with various maturities to 2026		4,197		5,183,900
			$	99,856,576
Total Mortgage Pass-Throughs
(identified cost $824,359,269)			$	868,682,463
Collateralized Mortgage Obligations — 4.9%
	Principal
	Amount
Security	(000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
Series 30, Class I, 7.50%, 4/25/24	$	243	$	258,306
Series 1822, Class Z, 6.90%, 3/15/26		1,351		1,436,777
Series 1829, Class ZB, 6.50%, 3/15/26		631		686,114
Series 1896, Class Z, 6.00%, 9/15/26		711		748,394
Series 2075, Class PH, 6.50%, 8/15/28		352		392,620
Series 2091, Class ZC, 6.00%, 11/15/28		1,459		1,594,215
Series 2102, Class Z, 6.00%, 12/15/28		362		394,378
Series 2115, Class K, 6.00%, 1/15/29		2,261		2,429,556
Series 2142, Class Z, 6.50%, 4/15/29		759		826,414
Series 2245, Class A, 8.00%, 8/15/27		9,161		10,456,071
			$	19,222,845
Federal National Mortgage Association:
Series G-8, Class E, 9.00%, 4/25/21	$	323	$	378,760
Series G92-44, Class ZQ, 8.00%, 7/25/22		325		361,616
Series G93-36, Class ZQ, 6.50%, 12/25/23		12,275		13,830,118
Series 1993-16, Class Z, 7.50%, 2/25/23		439		508,919
Series 1993-39, Class Z, 7.50%, 4/25/23		1,152		1,336,621
Series 1993-45, Class Z, 7.00%, 4/25/23		1,384		1,570,662
Series 1993-149, Class M, 7.00%, 8/25/23		517		585,985
Series 1993-178, Class PK, 6.50%, 9/25/23		1,057		1,185,128
Series 1993-250, Class Z, 7.00%, 12/25/23		243		257,591
Series 1994-40, Class Z, 6.50%, 3/25/24		1,078		1,209,110
Series 1994-42, Class K, 6.50%, 4/25/24		4,791		5,400,718
Series 1994-82, Class Z, 8.00%, 5/25/24		1,754		2,050,687
Series 1997-81, Class PD, 6.35%, 12/18/27		676		760,800
Series 2000-49, Class A, 8.00%, 3/18/27		961		1,147,944
Series 2001-81, Class HE, 6.50%, 1/25/32		2,721		3,072,760
Series 2002-1, Class G, 7.00%, 7/25/23		697		790,359
			$	34,447,778
Government National Mortgage Association:
Series 1998-19, Class ZB, 6.50%, 7/20/28	$	600	$	679,333
Total Collateralized Mortgage Obligations
(identified cost $50,493,217)			$	54,349,956
U.S. Government Agency Obligations — 14.3%
	Principal
	Amount
Security	(000’s omitted)		Value
Federal Farm Credit Bank:
5.75%, 12/7/28	$	5,000	$	6,375,245
5.77%, 1/5/27		5,000		6,318,455
			$	12,693,700
Federal Home Loan Bank:
4.125%, 12/13/19	$	5,000	$	5,683,535
4.125%, 3/13/20		26,460		29,771,496
4.75%, 3/10/23		4,500		5,281,218
5.365%, 9/9/24		6,445		7,963,255
5.375%, 8/15/24		14,700		18,058,039
5.625%, 6/11/21		17,000		21,218,176
5.75%, 6/12/26		2,720		3,466,757
			$	91,442,476
United States Agency for International Development — Israel:
0.00%, 5/1/20	$	2,200	$	1,774,379
5.50%, 9/18/23		26,850		34,070,824
5.50%, 4/26/24		16,015		20,351,013
			$	56,196,216
Total U.S. Government Agency Obligations
(identified cost $141,418,357)			$	160,332,392

See Notes to Financial Statements.

22

Government Obligations Portfolio

October 31, 2011

Portfolio of Investments — continued

U.S. Treasury Obligations — 4.0%
	Principal
	Amount
Security	(000’s omitted)		Value
U.S. Treasury Bond, 1.00%, 7/15/13	$	35,000	$	35,462,245
U.S. Treasury Bond, 7.125%, 2/15/23(3)		6,000		8,880,936
Total U.S. Treasury Obligations
(identified cost $41,252,116)			$	44,343,181
Short-Term Investments — 3.0%
	Interest
Description	(000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.12%(4)	$	33,807	$	33,807,391
Total Short-Term Investments
(identified cost $33,807,391)			$	33,807,391
Total Investments — 103.8%
(identified cost $1,091,330,350)			$	1,161,515,383
Other Assets, Less Liabilities — (3.8)%			$	(42,006,984	)
Net Assets — 100.0%			$	1,119,508,399

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

(1)	Adjustable rate mortgage security. Rate shown is the rate at October 31, 2011.
(2)	Weighted average fixed-rate coupon that changes/updates monthly.
(3)	Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
(4)	Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of October 31, 2011.

See Notes to Financial Statements.

23

Government Obligations Portfolio

October 31, 2011

Statement of Assets and Liabilities

Assets	October 31, 2011
Unaffiliated investments, at value (identified cost, $1,057,522,959)	$	1,127,707,992
Affiliated investment, at value (identified cost, $33,807,391)		33,807,391
Interest receivable		5,619,564
Interest receivable from affiliated investment		2,742
Receivable for investments sold		918,919
Total assets	$	1,168,056,608
Liabilities
Payable for investments purchased	$	46,681,077
Payable for variation margin on open financial futures contracts		1,088,291
Payable to affiliates:
Investment adviser fee		658,308
Trustees’ fees		2,707
Accrued expenses		117,826
Total liabilities	$	48,548,209
Net Assets applicable to investors’ interest in Portfolio	$	1,119,508,399
Sources of Net Assets
Net proceeds from capital contributions and withdrawals	$	1,049,041,725
Net unrealized appreciation		70,466,674
Total	$	1,119,508,399

See Notes to Financial Statements.

24

Government Obligations Portfolio

October 31, 2011

Statement of Operations

	Year Ended
Investment Income	October 31, 2011
Interest	$	41,144,725
Interest allocated from affiliated investment		29,254
Expenses allocated from affiliated investment		(3,494	)
Total investment income	$	41,170,485
Expenses
Investment adviser fee	$	7,657,646
Trustees’ fees and expenses		34,422
Custodian fee		286,976
Legal and accounting services		94,765
Miscellaneous		29,672
Total expenses	$	8,103,481
Deduct —
Reduction of custodian fee	$	16
Total expense reductions	$	16
Net expenses	$	8,103,465
Net investment income	$	33,067,020
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,036,172
Investment transactions allocated from affiliated investment		1,257
Financial futures contracts		(12,283,411	)
Net realized loss	$	(11,245,982	)
Change in unrealized appreciation (depreciation) —
Investments	$	(3,269,180	)
Financial futures contracts		1,679,438
Net change in unrealized appreciation (depreciation)	$	(1,589,742	)
Net realized and unrealized loss	$	(12,835,724	)
Net increase in net assets from operations	$	20,231,296

See Notes to Financial Statements.

25

Government Obligations Portfolio

October 31, 2011

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2011			2010
From operations —
Net investment income	$	33,067,020		$	36,382,595
Net realized loss from investment transactions and financial futures contracts		(11,245,982	)		(8,721,740	)
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		(1,589,742	)		32,639,752
Net increase in net assets from operations	$	20,231,296		$	60,300,607
Capital transactions —
Contributions	$	189,445,095		$	319,591,025
Withdrawals		(289,370,516	)		(137,970,491	)
Net increase (decrease) in net assets from capital transactions	$	(99,925,421	)	$	181,620,534
Net increase (decrease) in net assets	$	(79,694,125	)	$	241,921,141
Net Assets
At beginning of year	$	1,199,202,524		$	957,281,383
At end of year	$	1,119,508,399		$	1,199,202,524

See Notes to Financial Statements.

26

Government Obligations Portfolio

October 31, 2011

Supplementary Data

	Year Ended October 31,
Ratios/Supplemental Data	2011			2010			2009			2008			2007
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.75	%		0.76	%		0.77	%		0.80	%		0.80	%
Net investment income		3.08	%		3.48	%		3.97	%		4.48	%		4.60	%
Portfolio Turnover		19	%		22	%		28	%		19	%		23	%
Total Return		2.21	%		5.95	%		11.54	%		4.85	%		5.49	%
Net assets, end of year (000’s omitted)	$	1,119,508		$	1,199,203		$	957,281		$	810,627		$	687,747

⁽¹⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

See Notes to Financial Statements.

27

Government Obligations Portfolio

October 31, 2011

Notes to Financial Statements

1 Significant Accounting Policies

Government Obligations Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to provide a high current return. The Portfolio invests 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 interests in the Portfolio. At October 31, 2011, Eaton Vance Government Obligations Fund, Eaton Vance Multi-Strategy Absolute Return Fund and Eaton Vance Low Duration Fund held an interest of 96.2%, 1.0% and 2.5%, respectively, 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 — Debt obligations (including short-term obligations with a remaining maturity of more than sixty days and excluding most seasoned, fixed-rate 30-year mortgage-backed securities as noted below) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Most seasoned, fixed-rate 30-year mortgage-backed securities are valued through the use of the investment adviser’s matrix pricing system, which takes into account bond prices, yield differentials, anticipated prepayments and interest rates provided by dealers. Short-term debt obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that fairly reflects the security’s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

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

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

As of October 31, 2011, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Portfolio’s federal tax returns filed in the 3-year period ended October 31, 2011 remains subject to examination by the Internal Revenue Service.

E Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Portfolio. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Portfolio maintains with SSBT. All credit balances, if any, used to reduce the Portfolio’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

F 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.

G Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of

28

Government Obligations Portfolio

October 31, 2011

Notes to Financial Statements — continued

liability on the part of Portfolio interestholders and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H Financial Futures Contracts — Upon entering into a financial futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.75% of the Portfolio’s average daily net assets up to $500 million, 0.6875% from $500 million up to $1 billion, 0.6250% from $1 billion up to $1.5 billion, 0.5625% from $1.5 billion up to $2 billion, 0.5000% from $2 billion up to $2.5 billion and 0.4375% of average daily net assets of $2.5 billion or more, and is payable monthly. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. For the year ended October 31, 2011, the Portfolio’s investment adviser fee amounted to $7,657,646 or 0.71% of the Portfolio’s average daily net assets.

Except for Trustees of the Portfolio who are not members of EVM’s or BMR’s organizations, officers and Trustees receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who 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 year ended October 31, 2011, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and paydowns, aggregated $202,655,772 and $232,195,167, respectively, for the year ended October 31, 2011.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2011, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,102,654,398
Gross unrealized appreciation	$	59,513,679
Gross unrealized depreciation		(652,694	)
Net unrealized appreciation	$	58,860,985

5 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include 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 do 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.

29

Government Obligations Portfolio

October 31, 2011

Notes to Financial Statements — continued

A summary of obligations under these financial instruments at October 31, 2011 is as follows:

Futures Contracts
Expiration									Net Unrealized
Month/Year	Contracts	Position	Aggregate Cost			Value			Appreciation
12/11	750 U.S. 5-Year Treasury Note	Short	$	(91,998,047	)	$	(91,957,031	)	$	41,016
12/11	700 U.S. 10-Year Treasury Note	Short		(90,584,375	)		(90,343,750	)		240,625
									$	281,641

At October 31, 2011, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Portfolio holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Portfolio purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at October 31, 2011 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative
Futures contracts	$	281,641	$	—

⁽¹⁾ Amount represents cumulative unrealized appreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended October 31, 2011 was as follows:

	Realized Gain (Loss)			Change in Unrealized
	on Derivatives Recognized			Appreciation (Depreciation) on
Derivative	in Income(1)			Derivatives Recognized in Income(2)
Futures contracts	$	(12,283,411	)	$	1,679,438

(1)	Statement of Operations location: Net realized gain (loss) – Financial futures contracts.
(2)	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional amount of futures contracts outstanding during the year ended October 31, 2011, which is indicative of the volume of this derivative type, was approximately $139,462,000.

6 Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $600 million ($450 million prior to September 12, 2011) unsecured line of credit agreement with a group of banks. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio 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 0.08% (0.10% prior to September 12, 2011) on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2011.

30

Government Obligations Portfolio

October 31, 2011

Notes to Financial Statements — continued

7 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•  Level 1 – quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At October 31, 2011, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Mortgage Pass-Throughs	$	—	$	868,682,463	$	—	$	868,682,463
Collateralized Mortgage Obligations		—		54,349,956		—		54,349,956
U.S. Government Agency Obligations		—		160,332,392		—		160,332,392
U.S. Treasury Obligations		—		44,343,181		—		44,343,181
Short-Term Investments		—		33,807,391		—		33,807,391
Total Investments	$	—	$	1,161,515,383	$	—	$	1,161,515,383
Futures Contracts	$	281,641	$	—	$	—	$	281,641
Total	$	281,641	$	1,161,515,383	$	—	$	1,161,797,024

The Portfolio held no investments or other financial instruments as of October 31, 2010 whose fair value was determined using Level 3 inputs. At October 31, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the year then ended was not significant.

31

Government Obligations Portfolio

October 31, 2011

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Government Obligations Portfolio:

We have audited the accompanying statement of assets and liabilities of Government Obligations Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the supplementary data for each of the five years in the period then ended. These financial statements and supplementary data are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and supplementary data based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and supplementary data are free of material misstatement. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and supplementary data referred to above present fairly, in all material respects, the financial position of Government Obligations Portfolio as of October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the supplementary data for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 19, 2011

32

Eaton Vance

Government Obligations Fund

October 31, 2011

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Government Obligations Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 179 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

	Position(s)
	with the
	Trust and		Principal Occupation(s) and Directorships
Name and Year of Birth	the Portfolio	Length of Service	During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 179 registered investment companies and 1 private investment company managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and Portfolio. Directorships in the Last Five Years.(1) Director of EVC.
Noninterested Trustees
Scott E. Eston 1956	Trustee	Since 2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997). Directorships in the Last Five Years. None.
Benjamin C. Esty 1963	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration. Directorships in the Last Five Years.(1) None.
Allen R. Freedman 1940	Trustee	Since 2007	Private Investor. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Former Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance provider) (1979-2000). Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).
William H. Park 1947	Trustee	Since 2003	Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(1) None.

33

Eaton Vance

Government Obligations Fund

October 31, 2011

Management and Organization — continued

	Position(s)
	with the
	Trust and		Principal Occupation(s) and Directorships
Name and Year of Birth	the Portfolio	Length of Service	During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Ronald A. Pearlman 1940	Trustee	Since 2003	Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990). Directorships in the Last Five Years.(1) None.
Helen Frame Peters 1948	Trustee	Since 2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(1) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Lynn A. Stout 1957	Trustee	Since 1998	Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Directorships in the Last Five Years.(1) None.
Harriett Tee Taggart 1948	Trustee	Since 2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Ralph F. Verni 1943	Chairman of the Board and Trustee	Chairman of the Board since 2007 and Trustee since 2005	Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006). Directorships in the Last Five Years.(1) None.
Principal Officers who are not Trustees
	Position(s)
	with the
	Trust and	Length of	Principal Occupation(s)
Name and Year of Birth	the Portfolio	Service	During Past Five Years
Duncan W. Richardson 1957	President of the Trust	Since 2011(2)	Director of EVC and Executive Vice President and Chief Equity Investment Officer of EVC, EVM and BMR.
Mark S. Venezia 1949	President of the Portfolio	Since 2002	Vice President of EVM and BMR.
Payson F. Swaffield 1956	Vice President	Since 2011	Chief Income Investment Officer of EVC. Vice President of EVM and BMR.
Barbara E. Campbell 1957	Treasurer	Of the Trust since 2005 and of the Portfolio since 2008	Vice President of EVM and BMR.

34

Eaton Vance

Government Obligations Fund

October 31, 2011

Management and Organization — continued

	Position(s)
	with the
	Trust and	Length of	Principal Occupation(s)
Name and Year of Birth	the Portfolio	Service	During Past Five Years
Principal Officers who are not Trustees (continued)
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	Vice President since 2011; Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR.
Paul M. O’Neil 1953	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR.

(1)

During their respective tenures, the Trustees (except Mr. Eston and Ms. Taggart) also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009).

(2)

Prior to 2011, Mr. Richardson was Vice President of the Trust since 2001.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

35

Eaton Vance

Government Obligations Fund

October 31, 2011

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

36

Investment Adviser of Government Obligations Portfolio
Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Government Obligations Fund
Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*
Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian
State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm
Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices
Two International Place

Boston, MA 02110

*  FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

140-12/11 GOSRC

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2010 and October 31, 2011 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Fiscal Years Ended	10/31/10		10/31/11
Audit Fees	$	47,610	$	48,090
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	18,310	$	18,490
All Other Fees(3)	$	900	$	0
Total	$	66,820	$	66,580

(1)	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.
(2)	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.
(3)	All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2010 and October 31, 2011; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

Fiscal Years Ended	10/31/10		10/31/11
Registrant	$	19,210	$	18,490
Eaton Vance(1)	$	278,901	$	226,431

(1) Certain entities that provide ongoing services to the registrant are subsidiaries of Eaton Vance Corp.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No Material Changes.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

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

Signatures

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

Government Obligations Portfolio

By:	/s/ Mark S. Venezia Mark S. Venezia
	President
Date:	December 19, 2011

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:	December 19, 2011
By:	/s/ Mark S. Venezia Mark S. Venezia
	President
Date:	December 19, 2011