<PAGE>
[EATON VANCE LOGO] INVESTING
FOR THE
21ST
CENTURY-REGISTERED TRADEMARK-
[PICTURE OF THE EARTH]
Annual Report August 31, 1999
EATON VANCE
[PICTURE OF SATELLITE] INFORMATION
AGE FUND
Global Management-Global Distribution
[PICTURE OF A BABY AND A COMPUTER]
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1999
- -------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
- -------------------------------------------------------------------------------
[PHOTO] Eaton Vance Information Age Fund, Class A shares, had a
total return of 54.95% during the year ended August 31,
James. B. Hawkes 1999. That return was the result of an increase in net
President asset value per share (NAV) from $11.71 on August 31, 1998
to $17.34 on August 31, 1999, and the reinvestment of
$0.622 per share in capital gains distributions.(1)
Class B shares had a total return of 54.39% for the same period, the result
of an increase in NAV from $12.03 to $17.77, and the reinvestment of $0.622
per share in capital gains distributions.(1)
Class C shares had a total return of 54.29% for the same period, the result
of an increase in NAV from $11.72 to $17.28, and the reinvestment of $0.622
per share in capital gains distributions.(1)
By comparison, the Morgan Stanley Capital International World Index - a
broad-based index composed of global common stocks - had a return of 35.45%
during the same period. The average return of Global Equity Funds was 32.72%,
according to Lipper Inc., a nationally recognized monitor of U.S. mutual fund
performance.(2)
While there were some dramatic movements in the stock market this year, the
Dow Jones Industrial Average has remained stable since May, neither gaining
nor losing much ground. The Federal Reserve Board has raised interest rates
twice in that time period, a total of 0.50% to 5.25%, in an effort to prevent
a recurrence of inflation. Economic data released at the end of August indeed
suggested that there was no sign of an economic slowdown, as manufacturing
activity accelerated and consumer confidence remained high. However,
employment figures made available in early September showed that jobs and
wages slowed significantly in August, which mitigates inflationary pressures
somewhat and may reduce the risk of another interest rate hike in the
immediate future.
Information Age companies in media, telecommunications, and consumer services
benefited from stronger earnings growth and an increase in mergers and
acquisitions. Telecom and information services companies benefited from the
growth of the Internet. The Information Age Fund remained broadly diversified
and we believe it will continue to gain from the economic recoveries in Japan
and Asia.
On the following pages, Co-Portfolio Managers Duncan Richardson and Jacob
Rees-Mogg discuss the past 12 months and offer their outlook for the year
ahead.
Sincerely,
/s/ James B. Hawkes
James B. Hawkes
President
October 15, 1999
- -------------------------------------------------------------------------------
Performance(3) Class A Class B Class C
Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
One Year 54.95% 54.39% 54.29%
Life of Fund+ 20.98 20.69 20.34
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
One Year 46.09% 49.39% 53.29%
Life of Fund+ 19.18 20.25 20.34
+Inception Dates - Class A: 9/18/95; Class B: 9/18/95; Class C:11/22/95
Ten Largest Equity Holdings(4)
- --------------------------------------------------------------------------------
Pearson PLC 2.2%
TVFrancaise 2.2
Okinawa Cellular Telephone Co. 2.0
British Telecommunications PLC 2.0
Hikari Tsushin, Inc. 1.9
Korea Telecom Corp.ADR 1.8
Mirror Group PLC 1.7
Nippon Broadcasting System 1.6
Nippon Sheet Glass 1.5
Reuters Group PLC 1.5
(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) Ten largest equity holdings accounted for 18.4% 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.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
2
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1999
- -------------------------------------------------------------------------------
MANAGEMENT DISCUSSION
- -------------------------------------------------------------------------------
AN INTERVIEW WITH
DUNCAN RICHARDSON AND [PHOTO]
HON. JACOB REES-MOGG,
CO-PORTFOLIO MANAGERS OF Duncan Richardson
INFORMATION AGE PORTFOLIO Co-Portfolio Manager
Q: Duncan, Information Age Fund has had a terrific year. To what do you
attribute its performance?
A: MR. RICHARDSON: Information Age Portfolio has been able to capture
performance over the years from volatile sectors of the market, primarily
due to its flexibility. This year the telecom sector has done very well. In
the prior year, cable companies were outstanding. Over the Portfolio's
roughly four years of existence, various technology segments have been in
and out of favor numerous times.
Information Age Portfolio takes a truly broad-based approach. We are
diversified across the globe, we participate in a wide range of growth
industries, and we have flexibility with regard to the market capitalization
of companies in which we invest.
This fund really is distinct from narrowly focused "tech" funds. We consider
"Information Age"companies as those involved in the creation, processing, and
distribution of information: media, technology and telecommunications. Within
that broad universe, we are looking for great, growing companies.
Geographic Distribution+
- -------------------------------------------------------------------------------
As a percentage of total net assets
Data points in pie chart:
U.S. 45.09%
U.K. 15.37%
Other Europe 9.90%
Japan 17.05%
Canada 0.72%
Asia/Pacific 6.37%
+ Portfolio distribution subject to change due to active management.
Q: What areas did you emphasize over the past year?
A: MR. RICHARDSON: There were really three important areas for us:telecom, which
I'll let Jacob speak about; broadcasting, which has been benefiting from
recent deregulation and merger activity; and other "ad-driven" industries.
Most of the newest Information Age companies and many older firms are using
mass advertising to create brand awareness. We've invested in the large-scale
media television, radio, print - that benefit from the brand-building.
One of our top names in this area is Omnicom Group, Inc., a global
advertising company. Omnicom is expected to derive 10% of its net new
business this year - nearly $70 million in new revenues - from Internet
companies trying to attract advertising to their websites. In addition, we
can look for an overall surge in advertising going into next year, when
millennial ad campaigns, a presidential election, and the Olympics will
generate demand. Omnicom stands to profit as a result, as do the broadcasting
companies the Portfolio holds.
Q: Jacob, what has the [PHOTO]
Fund been doing in the
telecommunications Hon. Jacob Rees-Mogg
area? Co-Portfolio Manager
A: MR. REES-MOGG: Over the past year, we have been investing in a number of
Japanese telecom stocks that have positively impacted the Portfolio's
returns. One of our strongest performers has been Hikari Tsushin, Inc., which
trades on the Tokyo Stock Exchange. It's a cellular phone subscription agency
that has been well-positioned to gain from the rise in demand for wireless
telephones. The company has also demonstrated its forward-thinking approach
by participating in several Internet-related ventures that have been
well-received by investors. Since we started building a position in January
until now, the stock was up about 250%.
3
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1999
- -------------------------------------------------------------------------------
MANAGEMENT DISCUSSION
- -------------------------------------------------------------------------------
We have also been positive on Nippon Telegraph & Telephone Corp., which is
among the world's largest telecommunications companies. Our analysis
indicates that the stock is significantly undervalued, considering the
strength of its assets, and that future restructuring should greatly reduce
its cost structure. In our opinion, there is upside potential to the stock
price, distinguishing the company from its peers, many of which we believe
have peaked in price.
Q: Duncan, so much has been written about the Internet stocks in the past year.
Has the Portfolio participated in any of those names?
A: MR. RICHARDSON: We have generally avoided "pure Internet plays." We shunned
investing in brand-new companies or concepts in the hope that the gamble
might pay off someday in real earnings. We still regard most of the Internet
stocks as too speculative. Instead, the Portfolio has benefited in an
indirect sense from the explosive growth of the Internet. As Imentioned
before, there has been a concurrent growth in advertising and we have also
participated in the building of the Internet. We own several hardware and
software services firms whose businesses are accelerating due to the need for
all companies to get online.
Five Largest Industry Positions+
- -------------------------------------------------------------------------------
As a percentage of total net assets
Communications Services 14.3%
Broadcasting and Cable 13.9%
Information Services 10.2%
Publishing 7.0%
Computer Software 5.7%
+ Portfolio positions subject to change due to active management.
Another indirect Internet play has been Lexmark International Group, Inc.
They have been very successful in the sub-$100 printer - the fastest-growing
part of the printer market - due to more households buying bundled personal
computer packages for under $1000 in order to access the Internet.
Q: Jacob, how has the regional diversification of the Portfolio affected its
performance?
A: MR. REES-MOGG: Having the flexibility to invest approximately half of the
Portfolio in world markets other than the U.S. had a very positive effect on
returns this year. Regional diversification allowed us to avoid a great deal
of the turbulence we may have encountered had we been invested entirely in
one country. As an example, the Japanese market had been quite rocky in
recent years. When it seemed to have bottomed out, our research team
identified some attractive growth stock opportunities, especially in the
telecom area. Subsequently, we increased our exposure in Japan to about 35%
of the international half of the Portfolio. That has proven quite successful,
as the Japanese market moved up strongly when the U.S. market was relatively
flat. We believe that in the years to come, international diversification
will become increasingly important to investors as a way to help reduce risk.
4
<PAGE>
Eaton Vance Information Age Fund as of August 31, 1999
- -------------------------------------------------------------------------------
MANAGEMENT DISCUSSION
- -------------------------------------------------------------------------------
Q: What is your outlook for the markets in the year ahead?
A: MR. REES-MOGG: I don't think Japan will go much higher; that market seems to
have stabilized. Continental Europe is looking quite attractive, as the
economies there appear to be recovering better than expected. The United
Kingdom market should remain stable, and the Far East is reappearing on our
investment horizon, as opposed to a year ago, when the near-collapse of
several hedge funds dominated investor psychology. We are, I should
emphasize, stock-pickers, rather than regional market players. We employ the
"bottom-up" approach in our research, looking for the fundamentals in a
company that make its stock an attractive growth opportunity.
MR. RICHARDSON: I think we can be certain of more volatility in the markets
in the year to come. Valuation remains a major concern; a lot of the market
leaders in the past year are priced at aggressive levels. The Internet
stocks, for example, are off by half from the highs of April, but in general
are still up 100% from a year ago, without the support of any earnings. We
believe there is still a great deal of risk in that group. We feel that our
diversified approach and our insistence on sound fundamentals can help absorb
a lot of the risk associated with growth investing. So while there may be
volatility in the months ahead, we continue to be optimistic that we can use
that volatility to the advantage of fellow long-term investors in the
Portfolio.
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
EATON VANCE INFORMATION AGE FUND, CLASS A VS. THE MORGAN
STANLEY CAPITAL INTERNATIONAL WORLD INDEX
<TABLE>
<CAPTION>
Date Fund/NAV Fund/MOP MSCIWI
---- -------- -------- ------
<S> <C> <C> <C>
9/30/95 $10,000 $9,424 $10,000
10/31/95 $10,138 $9,554 $9,844
11/30/95 $10,236 $9,647 $10,188
12/31/95 $10,296 $9,703 $10,488
1/31/96 $10,335 $9,740 $10,679
2/28/96 $10,562 $9,954 $10,746
3/31/96 $10,581 $9,972 $10,927
4/30/96 $11,143 $10,501 $11,186
5/31/96 $11,360 $10,706 $11,198
6/30/96 $11,192 $10,548 $11,256
7/31/96 $10,502 $9,898 $10,861
8/31/96 $10,897 $10,269 $10,988
9/30/96 $11,547 $10,882 $11,420
10/31/96 $11,320 $10,669 $11,502
11/30/96 $11,842 $11,161 $12,148
12/31/96 $11,715 $11,041 $11,956
1/31/97 $11,923 $11,236 $12,102
2/28/97 $11,932 $11,246 $12,243
3/31/97 $11,518 $10,855 $12,003
4/30/97 $11,617 $10,948 $12,398
5/31/97 $12,564 $11,840 $13,165
6/30/97 $13,027 $12,277 $13,824
7/31/97 $13,648 $12,863 $14,462
8/31/97 $13,186 $12,427 $13,497
9/30/97 $13,869 $13,071 $14,233
10/31/97 $13,142 $12,386 $13,486
11/30/97 $13,484 $12,708 $13,726
12/31/97 $13,734 $12,943 $13,896
1/31/98 $13,895 $13,095 $14,285
2/28/98 $15,070 $14,203 $15,254
3/31/98 $15,923 $15,006 $15,900
4/30/98 $15,969 $15,050 $16,058
5/31/98 $15,716 $14,811 $15,859
6/30/98 $16,015 $15,093 $16,238
7/31/98 $15,865 $14,952 $16,214
8/31/98 $13,492 $12,715 $14,054
9/30/98 $14,091 $13,280 $14,305
10/31/98 $14,437 $13,606 $15,601
11/30/98 $15,324 $14,442 $16,531
12/31/98 $16,782 $15,816 $17,341
1/31/99 $17,831 $16,804 $17,723
2/28/99 $17,156 $16,168 $17,254
3/31/99 $17,976 $16,941 $17,975
4/30/99 $19,085 $17,986 $18,686
5/31/99 $18,795 $17,713 $18,006
6/30/99 $20,736 $19,543 $18,849
7/31/99 $21,375 $20,145 $18,795
8/31/99 $20,905 $19,702 $18,764
</TABLE>
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
EATON VANCE INFORMATION AGE FUND, CLASS B VS. THE MORGAN
STANLEY CAPITAL INTERNATIONAL WORLD INDEX
<TABLE>
<CAPTION>
Date Fund/NAV Fund/MOP MSCIWI
---- -------- -------- ------
<S> <C> <C> <C>
9/30/95 $10,000 $9,424 $10,000
10/31/95 $10,128 $9,554 $9,844
11/30/95 $10,226 $9,647 $10,188
12/31/95 $10,285 $9,703 $10,488
1/31/96 $10,315 $9,740 $10,679
2/28/96 $10,541 $9,954 $10,746
3/31/96 $10,571 $9,972 $10,927
4/30/96 $11,112 $10,501 $11,186
5/31/96 $11,329 $10,706 $11,198
6/30/96 $11,161 $10,548 $11,256
7/31/96 $10,482 $9,898 $10,861
8/31/96 $10,866 $10,269 $10,988
9/30/96 $11,516 $10,882 $11,420
10/31/96 $11,289 $10,669 $11,502
11/30/96 $11,811 $11,161 $12,148
12/31/96 $11,685 $11,041 $11,956
1/31/97 $11,892 $11,236 $12,102
2/28/97 $11,902 $11,246 $12,243
3/31/97 $11,478 $10,855 $12,003
4/30/97 $11,567 $10,948 $12,398
5/31/97 $12,513 $11,840 $13,165
6/30/97 $12,966 $12,277 $13,824
7/31/97 $13,587 $12,863 $14,462
8/31/97 $13,126 $12,427 $13,497
9/30/97 $13,808 $13,071 $14,233
10/31/97 $13,083 $12,386 $13,486
11/30/97 $13,414 $12,708 $13,726
12/31/97 $13,655 $12,943 $13,896
1/31/98 $13,811 $13,095 $14,285
2/28/98 $14,992 $14,203 $15,254
3/31/98 $15,827 $15,006 $15,900
4/30/98 $15,872 $15,050 $16,058
5/31/98 $15,627 $14,811 $15,859
6/30/98 $15,916 $15,093 $16,238
7/31/98 $15,760 $14,952 $16,214
8/31/98 $13,399 $12,715 $14,054
9/30/98 $13,989 $13,280 $14,305
10/31/98 $14,323 $13,606 $15,601
11/30/98 $15,203 $14,442 $16,531
12/31/98 $16,647 $15,816 $17,341
1/31/99 $17,683 $16,804 $17,723
2/28/99 $17,008 $16,168 $17,254
3/31/99 $17,822 $16,941 $17,975
4/30/99 $18,905 $17,986 $18,686
5/31/99 $18,614 $17,713 $18,006
6/30/99 $20,535 $19,543 $18,849
7/31/99 $21,152 $20,145 $18,795
8/31/99 $20,686 $20,386 $18,764
</TABLE>
Performance+ Class A Class B Class C
- -------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- -------------------------------------------------------------------------------
One Year 54.95% 54.39% 54.29%
Life of Fund*** 20.98 20.69 20.34
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- -------------------------------------------------------------------------------
One Year 46.09% 49.39% 53.29%
Life of Fund*** 19.18 20.25 20.34
***Inception Dates - Class A: 9/18/95; Class B: 9/18/95; Class C:11/22/95
* Source: TowersData 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.
The chart compares the total return of the Fund's Class A and Bshares with
that of a broad-based securities market index. Returns are calculated by
determining the percentage change in net asset value with all distributions
reinvested. The lines on the chart represent the total returns of $10,000
hypothetical investments in the Fund and the Morgan Stanley Capital
International (MSCI) World Index - a broad-based index of global common
stocks. An investment in the Fund's Class C shares on 11/30/95 at net asset
value would have grown to $19,972 on August 31, 1999. The Index's 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 them. It is not possible to invest directly in an Index.
+ 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.
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.
5
<PAGE>
EATON VANCE INFORMATION AGE FUND AS OF AUGUST 31, 1999
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF AUGUST 31, 1999
<S> <C>
Assets
- ------------------------------------------------------
Investment in Information Age Portfolio,
at value
(identified cost, $59,255,898) $76,715,661
Receivable for Fund shares sold 360,411
Tax reclaim receivable 17,662
Deferred organization expenses 28,636
- ------------------------------------------------------
TOTAL ASSETS $77,122,370
- ------------------------------------------------------
Liabilities
- ------------------------------------------------------
Payable for Fund shares redeemed $ 94,132
Payable to affiliate for Trustees' fees 306
Accrued expenses 39,461
- ------------------------------------------------------
TOTAL LIABILITIES $ 133,899
- ------------------------------------------------------
NET ASSETS $76,988,471
- ------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------
Paid-in capital $50,859,385
Accumulated undistributed net realized
gain on investments
from Portfolio (computed on the basis
of identified cost) 8,669,323
Net unrealized appreciation of
investments from Portfolio (computed
on the basis of identified cost) 17,459,763
- ------------------------------------------------------
TOTAL $76,988,471
- ------------------------------------------------------
Class A Shares
- ------------------------------------------------------
NET ASSETS $20,908,009
SHARES OUTSTANDING 1,205,903
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 17.34
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 94.25 of $17.34) $ 18.40
- ------------------------------------------------------
Class B Shares
- ------------------------------------------------------
NET ASSETS $49,962,775
SHARES OUTSTANDING 2,812,146
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE (NOTE 6)
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 17.77
- ------------------------------------------------------
Class C Shares
- ------------------------------------------------------
NET ASSETS $ 6,117,687
SHARES OUTSTANDING 354,093
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE (NOTE 6)
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 17.28
- ------------------------------------------------------
</TABLE>
On sales of $50,000 or more, the offering price of Class A shares is reduced.
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
AUGUST 31, 1999
<S> <C>
Investment Income
- ------------------------------------------------------
Dividends allocated from Portfolio
(net of foreign taxes, $44,077) $ 406,515
Interest allocated from Portfolio 171,681
Expenses allocated from Portfolio (793,057)
- ------------------------------------------------------
NET INVESTMENT LOSS FROM PORTFOLIO $ (214,861)
- ------------------------------------------------------
Expenses
- ------------------------------------------------------
Management fee $ 153,499
Trustees fees and expenses 3,636
Distribution and service fees
Class A 81,765
Class B 359,656
Class C 36,704
Transfer and dividend disbursing agent
fees 59,844
Registration fees 29,853
Legal and accounting services 28,824
Amortization of organization expenses 25,535
Printing and postage 16,443
Custodian fee 14,574
Miscellaneous 11,704
- ------------------------------------------------------
TOTAL EXPENSES $ 822,037
- ------------------------------------------------------
NET INVESTMENT LOSS $(1,036,898)
- ------------------------------------------------------
Realized and Unrealized
Gain (Loss) from Portfolio
- ------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 9,873,941
Foreign currency transactions and forward foreign
currency exchange
contracts (76,542)
- ------------------------------------------------------
NET REALIZED GAIN $ 9,797,399
- ------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments $15,397,533
Foreign currency 3,841
- ------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $15,401,374
- ------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $25,198,773
- ------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $24,161,875
- ------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
EATON VANCE INFORMATION AGE FUND AS OF AUGUST 31, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Increase (Decrease) YEAR ENDED YEAR ENDED
in Net Assets AUGUST 31, 1999 AUGUST 31, 1998
<S> <C> <C>
- -----------------------------------------------------------------------------
From operations --
Net investment loss $(1,036,898) $ (735,678)
Net realized gain 9,797,399 4,816,523
Net change in unrealized
appreciation (depreciation) 15,401,374 (3,475,675)
- -----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $24,161,875 $ 605,170
- -----------------------------------------------------------------------------
Distributions to shareholders --
From net realized gain
Class A $ (623,957) $ (552,894)
Class B (1,503,429) (1,244,963)
Class C (131,635) (102,337)
- -----------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $(2,259,021) $(1,900,194)
- -----------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 8,076,961 $ 8,682,876
Class B 10,983,681 7,304,479
Class C 3,329,088 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 585,157 528,077
Class B 1,385,737 1,150,455
Class C 126,075 95,882
Cost of shares redeemed
Class A (5,987,469) (9,182,708)
Class B (7,349,983) (6,235,093)
Class C (1,187,646) (695,984)
- -----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $ 9,961,601 $17,382,222
- -----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $31,864,455 $16,087,198
- -----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Net Assets
<S> <C> <C>
At beginning of year $45,124,016 $29,036,818
- -----------------------------------------------------------------------------
AT END OF YEAR $76,988,471 $45,124,016
- -----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE>
EATON VANCE INFORMATION AGE FUND AS OF AUGUST 31, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
YEAR ENDED AUGUST 31,
----------------------------------------------------------------------------------------
1999(1) 1998 1997 1996(1)(2)
------------------------------ ------------------------------ -------- -----------
CLASS A CLASS B CLASS C CLASS A CLASS B CLASS C CLASS B CLASS B
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of year $11.710 $12.030 $11.720 $11.970 $12.310 $12.020 $11.040 $10.000
- ------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------------------------
Net investment loss $(0.217) $(0.284) $(0.290) $(0.156) $(0.210) $(0.205) $(0.178) $(0.134)
Net realized and unrealized
gain 6.469 6.646 6.472 0.431 0.465 0.440 2.490 1.174
- ------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 6.252 $ 6.362 $ 6.182 $ 0.275 $ 0.255 $ 0.235 $ 2.312 $ 1.040
- ------------------------------------------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------------------------------------------
From net realized gain $(0.622) $(0.622) $(0.622) $(0.535) $(0.535) $(0.535) $(1.042) $ --
- ------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.622) $(0.622) $(0.622) $(0.535) $(0.535) $(0.535) $(1.042) $ --
- ------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $17.340 $17.770 $17.280 $11.710 $12.030 $11.720 $12.310 $11.040
- ------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 54.95% 54.39% 54.29% 2.32% 2.08% 1.96% 20.79% 10.40%
- ------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's
omitted) $20,908 $49,963 $ 6,118 $12,263 $30,331 $ 2,531 $29,037 $21,800
Ratios (As a percentage of
average daily net assets):
Expenses(4) 2.46% 2.87% 2.93% 2.68% 3.12% 3.20% 3.19% 2.96%(5)
Net investment loss (1.47)% (1.88)% (1.94)% (1.20)% (1.64)% (1.72)% (1.67)% (1.34)%(5)
Portfolio Turnover of the
Portfolio 131% 131% 131% 157% 157% 157% 160% 115%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment loss per share was computed using average shares
outstanding.
(2) For the period from the start of business, September 18, 1995, to
August 31, 1996.
(3) 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.
(4) Includes the Fund's share of the Portfolio's allocated expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE>
EATON VANCE INFORMATION AGE FUND AS OF AUGUST 31, 1999
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 generally sold subject to a sales charge imposed at 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). 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
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 (78.9% at August 31, 1999). 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
9
<PAGE>
EATON VANCE INFORMATION AGE FUND AS OF AUGUST 31, 1999
NOTES TO FINANCIAL STATEMENTS CONT'D
administration of the business affairs of the Fund. The fee is based on a
percentage of average daily net assets. For the year ended August 31, 1999,
the fee was equivalent to 0.25% of the Fund's average net assets for such
period and amounted to $153,499. 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 officers/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.
The Fund was informed that Eaton Vance Distributors, Inc. (EVD), a subsidiary
of EVM and the Funds' principal underwriter, received $18,214 from the Fund
as its portion of the sales charge on sales of Class A shares for the year
ended August 31, 1999.
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 series (such as the Fund) and
classes. Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
CLASS A AUGUST 31, 1999 AUGUST 31, 1998
<S> <C> <C>
- ---------------------------------------------------------------------------
Sales 517,627 639,018
Issued to shareholders
electing to receive payment
of distribution in Fund
shares 43,636 45,288
Redemptions (402,383) (681,009)
Issued to EV Traditional
Information Age
shareholders -- 1,043,726
- ---------------------------------------------------------------------------
NET INCREASE 158,880 1,047,023
- ---------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
CLASS B AUGUST 31, 1999 AUGUST 31, 1998
<S> <C> <C>
- ---------------------------------------------------------------------------
Sales 687,038 534,973
Issued to shareholders
electing to receive payment
of distribution in Fund
shares 100,635 95,519
Redemptions (496,264) (467,788)
- ---------------------------------------------------------------------------
NET INCREASE 291,409 162,704
- ---------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
CLASS C AUGUST 31, 1999 AUGUST 31, 1998
<S> <C> <C>
- ---------------------------------------------------------------------------
Sales 210,580 82,330
Issued to shareholders
electing to receive payment
of distribution in Fund
shares 9,416 8,195
Redemptions (81,774) (53,285)
Issued to EV Classic
Information Age
shareholders -- 178,631
- ---------------------------------------------------------------------------
NET INCREASE 138,222 215,871
- ---------------------------------------------------------------------------
</TABLE>
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 provide 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) interest
calculated by applying the rate of 1% over the prevailing prime rate to the
10
<PAGE>
EATON VANCE INFORMATION AGE FUND AS OF AUGUST 31, 1999
NOTES TO FINANCIAL STATEMENTS CONT'D
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 $51,850, $291,679, and $27,528 for Class A,
Class B, and Class C shares, respectively, to or payable to EVD for the year
ended August 31, 1999, representing 0.33%, 0.75%, and 0.75% of the average
daily net assets for Class A, Class B, and Class C shares, respectively. At
August 31, 1999, the amount of Uncovered Distribution Charges EVD calculated
under the Plans was approximately $1,033,000 and $258,000 for Class B and
Class C shares, respectively.
In addition, 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, 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 investment dealers 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, 1999 amounted to $29,915, $67,977, and $9,176 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) generally is imposed on redemptions
of Class B shares made within six years of purchase and on redemptions of
Class C shares made within one year of purchase. Generally, the CDSC is based
upon the lower of the net asset value at date of redemption or date of
purchase. No charge is levied on shares acquired by reinvestment of dividends
or capital gains distributions. 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 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 received approximately
$104,000 and $1,000 of CDSC paid by shareholders for Class B shares and
Class C shares, respectively, for the year ended August 31, 1999.
7 Investment Transactions
- -------------------------------------------
Increases and decreases in the Fund's investment in the Portfolio aggregated
$22,102,195 and $15,531,830, respectively, for the year ended August 31,
1999.
8 Transfer of Net Assets
- -------------------------------------------
On September 1, 1997, EV Marathon Information Age Fund received 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.
Tax Information (Unaudited)
- -------------------------------------------
Pursuant to Section 852 of the Internal Revenue Code, the Fund designates
$1,582,148 as capital gain dividends for the fiscal year ended August 31,
1999.
11
<PAGE>
EATON VANCE INFORMATION AGE FUND AS OF AUGUST 31, 1999
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
the Eaton Vance Information Age Fund (the "Fund") at August 31, 1999, and the
results of its operations, the changes in its net assets and the financial
highlights for the periods indicated, 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 4, 1999
12
<PAGE>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 1999
PORTFOLIO OF INVESTMENTS
(EXPRESSED IN UNITED STATES DOLLARS)
<TABLE>
<S> <C> <C>
COMMON STOCKS -- 94.5%
SECURITY SHARES VALUE
<S> <C> <C>
- -------------------------------------------------------------
Advertising -- 2.5%
- -------------------------------------------------------------
Lamar Advertising Co.(1) 25,000 $ 1,043,750
Omnicom Group, Inc. 19,000 1,432,125
- -------------------------------------------------------------
$ 2,475,875
- -------------------------------------------------------------
Banks - Regional -- 1.8%
- -------------------------------------------------------------
Fifth Third Bancorp 13,000 $ 861,250
Northern Trust Corp. 10,000 848,125
- -------------------------------------------------------------
$ 1,709,375
- -------------------------------------------------------------
Biotechnology -- 0.8%
- -------------------------------------------------------------
Transkaryotic
Therapies, Inc.(1)(2) 20,000 $ 787,500
- -------------------------------------------------------------
$ 787,500
- -------------------------------------------------------------
Broadcasting and Cable -- 13.9%
- -------------------------------------------------------------
Amfm, Inc.(1) 10,000 $ 492,500
Austar United
Communications(1)(2) 10,000 29,930
Cable and Wireless
Communications(1)(2) 100,000 1,045,265
CD Radio, Inc.(1) 32,000 1,038,000
Clear Channel
Communications, Inc.(1) 12,000 840,750
Comcast Corp., Class A 9,000 293,625
Cox Communications, Inc.,
Class A(1) 5,000 185,938
Fox Entertainment
Group, Inc.(1) 15,000 345,938
Hearst-Argyle Television(1) 35,000 885,938
Infinity Broadcasting
Corp.(1) 10,000 270,625
MediaOne Group, Inc.(1) 3,000 197,250
Mediaset Spa(2) 140,000 1,240,501
Nippon Broadcasting
System(2) 25,000 1,546,627
Sinclair Broadcast Group(1) 55,000 893,750
Television Broadcasts
Ltd.(2) 129,000 574,799
TV Francaise(2) 8,600 2,141,937
Univision
Communications, Inc.(1) 4,000 295,000
Young Broadcasting Corp.(1) 20,000 1,203,750
- -------------------------------------------------------------
$13,522,123
- -------------------------------------------------------------
Chemicals -- 1.5%
- -------------------------------------------------------------
Shin-Etsu Chemical Co.(2) 35,000 $ 1,422,259
- -------------------------------------------------------------
$ 1,422,259
- -------------------------------------------------------------
SECURITY SHARES VALUE
<S> <C> <C>
- -------------------------------------------------------------
Communications Equipment -- 4.5%
- -------------------------------------------------------------
Ciena Corp.(1) 20,000 $ 702,500
Cisco Systems, Inc.(1) 10,000 678,125
Lucent Technologies, Inc. 10,000 640,625
Motorola, Inc. 12,000 1,107,000
Nokia Corp. ADR 10,000 833,750
Qualcom, Inc.(1) 2,000 384,375
- -------------------------------------------------------------
$ 4,346,375
- -------------------------------------------------------------
Communications Services -- 14.8%
- -------------------------------------------------------------
Ameritech Corp. 5,000 $ 315,625
BCE, Inc. 15,000 701,250
British Sky Broadcasting
PLC(2) 110,000 1,042,772
British Telecommunications
PLC(2) 125,000 1,911,628
Cable and Wireless PLC(2) 75,000 863,550
China Telecom(1)(2) 400,000 1,244,020
Energis(1)(2) 40,000 1,025,325
GTE Corp. 12,000 823,500
Nippon Telegraph and
Telephone Corp.(1)(2) 130 1,456,881
Okinawa Cellular Telephone
Co.(2) 500 1,913,351
SBC Communications, Inc. 14,000 672,000
Sprint Corp. 15,000 665,625
Telecom Italia Spa RNC(2) 60,000 342,250
Telecom Italia Spa(2) 144,000 1,454,205
- -------------------------------------------------------------
$14,431,982
- -------------------------------------------------------------
Computer Software -- 5.7%
- -------------------------------------------------------------
DST Systems, Inc.(1) 10,000 $ 665,000
Intuit, Inc.(1) 10,000 895,625
Liberate Technologies(1) 30,000 791,250
Meta4 NV(1) 70,000 1,091,496
Mission Critical Software(1) 2,000 81,250
Misys PLC(2) 105,000 930,366
Perot Systems Corp.(1) 50,000 1,037,500
- -------------------------------------------------------------
$ 5,492,487
- -------------------------------------------------------------
Computers and Business Equipment -- 4.2%
- -------------------------------------------------------------
Electronics for Imaging(1) 8,000 $ 469,000
EMC Corp.(1) 10,000 600,000
Lexmark International
Group, Inc.(1) 15,000 1,181,250
Unisys Corp.(1) 23,000 989,000
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 1999
PORTFOLIO OF INVESTMENTS CONT'D
(EXPRESSED IN UNITED STATES DOLLARS)
<TABLE>
SECURITY SHARES VALUE
<S> <C> <C>
- -------------------------------------------------------------
Computers and Business Equipment (continued)
- -------------------------------------------------------------
Xerox Corp. 17,000 $ 811,750
- -------------------------------------------------------------
$ 4,051,000
- -------------------------------------------------------------
Electrical Equipment -- 3.6%
- -------------------------------------------------------------
Denki Kogyo(2) 130,000 $ 1,302,902
Hitachi Ltd.(2) 100,000 1,012,255
Sharp Corp.(2) 80,000 1,217,257
- -------------------------------------------------------------
$ 3,532,414
- -------------------------------------------------------------
Electronics -- 1.3%
- -------------------------------------------------------------
Nikon Corp.(2) 75,000 $ 1,268,279
- -------------------------------------------------------------
$ 1,268,279
- -------------------------------------------------------------
Electronics - Instruments -- 2.9%
- -------------------------------------------------------------
Avimo Group Ltd.(2) 400,000 $ 524,863
Memory Corp. PLC - GDR(1) 60,000 1,317,000
Toshiba Corp.(2) 110,000 975,172
- -------------------------------------------------------------
$ 2,817,035
- -------------------------------------------------------------
Electronics - Semiconductors -- 1.7%
- -------------------------------------------------------------
Analog Devices, Inc.(1) 5,000 $ 257,500
Samsung Electronics(2) 1,577 299,236
Tokyo Electron Ltd.(2) 16,000 1,122,500
- -------------------------------------------------------------
$ 1,679,236
- -------------------------------------------------------------
Entertainment -- 3.0%
- -------------------------------------------------------------
Imax Corp.(1) 55,000 $ 1,158,438
Seagrams Co. Ltd. 20,000 1,061,250
Time Warner, Inc. 12,000 711,750
- -------------------------------------------------------------
$ 2,931,438
- -------------------------------------------------------------
Information Services -- 10.2%
- -------------------------------------------------------------
Automatic Data
Processing, Inc. 26,000 $ 1,022,125
Azlan Group PLC(1)(2) 800,000 1,048,481
Cambridge Technology
Partners, Inc.(1) 35,000 479,063
Computer Sciences Corp. 15,000 1,037,813
Fiserv, Inc.(1) 20,000 616,250
Gartner Group, Inc.(1) 42,000 879,375
Getronics NV Andeel(2) 24,000 1,173,971
SECURITY SHARES VALUE
<S> <C> <C>
- -------------------------------------------------------------
Information Services (continued)
- -------------------------------------------------------------
Paychex, Inc. 25,000 $ 735,938
Reuters Group PLC(2) 100,000 1,468,999
Reynolds & Reynolds, Inc.,
Class A 30,000 656,250
SunGard Data
Systems, Inc.(1) 31,000 775,000
- -------------------------------------------------------------
$ 9,893,265
- -------------------------------------------------------------
Information Technology Services -- 0.2%
- -------------------------------------------------------------
Verio, Inc.(1) 6,000 $ 223,125
- -------------------------------------------------------------
$ 223,125
- -------------------------------------------------------------
Investment Services -- 1.0%
- -------------------------------------------------------------
Consors
Discount-Broker(1)(2) 15,000 $ 1,006,804
- -------------------------------------------------------------
$ 1,006,804
- -------------------------------------------------------------
Manufacturing - Special -- 1.2%
- -------------------------------------------------------------
Optical Coating Laboratories 15,000 $ 1,151,250
- -------------------------------------------------------------
$ 1,151,250
- -------------------------------------------------------------
Oil and Gas - Equipment and Services -- 1.2%
- -------------------------------------------------------------
Dynegy, Inc. 20,000 $ 470,000
Input/Output, Inc.(1) 100,000 737,500
- -------------------------------------------------------------
$ 1,207,500
- -------------------------------------------------------------
Oil and Gas - Exploration and Production -- 0.4%
- -------------------------------------------------------------
Enron Corp. 10,000 $ 418,750
- -------------------------------------------------------------
$ 418,750
- -------------------------------------------------------------
Printing and Business Products -- 1.4%
- -------------------------------------------------------------
Valassis
Communications, Inc.(1) 30,000 $ 1,312,500
- -------------------------------------------------------------
$ 1,312,500
- -------------------------------------------------------------
Publishing -- 7.0%
- -------------------------------------------------------------
McGraw-Hill Companies, Inc.
(The) 4,000 $ 206,750
Meredith Corp. 10,000 346,875
Mirror Group PLC(2) 400,000 1,633,830
News Corp. Ltd.(2) 150,636 1,098,341
Pearson PLC(2) 105,000 2,157,908
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 1999
PORTFOLIO OF INVESTMENTS CONT'D
(EXPRESSED IN UNITED STATES DOLLARS)
<TABLE>
SECURITY SHARES VALUE
<S> <C> <C>
- -------------------------------------------------------------
Publishing (continued)
- -------------------------------------------------------------
Springer Alex Verlag AG(2) 1,128 $ 1,357,096
- -------------------------------------------------------------
$ 6,800,800
- -------------------------------------------------------------
Retail - Computers -- 0.4%
- -------------------------------------------------------------
Circuit City Stores, Inc. 10,000 $ 430,000
- -------------------------------------------------------------
$ 430,000
- -------------------------------------------------------------
Retail - Specialty -- 2.3%
- -------------------------------------------------------------
Blockbuster, Inc.(1) 25,000 $ 371,875
Hikari Tsushin, Inc.(2) 3,500 1,843,195
- -------------------------------------------------------------
$ 2,215,070
- -------------------------------------------------------------
Retail - Specialty and Apparel -- 0.6%
- -------------------------------------------------------------
Intimate Brands, Inc. 15,000 $ 578,438
- -------------------------------------------------------------
$ 578,438
- -------------------------------------------------------------
Specialty Chemicals and Materials -- 2.4%
- -------------------------------------------------------------
Millipore Corp. 22,000 $ 830,500
Nippon Sheet Glass(2) 325,000 1,510,182
- -------------------------------------------------------------
$ 2,340,682
- -------------------------------------------------------------
Telecommunications - Long Distance -- 0.7%
- -------------------------------------------------------------
Cable and Wireless Optus
Ltd.(1)(2) 300,000 $ 653,357
- -------------------------------------------------------------
$ 653,357
- -------------------------------------------------------------
Telephone Utilities -- 3.3%
- -------------------------------------------------------------
ITC Deltacom, Inc.(1) 10,000 $ 263,750
Korea Telecom Corp.
ADR(1)(2) 54,427 1,768,877
Omnipoint Corp.(1) 8,000 324,000
Vodafone AirTouch PLC ADR(2) 2,500 501,406
Voicestream Wireless
Corp.(1) 8,000 330,000
- -------------------------------------------------------------
$ 3,188,033
- -------------------------------------------------------------
Total Common Stocks
(identified cost $70,756,907) $91,886,952
- -------------------------------------------------------------
COMMERCIAL PAPER -- 5.8%
PRINCIPAL
AMOUNT
(000'S
SECURITY OMITTED) VALUE
<S> <C> <C>
- -------------------------------------------------------------
Federal Home Loan Mortgage,
5.42%, 9/1/99 $ 5,667 $ 5,667,000
- -------------------------------------------------------------
Total Commercial Paper
(identified cost $5,667,000) $ 5,667,000
- -------------------------------------------------------------
Total Investments -- 100.3%
(identified cost $76,423,907) $97,553,952
- -------------------------------------------------------------
Other Assets, Less Liabilities -- (0.3)% $ (292,081)
- -------------------------------------------------------------
Net Assets -- 100% $97,261,871
- -------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
ADR - American Depositary Receipt
GDR - Global Depositary Receipt
(1) Non-income producing security.
(2) Foreign security.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 1999
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF AUGUST 31, 1999
(EXPRESSED IN UNITED STATES DOLLARS)
<S> <C>
Assets
- -----------------------------------------------------------
Investments, at value (identified cost,
$76,423,907) $ 97,553,952
Cash 534,974
Foreign currency, at value (identified
cost, $569) 558
Receivable for investments sold 959,716
Dividends receivable 60,549
Tax reclaim receivable 566
Deferred organization expenses 1,483
- -----------------------------------------------------------
TOTAL ASSETS $ 99,111,798
- -----------------------------------------------------------
Liabilities
- -----------------------------------------------------------
Payable for investments purchased $ 1,842,832
Payable to affiliate for Trustees' fees 1,610
Accrued expenses 5,485
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TOTAL LIABILITIES $ 1,849,927
- -----------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $ 97,261,871
- -----------------------------------------------------------
Sources of Net Assets
- -----------------------------------------------------------
Net proceeds from capital contributions and
withdrawals $ 76,131,467
Net unrealized appreciation (computed on
the basis of identified cost) 21,130,404
- -----------------------------------------------------------
TOTAL $ 97,261,871
- -----------------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
AUGUST 31, 1999
(EXPRESSED IN UNITED STATES DOLLARS)
<S> <C>
Investment Income
- -----------------------------------------------------------
Dividends (net of foreign taxes, $62,610) $ 486,872
Interest 207,916
- -----------------------------------------------------------
TOTAL INVESTMENT INCOME $ 694,788
- -----------------------------------------------------------
Expenses
- -----------------------------------------------------------
Investment adviser fee $ 536,139
Administration fee 181,032
Trustees fees and expenses 22,134
Custodian fee 191,719
Legal and accounting services 27,532
Amortization of organization expenses 1,232
Miscellaneous 4,466
- -----------------------------------------------------------
TOTAL EXPENSES $ 964,254
- -----------------------------------------------------------
NET INVESTMENT LOSS $ (269,466)
- -----------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
- -----------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost
basis) $ 11,793,945
Foreign currency transactions and
forward foreign currency exchange
contracts (92,171)
- -----------------------------------------------------------
NET REALIZED GAIN $ 11,701,774
- -----------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 18,612,288
Foreign currency 5,063
- -----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ 18,617,351
- -----------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 30,319,125
- -----------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 30,049,659
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</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 1999
FINANCIAL STATEMENT CONT'D
STATEMENTS OF CHANGES IN NET ASSETS (EXPRESSED IN UNITED DOLLARS)
<TABLE>
<CAPTION>
Increase (Decrease) YEAR ENDED YEAR ENDED
IN NET ASSETS AUGUST 31, 1999 AUGUST 31, 1998
<S> <C> <C>
- -----------------------------------------------------------------
From operations --
Net investment income
(loss) $ (269,466) $ 4,607
Net realized gain 11,701,774 5,870,256
Net change in unrealized
appreciation
(depreciation) 18,617,351 (4,219,530)
- -----------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $30,049,659 $ 1,655,333
- -----------------------------------------------------------------
Capital transactions --
Contributions $32,069,062 $23,294,915
Withdrawals (18,413,197) (22,767,845)
- -----------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM CAPITAL TRANSACTIONS $13,655,865 $ 527,070
- -----------------------------------------------------------------
NET INCREASE IN NET ASSETS $43,705,524 $ 2,182,403
- -----------------------------------------------------------------
Net Assets
- -----------------------------------------------------------------
At beginning of year $53,556,347 $51,373,944
- -----------------------------------------------------------------
AT END OF YEAR $97,261,871 $53,556,347
- -----------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 1999
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 June 1, 1995, 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 ("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 realized gains and losses on
investments. That portion of
19
<PAGE>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 1999
NOTES TO FINANCIAL STATEMENTS CONT'D
(EXPRESSED IN UNITED STATES DOLLARS)
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, 1999, the
adviser fee was 0.75% of average net assets for such period and amounted to
$536,139. 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, 1999, the administration fee was 0.25%
of average net assets for such period and amounted to $181,032. 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, 1999, no significant amounts have been deferred.
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 $102,440,493 and $88,415,134, respectively, for the year ended
August 31, 1999.
4 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation/depreciation in value of the investments
owned at August 31, 1999, are as follows:
<TABLE>
<S> <C>
AGGREGATE COST $76,434,319
--------------------------------------------------------
Gross unrealized appreciation $22,113,087
Gross unrealized depreciation (993,454)
--------------------------------------------------------
NET UNREALIZED APPRECIATION $21,119,633
--------------------------------------------------------
</TABLE>
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
20
<PAGE>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 1999
NOTES TO FINANCIAL STATEMENTS CONT'D
(EXPRESSED IN UNITED STATES DOLLARS)
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.
At August 31, 1999, there were no outstanding obligations under these
financial instruments.
7 Line of Credit
- -------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $130 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, 1999.
21
<PAGE>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 1999
INDEPENDENT ACCOUNTANTS' REPORT
TO THE TRUSTEES AND INVESTORS OF
INFORMATION AGE PORTFOLIO:
- ---------------------------------------------
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the supplementary data present fairly, in all material
respects, the financial position of the Information Age Portfolio (the
"Portfolio") at August 31, 1999, and the results of its operations, the changes
in its net assets and the supplementary data for the periods indicated, in
conformity with generally accepted accounting principles. These financial
statements and supplementary data (hereafter referred to as "financial
statements") are the responsibility of the Portfolio'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, which included confirmation of securities at
August 31, 1999 by correspondence with the custodian and brokers, provide a
reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 4, 1999
22
<PAGE>
EATON VANCE INFORMATION AGE FUND AS OF AUGUST 31, 1999
INVESTMENT MANAGEMENT
EATON VANCE INFORMATION AGE FUND
Officers
James B. Hawkes
President and Trustee
Thomas E. Faust, Jr.
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
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
INFORMATION AGE PORTFOLIO
Officers
James B. Hawkes
President and Trustee
Duncan W. Richardson
Vice President and
Co-Portfolio Manager
Hon. Robert Lloyd George
Vice President and Trustee
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Independent Trustees
Hon. Edward K.Y. Chen
President of Lingnan College,
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
23
<PAGE>
- -------------------------------------------------------------------------------
SPONSOR AND MANAGER OF EATON VANCE INFORMATION AGE
FUND AND ADMINISTRATOR OF INFORMATION AGE PORTFOLIO
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA 02109
CO-ADVISERS OF INFORMATION AGE PORTFOLIO
BOSTON MANAGEMENT AND RESEARCH
The Eaton Vance Building
255 State Street
Boston, MA 02109
LLOYD GEORGE INVESTMENT MANAGEMENT (BERMUDA) LIMITED
3808 One Exchange Square
Central, Hong Kong
PRINCIPAL UNDERWRITER
EATON VANCE DISTRIBUTORS, INC.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
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 ACCOUNTANTS
PRICEWATERHOUSECOOPERS LLP
160 Federal Street
Boston, MA 02110
EATON VANCE INFORMATION AGE FUND
THE EATON VANCE BUILDING
255 FEDERAL STREET
BOSTON, MA 02109
----------------------------------------------------------------------------
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.
----------------------------------------------------------------------------
2-2256-10/99 IASRC-10/99
- -------------------------------------------------------------------------------
