Eaton Vance
Government Opportunities Fund
July 31, 2026
Portfolio of Investments (Unaudited)
 
Asset-Backed Securities — 1.8%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
FMC Issuer Trust-FMSR, Series 2024-FT1, Class A,
6.559%, 9/25/29(1)
$
 3,000
$  2,956,359
Pagaya AI Technology in Housing Trust, Series 2023-1,
Class F, 3.60%, 10/25/40(1)
 
 1,000
    898,794
Saluda Grade Alternative Mortgage Trust,
Series 2025-NPL2, Class A1, 7.774% to 4/25/28,
5/25/30(1)(2)
 
 1,700
  1,696,092
VINE Trust, Series 2023-SFR1, Class E1, 4.75%,
12/17/40(1)
 
 2,000
  1,917,227
Total Asset-Backed Securities
(identified cost $7,051,074)
 
$  7,468,472
 
Collateralized Mortgage Obligations — 64.1%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
Cascade MH Asset Trust, Series 2022-MH1, Class A,
4.25% to 7/25/27, 8/25/54(1)(2)
$
 1,151
$  1,130,578
Champs Trust: 
 
Series 2024-1, Class A, 11.105%, 7/25/59(1)(3)
 
 1,756
  1,793,936
Series 2024-2, Class A, 7.997%, 11/25/59(1)(3)
 
 1,307
  1,342,887
Series 2024-3, Class A, 9.05%, 1/25/60(1)(3)
 
   848
    872,987
Series 2025-2, Class A, 7.904%, 10/25/60(1)(3)
 
 2,712
  2,803,291
CHNGE Mortgage Trust: 
 
Series 2023-1, Class A1, 7.065%, 3/25/58(1)(3)
 
   198
    197,672
Series 2023-2, Class A3, 7.436% to 8/25/26,
6/25/58(1)(2)
 
   709
    709,033
EFMT, Series 2025-NQM3, Class B2, 7.225%,
8/25/70(1)(3)
 
 2,330
  2,300,043
FARM Mortgage Trust, Series 2023-1, Class B, 3.036%,
3/25/52(1)(3)
 
 2,771
  2,081,047
Federal Home Loan Mortgage Corp.: 
 
Series 2075, Class PH, 6.50%, 8/15/28
 
     5
      4,721
Series 2091, Class ZC, 6.00%, 11/15/28
 
    15
     15,063
Series 2102, Class Z, 6.00%, 12/15/28
 
     4
      3,812
Series 2115, Class K, 6.00%, 1/15/29
 
     7
      6,785
Series 2142, Class Z, 6.50%, 4/15/29
 
    13
     13,311
Series 4107, Class SA, 0.431%, (2.506% - 30-day
SOFR Average x 0.571), 9/15/42(4)
 
   419
    246,318
Series 4107, Class SB, 0.431%, (2.506% - 30-day
SOFR Average x 0.571), 9/15/42(4)
 
   208
    120,346
Series 4107, Class SC, 0.431%, (2.506% - 30-day
SOFR Average x 0.571), 9/15/42(4)
 
   500
    288,589
Series 4107, Class SD, 0.431%, (2.506% - 30-day
SOFR Average x 0.571), 9/15/42(4)
 
   373
    215,564
Series 4204, Class AF, 4.747%, (30-day SOFR
Average + 1.114%), 5/15/43(5)
 
   540
    514,114
 
 
Security
Principal
Amount
(000's omitted)
Value
Federal Home Loan Mortgage Corp.: (continued)
 
Series 4259, Class UE, 2.50%, 5/15/43
$
   119
$    116,174
Series 4623, Class SK, 0.895%, (3.49% - 30-day
SOFR Average x 0.714), 10/15/46(4)
 
   259
    116,191
Series 4938, Class KZ, 2.50%, 12/25/49
 
   697
    406,727
Series 5031, Class Z, 2.50%, 10/25/50
 
     1
        281
Series 5039, Class ZJ, 2.00%, 11/25/50
 
   106
     45,015
Series 5071, Class CS, 0.00%, (3.30% - 30-day
SOFR Average, Floor 0.00%), 2/25/51(4)
 
 1,266
    488,635
Series 5093, Class Z, 3.00%, 1/25/51
 
     0(6)
         40
Series 5101, Class EZ, 2.00%, 3/25/51
 
   578
    320,568
Series 5104, Class WZ, 3.00%, 4/25/51
 
   140
     82,699
Series 5114, Class ZH, 3.00%, 5/25/51
 
    62
     32,683
Series 5123, Class JZ, 2.00%, 7/25/51
 
   116
     54,781
Series 5129, Class HZ, 1.25%, 4/25/50
 
   173
     67,660
Series 5300, Class EY, 6.00%, 12/25/52
 
 2,000
  2,050,281
Series 5324, Class MZ, 6.00%, 7/25/53
 
 3,999
  4,079,330
Series 5381, Class Z, 5.50%, 2/25/54
 
 4,588
  4,444,440
Series 5391, Class EZ, 5.50%, 3/25/54
 
 4,567
  4,497,511
Series 5453, Class DZ, 5.50%, 9/25/54
 
 4,444
  4,362,264
Series 5478, Class SG, 7.555%, (15.51% - 30-day
SOFR Average x 2.20), 12/25/54(4)
 
 1,677
  1,593,816
Series 5481, Class HZ, 5.50%, 12/25/54
 
 1,644
  1,601,262
Series 5491, Class CZ, 5.50%, 1/25/55
 
 1,636
  1,601,924
Series 5500, Class ZG, 5.50%, 10/25/54
 
 4,343
  4,238,981
Series 5508, Class SC, 10.152%, (21.00% - 30-day
SOFR Average x 3.00), 2/25/55(4)
 
 2,858
  2,977,884
Series 5535, Class MB, 7.666%, (30-day SOFR
Average + 4.05%), 5/25/55(5)
 
 2,459
  2,474,902
Series 5563, Class TB, 8.25%, (21.15% - 30-day
SOFR Average x 3.00), 6/25/55(4)
 
 2,156
  2,158,335
Series 5563, Class TV, 8.16%, (21.06% - 30-day
SOFR Average x 3.00), 8/25/55(4)
 
 2,141
  2,149,982
Series 5660, Class SC, 8.618%, (18.563% - 30-day
SOFR Average x 2.75), 5/25/56(4)
 
 1,988
  2,023,128
Series 5662, Class SA, 8.105%, (16.06% - 30-day
SOFR Average x 2.20), 5/25/56(4)
 
 1,940
  1,952,008
Interest Only:(7) 
 
Series 362, Class C12, 4.00%, 12/15/47
 
 1,625
    324,464
Series 4749, Class IL, 4.00%, 12/15/47
 
   588
    119,040
Series 4756, Class KI, 4.00%, 1/15/48
 
   652
    128,683
Series 4768, Class IO, 4.00%, 3/15/48
 
   466
     93,962
Series 4772, Class PI, 4.00%, 1/15/48
 
   691
    136,634
Series 4966, Class SY, 2.319%, (5.936% - 30-day
SOFR Average), 4/25/50(4)
 
 1,638
    172,209
Series 5008, Class IE, 2.00%, 9/25/50
 
 3,709
    450,754
Series 5010, Class I, 2.00%, 9/25/50
 
 2,792
    341,322
Series 5010, Class IN, 2.00%, 9/25/50
 
 1,948
    236,702
Series 5010, Class NI, 2.00%, 9/25/50
 
 2,334
    295,028
Series 5016, Class UI, 2.00%, 9/25/50
 
 2,258
    274,348
1
Eaton Vance
Government Opportunities Fund
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
 
Security
Principal
Amount
(000's omitted)
Value
Interest Only: (continued)
 
Series 5017, Class DI, 2.00%, 9/25/50
$
 3,951
$    480,109
Series 5024, Class CI, 2.00%, 10/25/50
 
 4,212
    511,369
Series 5025, Class GI, 2.00%, 10/25/50
 
   952
    117,285
Series 5028, Class TI, 2.00%, 10/25/50
 
 1,150
    103,951
Series 5038, Class DI, 2.00%, 11/25/50
 
 5,969
    722,840
Series 5051, Class S, 0.00%, (3.60% - 30-day SOFR
Average, Floor 0.00%), 12/25/50(4)
 
 3,658
     63,017
Series 5070, Class CI, 2.00%, 2/25/51
 
 6,905
    890,979
Principal Only:(8) 
 
Series 246, Class PO, 0.00%, 5/15/37
 
   827
    679,395
Series 3435, Class PO, 0.00%, 4/15/38
 
   786
    641,479
Series 4239, Class OU, 0.00%, 7/15/43
 
   319
    193,967
Federal Home Loan Mortgage Corp. STACR REMICS
Trust: 
 
Series 2019-HQA3, Class B2, 11.231%, (30-day
SOFR Average + 7.614%), 9/25/49(1)(5)
 
 1,000
  1,115,150
Series 2022-DNA4, Class B2, 13.866%, (30-day
SOFR Average + 10.25%), 5/25/42(1)(5)
 
 2,000
  2,138,800
Federal National Mortgage Association: 
 
Series 2001-81, Class HE, 6.50%, 1/25/32
 
    89
     91,827
Series 2012-133, Class WS, 0.67%, (3.696% -
30-day SOFR Average x 0.833), 12/25/42(4)
 
   305
    186,970
Series 2012-134, Class ZT, 2.00%, 12/25/42
 
 1,148
    817,592
Series 2013-6, Class TY, 1.50%, 2/25/43
 
   895
    630,346
Series 2013-58, Class SC, 0.404%, (5.828% -
30-day SOFR Average x 1.50), 6/25/43(4)
 
   323
    178,422
Series 2020-63, Class ZN, 3.00%, 9/25/50
 
   103
     55,180
Series 2023-12, Class LW, 6.00%, 4/25/53
 
 2,000
  2,051,305
Series 2023-13, Class LY, 6.00%, 4/25/53
 
 2,000
  2,050,307
Series 2023-14, Class EL, 6.00%, 4/25/53
 
 7,000
  7,172,848
Series 2024-105, Class KT, 0.125%, 1/25/55
 
 2,531
  1,988,607
Series 2025-7, Class EZ, 5.50%, 2/25/55
 
 1,629
  1,576,361
Series 2025-12, Class FM, 7.616%, (30-day SOFR
Average + 4.00%), 3/25/55(5)
 
   845
    851,849
Series 2025-85, Class TH, 7.20%, (21.30% - 30-day
SOFR Average x 3.00), 10/25/55(4)
 
 3,497
  3,475,099
Series 2025-85, Class TN, 6.60%, (36.60% - 30-day
SOFR Average x 6.00, Cap 6.60%), 10/25/55(4)
 
 2,254
  2,156,105
Series 2026-30, Class SA, 8.343%, (18.288% -
30-day SOFR Average x 2.75), 5/25/56(4)
 
 1,940
  1,915,593
Series 2026-34, Class SA, 7.995%, (15.95% -
30-day SOFR Average x 2.20), 5/25/56(4)
 
 1,954
  1,941,623
Interest Only:(7) 
 
Series 2017-66, Class TI, 0.05%, (5.936% - 30-day
SOFR Average, Cap 0.05%), 10/25/42(4)
 
 8,636
     23,288
Series 2018-21, Class IO, 3.00%, 4/25/48
 
 1,841
    291,630
Series 2019-1, Class SA, 1.669%, (5.286% - 30-day
SOFR Average), 2/25/49(4)
 
   940
     43,092
Series 2020-23, Class SP, 2.319%, (5.936% - 30-day
SOFR Average), 2/25/50(4)
 
 1,698
    178,656
 
 
Security
Principal
Amount
(000's omitted)
Value
Interest Only: (continued)
 
Series 2020-45, Class HI, 2.50%, 7/25/50
$
 2,561
$    370,958
Series 2020-45, Class IJ, 2.50%, 7/25/50
 
 3,975
    567,624
Series 2020-73, Class NI, 2.00%, 10/25/50
 
   600
     74,042
Series 2021-3, Class KI, 2.50%, 2/25/51
 
 5,528
    806,129
Series 2021-3, Class LI, 2.50%, 2/25/51
 
 5,400
    772,737
Series 2021-4, Class AI, 2.00%, 12/25/49
 
 7,875
    906,480
Series 2021-10, Class EI, 2.00%, 3/25/51
 
 3,244
    428,465
Series 2026-54, Class SB, 1.834%, (5.45% - 30-day
SOFR Average), 7/25/56(4)
 
19,882
    973,435
Principal Only:(8) 
 
Series 379, Class 1, 0.00%, 5/25/37
 
   537
    440,884
Series 2014-9, Class DO, 0.00%, 2/25/43
 
   451
    368,558
Series 2014-17, Class PO, 0.00%, 4/25/44
 
   786
    561,628
Series 2023-55, Class OE, 0.00%, 11/25/53
 
 3,063
  2,434,447
Government National Mortgage Association: 
 
Series 2016-168, Class JS, 0.267%, (4.336% - 1 mo.
SOFR x 1.116), 11/20/46(4)
 
    32
     15,412
Series 2020-84, Class BZ, 2.50%, 6/20/50
 
   730
    369,103
Series 2021-1, Class ZD, 3.00%, 1/20/51
 
   147
     82,753
Series 2021-49, Class VZ, 2.50%, 3/20/51
 
     2
      1,100
Series 2021-77, Class ZG, 3.00%, 7/20/50
 
    51
     28,860
Series 2021-114, Class JZ, 3.00%, 6/20/51
 
   199
    110,390
Series 2021-121, Class ZE, 2.50%, 7/20/51
 
    39
     17,646
Series 2021-131, Class ZN, 3.00%, 7/20/51
 
   327
    203,949
Series 2021-137, Class GZ, 2.50%, 8/20/51
 
 2,230
  1,313,384
Series 2021-139, Class ZJ, 2.50%, 8/20/51
 
 1,826
  1,057,682
Series 2021-156, Class GZ, 3.00%, 9/20/51
 
 1,817
  1,240,917
Series 2021-214, Class LZ, 3.00%, 12/20/51
 
 1,147
    777,518
Series 2022-173, Class S, 9.455%, (22.733% -
30-day SOFR Average x 3.667), 10/20/52(4)
 
 1,007
  1,031,148
Series 2022-189, Class US, 9.455%, (22.733% -
30-day SOFR Average x 3.667), 11/20/52(4)
 
 1,204
  1,237,799
Series 2022-195, Class AS, 9.726%, (23.125% -
30-day SOFR Average x 3.70), 11/20/52(4)
 
   680
    710,158
Series 2022-197, Class SW, 7.629%, (16.32% -
30-day SOFR Average x 2.40), 11/20/52(4)
 
   871
    854,899
Series 2023-53, Class AL, 5.50%, 4/20/53
 
 4,000
  4,022,010
Series 2023-53, Class SE, 9.272%, (22.55% -
30-day SOFR Average x 3.667), 4/20/53(4)
 
 1,357
  1,373,831
Series 2023-63, Class LB, 6.00%, 5/20/53
 
 3,000
  3,083,971
Series 2023-63, Class S, 9.272%, (22.55% - 30-day
SOFR Average x 3.667), 5/20/53(4)
 
   913
    922,688
Series 2023-64, Class LB, 6.00%, 5/20/53
 
 1,224
  1,258,054
Series 2023-65, Class G, 9.272%, (22.55% - 30-day
SOFR Average x 3.667), 5/20/53(4)
 
 1,349
  1,372,561
Series 2023-65, Class SB, 9.272%, (22.55% -
30-day SOFR Average x 3.667), 5/20/53(4)
 
 1,031
  1,033,778
Series 2023-66, Class S, 9.272%, (22.55% - 30-day
SOFR Average x 3.667), 5/20/53(4)
 
   457
    461,234
2
Eaton Vance
Government Opportunities Fund
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
 
Security
Principal
Amount
(000's omitted)
Value
Government National Mortgage Association: (continued)
 
Series 2023-82, Class AL, 6.00%, 6/20/53
$
 6,000
$  6,163,333
Series 2023-84, Class MW, 6.00%, 6/20/53
 
 3,500
  3,570,187
Series 2023-84, Class SN, 9.097%, (22.387% -
30-day SOFR Average x 3.67), 6/20/53(4)
 
   916
    918,099
Series 2023-96, Class BL, 6.00%, 7/20/53
 
 2,500
  2,568,970
Series 2023-96, Class DB, 6.00%, 7/20/53
 
 2,500
  2,568,483
Series 2023-97, Class CB, 6.00%, 7/20/53
 
 2,841
  2,918,634
Series 2023-98, Class BW, 6.00%, 7/20/53
 
 1,500
  1,541,145
Series 2023-98, Class JB, 6.00%, 7/20/53
 
 3,000
  3,082,497
Series 2023-99, Class AL, 6.00%, 7/20/53
 
 4,000
  4,109,620
Series 2023-117, Class JB, 6.00%, 8/20/53
 
 2,000
  2,055,407
Series 2023-150, Class AS, 13.585%, (27.528% -
30-day SOFR Average x 3.85), 10/20/53(4)
 
   719
    814,116
Series 2023-164, Class EL, 6.00%, 11/20/53
 
 5,000
  5,131,666
Series 2023-164, Class LD, 6.50%, 11/20/53
 
 4,778
  4,994,064
Series 2023-165, Class DY, 6.00%, 11/20/53(9)
 
 9,496
  9,731,975
Series 2023-165, Class EY, 6.50%, 11/20/53(9)
 
19,000
 19,871,629
Series 2023-173, Class AX, 6.00%, 11/20/53
 
 5,000
  5,131,672
Series 2023-182, Class EL, 6.00%, 12/20/53
 
 2,500
  2,567,125
Series 2024-148, Class LZ, 5.50%, 9/20/54
 
 2,212
  2,131,804
Series 2024-196, Class Z, 5.50%, 12/20/54
 
 1,091
  1,050,185
Series 2025-62, Class FM, 7.821%, (30-day SOFR
Average + 4.20%), 4/20/55(5)
 
 1,027
  1,050,330
Series 2025-63, Class FT, 8.00%, (26.40% - 30-day
SOFR Average x 4.00, Cap 8.00%), 4/20/55(4)
 
 1,094
  1,088,410
Series 2025-82, Class FL, 8.121%, (30-day SOFR
Average + 4.50%), 5/20/55(5)
 
 1,190
  1,192,735
Series 2025-83, Class MU, 7.921%, (30-day SOFR
Average + 4.30%), 4/20/55(5)
 
   548
    551,283
Series 2025-90, Class MB, 7.921%, (30-day SOFR
Average + 4.30%), 5/20/55(5)
 
 2,192
  2,205,134
Series 2025-98, Class GT, 8.40%, (21.30% - 30-day
SOFR Average x 3.00), 6/20/55(4)
 
 2,489
  2,560,849
Series 2025-105, Class TM, 8.40%, (21.30% -
30-day SOFR Average x 3.00), 6/20/55(4)
 
 2,489
  2,548,582
Series 2025-114, Class GT, 8.40%, (21.30% -
30-day SOFR Average x 3.00), 7/20/55(4)
 
 2,497
  2,555,543
Series 2025-139, Class MT, 6.921%, (30-day SOFR
Average + 3.30%), 4/20/55(5)
 
   979
  1,001,857
Series 2025-174, Class TC, 7.60%, (26.40% -
30-day SOFR Average x 4.00), 10/20/55(4)
 
 1,842
  1,838,921
Series 2026-5, Class QS, 10.332%, (30.25% -
30-day SOFR Average x 5.50), 1/20/56(4)
 
 7,344
  7,551,025
Series 2026-44, Class LS, 9.638%, (22.917% -
30-day SOFR Average x 3.667), 3/20/56(4)
 
 3,948
  4,026,065
Series 2026-63, Class SW, 9.275%, (21.95% -
30-day SOFR Average x 3.50), 4/20/56(4)
 
 3,966
  4,030,106
Interest Only:(7) 
 
Series 2013-66, Class IE, 0.05%, (6.636% - 1 mo.
SOFR x 1.00, Cap 0.05%), 7/20/42(4)
 
 4,679
      9,012
 
 
Security
Principal
Amount
(000's omitted)
Value
Interest Only: (continued)
 
Series 2014-94, Class IC, 0.10%, (6.286% - 1 mo.
SOFR x 1.00, Cap 0.10%), 9/20/35(4)
$
 6,143
$     16,657
Series 2014-100, Class VI, 0.15%, (6.486% - 1 mo.
SOFR x 1.00, Cap 0.15%), 5/20/40(4)
 
 2,830
     12,692
Series 2014-139, Class BI, 0.25%, (6.536% - 1 mo.
SOFR x 1.00, Cap 0.25%), 11/20/37(4)
 
 1,192
      5,692
Series 2018-127, Class SG, 2.466%, (6.136% -
1 mo. SOFR), 9/20/48(4)
 
 2,124
    198,921
Series 2019-27, Class SA, 2.266%, (5.936% - 1 mo.
SOFR), 2/20/49(4)
 
 1,435
    126,966
Series 2019-38, Class SQ, 2.266%, (5.936% - 1 mo.
SOFR), 3/20/49(4)
 
 1,871
    176,693
Series 2019-43, Class BS, 2.266%, (5.936% - 1 mo.
SOFR), 4/20/49(4)
 
 2,666
    231,981
Series 2020-32, Class KI, 3.50%, 3/20/50
 
 2,981
    468,002
Series 2020-65, Class MI, 2.50%, 12/20/49
 
 2,072
    262,908
Series 2020-97, Class MI, 2.50%, 3/20/50
 
 1,386
    187,682
Series 2020-146, Class IQ, 2.00%, 10/20/50
 
 8,423
  1,054,083
Series 2020-146, Class QI, 2.00%, 10/20/50
 
 4,495
    556,976
Series 2020-149, Class NI, 2.50%, 10/20/50
 
 8,934
  1,365,964
Series 2020-165, Class UI, 2.00%, 11/20/50
 
 3,724
    454,820
Series 2020-167, Class KI, 2.00%, 11/20/50
 
 5,859
    734,117
Series 2020-167, Class YI, 2.00%, 11/20/50
 
 4,723
    591,706
Series 2020-173, Class DI, 2.00%, 11/20/50
 
 7,016
    878,433
Series 2020-181, Class TI, 2.00%, 12/20/50
 
12,029
  1,510,054
Series 2021-23, Class TI, 2.50%, 2/20/51
 
 5,583
    840,649
Series 2021-56, Class SD, 0.00%, (2.30% - 30-day
SOFR Average, Floor 0.00%), 9/20/50(4)
 
 3,549
     14,545
Series 2021-114, Class MI, 3.00%, 6/20/51
 
 3,740
    635,086
Series 2021-122, Class NI, 3.00%, 7/20/51
 
 2,573
    443,649
Series 2021-125, Class SA, 0.00%, (3.636% - 1 mo.
SOFR, Floor 0.00%), 7/20/51(4)
 
 3,209
     51,917
Series 2021-131, Class QI, 3.00%, 7/20/51
 
 4,655
    596,356
Series 2021-140, Class YS, 0.00%, (1.586% - 1 mo.
SOFR, Floor 0.00%), 8/20/51(4)
 
 2,744
      4,533
Series 2021-175, Class AS, 0.00%, (1.686% - 1 mo.
SOFR, Floor 0.00%), 10/20/51(4)
 
13,888
     25,877
Series 2021-175, Class SB, 0.00%, (1.686% - 1 mo.
SOFR, Floor 0.00%), 10/20/51(4)
 
 7,041
     13,099
Series 2021-193, Class IU, 3.00%, 11/20/49
 
10,328
  1,476,488
Series 2021-193, Class YS, 0.00%, (2.45% - 30-day
SOFR Average, Floor 0.00%), 11/20/51(4)
 
 6,583
     35,668
Series 2021-196, Class GI, 3.00%, 11/20/51
 
 4,909
    804,435
Series 2022-119, Class CS, 0.00%, (3.00% - 30-day
SOFR Average, Floor 0.00%), 7/20/52(4)
 
33,334
    176,560
Series 2022-126, Class AS, 0.069%, (3.69% -
30-day SOFR Average), 7/20/52(4)
 
 9,940
    111,341
Series 2022-135, Class SA, 0.00%, (3.00% - 30-day
SOFR Average, Floor 0.00%), 6/20/52(4)
 
13,953
     93,423
Series 2023-13, Class SA, 1.779%, (5.40% - 30-day
SOFR Average), 1/20/53(4)
 
 2,367
     92,584
3
Eaton Vance
Government Opportunities Fund
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
 
Security
Principal
Amount
(000's omitted)
Value
Interest Only: (continued)
 
Series 2023-19, Class SD, 2.679%, (6.30% - 30-day
SOFR Average), 2/20/53(4)
$
 2,115
$    146,762
Series 2023-20, Class HS, 2.679%, (6.30% - 30-day
SOFR Average), 2/20/53(4)
 
 2,210
    151,944
Series 2023-22, Class ES, 2.679%, (6.30% - 30-day
SOFR Average), 2/20/53(4)
 
 3,340
    229,621
Series 2023-22, Class SA, 2.079%, (5.70% - 30-day
SOFR Average), 2/20/53(4)
 
 1,482
     69,474
Series 2023-24, Class SB, 1.529%, (5.15% - 30-day
SOFR Average), 2/20/53(4)
 
 6,679
    239,847
Series 2023-24, Class SG, 2.679%, (6.30% - 30-day
SOFR Average), 2/20/53(4)
 
 3,340
    229,621
Series 2023-32, Class SA, 2.679%, (6.30% - 30-day
SOFR Average), 2/20/53(4)
 
 6,262
    430,538
Series 2023-38, Class LS, 2.679%, (6.30% - 30-day
SOFR Average), 3/20/53(4)
 
 2,067
    139,358
Series 2023-47, Class HS, 2.679%, (6.30% - 30-day
SOFR Average), 3/20/53(4)
 
   682
     45,988
Series 2023-47, Class SC, 2.629%, (6.25% - 30-day
SOFR Average), 3/20/53(4)
 
 1,038
     69,021
Series 2023-89, Class SE, 2.429%, (6.05% - 30-day
SOFR Average), 6/20/53(4)
 
19,200
  1,076,296
Series 2024-64, Class EI, 6.50%, 4/20/64
 
 2,451
    468,749
Series 2026-119, Class KS, 1.866%, (5.50% -
30-day SOFR Average), 7/20/56(4)
 
15,000
    871,931
Series 2026-121, Class GS, 1.938%, (5.55% -
30-day SOFR Average), 7/20/66(4)
 
10,000
    334,234
Series 2026-121, Class SG, 1.888%, (5.50% -
30-day SOFR Average), 7/20/66(4)
 
10,000
    326,393
JPM Lending Facility, 9.981%, (SOFR + 7.00%),
7/15/29(5)
 
 2,888
  2,880,608
Mello Warehouse Securitization Trust, Series 2025-1,
Class F, 10.224%, (1 mo. SOFR + 6.50%),
5/25/59(1)(5)
 
 2,000
  2,010,401
Unison Trust, Series 2021-1, Class A, 6.50%,
4/25/50(1)(3)
 
 7,788
  6,699,971
Total Collateralized Mortgage Obligations
(identified cost $281,926,641)
 
$271,593,795
 
Government National Mortgage Association Participation Agreements —
3.6%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
Government National Mortgage Association Participation
Agreements, 5.48%, 1/1/59(10)
$
12,484
$ 12,539,923
 
 
Security
Principal
Amount
(000's omitted)
Value
Government National Mortgage Association Participation
Agreements, Mezzanine Tranche, 7.831%, 9/10/27
$
 2,670
$  2,691,825
Total Government National Mortgage Association
Participation Agreements
(identified cost $15,153,727)
 
$ 15,231,748
 
U.S. Government Agency Commercial Mortgage-Backed Securities — 0.5%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
FRESB Mortgage Trust:
 
Interest Only:(7)
Series 2021-SB91, Class X1, 0.655%, 8/25/41(3)
$
 4,079
$     98,226
Government National Mortgage Association: 
 
Interest Only:(7) 
 
Series 2021-101, Class IO, 0.662%, 4/16/63(3)
 
 7,687
    385,530
Series 2021-132, Class IO, 0.71%, 4/16/63(3)
 
 7,993
    406,263
Series 2021-144, Class IO, 0.808%, 4/16/63(3)
 
 7,703
    448,418
Series 2021-186, Class IO, 0.736%, 5/16/63(3)
 
 8,434
    463,494
Series 2022-3, Class IO, 0.64%, 2/16/61(3)
 
 9,140
    413,957
Total U.S. Government Agency Commercial
Mortgage-Backed Securities
(identified cost $2,756,259)
 
$  2,215,888
 
U.S. Government Agency Mortgage-Backed Securities — 49.4%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
Federal Home Loan Mortgage Corp.: 
 
3.988%, (COF + 1.254%), with maturity at 2034(11)
$
    37
$     36,697
4.23%, (COF + 1.254%), with maturity at 2035(11)
 
    67
     65,432
4.50%, with maturity at 2035
 
   297
    290,155
5.00%, with maturity at 2052
 
 3,728
  3,573,450
5.50%, with various maturities to 2053
 
 2,668
  2,664,602
5.851%, (1 yr. CMT + 2.238%), with maturity at
2036(11)
 
   226
    232,530
5.92%, (1 yr. CMT + 2.251%), with maturity at
2038(11)
 
   215
    220,782
6.00%, with various maturities to 2053
 
 3,770
  3,841,926
6.50%, with various maturities to 2053
 
   657
    685,789
9.00%, with maturity at 2027
 
     0(6)
         27
Federal National Mortgage Association: 
 
3.984%, (COF + 1.25%), with maturity at 2026(11)
 
     1
      1,284
3.988%, (COF + 1.254%), with various maturities to
2035(11)
 
   132
    129,302
4.001%, (COF + 1.274%), with maturity at 2033(11)
 
   100
     98,799
4.018%, (COF + 1.291%), with maturity at 2035(11)
 
    31
     30,105
4
Eaton Vance
Government Opportunities Fund
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
 
Security
Principal
Amount
(000's omitted)
Value
Federal National Mortgage Association: (continued)
 
4.028%, (COF + 1.302%), with maturity at 2033(11)
$
    64
$     63,408
4.283%, (COF + 1.261%), with maturity at 2036(11)
 
    47
     46,352
4.351%, (COF + 1.332%), with maturity at 2036(11)
 
    89
     88,166
4.58%, (COF + 1.852%), with maturity at 2034(11)
 
    65
     64,411
4.606%, (COF + 1.26%), with maturity at 2036(11)
 
     9
      8,593
4.825%, (COF + 1.737%), with maturity at 2035(11)
 
   223
    221,883
4.909%, (1 Yr. MTA + 1.164%), with maturity at
2044(11)
 
   108
    107,903
4.96%, (COF + 1.80%), with maturity at 2036(11)
 
   796
    792,036
5.00%, with maturity at 2027
 
     8
      7,571
5.50%, with various maturities to 2052
 
 3,477
  3,479,090
5.887%, (1 yr. CMT + 2.10%), with maturity at
2040(11)
 
    95
     97,210
6.00%, with various maturities to 2053
 
 6,156
  6,279,049
6.50%, with various maturities to 2053
 
 3,815
  3,968,873
8.492%, with maturity at 2030
 
     0(6)
         41
8.50%, with maturity at 2037
 
    15
     15,322
Government National Mortgage Association: 
 
3.50%, with maturity at 2050
 
   425
    379,871
4.00%, with various maturities to 2049
 
   848
    777,543
5.00%, with various maturities to 2052
 
 7,418
  7,259,159
5.125%, (1 yr. CMT + 1.50%), with various
maturities to 2027(11)
 
    11
     11,118
5.50%, with maturity at 2056(12)
 
 3,350
  3,334,574
5.50%, with various maturities to 2063
 
29,699
 29,821,058
6.00%, 30-Year, TBA(13)
 
20,000
 20,274,629
6.00%, with various maturities to 2063
 
41,592
 42,833,610
6.50%, with various maturities to 2066
 
27,836
 28,951,029
7.00%, with various maturities to 2062
 
10,051
 10,503,117
7.50%, with maturity at 2054
 
   178
    186,427
Uniform Mortgage-Backed Security: 
 
5.00%, 30-Year, TBA(13)
 
17,800
 17,188,126
5.50%, 30-Year, TBA(13)
 
21,000
 20,794,921
Total U.S. Government Agency Mortgage-Backed
Securities
(identified cost $210,029,695)
 
$209,425,970
 
U.S. Government Guaranteed Small Business Administration Loans —
0.1%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
SBA IO Trust: 
 
Interest Only:(14)(15) 
 
Series 2018-4, Class A, 2.564%, 2/25/44(1)
$
 8,822
$    375,534
Total U.S. Government Guaranteed Small Business
Administration Loans
(identified cost $3,652,426)
 
$    375,534
 
Short-Term Investments — 0.4%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
U.S. Treasury Bills, 0.00%, 10/22/26(12)
$
 1,780
$  1,765,459
Total Short-Term Investments
(identified cost $1,765,301)
 
$  1,765,459
Total Investments — 119.9%
(identified cost $522,335,123)
 
$508,076,866
Other Assets, Less Liabilities — (19.9)%
 
$(84,382,389)
Net Assets — 100.0%
 
$423,694,477
 
The percentage shown for each investment category in the Portfolio of
Investments is based on net assets.
(1)
Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may be sold in certain
transactions in reliance on an exemption from registration (normally to
qualified institutional buyers). At July 31, 2026, the aggregate value of
these securities is $33,039,802 or 7.8% of the Fund's net assets.
(2)
Step coupon security. Interest rate represents the rate in effect at
July 31, 2026.
(3)
Weighted average fixed-rate coupon that changes/updates monthly. Rate
shown is the rate at July 31, 2026.
(4)
Inverse floating-rate security whose coupon varies inversely with changes
in the interest rate index. The stated interest rate represents the coupon
rate in effect at July 31, 2026.
(5)
Variable rate security. The stated interest rate represents the rate in effect
at July 31, 2026.
(6)
Principal amount is less than $500.
(7)
Interest only security that entitles the holder to receive only interest
payments on the underlying mortgages. Principal amount shown is the
notional amount of the underlying mortgages on which coupon interest is
calculated.
(8)
Principal only security that entitles the holder to receive only principal
payments on the underlying mortgages.
5
Eaton Vance
Government Opportunities Fund
July 31, 2026
Portfolio of Investments (Unaudited) — continued
(9)
Security (or a portion thereof) has been pledged for the benefit of the
counterparty for reverse repurchase agreements.
(10)
Represents a participation interest, through a participation agreement
with a financial institution, in mortgage loans guaranteed by Government
National Mortgage Association.
(11)
Adjustable rate mortgage security whose interest rate generally adjusts
monthly based on a weighted average of interest rates on the underlying
mortgages. The coupon rate may not reflect the applicable index value
as interest rates on the underlying mortgages may adjust on various
dates and at various intervals and may be subject to lifetime ceilings and
lifetime floors and lookback periods. Rate shown is the coupon rate at
July 31, 2026.
(12)
Security (or a portion thereof) has been pledged to cover collateral
requirements on open derivative contracts.
(13)
TBA (To Be Announced) securities are purchased or sold on a forward
commitment basis with an approximate principal amount and maturity
date. The actual principal amount, which is not expected to differ
significantly from the commitment amount, and maturity date are
determined upon settlement.
(14)
Interest only security that entitles the holder to receive only a portion of
the interest payments on the underlying loans. Principal amount shown
is the notional amount of the underlying loans on which coupon interest
is calculated.
(15)
The stated interest rate represents the weighted average fixed interest
rate at July 31, 2026, of all interest only securities comprising the trust.
 
Futures Contracts 
Description
Number of
Contracts
Position
Expiration
Date
Notional
Amount
Value/Unrealized
Appreciation
(Depreciation)
Interest Rate Futures
U.S. 2-Year Treasury Note
262
Long
9/30/26
$53,869,657
$(139,389
)
U.S. 5-Year Treasury Note
1,481
Long
9/30/26
156,951,290
(1,042,464
)
U.S. 10-Year Treasury Note
(44
)
Short
9/21/26
(4,752,000
)
4,780
U.S. Ultra-Long Treasury Bond
(178
)
Short
9/21/26
(19,524,375
)
309,526
 
$(867,547
)
 
Interest Rate Swaps (Centrally Cleared) 
Notional Amount
(000's omitted)
Fund
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
USD
12,480
Receives
SOFR
(pays annually)
3.76%
(pays annually)
4/12/55
$1,495,142
$ —
$1,495,142
Total
 
 
 
 
 
$1,495,142
$ —
$1,495,142
 
Credit Default Swaps - Sell Protection (OTC) 
Reference Entity
Counterparty
Notional
Amount(1)
(000's omitted)
Contract Annual
Fixed Rate(2)
Current
Market
Annual
Fixed Rate(3)
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
U.S. Land Banking
Goldman Sachs
Bank USA
$3,000
5.50%
(pays monthly)
6.01
%
10/10/29
$(30,498
)
$ —
$(30,498
)
U.S. Single Family
Rental
Goldman Sachs
International
2,436
7.85%
(pays monthly)(4)
8.22
3/18/28
18,037
1,361
19,398
Total
 
$5,436
 
$(12,461
)
$1,361
$(11,100
)
 
6
Eaton Vance
Government Opportunities Fund
July 31, 2026
Portfolio of Investments (Unaudited) — continued
(1)
If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to
make if a credit event, as defined in the credit default swap agreement, were to occur. At July 31, 2026, such maximum potential amount for all open
credit default swaps in which the Fund is the seller was $5,436,000.
(2)
The contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) or paid by the Fund (as a buyer of
protection) on the notional amount of the credit default swap contract.
(3)
Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the
market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a
particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may
include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit
event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity.
(4)
Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.
 
Abbreviations:
CMT
– Constant Maturity Treasury
COF
– Cost of Funds 11th District
MTA
– Monthly Treasury Average
OTC
– Over-the-counter
SOFR
– Secured Overnight Financing Rate
STACR
– Structured Agency Credit Risk
TBA
– To Be Announced
 
Currency Abbreviations:
USD
– United States Dollar
At July 31, 2026, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
In the normal course of pursuing its investment objective, the Fund is subject to the following risks:
Interest Rate Risk: Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund utilizes futures contracts and interest rate swaps and swaptions to enhance total return, to change the overall duration of the Fund and/or to hedge against fluctuations in securities prices due to changes in interest rates.
Credit Risk: The Fund enters into credit default swap contracts to manage certain investment risks and/or to enhance total return.
Reverse Repurchase Agreements
Reverse repurchase agreements outstanding as of July 31, 2026 were as follows: 
Counterparty
Trade
Date
Maturity
Date
Interest
Rate Paid
(Received)
 
Principal
Amount
Value
Including
Accrued
Interest
MUFG Securities Americas, Inc.
7/22/26
On Demand(1)
3.90
%
$
9,255,936
$9,264,961
TD Securities (USA) LLC
5/29/26
On Demand(1)
3.88
 
19,926,250
20,057,254
Total
 
 
$
29,182,186
$29,322,215
 
(1)
Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.
At July 31, 2026, the remaining contractual maturity of all open reverse repurchase agreements was overnight and continuous. At July 31, 2026, the underlying collateral for all open reverse repurchase agreements was comprised of Collateralized Mortgage Obligations having an aggregate market value of $29,603,604. The Fund also pledged cash of $690,000 to TD Securities (USA) LLC as additional collateral for its reverse repurchase obligations.
Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at July 31, 2026. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy at July 31, 2026.
7
Eaton Vance
Government Opportunities Fund
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Affiliated Investments
Transactions in the Fund’s investment in funds that may be deemed to be affiliated for the fiscal year to date ended July 31, 2026 were as follows: 
Name
Value,
beginning
of period
Purchases
Sales
proceeds
Net
realized
gain (loss)
Change in
unrealized
appreciation
(depreciation)
Value, end
of period
Dividend
income
Shares,
end of period
Short-Term Investments
Liquidity Fund, Institutional Class(1)
$ —
$177,852,906
$(177,852,906)
$ —
$ —
$ —
$169,006
 —
 
(1)
Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.
Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• Level 1 – quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2026, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at fair value, were as follows: 
Asset Description 
Level 1
Level 2
Level 3
Total
Asset-Backed Securities
$ —
$7,468,472
$ —
$7,468,472
Collateralized Mortgage Obligations
 —
271,593,795
 —
271,593,795
Government National Mortgage Association Participation Agreements
 —
15,231,748
 —
15,231,748
U.S. Government Agency Commercial Mortgage-Backed Securities
 —
2,215,888
 —
2,215,888
U.S. Government Agency Mortgage-Backed Securities
 —
209,425,970
 —
209,425,970
U.S. Government Guaranteed Small Business Administration Loans
 —
375,534
 —
375,534
Short-Term Investments
 —
1,765,459
 —
1,765,459
Total Investments
$—
$508,076,866
$—
$508,076,866
Futures Contracts
$314,306
$ —
$ —
$314,306
Swap Contracts
 —
1,513,179
 —
1,513,179
Total
$314,306
$509,590,045
$—
$509,904,351
Liability Description 
 
 
 
 
Futures Contracts
$(1,181,853
)
$ —
$ —
$(1,181,853
)
Swap Contracts
 —
(30,498
)
 —
(30,498
)
Total
$(1,181,853
)
$(30,498
)
$ —
$(1,212,351
)
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual or semi-annual financial statements.
8