<PAGE>
[LOGO OF Investing
EATON VANCE
APPEARS HERE] for the [PHOTO OF GLOBE
APPEARS HERE]
21st
Century
Annual Report August 31, 1998
EATON VANCE
[PHOTO OF CELLULAR DISH
ANTENNAE APPEARS HERE] INFORMATION
AGE FUND
Global Management-Global Distribution
[PHOTO OF BABY AT
COMPUTER APPEARS HERE]
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
LETTER TO SHAREHOLDERS
[PHOTO OF JAMES B. HAWKES APPEARS HERE]
James B. Hawkes,
President
Eaton Vance Information Age Fund Class A shares had a total return of 2.3% for
the year ended August 31, 1998. That return was the result of a decline in net
asset value per share (NAV) to $11.71 on August 31, 1998 from $11.97 on August
31, 1997, and the reinvestment of $0.535 in capital gains distributions./1/
Class B shares had a total return of 2.1% for the year, the result of a decline
in NAV to $12.03 from $12.31, and the reinvestment of $0.535 in capital gains
distributions./1/
Class C shares had a total return of 2.0% for the year, the result of a decline
in NAV to $11.72 from $12.02, and the reinvestment of $0.535 in capital gains
distributions./1/
By comparison, the Morgan Stanley Capital International (MSCI) World Index - a
broadly-based index composed of global common stocks - had a return of 0.0%. The
average return of Global Equity Funds was -3.0%, according to Lipper Analytical
Services, a nationally recognized monitor of mutual fund performance./2/ This
Index replaces the Fund's former benchmarks, the S&P 500 Index and the
MSCI Europe, Australasia, and Far East Index, because we believe that it
provides a more representative barometer of global market performance.
Information age stocks participate in global stock market volatility ...
The world's stock markets have encountered extraordinary volatility in recent
months, as weakness in Asian economies, currency instability, and political
uncertainties have combined to create a difficult climate for global investors.
The stocks of information companies did not escape the market decline, although
many fast-growth companies have reached very attractive valuations, once again
presenting unusually good opportunities for investors.
Europe's telecom industry follows the U.S. on the road to deregulation...
While the markets have been unsteady, change continues within the information
industries. Legislation went into effect within the European Community in
January, 1998, ending Europe's telecom monopolies, but ensuring a more
competitive global marketplace. On a similar note, the World Trade Organization
reached an agreement in 1997 aimed at opening all telecom markets by the year
2000. While telecoms are but one segment of the information age tapestry, these
changes are improving people's lifestyles while providing opportunities for
investors. In the following pages, portfolio managers Duncan Richardson and
Jacob Rees-Mogg review the past year and look to opportunities in the year
ahead.
Sincerely,
/s/ James B. Hawkes
James B. Hawkes
President
October 9, 1998
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Fund Information
as of August 31, 1998
Performance/3/ Class A Class B Class C
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Average Annual Total Returns (at net asset value)
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One Year 2.3% 2.1% 2.0%
Life of Fund+ 11.3 11.0 10.0
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
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One Year -3.6% -2.8% 1.0%
Life of Fund+ 9.0 9.9 10.0
+ Inception Dates - Class A: 9/18/95; Class B: 9/18/95; Class C:11/22/95
Ten Largest Holdings/4/
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Pearson PLC 3.3%
Telecom Italia Spa 3.2
British Telecommunications PLC 3.2
Securicor PLC 2.0
Energis 2.0
Sungard Data Systems, Inc. 2.0
Equant NV 2.0
Philips Electronics 1.8
GTE Corp. 1.8
Misys PLC 1.8
/1/These returns do not include the 5.75% maximum sales charge for the Fund's
Class A shares or the applicable contingent deferred sales charges (CDSC) for
Class B and Class C shares. /2/It is not possible to invest directly in an
Index or Lipper average. /3/Returns are historical and are calculated by
determining the percentage change in net asset value with all distributions
reinvested. SEC returns for Class A reflect the maximum 5.75% sales charge.
SEC returns for Class B reflect applicable CDSC based on the following
schedule: 5% - 1st and 2nd years; 4% - 3rd year; 3% - 4th year; 2% - 5th
year; 1% - 6th year. SEC 1-Year return for Class C reflects 1% CDSC. /4/As of
8/31/98. Ten largest holdings accounted for 23.1% of the Portfolio's net
assets. Holdings are subject to change.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost.
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Mutual fund shares are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested.
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2
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
MANAGEMENT DISCUSSION
[PHOTO OF DUNCAN RICHARDSON APPEARS HERE]
Duncan Richardson,
Co-Portfolio Manager
[PHOTO OF THE HON. JACOB REES-MOGG APPEARS HERE]
Hon. Jacob Rees-Mogg,
Co-Portfolio Manager
An interview with Duncan Richardson and Hon. Jacob Rees-Mogg, co-portfolio
managers of Information Age Portfolio.
Q: Duncan, the broad market has seen some rough sledding in recent months.
Have the information age industries reflected that pattern?
A: Mr. Richardson: They certainly have. The market peaked in mid-July and by
the end of August had given back nearly all of its advance for the year.
Even stocks with strong earnings momentum had seen valuations get well
ahead of themselves. That was especially true of the technology sector,
where earnings estimates have recently been scaled back in response to the
economic weakness in Asia. For small- and mid-cap stocks, the correction
has been especially severe, with the average stock down 30% since April.
However, while the decline has been unnerving to some investors, it has
clearly created some opportunities, as valuations in information sectors
have become much more reasonable for many quality companies. And, while
market leadership has been dominated by large-cap stocks for several years
running, we are now seeing unusually good values appear in smaller- and
mid-cap information stocks.
Q: How has your strategy shifted in recent months?
A: Mr. Richardson: In the belief that the longer-term effects of the Asian
weakness are likely to be felt for quite some time, we have generally
emphasized companies whose businesses have relatively little exposure to
that part of the world. Moreover, as the markets surged higher in the first
half of 1998, we took some profits in companies we viewed as fully-valued.
As a result, the Portfolio had a larger-than-usual cash position at fiscal
year-end. That should enable the Portfolio to take advantage of improved
valuations caused by the recent market correction.
It's especially worth noting that, while the Portfolio has declined with
the market, its broad industry and country diversification have made it
significantly less volatile than individual information sectors such as
technology or Internet-related stocks.
Q: Jacob, has volatility characterized the European markets as well?
A: Mr. Rees-Mogg: It has indeed. European markets have declined significantly
from the peaks reached earlier in the year. For example, Germany's DAX
Index declined nearly 25% from its high, due, in part, to the outright
exposure of some companies to Russia and
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Five Largest Industry Positions/1/
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By total net assets
[BAR CHART APPEARS HERE]
Communications Services 14.7%
Information Services 12.8%
Publishing 12.5%
Broadcasting & Cable 10.9%
Computer Software 7.2%
Regional Distribution/1/
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By total net assets
[PIE CHART APPEARS HERE]
Japan 2.7%
U.S. 54.8%
U.K. 17.9%
Europe 16.1%
Other 8.5%
/1/Because the Fund is actively managed, industry weightings and regional
distributions are subject to change. Five largest industries accounted for 58.1%
of the Portfolio's investments. Holdings are subject to change.
3
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
MANAGEMENT DISCUSSION CONT'D
[PHOTO APPEARS HERE]
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China: Dialing Up Telecom Growth
China, with a population of 1.2 billion - has a phone penetration rate of just
7.5%. The Ministry of Post and Telecommunications has targeted a 10% penetration
rate by the year 2000. Cellular subscribers are expected to reach 35 million.
Source: Financial Times
- -------------------------------------------------------------------------------
concerns over the potential fallout. Those companies with exposure to
Asia's problems were also hard-pressed. However, the industries in which
the Portfolio is concentrated, such as telecommunications and broadcasting,
are generally insulated from both the Asian and Russian difficulties. That
has helped limit the Fund's volatility.
Q: How have you allocated the non-U.S. portion of the Portfolio?
A: Mr. Rees-Mogg: At August 31, 17.9% of the Portfolio was invested in the
U.K., while 16.1% was invested in continental Europe, 2.7% in Japan, and
8.5% elsewhere in the world. As Duncan has noted, the Portfolio's cash
position at August 31 was fairly high, which should permit us to take
advantage of the recent corrections in some global markets. I expect that
in coming months, we will add to the Portfolio's weightings in Japan and
Europe, where the downturn has created compelling values.
Q: Duncan, what sectors have you emphasized among the Portfolio's U.S. stocks?
A: Mr. Richardson: We've maintained a fairly eclectic mix of stocks, with a
continuing emphasis on growth at a reasonable price. We've also focused on
companies that are insulated from the Asian economic uncertainties.
Broadcasting and media stocks have played a major role. Comcast Corp. and
Cox Communications, for example, are among the nation's largest cable
television providers. Cox has cable interests both in the U.S. and in
Europe. The company has expanded its subscriber base through the
acquisition of local cable companies and last year enjoyed 6% pricing
growth. Cox is also involved in cable programming and has a growing telecom
business.
Q: The technology industry was also a major commitment. Where have you focused
your technology investments?
A: Mr. Richardson: As I've indicated in previous reports, technology stocks
tend to march to their own beat, based on changes in product cycles and
fluctuations in demand. The stocks corrected sharply in October, 1997 amid
the first wave of concern over the Asian difficulties. The stocks rebounded
in the first half of 1998, but have since undergone another sharp
correction.
We have focused our investments on companies that are less sensitive to
Asian demand and that should be able to sustain revenue and earnings growth
through this uncertain period.
Xerox Corp., for example, is a major manufacturer of copiers and business
equipment. The company has significantly expanded its product line while
implementing highly successful cost controls. Another stock in the
Portfolio, Lexmark International Group, Inc., makes printers and printer
servers and has produced consistent earnings growth since it was spun off
by IBM in 1991.
Finally, SunGard Data Systems, Inc. produces software as well as disaster
recovery services for business systems. The company has seen rising demand
for its products, boosted, in part, by increased business spending to
address the "Year 2000" problem.
Q: Jacob, technology stocks were no less troublesome abroad. What steps did
you take to manage the volatility?
A: Mr. Rees-Mogg: We've followed a dual strategy in managing volatility.
First, when companies reach what we believe are excessive valuations, we
will take some profits. The old maxim of "selling half and owning the other
half for free" has proven a sound, time-tested approach.
4
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
================================================================================
The second approach is to search other global markets for undervalued
stocks. This is another way in which the Fund's flexibility plays to our
advantage. This approach has uncovered some interesting opportunities in
Israel, where valuations for quality technology companies are about
one-half those in the U.S. and European markets. Formula Systems Ltd. ADR,
for example, is a software manufacturer and typical of fast-growth,
Israel-based technology companies. These companies possess excellent talent
and products and are achieving good profit growth.
Q: You mentioned that global telecom stocks were prominent among your
investments. What has made those stocks attractive?
A: Mr. Rees-Mogg: There have been several factors. In the European market,
deregulation took effect on January 1, 1998, in compliance with new
European Community regulations. Initially, there were concerns about how
the well-established companies such as British Telecommunications and
Telecom Italia Spa would perform under the new regime. As it turned out,
those fears were unfounded, as the companies' earnings and revenue growth
have remained quite strong. In addition, the telecoms continue to forge
global alliances that should position them for continued growth in coming
years.
On a separate path, the new EC regulatory environment has resulted in the
formation of some new telecom entities. Companies such as U.K.-based
Energis have been able to grow very rapidly by selling a specialized array
of services to a niche customer base. We are very enthusiastic about their
prospects in the new environment.
Q: Duncan, the U.S. telecom industry has seen a lot of merger activity in the
past year. How have you approached the group?
A: Mr. Richardson: The U.S. telecom service sector remains very competitive
and dynamic as local and long-distance service providers continue their
turf wars over access and market share. As a result, we have stepped
carefully in that area, with only a few holdings. In May, one of the
Portfolio's holdings, SBC Communications, Inc., announced a merger with
Ameritech Corp. that will create an enormous service area for the combined
company. SBC has realized strong line growth while enjoying increasing
demand for higher-margin services. Another communications service holding,
General Motors Corp. Class H, provides satellite construction and launch
services. Their business is booming as they provide satellites for new
telecom competitors.
Q: Jacob, media stocks remain among your largest investments. What do you find
compelling about that group?
A: Mr. Rees-Mogg: Broadcast and media stocks have been stalwart performers for
the Portfolio. Large companies such as Pearson PLC, News Corp. Ltd., and
Granada Group PLC have added market share through acquisitions and are
well-positioned to offer excellent advertising outlets to companies in the
increasingly integrated European economy. If global economic growth slows
somewhat from the pace we've witnessed in recent years, it could have a
dampening effect on advertising revenues in the very late stages of the
economic cycle. However, these companies have done an excellent job of
diversifying their media properties.
The Portfolio also owns important "content" companies such as Philips
Electronics and Sony Corp. With an improving standard of living around the
world and increasing leisure time, the demand for entertainment, music and
film content continues to rise.
Q: Duncan, Internet-related companies have been much in the news lately. Has
the Portfolio participated in Internet stocks?
A: Mr. Richardson: It's true that there has been Internet mania of late, both
on the upside and the downside. However, we've been very selective with
respect to Internet-related stocks, steering clear of the "mania" stocks in
favor of companies whose prospects will be enhanced or costs reduced by
Internet exposure. E*Trade Group, Inc., an Internet-based brokerage
business, is a good example. The company has been able to attract new
customers with new
5
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
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MANAGEMENT DISCUSSION CONT'D
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features and user-friendly services and has seen the volume of its business
rise sharply. Another area in which we have participated is companies that
are helping to build the Web, including Computer Associates International,
a software developer with a growing exposure to the client/server business,
and Oracle Corp., which produces database software for companies using the
Internet.
Meanwhile, we have avoided the pure Internet plays, whose valuations we
feel are not supported by underlying fundamentals. Unattractive valuations
and increasing competition give those companies a level of risk that we, as
fundamental investors, prefer not to assume. There are fairly low barriers
to entry in some of these Internet businesses, and as a result, the
competitive risks are very high.
Q: What is your outlook for the coming year for information-based companies?
A: Mr. Richardson: We continue to search for growth at a reasonable price;
opportunities in sound companies with real products and promising growth
prospects. Historically, this has proven to be a sound investment strategy.
In recent months, the Asian difficulties have been the equivalent of a
cyclone through many markets. Without question, that has altered the
outlook for some companies while creating better valuations for others. We
continue to see opportunities emerging, but expect that there will be
ongoing volatility in many markets and sectors.
Because the Portfolio is so well diversified among the information
industries, we have been able to somewhat temper this volatility. As Jacob
has pointed out, our global reach also gives us the ability to take
advantage of improving fundamentals in other markets. In its first three
years of operation, the Portfolio was tested by volatility of technology
stocks and by the collapse of markets around the world. The structure of
the Portfolio, our fundamental approach, and our valuation discipline have
allowed us to accomplish what we set out to do: deliver growth while
limiting volatility. Jacob and I believe that the Portfolio continues to be
well-positioned to pursue information-driven growth opportunities for our
fellow shareholders in the year ahead.
Eaton Vance Information Age Fund, Class A vs. S&P 500, Europe, Australasia and
Far East Index, and Morgan Stanley Capital Int. World Index
[LINE GRAPH APPEARS HERE]
Date Fund/NAV Fund/Off Price S&P 500 EAFE MSCIWI
---- -------- -------------- ------- ---- ------
9/30/95 $10,000 $9,424 $10,000 $10,000 $10,000
10/31/95 $10,138 $9,554 $9,970 $9,734 $9,844
11/30/95 $10,236 $9,647 $10,400 $10,007 $10,188
12/31/95 $10,296 $9,703 $10,602 $10,413 $10,488
1/31/96 $10,335 $9,740 $10,967 $10,458 $10,679
2/28/96 $10,562 $9,954 $11,063 $10,496 $10,746
3/31/96 $10,581 $9,972 $11,171 $10,722 $10,927
4/30/96 $11,143 $10,501 $11,342 $11,036 $11,186
5/31/96 $11,360 $10,706 $11,623 $10,836 $11,198
6/30/96 $11,192 $10,548 $11,672 $10,899 $11,256
7/31/96 $10,502 $9,898 $11,160 $10,583 $10,861
8/31/96 $10,897 $10,269 $11,393 $10,609 $10,988
9/30/96 $11,547 $10,882 $12,033 $10,894 $11,420
10/31/96 $11,320 $10,669 $12,369 $10,785 $11,502
11/30/96 $11,842 $11,161 $13,299 $11,217 $12,148
12/31/96 $11,715 $11,041 $13,035 $11,075 $11,956
1/31/97 $11,923 $11,236 $13,855 $10,690 $12,102
2/28/97 $11,932 $11,246 $13,959 $10,868 $12,243
3/31/97 $11,518 $10,855 $13,385 $10,910 $12,003
4/30/97 $11,617 $10,948 $14,190 $10,970 $12,398
5/31/97 $12,564 $11,840 $15,044 $11,687 $13,165
6/30/97 $13,027 $12,277 $15,720 $12,334 $13,824
7/31/97 $13,648 $12,863 $16,972 $12,536 $14,462
8/31/97 $13,186 $12,427 $16,022 $11,602 $13,497
9/30/97 $13,869 $13,071 $16,897 $12,255 $14,233
10/31/97 $13,142 $12,386 $16,338 $11,316 $13,486
11/30/97 $13,484 $12,708 $17,090 $11,203 $13,726
12/31/97 $13,734 $12,943 $17,383 $11,303 $13,896
1/31/98 $13,895 $13,095 $17,581 $11,823 $14,285
2/28/98 $15,070 $14,203 $18,843 $12,584 $15,254
3/31/98 $15,923 $15,006 $19,806 $12,974 $15,900
4/30/98 $15,969 $15,050 $20,011 $13,080 $16,058
5/31/98 $15,716 $14,811 $19,659 $13,020 $15,859
6/30/98 $16,015 $15,093 $20,460 $13,121 $16,238
7/31/98 $15,865 $14,952 $20,247 $13,257 $16,214
8/31/98 $13,492 $12,715 $17,320 $11,617 $14,054
Eaton Vance Information Age Fund, Class B vs.
S&P 500, Europe, Australasia and Far East Index, and Morgan Stanley Capital Int.
World Index
Date Fund/NAV Fund/CDSC S&P 500 EAFE MSCIWI
---- -------- --------- ------- ---- ------
9/30/95 $10,000 - $10,000 $10,000 $10,000
10/31/95 $10,128 - $9,970 $9,734 $9,844
11/30/95 $10,226 - $10,400 $10,007 $10,188
12/31/95 $10,285 - $10,602 $10,413 $10,488
1/31/96 $10,315 - $10,967 $10,458 $10,679
2/28/96 $10,541 - $11,063 $10,496 $10,746
3/31/96 $10,571 - $11,171 $10,722 $10,927
4/30/96 $11,112 - $11,342 $11,036 $11,186
5/31/96 $11,329 - $11,623 $10,836 $11,198
6/30/96 $11,161 - $11,672 $10,899 $11,256
7/31/96 $10,482 - $11,160 $10,583 $10,861
8/31/96 $10,866 - $11,393 $10,609 $10,988
9/30/96 $11,516 - $12,033 $10,894 $11,420
10/31/96 $11,289 - $12,369 $10,785 $11,502
11/30/96 $11,811 - $13,299 $11,217 $12,148
12/31/96 $11,685 - $13,035 $11,075 $11,956
1/31/97 $11,892 - $13,855 $10,690 $12,102
2/28/97 $11,902 - $13,959 $10,868 $12,243
3/31/97 $11,478 - $13,385 $10,910 $12,003
4/30/97 $11,567 - $14,190 $10,970 $12,398
5/31/97 $12,513 - $15,044 $11,687 $13,165
6/30/97 $12,966 - $15,720 $12,334 $13,824
7/31/97 $13,587 - $16,972 $12,536 $14,462
8/31/97 $13,126 - $16,022 $11,602 $13,497
9/30/97 $13,808 - $16,897 $12,255 $14,233
10/31/97 $13,083 - $16,338 $11,316 $13,486
11/30/97 $13,414 - $17,090 $11,203 $13,726
12/31/97 $13,655 - $17,383 $11,303 $13,896
1/31/98 $13,811 - $17,581 $11,823 $14,285
2/28/98 $14,992 - $18,843 $12,584 $15,254
3/31/98 $15,827 - $19,806 $12,974 $15,900
4/30/98 $15,872 - $20,011 $13,080 $16,058
5/31/98 $15,627 - $19,659 $13,020 $15,859
6/30/98 $15,916 - $20,460 $13,121 $16,238
7/31/98 $15,760 - $20,247 $13,257 $16,214
8/31/98 $13,399 $12,999 $17,320 $11,617 $14,054
Performance Class A Class B Class C
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Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
One Year 2.3% 2.1% 2.0%
Life of Fund+ 11.3 11.0 10.0
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
One Year -3.6% -2.8% 1.0%
Life of Fund+ 9.0 9.9 10.0
+Inception Dates - Class A: 9/18/95; Class B: 9/18/95; Class C: 11/22/95
*Source: Towers Data Systems, Bethesda, MD. Investment operations commenced
9/18/95. Index information is available only at month-end; therefore, the line
comparison begins at the next month-end following the commencement of the
Fund's investment operations. Past performance is no guarantee of future
results. Investment return and principal fluctuate so that shares, when
redeemed, may be worth more or less than their original cost.
The performance chart above compares the total return of the Fund's Class A
and B shares with that of three broad-based securities market indices. Returns
are calculated by determining the percentage change in net asset value (NAV)
with all distributions reinvested. The lines on the chart represent the total
returns of $10,000 hypothetical investments in the Fund, the S&P 500 Index - a
broad-based, widely recognized index of 500 common stocks traded in the U.S. -
the Morgan Stanley Capital International (MSCI) Europe, Australasia, and Far
East Index (EAFE) - a broad-based index of common stocks traded in foreign
markets, and the Morgan Stanley Capital International World Index - a broad-
based index of global common stocks. With this report, we are establishing the
MSCI World Index as the Fund's comparative benchmark. We believe that the new
Index provides a more representative benchmark of global market performance
than the Fund's former benchmarks. In accordance with Security and Exchange
Commission regulations, we are including the former benchmarks as well in this
report. An investment in the Fund's Class C shares on 11/30/95 at net asset
value would have been worth $12,945 on August 31, 1998. The Indices' total
returns do not reflect any commissions or expenses that would have been
incurred if an investor individually purchased or sold the securities
represented in the Indices. It is not possible to invest directly in the
Indices.
Returns are historical and are calculated by determining the percentage change
in net asset value with all distributions reinvested. SEC returns for Class A
reflect the maximum 5.75% sales charge. SEC returns for Class B reflect
applicable CDSC based on the following schedule: 5% - 1st and 2nd years; 4% -
3rd year; 3% - 4th year; 2% - 5th year; 1% - 6th year. SEC 1-Year return for
Class C reflects 1% CDSC. .
**This figure represents the performance of the Fund's Class B shares, including
the applicable CDSC.
6
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
As of August 31, 1998
<S> <C>
Assets
- --------------------------------------------------------------------------------------
Investment in Information Age Portfolio, at value
(identified cost, $43,109,820) $45,168,209
Receivable for Fund shares sold 72,877
Tax reclaim receivable 22,184
Deferred organization expenses 54,171
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Total assets $45,317,441
- --------------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------------
Payable for Fund shares redeemed $ 118,051
Other accrued expenses 75,374
- --------------------------------------------------------------------------------------
Total liabilities $ 193,425
- --------------------------------------------------------------------------------------
Net Assets $45,124,016
- --------------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------------
Paid-in capital $40,723,291
Accumulated undistributed net realized gain on investments
from Porfolio (computed on the basis of identified cost) 2,342,336
Net unrealized appreciation of investments from Portfolio (computed on
the basis of identified cost) 2,058,389
- --------------------------------------------------------------------------------------
Total $45,124,016
- --------------------------------------------------------------------------------------
Class A Shares
- --------------------------------------------------------------------------------------
Net Assets $12,262,736
Shares Outstanding 1,047,023
Net Asset Value and Redemption Price Per Share
(Net assets / shares of beneficial interest outstanding) $ 11.71
Maximum Offering Price Per Share
(100 / 94.25 of $11.71) $ 12.42
- --------------------------------------------------------------------------------------
Class B Shares
- --------------------------------------------------------------------------------------
Net Assets $30,330,669
Shares Outstanding 2,520,737
Net Asset Value, Offering Price and Redemption Price Per Share
(Net assets / shares of beneficial interest outstanding) $ 12.03
- --------------------------------------------------------------------------------------
Class C Shares
- --------------------------------------------------------------------------------------
Net Assets $ 2,530,611
Shares Outstanding 215,871
Net Asset Value and Redemption Price Per Share
(Net assets / shares of beneficial interest outstanding) $ 11.72
- --------------------------------------------------------------------------------------
On sales of $50,000 or more, the offering price of Class A shares is reduced.
<CAPTION>
Statement of Operations
For the Year Ended
August 31, 1998
<S> <C>
Investment Income
- --------------------------------------------------------------------------------------
Dividends allocated from Portfolio
(net of foreign taxes, $58,523) $ 577,255
Interest allocated from Portfolio 140,448
Expenses allocated from Portfolio (694,773)
- --------------------------------------------------------------------------------------
Net investment income from Portfolio $ 22,930
- --------------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------------
Management fee $ 121,096
Trustees fees and expenses 1,015
Distribution and service fees
Class A 67,985
Class B 300,083
Class C 25,467
Transfer and dividend disbursing agent fees 105,641
Registration fees 43,397
Legal and accounting services 28,167
Amortization of organization expenses 25,889
Printing and postage 19,891
Custodian fee 8,487
- --------------------------------------------------------------------------------------
Miscellaneous 11,490
- --------------------------------------------------------------------------------------
Total expenses $ 758,608
- --------------------------------------------------------------------------------------
Net investment loss $ (735,678)
- --------------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) from Portfolio
- --------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 4,899,387
Foreign currency transactions and forward foreign currency
exchange contracts (82,864)
- --------------------------------------------------------------------------------------
Net realized gain $ 4,816,523
- --------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments $(3,470,191)
Foreign currency and forward foreign currency exchange contracts (5,484)
- --------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $(3,475,675)
- --------------------------------------------------------------------------------------
Net realized and unrealized gain $ 1,340,848
- --------------------------------------------------------------------------------------
Net increase in net assets from operations $ 605,170
- --------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
7
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Increase (Decrease) Year Ended Year Ended
in Net Assets August 31, 1998 August 31, 1997
- ----------------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment loss $ (735,678) $ (427,774)
Net realized gain 4,816,523 2,892,020
Net change in unrealized
appreciation (depreciation) (3,475,675) 2,299,858
- ----------------------------------------------------------------------------------
Net increase in net assets from operations $ 605,170 $ 4,764,104
- ----------------------------------------------------------------------------------
Distributions to shareholders --
From net realized gain
Class A $ (552,894) $ --
Class B (1,244,963) (2,278,431)
Class C (102,337) --
- ----------------------------------------------------------------------------------
Total distributions to shareholders $ (1,900,194) $ (2,278,431)
- ----------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 8,682,876 $ --
Class B 7,304,479 8,573,846
Class C 1,093,920 --
Issued in reorganization of EV Traditional
and Classic Information
Age Funds
Class A 12,492,459 --
Class C 2,147,859 --
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 528,077 --
Class B 1,150,455 2,073,164
Class C 95,882 --
Cost of shares redeemed
Class A (9,182,708) --
Class B (6,235,093) (5,896,343)
Class C (695,984) --
- ----------------------------------------------------------------------------------
Net increase in net assets from Fund share
transactions $ 17,382,222 $ 4,750,667
- ----------------------------------------------------------------------------------
Net increase in net assets $ 16,087,198 $ 7,236,340
- ----------------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------------
At beginning of year $ 29,036,818 $ 21,800,478
- ----------------------------------------------------------------------------------
At end of year $ 45,124,016 $ 29,036,818
- ----------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
8
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
FINANCIAL STATEMENTS CONT'D
Financial Highlights
<TABLE>
<CAPTION>
Year Ended August 31,
---------------------------------------------------------------------
1998 1997 1996/(1)(2)/
--------------------------------------- -------------------------
Class A Class B Class C Class B Class B
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- Beginning of year $11.970 $ 12.310 $12.020 $11.040 $10.000
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment loss $(0.156) $ (0.210) $(0.205) $(0.178) $(0.134)
Net realized and unrealized gain 0.431 0.465 0.440 2.490 1.174
- ---------------------------------------------------------------------------------------------------------------------------------
Total income from operations $ 0.275 $ 0.255 $ 0.235 $ 2.312 $ 1.040
- ---------------------------------------------------------------------------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------------------------------------------------------------------------
From net realized gain $(0.535) $ (0.535) $(0.535) $(1.042) $ --
- ---------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.535) $ (0.535) $(0.535) $(1.042) $ --
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value -- End of year $11.710 $ 12.030 $11.720 $12.310 $11.040
- ---------------------------------------------------------------------------------------------------------------------------------
Total Return/(4)/ 2.32% 2.08% 1.96% 20.79% 10.40%
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $12,263 $ 30,331 $ 2,531 $29,037 $21,800
Ratios (As a percentage of average daily net assets):
Expenses/(5)/ 2.68% 3.12% 3.20% 3.19% 2.96%/(3)/
Net investment loss (1.20)% (1.64)% (1.72)% (1.67)% (1.34)%/(3)/
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/For the period from the start of business, September 18, 1995, to August
31, 1996.
/(2)/Net investment income per share was computed using average shares
outstanding.
/(3)/Annualized.
/(4)/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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
/(5)/Includes the Fund's share of its Portfolio's allocated expenses.
See notes to financial statements
9
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
--------------------------------------------------------------------------
Eaton Vance Information Age 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 three classes of shares. Class A
shares are sold subject to a sales charge imposed at the time of purchase.
Class B and Class C shares are sold at the net asset value and are subject
to a contingent deferred sales charge (see Note 6). All classes of shares
have equal rights to assets and voting privileges. 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 Information Age 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 (84.3% at August 31, 1998). 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 or loss 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 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,
if any, and any net realized capital gains. Accordingly, no provision for
federal income or excise tax is necessary.
D Deferred Organization Expenses -- Costs incurred by the Fund in
connection with its organization, including registration costs, are being
amortized on the straight-line basis over five years.
E Use of Estimates -- The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expense during the reporting
period. Actual results could differ from those estimates.
2 Distributions to Shareholders
--------------------------------------------------------------------------
It is the present policy of the Fund to make at least one distribution
annually (normally in December) of all or substantially all of the
investment income allocated to the Fund by the Portfolio, less the Fund's
direct and allocated 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 by the
Portfolio to the Fund, 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 record 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.
3 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
10
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
is based on a percentage of average daily net assets. For the year ended
August 31, 1998, the fee was equivalent to 0.25% of the Fund's average net
assets for such period and amounted to $121,096. Except as to 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. Certain officers and Trustees of the Fund and the Portfolio are
directors/trustees of the above organizations. In addition, investment
adviser and administrative fees are paid by the Portfolio to EVM and its
affiliates. See Note 2 of the Portfolio's Notes to Financial Statements
which are included elsewhere in this report.
Eaton Vance Distributors, Inc. (EVD), a subsidiary of EVM and the Funds'
principal underwriter, received $7,960 from the Fund as its portion of the
sales charge on sales of Class A shares for the year ended August 31,
1998.
4 Shares of Beneficial Interest
--------------------------------------------------------------------------
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Such shares may be issued in a number of different classes. Transactions
in Fund shares were as follows:
Year Ended
Class A August 31, 1998
--------------------------------------------------------------------------
Sales 639,018
Issued to shareholders electing to receive payment of
distribution in Fund shares 45,288
Redemptions (681,009)
Issued to EV Traditional Information
Age Shareholders 1,043,726
--------------------------------------------------------------------------
Net increase 1,047,023
--------------------------------------------------------------------------
Year Ended Year Ended
Class B August 31, 1998 August 31, 1997
--------------------------------------------------------------------------
Sales 534,973 703,921
Issued to shareholders
electing to receive
payment of distribution
in Fund shares 95,519 165,596
Redemptions (467,788) (485,972)
--------------------------------------------------------------------------
Net increase 162,704 383,545
--------------------------------------------------------------------------
Year Ended
Class C August 31, 1998
--------------------------------------------------------------------------
Sales 82,330
Issued to shareholders electing to receive payment of
distribution in Fund shares 8,195
Redemptions (53,285)
Issued to EV Classic Information
Age Shareholders 178,631
--------------------------------------------------------------------------
Net increase 215,871
--------------------------------------------------------------------------
5 Distribution Plan
--------------------------------------------------------------------------
The Fund has adopted distribution plans (Class A Plan, Class B Plan, Class
C Plan, the Plans) pursuant to Rule 12b-1 under the Investment Company Act
of 1940.
The Class A Plan provides for the payment of a monthly distribution fee to
the Principal Underwriter, Eaton Vance Distributors, Inc. (EVD), in an
amount equal to the aggregate of (a) 0.50% of that portion of the Fund's
average daily net assets attributable to Class A shares which have
remained outstanding for less than one year and (b) 0.25% of that portion
of the Fund's average daily net assets attributable to Class A shares
which have remained outstanding for more than one year.
The Class B and Class C Plans provides for the payment of a monthly
distribution fee to EVD at an annual rate not to exceed 0.75% of the
Fund's average daily net assets attributable to Class B and Class C shares
for providing ongoing distribution services and facilities to the Fund.
The Fund will automatically discontinue payments to EVD during any period
in which there are no outstanding Uncovered Distribution Charges, which
are equivalent to the sum of (i) 5% and 6.25% of the aggregate amount
received by the Fund for the Class B and Class C shares sold,
respectively, plus (ii) distribution fees calculated by applying the rate
of 1% over the prevailing prime rate to the outstanding balance of
Uncovered Distribution Charges of EVD of each respective class reduced by
the aggregate amount of contingent deferred sales charges (see Note 6) and
daily amounts theretofore paid to EVD by each respective class.
The Fund paid or accrued $43,329, $242,002, and $19,100 for Class A, Class
B, and Class C shares, respectively, to or payable to EVD for the year
ended August 31, 1998,
11
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
representing 0.32%, 0.75%, and 0.75% of the average daily net assets for
Class A, Class B, and Class C shares, respectively. At August 31, 1998,
the amount of Uncovered Distribution Charges EVD calculated under the
Plans was approximately $947,000 and $161,000 for Class B and Class C
shares, respectively.
In addition, the Plans authorize the Fund to make payments of service fees
to EVD, Authorized Firms and other persons in amounts not exceeding 0.25%
of the Fund's average daily net assets attributable to Class A, Class B,
and Class C shares for each fiscal year. The Trustees have initially
implemented the Plans by authorizing the Fund to make quarterly payments
of service fees to the Principal Underwriter and Authorized Firms in
amounts not expected to exceed 0.25% per annum of the Fund's average daily
net assets attributable to Class A, Class B, and Class C shares based on
the value of Fund shares sold by such persons and remaining outstanding
for at least one year. 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 Distribution
Charges of EVD. Service fee payments for the year ended August 31, 1998
amounted to $24,656, $58,081, and $6,367 for Class A, Class B, and Class C
shares, respectively.
Certain officers and Trustees of the Fund are officers or directors of
EVD.
6 Contingent Deferred Sales Charge
--------------------------------------------------------------------------
A contingent deferred sales charge (CDSC) is imposed on any redemption of
Class B shares made within six years of purchase. A CDSC is imposed on
certain Class C shares redeemed within one year of purchase. Generally,
the CDSC is based upon the lower of the net asset value at date of
redemption or date of purchase. No charge is levied on shares acquired by
reinvestment of dividends or capital gains distributions. 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. Class C shares will be subject to a 1% CDSC if
redeemed within one year of purchase. No CDSC is levied on shares which
have been sold to EVM or its affiliates or to their respective employees
or clients. CDSC charges are paid to EVD to reduce the amount of Uncovered
Distribution Charges calculated under each Fund's Distribution Plan (See
Note 5). CDSC charges received when no Uncovered Distribution Charges
exist will be credited to the Fund. EVD received approximately $117,000
and $2,000 of CDSC paid by shareholders for Class B shares and Class C
shares, respectively, for the year ended August 31, 1998.
7 Investment Transactions
--------------------------------------------------------------------------
Increases and decreases in the Fund's investment in the Portfolio
aggregated $19,165,878 and $18,142,784, for the year ended August 31,
1998.
8 Transfer of Net Assets
--------------------------------------------------------------------------
On September 1, 1997, EV Marathon Information Age Fund acquired the net
assets of the EV Traditional Information Age Fund and EV Classic
Information Age Fund pursuant to an Agreement and Plan of Reorganization
dated June 23, 1997. In accordance with the agreement, EV Marathon
Information Age Fund, at the closing, issued 1,043,726 Class A shares and
178,631 Class C shares of the Fund having an aggregate value of
$12,492,459 and $2,147,859, respectively. As a result, the Fund issued one
Class A share and one Class C share for each share of EV Traditional
Information Age Fund and EV Classic Information Age Fund, respectively.
The transaction was structured for tax purposes to qualify as a tax free
reorganization under the Internal Revenue Code. The EV Traditional
Information Age Fund's and EV Classic Information Age Fund's net assets at
the date of the transaction were $12,492,459 and $2,147,859, respectively,
including $1,702,572 and $241,938 of unrealized appreciation. Directly
after the merger, the combined net assets of the Eaton Vance Information
Age Fund (formerly "EV Marathon Information Age Fund") were $43,677,136
with a net asset value of $11.97, $12.31 and $12.02 for Class A, Class B,
and Class C, respectively.
9 Name Change
--------------------------------------------------------------------------
Effective September 1, 1997, EV Marathon Information Age Fund changed its
name to Eaton Vance Information Age Fund.
12
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
INDEPENDENT ACCOUNTANTS' REPORT
To the Trustees and Shareholders
of Eaton Vance Information Age Fund:
- --------------------------------------------------------------------------------
In our opinion, the accompanying statement of assets and liabilities, and the
related statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Eaton Vance Information Age Fund (the "Fund") at August 31, 1998, the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended and the financial highlights for each
of three periods then ended, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 2, 1998
13
<PAGE>
Information Age Portfolio as of August 31, 1998
PORTFOLIO OF INVESTMENTS
(Expressed in United States Dollars)
Common Stocks -- 88.6%
Security Shares Value
- --------------------------------------------------------------------------------
Advertising -- 3.3%
- --------------------------------------------------------------------------------
Catalina Marketing Corp./(1)/ 10,000 $ 420,625
Omnicom Group, Inc. 18,000 857,250
Young and Rubicam, Inc./(1)/ 15,000 458,438
- --------------------------------------------------------------------------------
$1,736,313
- --------------------------------------------------------------------------------
Aerospace and Defense -- 1.6%
- --------------------------------------------------------------------------------
General Motors Corp., Class H 24,000 $ 867,000
- --------------------------------------------------------------------------------
$ 867,000
- --------------------------------------------------------------------------------
Broadcasting and Cable -- 10.9%
- --------------------------------------------------------------------------------
Cable and Wireless Communications/(1)(2)/ 100,000 $ 881,158
Comcast Corp., Class A 18,000 672,750
Cox Communications, Inc., Class A/(1)/ 20,000 840,000
Granada Group PLC/(2)/ 70,000 930,792
Liberty Media Group, Class A/(1)/ 10,000 326,875
MediaOne Group, Inc./(1)/ 8,000 328,000
Mediaset Spa/(2)/ 140,000 794,329
Tele-Communications, Inc., Ser. A/(1)/ 5,000 165,000
TV Francaise/(2)/ 6,100 904,240
- --------------------------------------------------------------------------------
$5,843,144
- --------------------------------------------------------------------------------
Business Services - Miscellaneous -- 3.2%
- --------------------------------------------------------------------------------
Galileo International, Inc. 20,000 $ 653,750
Half (Robert) International, Inc./(1)/ 6,000 288,000
Pittston Brink's Group 25,000 784,375
- --------------------------------------------------------------------------------
$1,726,125
- --------------------------------------------------------------------------------
Communications Services -- 14.7%
- --------------------------------------------------------------------------------
Ameritech Corp. 8,000 $ 377,000
Bezek/(2)/ 250,000 748,889
British Telecommunications PLC/(2)/ 125,000 1,705,619
City Telecom (HK) Ltd./(2)/ 2,000,000 64,523
Energis/(1)(2)/ 75,000 1,047,581
GTE Corp. 19,000 950,000
SBC Communications, Inc. 20,000 760,000
Telecom Italia Spa/(2)/ 350,000 1,738,827
Videsh Sanchar Nigam Ltd., GDR/(1)(2)/ 50,000 487,500
- --------------------------------------------------------------------------------
$7,879,939
- --------------------------------------------------------------------------------
Computer Software -- 7.2%
- --------------------------------------------------------------------------------
Computer Associates International, Inc. 15,000 $ 405,000
Documentum, Inc./(1)/ 24,000 858,000
Emultek, Ltd./(1)/ 46,700 99,238
J.D. Edwards, Inc./(1)/ 20,000 810,000
Misys PLC/(2)/ 21,000 945,464
Oracle Corp./(1)/ 20,000 398,750
Platinum Technology, Inc./(1)/ 15,000 281,250
Sendit AB/(1)(2)/ 3,600 69,201
- --------------------------------------------------------------------------------
$3,866,903
- --------------------------------------------------------------------------------
Computers and Business Equipment -- 3.8%
- --------------------------------------------------------------------------------
EMC Corp./(1)/ 5,000 $ 225,938
Lexmark International Group, Inc./(1)/ 15,000 908,438
Xerox Corp. 10,000 878,125
- --------------------------------------------------------------------------------
$2,012,501
- --------------------------------------------------------------------------------
Drugs -- 1.5%
- --------------------------------------------------------------------------------
Genzyme Corp., Class A/(1)/ 10,000 $ 270,000
Quintiles Transnational Corp./(1)/ 15,000 536,250
- --------------------------------------------------------------------------------
$ 806,250
- --------------------------------------------------------------------------------
Electrical Equipment -- 1.8%
- --------------------------------------------------------------------------------
Matsushita Communication Industrial Co./(2)/ 28,000 $ 944,066
- --------------------------------------------------------------------------------
$ 944,066
- --------------------------------------------------------------------------------
Electronics - Instruments -- 3.3%
- --------------------------------------------------------------------------------
Avimo Group Ltd./(2)/ 400,000 $ 428,652
Dae Duck Electronics, Co./(2)/ 3,300 167,964
Philips Electronics/(2)/ 15,000 981,227
Sam Young Electronics Co./(2)/ 33,400 184,500
- --------------------------------------------------------------------------------
$1,762,343
- --------------------------------------------------------------------------------
Electronics - Semiconductors -- 3.7%
- --------------------------------------------------------------------------------
Alcatel Alsthom/(2)/ 5,000 $ 809,871
Analog Devices, Inc./(1)/ 50,000 703,125
Micron Technology, Inc. 20,000 455,000
- --------------------------------------------------------------------------------
$1,967,996
- --------------------------------------------------------------------------------
Entertainment -- 1.7%
- --------------------------------------------------------------------------------
Sony Corp./(2)/ 5,000 $ 365,914
See notes to financial statements
14
<PAGE>
Information Age Portfolio as of August 31, 1998
PORTFOLIO OF INVESTMENTS CONT'D
(Expressed in United States Dollars)
Security Shares Value
- --------------------------------------------------------------------------------
Entertainment (continued)
- --------------------------------------------------------------------------------
Time Warner, Inc. 7,000 $ 562,625
- --------------------------------------------------------------------------------
$ 928,539
- --------------------------------------------------------------------------------
Information Services -- 12.8%
- --------------------------------------------------------------------------------
Acxiom Corp. 40,000 $ 802,500
Automatic Data Processing, Inc. 13,000 828,750
Azlan Group PLC/(1)(2)/ 800,000 643,891
Equant NV/(2)/ 25,000 1,043,080
Formula Systems (1985), Ltd. ADR/(1)/ 20,000 490,000
Forsoft Ltd./(1)/ 23,000 345,000
Gartner Group, Inc., Class A/(1)/ 32,000 740,000
HBO and Co. 10,000 212,500
Micro Focus Group PLC/(1)(2)/ 75,000 446,448
Reynolds & Reynolds, Inc., Class A 20,000 252,500
SunGard Data Systems, Inc./(1)/ 33,000 1,045,688
- --------------------------------------------------------------------------------
$ 6,850,357
- --------------------------------------------------------------------------------
Investment Services -- 3.1%
- --------------------------------------------------------------------------------
E*Trade Group, Inc./(1)/ 24,000 $ 399,000
Raymond James Financial Corp. 30,000 515,625
Schwab (Charles) and Co., Inc. 25,000 746,875
- --------------------------------------------------------------------------------
$ 1,661,500
- --------------------------------------------------------------------------------
Medical Products -- 0.3%
- --------------------------------------------------------------------------------
Cytyc Corp./(1)/ 20,000 $ 160,000
- --------------------------------------------------------------------------------
$ 160,000
- --------------------------------------------------------------------------------
Printing and Business Products -- 1.2%
- --------------------------------------------------------------------------------
Valassis Communications, Inc./(1)/ 22,000 $ 655,875
- --------------------------------------------------------------------------------
$ 655,875
- --------------------------------------------------------------------------------
Publishing -- 12.5%
- --------------------------------------------------------------------------------
Central Newspapers, Inc., Class A 5,000 $ 310,000
Dow Jones & Co., Inc. 8,000 398,500
E.W. Scripps Co. 10,000 471,875
McGraw-Hill Companies, Inc. (The) 4,000 305,000
New York Times Co. 23,000 667,000
News Corp. Ltd./(2)/ 150,394 918,727
Pearson PLC/(2)/ 105,000 1,748,315
Poligrafici Editoriale Spa/(2)/ 325,000 801,892
Springer Alex Verlag AG/(2)/ 800 491,440
Times Mirror Co., Class A 10,000 571,875
- --------------------------------------------------------------------------------
$ 6,684,624
- --------------------------------------------------------------------------------
Telephone Utilities -- 2.0%
- --------------------------------------------------------------------------------
Securicor PLC/(2)/ 125,000 $ 1,085,727
- --------------------------------------------------------------------------------
$ 1,085,727
- --------------------------------------------------------------------------------
Total Common Stocks
(identified cost $44,937,604) $47,439,202
- --------------------------------------------------------------------------------
Rights -- 0.0%
Security Shares Value
- --------------------------------------------------------------------------------
Samsung Electronics/(1)(2)/, 0.00%, 1/1/80 1,384 $ 16,159
- --------------------------------------------------------------------------------
Total Rights
(identified cost $0) $ 16,159
- --------------------------------------------------------------------------------
Mortgage Pass-Throughs -- 5.5%
Principal
Amount
Security (000's omitted) Value
- --------------------------------------------------------------------------------
Federal National Mortgage Assn.,
5.70%, 9/1/98 $ 2,946 $ 2,946,000
- --------------------------------------------------------------------------------
Total Mortgage Pass-Throughs
(identified cost $2,946,000) $ 2,946,000
- --------------------------------------------------------------------------------
Total Investments -- 94.1%
(identified cost $47,883,604) $50,401,361
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities -- 5.9% $ 3,154,986
- --------------------------------------------------------------------------------
Net Assets -- 100% $53,556,347
- --------------------------------------------------------------------------------
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
/(1)/Non-income producing security.
/(2)/Foreign security.
See notes to financial statements
15
<PAGE>
Information Age Portfolio as of August 31, 1998
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
As of August 31, 1998
(Expressed in United States Dollars)
<S> <C>
Assets
- ----------------------------------------------------------------------------------------
Investments, at value (identified cost, $47,883,604) $ 50,401,361
Cash 683
Foreign currency, at value
(identified cost, $2,729) 2,729
Receivable for investments sold 3,680,843
Dividends and interest receivable 79,857
Deferred organization expenses 2,715
- ----------------------------------------------------------------------------------------
Total assets $ 54,168,188
- ----------------------------------------------------------------------------------------
Liabilities
- ----------------------------------------------------------------------------------------
Payable for investments purchased $ 539,224
Payable for open forward foreign exchange currency contracts 21,264
Other accrued expenses 51,353
- ----------------------------------------------------------------------------------------
Total liabilities $ 611,841
- ----------------------------------------------------------------------------------------
Net Assets applicable to investors' interest in Portfolio $ 53,556,347
- ----------------------------------------------------------------------------------------
Sources of Net Assets
- ----------------------------------------------------------------------------------------
Net proceeds from capital contributions and withdrawals $ 51,043,294
Net unrealized appreciation (computed on the basis of identified cost) 2,513,053
- ----------------------------------------------------------------------------------------
Total $ 53,556,347
- ----------------------------------------------------------------------------------------
<CAPTION>
Statement of Operations
For the Year Ended
August 31, 1998
(Expressed in United States Dollars)
<S> <C>
Investment Income
- ----------------------------------------------------------------------------------------
Dividends (net of foreign taxes, $69,824) $ 665,794
Interest 167,605
- ----------------------------------------------------------------------------------------
Total investment income $ 833,399
- ----------------------------------------------------------------------------------------
Expenses
- ----------------------------------------------------------------------------------------
Investment adviser fee $ 432,808
Administration fee 144,501
Trustees fees and expenses 13,176
Custodian fee 208,872
Legal and accounting services 24,794
Amortization of organization expenses 1,248
Miscellaneous 3,393
- ----------------------------------------------------------------------------------------
Total expenses $ 828,792
- ----------------------------------------------------------------------------------------
Net investment income $ 4,607
- ----------------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
- ----------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 5,969,260
Foreign currency transactions and forward foreign currency
exchange contracts (99,004)
- ----------------------------------------------------------------------------------------
Net realized gain $ 5,870,256
- ----------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (4,212,723)
Foreign currency and forward foreign currency exchange contracts (6,807)
- ----------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $ (4,219,530)
- ----------------------------------------------------------------------------------------
Net realized and unrealized gain $ 1,650,726
- ----------------------------------------------------------------------------------------
Net increase in net assets from operations $ 1,655,333
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
16
<PAGE>
Information Age Portfolio as of August 31, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets (Expressed in United States Dollars)
<TABLE>
<CAPTION>
Increase (Decrease) Year Ended Year Ended
in Net Assets August 31, 1998 August 31, 1997
- --------------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment income (loss) $ 4,607 $ (19,786)
Net realized gain 5,870,256 5,605,068
Net change in unrealized
appreciation (depreciation) (4,219,530) 4,259,017
- --------------------------------------------------------------------------------
Net increase in net assets from operations
$ 1,655,333 $ 9,844,299
- --------------------------------------------------------------------------------
Capital transactions --
Contributions $ 23,294,915 $ 19,061,455
Withdrawals (22,767,845) (20,235,195)
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets from
capital transactions $ 527,070 $ (1,173,740)
- --------------------------------------------------------------------------------
Net increase in net assets $ 2,182,403 $ 8,670,559
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of year $ 51,373,944 $ 42,703,385
- --------------------------------------------------------------------------------
At end of year $ 53,556,347 $ 51,373,944
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
17
<PAGE>
Information Age Portfolio as of August 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data (Expressed in United States Dollars)
<TABLE>
<CAPTION>
Year Ended August 31,
------------------------------------------------
1998 1997 1996/(1)/
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Ratios to average daily net assets
- -----------------------------------------------------------------------------------------------------
Expenses 1.44% 1.48% 1.52%/(2)/
Net investment income (loss) 0.01% (0.04)% 0.07%/(2)/
Portfolio Turnover 157% 160% 115%
- -----------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $53,556 $51,374 $42,703
- -----------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ For the period from the start of business, September 18, 1995, to
August 31, 1996.
/(2)/ Annualized.
See notes to financial statements
18
<PAGE>
Information Age Portfolio as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS
(Expressed in United States Dollars)
1 Significant Accounting Policies
-----------------------------------------------------------------------------
Information Age Portfolio (the "Portfolio") is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The Portfolio which was organized as a trust under the laws of the State of
New York on September 1, 1992 seeks to provide long-term capital growth by
investing in a global and diversified portfolio of securities of information
age companies. The Declaration of Trust permits the Trustees to issue
interests in the Portfolio. The following is a summary of the significant
accounting policies of the Portfolio. The policies are in conformity with
generally accepted accounting principles.
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. 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 Federal Taxes -- The Portfolio is treated as a partnership for Federal tax
purposes. No provision is made by the Portfolio for Federal or state taxes on
any taxable income of the Portfolio because each investor in the Portfolio is
ultimately responsible for the payment of any taxes on its share of such
income. Since some of the Portfolio's investors are regulated investment
companies that invest all or substantially all of their assets in the
Portfolio, the Portfolio normally must satisfy the applicable source of income
and diversification requirements (under the 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
Trust's understanding of the applicable countries' tax rules and rates.
C Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization are being amortized on the straight-line
basis over five years.
D 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.
E Options on Financial Futures -- Upon the purchase of a put option on foreign
currency by the Portfolio, the premium paid is recorded as an investment, the
value of which is marked-to-market daily. When a purchased option expires, the
Portfolio will realize a loss in the amount of the cost of the option. When a
Portfolio enters into a closing sales transaction, the Portfolio will realize
a gain or loss depending upon whether the sales proceeds from the closing
sales transaction are greater or less than the cost of the option. When a
Portfolio exercises a put option, settlement is made in cash. The risk
associated with purchasing options is limited to the premium originally paid.
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 foreign currency rates are recorded
for financial statement purposes as net
19
<PAGE>
Information Age Portfolio as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
(Expressed in United States Dollars)
realized gains and losses on investments. That portion of unrealized gains and
losses on investments that result from fluctuations in foreign currency
exchange rates are not separately disclosed.
G Forward Foreign Currency Exchange Contracts -- The Portfolio may enter into
forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. Risks 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 will 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 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 revenue and expense during the reporting period. Actual results
could differ from those estimates.
I Other -- Investment transactions are accounted for on a trade date basis.
Dividend income is recorded on the ex-dividend date. 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. Interest income
is recorded on the accrual basis.
2 Investment Adviser Fee and Other Transactions with Affiliates
------------------------------------------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), and Lloyd George
Investment Management (Bermuda) Limited, an affiliate of EVM (the Advisers),
as compensation for management and investment advisory services rendered to
the Portfolio. Under the advisory agreement, the Advisers receive a monthly
fee, divided equally between them, 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 year ended August 31, 1998, the
adviser fee was 0.75% of average net assets for such period and amounted to
$432,808. In addition, an administrative fee is earned by 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% (equal to
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 year ended August 31, 1998, the administration fee was 0.25% of average
net assets for such period and amounted to $144,501. Except as to the Trustees
of the Portfolio who are not members of the Advisers, or EVM's organization,
officers and Trustees receive remuneration for their services to the Portfolio
out of such investment adviser and administrative fees.
Trustees of the Portfolio that are not affiliated with the Advisers may elect
to defer receipt of all or a percentage of their annual fees in accordance
with the terms of the Trustees Deferred Compensation Plan. For the year ended
August 31, 1998, no significant amounts have been deferred.
Certain of the officers and Trustees of the Portfolio are officers and
directors/trustees of the above organizations.
3 Investment Transactions
------------------------------------------------------------------------------
Purchase and sales of investments, other than short-term obligations and
purchased option transactions, aggregated $85,568,457 and $89,085,389,
respectively.
4 Federal Income Tax Basis of Investments
------------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in value of the investments
owned at August 31, 1998, are as follows:
Aggregate cost $ 47,959,810
------------------------------------------------------------------------------
Gross unrealized appreciation $ 7,053,723
Gross unrealized depreciation (4,612,172)
------------------------------------------------------------------------------
Net unrealized appreciation $ 2,441,551
------------------------------------------------------------------------------
20
<PAGE>
Information Age Portfolio as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
(Expressed in United States Dollars)
5 Risks Associated with Foreign Investments
------------------------------------------------------------------------------
Investing in securities issued by companies whose principal business
activities are outside the United States may 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 located 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.
6 Financial Instruments
------------------------------------------------------------------------------
The Portfolio regularly trades in financial instruments with off-balance sheet
risk in the normal course of its investing activities to assist in managing
exposure to various market risks. These financial instruments include written
options, forward foreign currency exchange contracts and financial futures
contracts and may involve, to a varying degree, elements of risk in excess of
the amounts recognized for financial statement purposes. The notional or
contractual amounts of these instruments represent the investment the
Portfolio has in particular classes of financial instruments and does not
necessarily represent the amounts potentially subject to risk. The measurement
of the risks associated with these instruments is meaningful only when all
related and offsetting transactions are considered.
A summary of obligations under these financial instruments at August 31,
1998 is as follows:
Forward Foreign Currency Exchange Contracts
Sales
- --------------------------------------------------------------------------------
Net Unrealized
Settlement In Exchange For Appreciation
Date Deliver (in U.S. dollars) (Depreciation)
- --------------------------------------------------------------------------------
9/1/98 Australian Dollar
849,977 $ 478,622 $ (7,104)
- --------------------------------------------------------------------------------
9/3/98 Great British Pound
483,494 796,411 (14,180)
- --------------------------------------------------------------------------------
9/1/98 Hong Kong Dollar
920,943 118,817 20
- --------------------------------------------------------------------------------
$1,393,850 $(21,264)
- --------------------------------------------------------------------------------
7 Line of Credit
------------------------------------------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $100 million unsecured line of credit agreement
with a group of banks. The Portfolio may temporarily borrow from the line of
credit to satisfy redemption requests or settle investment transactions.
Interest is charged to each portfolio or fund based on its borrowings at an
amount above either the Eurodollar rate or federal funds rate. In addition, a
fee computed at an annual rate of 0.10% on the daily unused portion of the
facility is allocated among the participating funds and portfolios at the end
of each quarter. The Portfolio did not have any significant borrowings or
allocated fees during the year ended August 31, 1998.
21
<PAGE>
Information Age Portfolio as of August 31, 1998
INDEPENDENT ACCOUNTANTS' REPORT
To the Trustees and Shareholders of
Information Age Portfolio:
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments of Information Age Portfolio, as of August 31,
1998, and the related statement of operations for the year then ended, and the
statements of changes in net assets and the supplementary data for each of the
periods indicated therein. These financial statements and supplementary data are
the responsibility of the Portfolio's management. Our responsibility is to
express an opinion on these financial statements and supplementary data based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and supplementary
data are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at August
31, 1998 by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and supplementary data present fairly,
in all material respects, the financial position of Information Age Portfolio at
August 31, 1998, and the results of its operations for the year then ended, and
changes in its net assets and supplementary data for each of the periods
indicated therein, in conformity with United States generally accepted
accounting principles.
PricewaterhouseCoopers LLP
Chartered Accountants
Toronto, Canada
October 2, 1998
22
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1998
INVESTMENT MANAGEMENT
Eaton Vance Information Age Fund
<TABLE>
<S> <C>
Officers Independent Trustees
James B. Hawkes Donald R. Dwight
President and Trustee President, Dwight Partners, Inc.
M. Dozier Gardner Samuel L. Hayes, III
Vice President Jacob H. Schiff Professor of Investment Banking,
Harvard University Graduate School of
William D. Burt Business Administration
Vice President
Norton H. Reamer
Barclay Tittmann Chairman and Chief Executive Officer,
Vice President United Asset Management Corporation
James L. O'Connor John L. Thorndike
Treasurer Formerly Director, Fiduciary Company Incorporated
Alan R. Dynner Jack L. Treynor
Secretary Investment Adviser and Consultant
</TABLE>
Information Age Portfolio
<TABLE>
<S> <C>
Officers Independent Trustees
James B. Hawkes Hon. Edward K.Y. Chen
President and Trustee Professor and Director, Center for Asian Studies,
University of Hong Kong
Michel Normandeau
Vice President Donald R. Dwight
President, Dwight Partners, Inc.
Raymond O'Neill
Vice President Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking,
Duncan W. Richardson Harvard University Graduate School of
Vice President and Business Administration
Co-Portfolio Manager
Norton H. Reamer
Hon. Robert Lloyd George Chairman and Chief Executive Officer,
Vice President, Trustee and United Asset Management Corporation
Co-Portfolio Manager
John L. Thorndike
James L. O'Connor Formerly Director, Fiduciary Company Incorporated
Treasurer
Jack L. Treynor
Alan R. Dynner Investment Adviser and Consultant
Secretary
</TABLE>
23
<PAGE>
Sponsor and Manager of Eaton Vance Information Age
Fund and Administrator of Information Age Portfolio
Eaton Vance Management
24 Federal Street
Boston, MA 02110
Co-Advisor of Information Age Portfolio
Boston Management and Research
24 Federal Street
Boston, MA 02110
Lloyd George Investment Management (Bermuda) Limited
3808 One Exchange Square
Central, Hong Kong
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
200 Clarendon Street, 16th Floor
Boston, MA 02116
Transfer Agent
First Data Investor Services Group, Inc.
Attn: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 01581-5123
(800) 262-1122
Independent Auditors
PricewaterhouseCoopers LLP
One Post Office Square
Boston, MA 02109
Eaton Vance Information Age Fund
24 Federal Street
Boston, MA 02110
- --------------------------------------------------------------------------------
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its sales charges and
expenses. Please read the prospectus carefully before you invest or send money.
- --------------------------------------------------------------------------------
IASRC-10/98
