<PAGE>
EATON VANCE ASIAN SMALL COMPANIES FUND AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF FEBRUARY 29, 2000
<S> <C>
Assets
- ----------------------------------------------------
Investment in Asian Small Companies
Portfolio, at value
(identified cost, $1,575,496) $2,098,770
Receivable for Fund shares sold 10,142
Receivable from the Distributor 33,815
Prepaid expenses 10,771
- ----------------------------------------------------
TOTAL ASSETS $2,153,498
- ----------------------------------------------------
Liabilities
- ----------------------------------------------------
Payable for Fund shares redeemed $ 8
Accrued expenses 487
- ----------------------------------------------------
TOTAL LIABILITIES $ 495
- ----------------------------------------------------
NET ASSETS $2,153,003
- ----------------------------------------------------
Sources of Net Assets
- ----------------------------------------------------
Paid-in capital $1,519,383
Accumulated undistributed net realized
gain from Portfolio (computed on the
basis of identified cost) 119,009
Accumulated net investment loss (8,663)
Net unrealized appreciation from
Portfolio (computed on the basis of
identified cost) 523,274
- ----------------------------------------------------
TOTAL $2,153,003
- ----------------------------------------------------
Class A Shares
- ----------------------------------------------------
NET ASSETS $2,054,013
SHARES OUTSTANDING 69,675
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 29.48
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 94.25 of $29.48) $ 31.28
- ----------------------------------------------------
Class B Shares
- ----------------------------------------------------
NET ASSETS $ 98,990
SHARES OUTSTANDING 5,091
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 19.44
- ----------------------------------------------------
</TABLE>
On sales of $50,000 or more, the offering price of Class A shares is reduced.
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
FEBRUARY 29, 2000
<S> <C>
Investment Income
- --------------------------------------------------
Dividends allocated from Portfolio
(net of foreign taxes, $64) $ 1,656
Expenses allocated from Portfolio (5,284)
- --------------------------------------------------
NET INVESTMENT LOSS FROM PORTFOLIO $ (3,628)
- --------------------------------------------------
Expenses
- --------------------------------------------------
Management fee $ 1,202
Distribution and service fees
Class A 2,296
Class B 219
Printing and postage 14,805
Registration fees 12,549
Legal and accounting services 6,354
Custodian fee 2,217
Transfer and dividend disbursing agent
fees 20
Miscellaneous 2,715
- --------------------------------------------------
TOTAL EXPENSES $ 42,377
- --------------------------------------------------
Deduct --
Preliminary allocation of expenses to
the Distributor $ 33,815
Preliminary reduction of management
fee 1,202
Preliminary reduction of distribution
fee 2,460
- --------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 37,477
- --------------------------------------------------
NET EXPENSES $ 4,900
- --------------------------------------------------
NET INVESTMENT LOSS $ (8,528)
- --------------------------------------------------
Realized and Unrealized Gain (Loss) from Portfolio
- --------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) (net of
foreign taxes, $1,245) $112,407
Foreign currency transactions (2,714)
- --------------------------------------------------
NET REALIZED GAIN $109,693
- --------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $519,153
Foreign currency 354
- --------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $519,507
- --------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $629,200
- --------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $620,672
- --------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
EATON VANCE ASIAN SMALL COMPANIES FUND AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
INCREASE (DECREASE) FEBRUARY 29, 2000 PERIOD ENDED
IN NET ASSETS (UNAUDITED) AUGUST 31, 1999(1)
<S> <C> <C>
- -------------------------------------------------------------------------------
From operations --
Net investment income (loss) $ (8,528) $ 1,374
Net realized gain 109,693 9,316
Net change in unrealized
appreciation (depreciation) 519,507 3,767
- -------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 620,672 $ 14,457
- -------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (1,374) $ --
In excess of net investment income
Class A (135) --
- -------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (1,509) $ --
- -------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 985,286 $ 460,000
Class B 104,855 --
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 1,507 --
Cost of shares redeemed
Class B (32,275) --
- -------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $ 1,059,373 $ 460,000
- -------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 1,678,536 $ 474,457
- -------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------
At beginning of period $ 474,467 $ 10
- -------------------------------------------------------------------------------
AT END OF PERIOD $ 2,153,003 $ 474,467
- -------------------------------------------------------------------------------
Accumulated undistributed
net investment income (loss)
included in net assets
- -------------------------------------------------------------------------------
AT END OF PERIOD $ (8,663) $ 1,374
- -------------------------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, March 1, 1999, to
August 31, 1999.
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
EATON VANCE ASIAN SMALL COMPANIES FUND AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
-------------------------------------------
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 ---------------------
(UNAUDITED) 1999(1)
<S> <C> <C>
- ------------------------------------------------------------------------------
Net asset value -- Beginning
of period $15.840 $10.000
- ------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------
Net investment income (loss) $(0.115) $ 0.046
Net realized and unrealized
gain 13.803 5.794
- ------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $13.688 $ 5.840
- ------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------
From net investment income $(0.044) $ --
In excess of net investment
income (0.004) --
- ------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.048) $ --
- ------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $29.480 $15.840
- ------------------------------------------------------------------------------
TOTAL RETURN(2) 86.50% 58.40%
- ------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,054 $ 474
Ratios (As a percentage of
average daily net assets):
Net expenses(3) 2.27%(4) 1.40%(4)
Net expenses after
custodian fee
reduction(3) 2.08%(4) 1.40%(4)
Net investment income
(loss) (1.73)%(4) 2.69%(4)
Portfolio Turnover of the
Portfolio 51% 105%
- ------------------------------------------------------------------------------
+ The operating expenses of the Fund reflect a reduction of the management fee
and distribution fee as well as an allocation of expenses to the
Distributor. Had such actions not been taken, the ratios would have been as
follows:
Ratios (As a percentage of
average daily net assets):
Expenses(3) 9.99%(4) 8.23%(4)
Expenses after custodian
fee reduction(3) 9.80%(4) 8.23%(4)
Net investment loss (9.45)%(4) (4.13)%(4)
- ------------------------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, March 1, 1999 to August 31,
1999.
(2) 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 reinvestment date. Total return
is not computed on an annualized basis.
(3) Includes the Fund's share of the Portfolio's allocated expenses.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
EATON VANCE ASIAN SMALL COMPANIES FUND AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS B
-----------------
PERIOD ENDED
FEBRUARY 29, 2000
(UNAUDITED)(1)
<S> <C>
- ----------------------------------------------------
Net asset value -- Beginning
of period $11.700
- ----------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------
Net investment loss $(0.101)
Net realized and unrealized
gain 7.841
- ----------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 7.740
- ----------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $19.440
- ----------------------------------------------------
TOTAL RETURN(2) 66.15%
- ----------------------------------------------------
Ratios/Supplemental Data+
- ----------------------------------------------------
Net assets, end of period
(000's omitted) $ 99
Ratios (As a percentage of
average daily net assets):
Net expenses(3) 2.77%(4)
Net expenses after
custodian fee
reduction(3) 2.58%(4)
Net investment loss (2.35)%(4)
Portfolio Turnover of the
Portfolio 51%
- ----------------------------------------------------
+ The operating expenses of the Fund reflect a
reduction of the management fee and distribution
fee as well as an allocation of expenses to the
Distributor. Had such actions not been taken, the
ratios would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses(3) 10.49%(4)
Expenses after custodian
fee reduction(3) 10.30%(4)
Net investment loss (10.07)%(4)
- ----------------------------------------------------
</TABLE>
(1) For the period from the commencement of offering of Class B shares,
October 8, 1999 to February 29, 2000.
(2) 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 reinvestment date. Total return
is not computed on an annualized basis.
(3) Includes the Fund's share of the Portfolio's allocated expenses.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
EATON VANCE ASIAN SMALL COMPANIES FUND AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Eaton Vance Asian Small Companies Fund (the Fund) is a diversified series of
Eaton Vance Growth Trust (the Trust). The Trust is an 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 offers two classes of shares. Class A shares are
generally sold subject to a sales charge imposed at time of purchase. Class B
shares are sold at net asset value and are subject to a contingent deferred
sales charge (see Note 6). Each class represents a pro rata interest in the
Fund, but votes separately on class-specific matters and (as noted below) is
subject to different expenses. Realized and unrealized gains and losses and
net investment income, other than class specific expenses, are allocated
daily to each class of shares based on the relative net assets of each class
to the total net assets of the Fund. Each class of shares differs in its
distribution plan and certain other class specific expenses. The Fund invests
all of its investable assets in interests in Asian Small Companies 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 (2.7% at
February 29, 2000). 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 determined in accordance with generally accepted
accounting principles.
C Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
to the Fund and the Portfolio. Pursuant to the respective 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 total expenses in the Statement of Operations.
D 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 net investment income and any
net realized capital gains. Accordingly, no provision for federal income or
excise tax is necessary.
E Use of Estimates -- The preparation of the 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 Other -- Investment transactions are accounted for on a trade-date basis.
G Interim Financial Statements -- The interim financial statements relating to
February 29, 2000 and for the six months 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 Distributions to Shareholders
- -------------------------------------------
It is present policy of the Fund to make at least one distribution annually
(normally in December) of all or substantially all of the net investment
income allocated to the Fund by the Portfolio, less the Fund's direct
expenses and at least one distribution annually of all or substantially all
of the net realized capital gains (reduced by any available capital loss
carryforwards from prior years) allocated to the Fund by the Portfolio, if
any. Shareholders may reinvest all distributions in shares of the Fund at the
per share net asset value as of the close of business on the ex-dividend
date. 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 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 temporary over distributions for
financial statement purposes are classified as distributions in excess of net
investment income or accumulated net realized gains. Permanent differences
between book and tax accounting relating to distributions are reclassified to
paid-in capital.
7
<PAGE>
EATON VANCE ASIAN SMALL COMPANIES FUND AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
3 Shares of Beneficial Interest
- -------------------------------------------
The Fund's Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest (without par
value). Such shares may be issued in a number of different series (such as
the Fund) and classes. Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
FEBRUARY 29, 2000 YEAR ENDED
CLASS A (UNAUDITED) AUGUST 31, 1999
<S> <C> <C>
-------------------------------------------------------------------------------
Sales 39,662 29,947
Issued to shareholders electing to
receive payments of distributions in
Fund shares 65 --
-------------------------------------------------------------------------------
NET INCREASE 39,727 29,947
-------------------------------------------------------------------------------
<CAPTION>
PERIOD ENDED
FEBRUARY 29, 2000(1)
CLASS B (UNAUDITED)
<S> <C> <C>
-------------------------------------------------------------------------------
Sales 7,343
Redemptions (2,252)
-------------------------------------------------------------------------------
NET INCREASE 5,091
-------------------------------------------------------------------------------
</TABLE>
(1) For the period from the commencement of offering of Class B shares,
October 8, 1999 to February 29, 2000.
4 Management Fee and Other Transactions
with Affiliates
- -------------------------------------------
The management fee is earned by Eaton Vance Management (EVM) as compensation
for management and administration of the business affairs of the Fund. The
fee is based on a percentage of average daily net assets. For the six months
ended February 29, 2000, the fee was equivalent to 0.25% (annualized) of the
Fund's average net assets for such period and amounted to $1,202. To reduce
the net operating loss of the Fund, EVM waived their fee. Except for Trustees
of the Fund who are not members of EVM's organization, officers and Trustees
receive remuneration for their services to the Fund out of such management
fee. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), a
subsidiary of EVM and the Fund's principal underwriter, received
approximately $1,502 from the Eaton Vance Asian Small Companies Fund as its
portion of the sales charge on sales of Class A shares for the six months
ended February 29, 2000.
Certain officers and Trustees of the Fund and of the Portfolio are officers
of the above organization.
5 Distribution Plan
- -------------------------------------------
The Fund has in effect distribution plans for Class A shares (Class A Plan)
and Class B shares (Class B Plan) (collectively the Plans) pursuant to
Rule 12b-1 under the Investment Company Act of 1940. The Class B Plan
requires the Fund to pay EVD amounts equal to 1/365 of 0.75% of the Fund's
average daily net assets attributable to Class B shares and an amount equal
to (a) 0.50% of that portion of the Fund's Class A shares average daily net
assets attributable to Class A shares of the Fund which have remained
outstanding for less than one year and (b) 0.25% of that portion of the
Fund's Class A average daily net assets which is attributable to Class A
shares of the Fund which have remained outstanding for more than one year,
for providing ongoing distribution services and facilities to the Fund. The
Fund's Class B shares 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) 5% of the aggregate amount received by
the Fund for the Class B shares sold plus (ii) interest calculated by
applying the rate of 1% over the prevailing prime rate to the outstanding
balance of uncovered distribution charges of EVD reduced by the aggregate
amount of contingent deferred sales charges (see Note 6) and daily amounts
theretofore paid to EVD. The Fund paid or accrued approximately $2,296, and
$164 for Class A, and Class B shares, respectively to or payable to EVD for
the six months ended February 29, 2000, representing approximately 0.50%
(annualized), and 0.75% (annualized) of the average daily net assets for
Class A, and Class B shares, respectively, all of which was waived. In
addition, to reduce the net operating loss of the Fund, the Distributor
voluntarily assumed $33,815 of the Fund's expenses. At February 29, 2000, the
amount of uncovered distribution charges EVD calculated under the Plan was
approximately $4,000 for Class B shares.
The Plans authorize the Fund to make payments of service fees to EVD,
investment dealers and other persons in amounts not exceeding 0.25% of the
Fund's average daily net assets attributable to Class A and Class B shares
for each fiscal year. The Trustees initially implemented the Plans by
authorizing the Fund to make quarterly payments of service fees to EVD and
investment dealers equal to 0.25% per annum of the Fund's average daily net
assets attributable to Class A and Class B shares based on the value of Fund
shares sold by such persons and remaining outstanding for at least one year.
On October 4, 1999, the Trustees approved service fee payments equal to 0.25%
of the Fund's average daily net assets attributable to Class B shares for any
fiscal year on shares of the Fund sold after October 12, 1999. Service fee
payments will be made for personal services and/or the maintenance of
shareholder accounts. Service fees 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
8
<PAGE>
EATON VANCE ASIAN SMALL COMPANIES FUND AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
distribution charges of EVD. Service fee payments for the year ended
February 29, 2000 amounted to approximately $55 for Class B shares.
Certain officers and Trustees of the Fund are officers or directors of EVD.
6 Contingent Deferred Sales Charge
- -------------------------------------------
A contingent deferred sales charge (CDSC) generally is imposed on redemptions
of Class A shares made within three months of purchase and on redemptions of
Class B shares made within six years 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. Class A shares will be subject to a 1% CDSC
if redeemed within three months of purchase. Class B CDSC is imposed at
declining rates that begin at 5% in the case of redemptions in the first and
second year after purchase, declining one percentage point each subsequent
year. No CDSC is levied on shares which have been sold to EVM or its
affiliates or to their respective employees or clients and may be waived
under certain other limited conditions. CDSC charges are paid to EVD to
reduce the amount of uncovered distribution charges calculated under each
Fund's Distribution Plan (see Note 5). CDSC charges received when no
uncovered distribution charges exist will be credited to the Fund. EVD did
not receive any CDSC payments by Class B shareholders for the year ended
February 29, 2000.
7 Investment Transactions
- -------------------------------------------
Increases and decreases in the Fund's investment in the Portfolio aggregated
$1,080,015 and $81,292, respectively, for the year ended February 29, 2000.
9
<PAGE>
ASIAN SMALL COMPANIES PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMON STOCKS -- 94.0%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------
AUSTRALIA -- 5.8%
Computer Software - Services -- 1.5%
- -----------------------------------------------------------------
Open Telecommunications Ltd.(1) 270,000 $ 1,163,201
- -----------------------------------------------------------------
$ 1,163,201
- -----------------------------------------------------------------
Electronic Equipment -- 2.4%
- -----------------------------------------------------------------
Keycorp Ltd.(1) 309,840 $ 1,868,772
- -----------------------------------------------------------------
$ 1,868,772
- -----------------------------------------------------------------
Electronics - Semiconductors -- 0.0%
- -----------------------------------------------------------------
Kinetic Power Ltd.(1)(2) 350,000 $ 0
- -----------------------------------------------------------------
$ 0
- -----------------------------------------------------------------
Telecommunications Services -- 1.9%
- -----------------------------------------------------------------
eisa Ltd.(1) 1,000,000 $ 1,464,771
- -----------------------------------------------------------------
$ 1,464,771
- -----------------------------------------------------------------
Total Australia
(identified cost $2,662,629) $ 4,496,744
- -----------------------------------------------------------------
</TABLE>
HONG KONG -- 22.0%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
Apparel -- 4.9%
- -----------------------------------------------------------------
Giordano International Ltd. 3,316,000 $ 3,706,789
- -----------------------------------------------------------------
$ 3,706,789
- -----------------------------------------------------------------
Building Materials -- 0.8%
- -----------------------------------------------------------------
TCC Hong Kong Cement Holdings, Ltd. 1,380,000 $ 585,137
- -----------------------------------------------------------------
$ 585,137
- -----------------------------------------------------------------
Business Services - Miscellaneous -- 2.3%
- -----------------------------------------------------------------
e-New Media Co., Ltd. (1) 4,948,000 $ 1,748,343
- -----------------------------------------------------------------
$ 1,748,343
- -----------------------------------------------------------------
Electrical and Electronics -- 1.9%
- -----------------------------------------------------------------
Coslight Technology International
Group(1) 6,200,000 $ 509,842
United Pacific Industries(1) 3,050,000 266,485
VTech Holdings Ltd. 170,192 688,833
- -----------------------------------------------------------------
$ 1,465,160
- -----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------
Industrial / Manufacturing -- 0.0%
- -----------------------------------------------------------------
CIM Co., Ltd.(2) 300,000 $ 0
- -----------------------------------------------------------------
$ 0
- -----------------------------------------------------------------
Medical Products -- 3.3%
- -----------------------------------------------------------------
Quality Healthcare Asia Ltd. 7,150,000 $ 2,526,404
- -----------------------------------------------------------------
$ 2,526,404
- -----------------------------------------------------------------
Retail - Food and Drug -- 0.9%
- -----------------------------------------------------------------
Cafe de Coral Holdings Ltd. 2,019,000 $ 661,516
- -----------------------------------------------------------------
$ 661,516
- -----------------------------------------------------------------
Wholesale and International Trade -- 7.9%
- -----------------------------------------------------------------
Li & Fung, Ltd. 1,556,000 $ 6,057,820
- -----------------------------------------------------------------
$ 6,057,820
- -----------------------------------------------------------------
Total Hong Kong
(identified cost $9,168,293) $16,751,169
- -----------------------------------------------------------------
</TABLE>
INDIA -- 35.0%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
Banks and Money Services -- 4.4%
- -----------------------------------------------------------------
HDFC Bank Ltd. 675,000 $ 3,368,807
- -----------------------------------------------------------------
$ 3,368,807
- -----------------------------------------------------------------
Business Services - Miscellaneous -- 1.9%
- -----------------------------------------------------------------
HCL Technologies(1) 30,000 $ 1,454,622
- -----------------------------------------------------------------
$ 1,454,622
- -----------------------------------------------------------------
Computer Software -- 19.8%
- -----------------------------------------------------------------
Digital Equipments (India) Ltd. 67,200 $ 1,878,132
Infosys Technologies Ltd. 40,400 8,065,730
Software Sol 40,000 5,191,743
- -----------------------------------------------------------------
$15,135,605
- -----------------------------------------------------------------
Computer Software - Services -- 1.5%
- -----------------------------------------------------------------
Mastek Ltd. 12,000 $ 1,127,340
- -----------------------------------------------------------------
$ 1,127,340
- -----------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
10
<PAGE>
ASIAN SMALL COMPANIES PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------
Food and Beverages -- 2.9%
- -----------------------------------------------------------------
United Breweries Ltd. 576,500 $ 2,201,543
- -----------------------------------------------------------------
$ 2,201,543
- -----------------------------------------------------------------
Medical Products -- 4.5%
- -----------------------------------------------------------------
Apollo Hospitals 240,000 $ 2,108,257
Dr. Reddy's Laboratories 36,500 1,297,550
- -----------------------------------------------------------------
$ 3,405,807
- -----------------------------------------------------------------
Oil and Gas - Equipment and Services -- 0.0%
- -----------------------------------------------------------------
Reliance Petroleum 100 $ 150
- -----------------------------------------------------------------
$ 150
- -----------------------------------------------------------------
Total India
(identified cost $12,386,343) $26,693,874
- -----------------------------------------------------------------
</TABLE>
INDONESIA -- 0.6%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
Food / Retail -- 0.6%
- -----------------------------------------------------------------
Hero Supermarkets 1,811,500 $ 475,427
- -----------------------------------------------------------------
$ 475,427
- -----------------------------------------------------------------
Total Indonesia
(identified cost $261,481) $ 475,427
- -----------------------------------------------------------------
</TABLE>
JAPAN -- 2.8%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
Computer Software -- 2.8%
- -----------------------------------------------------------------
Star Micronics 131,000 $ 2,170,908
- -----------------------------------------------------------------
$ 2,170,908
- -----------------------------------------------------------------
Total Japan
(identified cost $760,036) $ 2,170,908
- -----------------------------------------------------------------
</TABLE>
MALAYSIA -- 6.2%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
Building and Construction - Misc. -- 1.1%
- -----------------------------------------------------------------
Dialog Group Berhad 266,667 $ 835,076
- -----------------------------------------------------------------
$ 835,076
- -----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------
Electronics - Semiconductors -- 5.1%
- -----------------------------------------------------------------
Unisem (M) Berhad 413,000 $ 3,912,580
- -----------------------------------------------------------------
$ 3,912,580
- -----------------------------------------------------------------
Total Malaysia
(identified cost $2,446,777) $ 4,747,656
- -----------------------------------------------------------------
</TABLE>
REPUBLIC OF KOREA -- 12.6%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
Business Services - Miscellaneous -- 5.1%
- -----------------------------------------------------------------
Insung Information(1) 107,800 $ 3,859,854
- -----------------------------------------------------------------
$ 3,859,854
- -----------------------------------------------------------------
Computer Software - Services -- 7.5%
- -----------------------------------------------------------------
Haansoft Inc.(1) 160,400 $ 5,757,414
- -----------------------------------------------------------------
$ 5,757,414
- -----------------------------------------------------------------
Total Republic of Korea
(identified cost $3,050,300) $ 9,617,268
- -----------------------------------------------------------------
</TABLE>
SINGAPORE -- 6.8%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
Aerospace and Defense -- 1.6%
- -----------------------------------------------------------------
Avimo Group Ltd. 670,000 $ 1,189,556
- -----------------------------------------------------------------
$ 1,189,556
- -----------------------------------------------------------------
Computers and Business Equipment -- 0.2%
- -----------------------------------------------------------------
ST Assembly Test Ltd.(1) 31,000 $ 140,296
- -----------------------------------------------------------------
$ 140,296
- -----------------------------------------------------------------
Electrical Equipment -- 2.1%
- -----------------------------------------------------------------
OMNI Industries Ltd. 800,000 $ 1,578,184
- -----------------------------------------------------------------
$ 1,578,184
- -----------------------------------------------------------------
Information Services -- 2.9%
- -----------------------------------------------------------------
Creative Technology Ltd. 101,250 $ 2,203,003
- -----------------------------------------------------------------
$ 2,203,003
- -----------------------------------------------------------------
Total Singapore
(identified cost $2,864,893) $ 5,111,039
- -----------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
ASIAN SMALL COMPANIES PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
THAILAND -- 2.2%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------
Foods -- 1.3%
- -----------------------------------------------------------------
Thai President Food Co. (Foreign) 226,050 $ 978,571
- -----------------------------------------------------------------
$ 978,571
- -----------------------------------------------------------------
Investment Services -- 0.9%
- -----------------------------------------------------------------
Thai Reinsurance Co. Ltd. 873,100 $ 698,663
- -----------------------------------------------------------------
$ 698,663
- -----------------------------------------------------------------
Total Thailand
(identified cost $1,648,379) $ 1,677,234
- -----------------------------------------------------------------
Total Common Stocks -- 94.0%
(identified cost $35,249,131) $71,741,319
- -----------------------------------------------------------------
Other Assets, Less Liabilities -- 6.0% $ 4,618,933
- -----------------------------------------------------------------
Net Assets -- 100.0% $76,360,252
- -----------------------------------------------------------------
</TABLE>
(1) Non-income producing security.
(2) Security valued at fair value using methods determined in good faith by
or at the direction of the Trustees.
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
ASIAN SMALL COMPANIES PORTFOLIO AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF FEBRUARY 29, 2000
<S> <C>
Assets
- -----------------------------------------------------
Investments, at value
(identified cost, $35,249,131) $71,741,319
Cash 4,539,308
Foreign currency, at value
(identified cost, $2,329,637) 2,374,812
Receivable for investments sold 1,717,276
Dividends receivable 4,856
Tax reclaim receivable 209
- -----------------------------------------------------
TOTAL ASSETS $80,377,780
- -----------------------------------------------------
Liabilities
- -----------------------------------------------------
Payable for investments purchased $ 4,006,710
Accrued expenses 10,818
- -----------------------------------------------------
TOTAL LIABILITIES $ 4,017,528
- -----------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $76,360,252
- -----------------------------------------------------
Sources of Net Assets
- -----------------------------------------------------
Net proceeds from capital contributions
and withdrawals $39,822,246
Net unrealized appreciation (computed on
the basis of identified cost) 36,538,006
- -----------------------------------------------------
TOTAL $76,360,252
- -----------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
FEBRUARY 29, 2000
<S> <C>
Investment Income
- -----------------------------------------------------
Dividends (net of foreign taxes, $3,638) $ 119,425
- -----------------------------------------------------
TOTAL INVESTMENT INCOME $ 119,425
- -----------------------------------------------------
Expenses
- -----------------------------------------------------
Investment adviser fee $ 197,448
Administration fee 65,816
Legal and accounting services 16,480
Custodian fee 65,024
Miscellaneous 4,026
- -----------------------------------------------------
TOTAL EXPENSES $ 348,794
- -----------------------------------------------------
Deduct --
Reduction of custodian fee $ 50,618
- -----------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 50,618
- -----------------------------------------------------
NET EXPENSES $ 298,176
- -----------------------------------------------------
NET INVESTMENT LOSS $ (178,751)
- -----------------------------------------------------
Realized and Unrealized Gain (Loss)
- -----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) (net of
foreign taxes, $52,704) $ 7,134,034
Foreign currency transactions (165,011)
- -----------------------------------------------------
NET REALIZED GAIN $ 6,969,023
- -----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $28,048,328
Foreign currency 45,818
- -----------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) $28,094,146
- -----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $35,063,169
- -----------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $34,884,418
- -----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
ASIAN SMALL COMPANIES PORTFOLIO AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
INCREASE (DECREASE) FEBRUARY 29, 2000 YEAR ENDED
IN NET ASSETS (UNAUDITED) AUGUST 31, 1999
<S> <C> <C>
- ----------------------------------------------------------------------------
From operations --
Net investment income (loss) $ (178,751) $ 262,669
Net realized gain 6,969,023 1,160,361
Net change in unrealized
appreciation (depreciation) 28,094,146 13,694,526
- ----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 34,884,418 $ 15,117,556
- ----------------------------------------------------------------------------
Capital transactions --
Contributions $ 24,076,379 $ 559,753
Withdrawals (11,085,175) (2,400,000)
- ----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL TRANSACTIONS $ 12,991,204 $ (1,840,247)
- ----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 47,875,622 $ 13,277,309
- ----------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------
At beginning of period $ 28,484,630 $ 15,207,321
- ----------------------------------------------------------------------------
AT END OF PERIOD $ 76,360,252 $ 28,484,630
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
ASIAN SMALL COMPANIES PORTFOLIO AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -----------------------
(UNAUDITED) 1999 1998
<S> <C> <C> <C>
- --------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------
Expenses 1.32%(1) 0.85% 0.50%
Expenses after custodian fee
reduction 1.13%(1) 0.85% 0.50%
Net investment income (loss) (0.68)%(1) 1.32% 1.34%
Portfolio Turnover 51% 105% 101%
- --------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $76,360 $28,485 $15,207
- --------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
ASIAN SMALL COMPANIES PORTFOLIO AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Asian Small Companies Portfolio (the Portfolio) is registered under the
Investment Company Act of 1940 as a diversified, open-end management
investment company which was organized as a trust under the laws of the State
of New York on January 19, 1996. The Declaration of Trust permits the
Trustees to issue interests 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.
A Investment Valuations -- Marketable securities, including options, that are
listed on foreign or U.S. securities exchanges or in the NASDAQ National
Market System are valued at closing sale prices, on the exchange where such
securities are principally traded. Futures positions on securities or
currencies are generally valued at closing settlement prices. Unlisted or
listed securities for which closing sale prices are not available are valued
at the mean between the latest bid and asked prices. Short-term debt
securities with a remaining maturity of 60 days or less are valued at
amortized cost which approximates value. Other fixed income and debt
securities, including listed securities and securities for which price
quotations are available, will normally be valued on the basis of valuations
furnished by a pricing service. Investments for which valuations or market
quotations are unavailable are valued at fair value using methods determined
in good faith by or at the direction of the Trustees.
B Income -- Dividend income is recorded on the ex-dividend date for dividends
received in cash and/or securities. However, if the ex-dividend date has
passed, certain dividends from foreign securities are recorded as the
Portfolio is informed of the ex-dividend date.
C Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
of the Portfolio. Pursuant to the custodian agreement, IBT receives a fee
reduced by credits which are determined based on the average daily cash
balance the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
total expenses in the Statement of Operations.
D Income Taxes -- The Portfolio has elected to be treated as a partnership for
United States 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 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. Withholding taxes on foreign dividends and
capital gains have been provided for in accordance with the Portfolio's
understanding of the applicable countries' tax rules and rates.
E Financial Futures Contracts -- Upon the entering of a financial futures
contract, the Portfolio is required to deposit (initial margin) either in
cash or securities an amount 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 security, and are
recorded for book purposes as unrealized gains or losses by the Portfolio.
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
contracts and may realize a loss. 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 financial futures contract to buy.
F Foreign Currency Translation -- Investment valuations, other assets, and
liabilities initially expressed in foreign currencies are converted each
business day into U.S. dollars based upon current exchange rates. Purchases
and sales of foreign investment securities and income and expenses are
converted into U.S. dollars based upon currency exchange rates prevailing on
the respective dates of such transactions. Recognized gains or losses on
investment transactions attributable to changes in foreign currency exchange
rates are recorded for financial statement purposes as net realized gains and
losses on investments. That portion of unrealized gains and losses on
investments that results from fluctuations in foreign currency exchange rates
is not separately disclosed.
G Forward Foreign Currency Exchange Contracts -- The Portfolio may enter into
forward foreign currency exchange contracts for the purchase or
16
<PAGE>
ASIAN SMALL COMPANIES PORTFOLIO AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
sale of a specific foreign currency at a fixed price on a future date. Risk
may arise upon entering these contracts from the potential inability of
counterparties to meet the terms of their contracts and from movements in the
value of a foreign currency relative to the U.S. dollar. The Portfolio may
enter into forward contracts for hedging purposes as well as non-hedging
purposes. The forward foreign currency exchange contracts are adjusted by the
daily exchange rate of the underlying currency and any gains or losses are
recorded for financial statement purposes as unrealized until such time as
the contracts have been closed or offset.
H Other -- Investment transactions are accounted for on a trade date basis.
Realized gains and losses are computed based on the specific identification
of the securities sold.
I Use of Estimates -- The preparation of the 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.
J Interim Financial Statements -- The interim financial statements relating to
February 29, 2000 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolio's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Lloyd George Investment Management
(Bermuda) Limited (the Adviser), an affiliate of Eaton Vance, as compensation
for management and investment advisory services rendered to the Portfolio.
Under the advisory agreement, the Adviser receives a monthly fee of 0.0625%
(0.75% annually) of the average daily net assets of the Portfolio up to
$500,000,000, and at reduced rates as daily net assets exceed that level. For
the six months ended February 29, 2000, the adviser fee was equivalent to
0.75% (annualized) of average daily net assets. In addition, an
administrative fee is earned by Eaton Vance Management (EVM) for managing and
administering the business affairs of the Portfolio. Under the administration
agreement, EVM earns a monthly fee in the amount of 1/48th of 1% (0.25%
annually) of the average daily net assets of the Portfolio up to
$500,000,000, and at reduced rates as daily net assets exceed that level. For
the six months ended February 29, 2000, the administrative fee was 0.25%
(annualized) of average daily net assets. Except as to Trustees of the
Portfolio who are not members of the Adviser or EVM's organization, officers
and Trustees receive remuneration for their services to the Portfolio out of
such investment adviser and administrative fees. Certain officers and
Trustees of the Portfolio are officers of the above organizations.
3 Investment Transactions
- -------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $34,639,373 and $25,365,640, respectively, for the six months
ended February 29, 2000.
4 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at February 29, 2000, as computed on a federal income tax
basis, are as follows:
<TABLE>
<S> <C>
AGGREGATE COST $35,249,131
-----------------------------------------------------
Gross unrealized appreciation $39,267,757
Gross unrealized depreciation (2,775,569)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $36,492,188
-----------------------------------------------------
</TABLE>
5 Line of Credit
- -------------------------------------------
The Portfolio participates with other portfolios and funds managed by EVM and
its affiliates in a $150 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 participating portfolio or fund based on its borrowings at an
amount above the Eurodollar rate or Federal Funds rate. In addition, a fee
computed at an annual rate of 0.10% on the daily unused portion of the line
of credit is allocated among the participating portfolios and funds at the
end of each quarter. The Portfolio did not have any significant borrowings or
allocated fees during the six months ended February 29, 2000.
6 Risks Associated with Foreign Investments
- -------------------------------------------
Investing in securities issued by companies whose principal business
activities are outside the United States may
17
<PAGE>
ASIAN SMALL COMPANIES PORTFOLIO AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
involve significant risks not present in domestic investments. For example,
there is generally less publicly available information about foreign
companies, particularly those not subject to the disclosure and reporting
requirements of the U.S. securities laws. Foreign issuers are generally not
bound by uniform accounting, auditing, and financial reporting requirements
and standards of practice comparable to those applicable to domestic issuers.
Investments in foreign securities also involve the risk of possible adverse
changes in investment or exchange control regulations, expropriation or
confiscatory taxation, limitation on the removal of funds or other assets of
the Portfolio, political or financial instability or diplomatic and other
developments which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as developed as
those in the United States, and securities of some foreign issuers
(particularly those in developing countries) may be less liquid and more
volatile than securities of comparable U.S. companies. In general, there is
less overall governmental supervision and regulation of foreign securities
markets, broker-dealers, and issuers than in the United States.
7 Financial Instruments
- -------------------------------------------
The Portfolio sometimes 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 forward foreign currency exchange contracts and futures contracts and
may involve, to a varying degree, elements of risk in excess of the amounts
recognized for financial statement purposes. The notional or contractual
amounts of these instruments represent the investment the Portfolio has in
particular classes of financial instruments and does not necessarily
represent the amounts potentially subject to risk. The measurement of the
risks associated with these instruments is meaningful only when all related
and offsetting transactions are considered. At February 29, 2000 there were
no outstanding obligations under these financial instruments.
18
<PAGE>
EATON VANCE ASIAN SMALL COMPANIES FUND AS OF FEBRUARY 29, 2000
INVESTMENT MANAGEMENT
EATON VANCE ASIAN SMALL COMPANIES FUND
Officers
James B. Hawkes
President and Trustee
Thomas E. Faust, Jr.
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Independent Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University
Graduate School of Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
ASIAN SMALL COMPANIES PORTFOLIO
Officers
Hon. Robert Lloyd George
President and Trustee
James B. Hawkes
Vice President and Trustee
Zaheer Sitabkhan
Vice President and
co-Portfolio Manager
Scobie Dickinson Ward
Vice President, Assistant
Secretary, Assistant Treasurer
And co-Portfolio Manager
William Walter Raleigh Kerr
Vice President and
Assistant Treasurer
James L. O'Connor
Vice President and Treasurer
Alan R. Dynner
Secretary
Independent Trustees
Hon. Edward K.Y. Chen
President of Lingnan College,
University of Hong Kong
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University
Graduate School of Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
19
