<PAGE> 1
EV MARATHON
EMERGING MARKETS
FUND
ANNUAL
SHAREHOLDER REPORT
DECEMBER 31, 1994
INVESTMENT ADVISER OF
EMERGING MARKETS PORTFOLIO
Boston Management and Research
24 Federal Street
Boston, MA 02110
ADMINISTRATOR OF EV MARATHON
EMERGING MARKETS FUND
Eaton Vance Management
24 Federal Street
Boston, MA 02110
PRINCIPAL UNDERWRITER
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
CUSTODIAN
Investors Bank & Trust Company
24 Federal Street
Boston, MA 02110
TRANSFER AGENT
The Shareholder Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
INDEPENDENT ACCOUNTANTS
Deloitte & Touche LLP
125 Summer 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 distribution plan,
sales charges and expenses. Please read the prospectus carefully before you
invest or send money.
EV MARATHON
EMERGING MARKETS FUND
24 FEDERAL STREET
BOSTON, MA 02110
M-EMSRC
<PAGE> 2
TO SHAREHOLDERS
I am pleased to welcome shareholders of EV Marathon Emerging Markets Fund with
this first shareholder report. In the period since its inception on Nov. 30,
1994, the Fund had a total return of -0.4 percent. That performance was the
result of a decline in net asset value per share from $10.00 on Nov. 30, 1994 to
$9.96 on December 31, 1994, and does not include the effect of the Fund's 5
percent maximum contin-gent deferred sales charge. By comparison, the Morgan
Stanley Capital International Emerging Market Index, a widely recognized,
unmanaged index of emerging equity markets throughout the world, had a total
return of -5.3 percent for the same period.
EMERGING MARKETS SHONE WHILE ESTABLISHED MARKETS LANGUISHED...
While the U.S. suffered in the past year from rising interest rates and western
Europe and Japan struggled to recover from recession, emerging markets in Asia,
Latin America and Eastern Europe surged ahead on the strength of superior
economic growth. A look at the one-year results of several unmanaged indices is
helpful: In 1994, the French stock market declined 17 percent, the U.K. fell 10
percent, Germany dropped 7 percent, and the U.S., as measured by the S&P 500,
rose a meager 1.4 percent. However, while these established markets were
struggling, selective emerging markets were thriving. Taiwan rose 17 percent,
Korea jumped 18 percent, and Brazil rose a staggering 335 percent. Naturally,
not all emerging markets fared as well as these select markets, and some even
posted negative results in 1994. And emerging markets may entail an added degree
of volatility, as well as political and currency risk. But the year once again
demonstrated the potential of investing in emerging, high-growth economies.
THE PASSAGE OF GATTAND NAFTA SHOULD ENHANCE GLOBAL TRADE...
The past year brought a growing consensus among both established powers and
emerging nations that the expansion of global trade is best served by the
removal of trade barriers. The passage of the North American Free Trade
Agreement and the General Agreement on Tariffs and Trade were major steps in
that direction. NAFTA will give North America the muscle to compete as a
regional trading block and, more importantly, give Mexican companies more access
to the vast markets of its neighbors to the north.
GATT accomplishes much the same on a much larger scale. As barriers fall between
Europe, Asia, Latin America, the emerging economies will gain access to large
global markets even as their own domestic markets continue to expand. Of course,
past performance is no guarantee of future results. But well-positioned
companies should benefit from the world's newly-found commitment to free trade.
EV Traditional Emerging Markets Fund will continue to search for prime
opportunities.
Sincerely,
/s/James B. Hawkes
James B. Hawkes
President
February 21, 1995
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<PAGE> 3
MANAGEMENT DISCUSSION
An interview with the Hon. Robert Lloyd George, President of Lloyd George
Management, and Investment Adviser to the Emerging Markets Portfolio.
Q: ROBERT, HOW HAVE YOU POSITIONED THE PORTFOLIO IN THE SHORT PERIOD SINCE ITS
INCEPTION?
A. As is typical in the first months of a fund's operations, the Portfolio is
pursuing a very deliberate strategy in building its level of investment. At
December 31, the Portfolio was around 35 percent invested in common stocks,
with the remainder in short-term securities and cash equivalents. Over the
coming weeks and months, we will increase that to a level of full
investment. In its initial weeks of operation, the Portfolio has focused on
regions with faster growth economies and companies within those regions that
are likely to generate strong earnings momentum. On a regional basis, the
Portfolio's largest sector allocations were in Asia and Latin America.
Q: WHERE HAVE YOU INVESTED IN ASIA?
A. Our Asian investments have focused predominantly on the Greater China
region, with the largest weightings in Hong Kong and the Philippines. Hong
Kong represents an ideal entry point for investment in the future of
mainland China. Hong Kong has long maintained the business, legal and
financial framework necessary to compete in today's global markets. It
therefore represents an invaluable resource to mainland China as China
prepares to enter the global economy.
Hong Kong-based companies such as Hutchison Whampoa and Jardine Matheson,
each a large Portfolio holding, tend to have widely diversified lines of
business, including retailing, real estate, trading and telecom-munications.
These companies have close ties to the mainland, which gives them a strong
advantage in the development of China. They also have an exposure to more
established economies, which helps insulate them some-what from political
vagaries.
The Philippines have made a transition from having one of the weakest
economies in Asia in the 1980s to having one of the most promising. The
stable and competent political leadership of President Fidel Ramos has
crafted an economic plan that aims for 6 percent annual GDP growth by 1997,
while limiting inflation to 4 percent. To aid in economic development over
the next two years, the country has secured credits and loans from the
International Monetary Fund and the World Bank of more than $6 billion. The
Philippines is quickly moving into the growth mode of its neighbors in
Greater China. Companies like Portfolio holding Philippine Long Distance
Telephone stand to benefit from the increase in telecommunications and
infrastructure building necessary to maintain the country's strong economic
momentum.
2
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[CHART No.1]
<TABLE>
Emerging Markets: Generating Growth Rates That Are The Envy of the World!
<CAPTION>
Annual inflation-adjusted GDP growth rates*
1991 1992 1993 1994 1995 est
----------------------------------------
<S> <C> <C> <C> <C> <C>
Emerging Markets 4.4% 5.9% 6.1% 5.5% 5.8%
Developed Nations 0.8% 1.7% 1.1% 2.1% 2.7%
<FN>
*The annual rates of growth in the value of goods and services produced within
groups of emerging and developed nations, adjusted to reflect the rates of
inflation within those nations.
Sources: International Monetary Fund; Organization for Economic Cooperation and
Development.
</TABLE>
Q: WHAT HAS ATTRACTED YOU TO LATIN AMERICA?
A. In recent years, Latin America has begun to deconstruct a century of
nationalization and backward economic policies that led in the past to
hyperinflation and a low standard of living. Today, this region is quickly
adopting the capitalist model and civilian, western-educated political
leadership. Moreover, these nations have embraced free trade and therefore
stand to benefit significantly from the passage of the North American Free
Trade Agreement (NAFTA) as well as regional free trade pacts such as
Mercosur. Naturally, the region's nations will face enormous hurdles in the
years ahead in their efforts to promote orderly growth, reduce inflation
and maintain stable currencies. But given the large populations, the
enormity of the consumer and infrastruc-ture needs, and the continuing flow
of foreign investment into the region, Latin America rep-resents one of the
world's prime growth areas.
Q: WHERE HAVE YOU INVESTED IN THAT REGION?
A. The Portfolio has made initial commitments in Brazil, Mexico, and Argentina.
Brazil has the largest economy in Latin America. The government has made
significant progress in stabilizing prices after years of skyrocketing
inflation. The government strategy included currency stabilization. In July,
the government introduced a new currency tied to the dollar. That has
stabilized the exchange rate and
3
<PAGE> 5
helped to limit inflation. In 1993, the Brazilian economy recorded GDP
growth of 5 percent, and shows signs of continuing that pace in the years
ahead.
Argentina has seen its economy grow at 6 percent annually. It has attracted
a large inflow of foreign investment from its neighbors Chile and Brazil, as
well as from the U.S., and should benefit from its membership in the
Mercosur trade pact. While its trade deficit has been a concern to some
observers, much of that deficit is attributable to imports of capital goods,
which will over time contribute to a more efficient and productive
industrial sector.
Mexico has been an enormous success story in recent years. The government
has made tremendous progress in containing inflation and has sharply reduced
foreign debt since the early 1980s. That has attracted foreign equity
investments, which has translated into a surge in manufacturing. Last year's
passage of NAFTA promises to result in a further inflow of investment and a
rise in Mexican living standards. One sign of Mexico's progress is the trend
away from an overdependence on oil exports. According to the Finance
Ministry, in 1987 oil accounted for 60 percent of Mexican exports. Today,
that figure is closer to 12 percent, with the balance made up of textiles
and manufactured goods, such as auto parts. That demonstrates major growth
in the Mexican economy.
[CHART NO. 2]
THE PORTFOLIO'S COMMON STOCK INVESTMENTS.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Emerging Markets pie data
<S> <C>
- --------------------------------------------------------------------------------
HK 33
- --------------------------------------------------------------------------------
Phil 19.6
- --------------------------------------------------------------------------------
Malaysia 9.9
- --------------------------------------------------------------------------------
Mexico 9.4
- --------------------------------------------------------------------------------
Indonesia 8.5
- --------------------------------------------------------------------------------
Thailand 6.8
- --------------------------------------------------------------------------------
Argentina 6
- --------------------------------------------------------------------------------
Brazil 4.5
- --------------------------------------------------------------------------------
Chile 2.3
- --------------------------------------------------------------------------------
This chart shows the holdings of the Portfolio broken down in a pie chart
according to national weighting.
Based on market value as of December 31, 1994, excluding cash or fixed income
securities.
</TABLE>
Q: THE MEXICAN MARKET HAS ENCOUNTERED SOME TURMOIL IN RECENT WEEKS. HOW DO YOU
READ THAT SITUATION?
A. Mexico has encountered some short-term difficulties in recent weeks, with
falling foreign reserves and a weakened peso. However, the government is
exploring measures to deal effectively with the problem, including lining up
$18 billion in foreign credit. In the short term, these developments may
have an adverse affect. However, in the longer-term, the story of Mexican
expansion remains strong. According to government estimates, growth may be
limited to the 1.5-to-2.0 percent range
4
<PAGE> 6
in 1995, but the manufacturing sector should continue to grow in the 14
percent range. Interestingly, Mexican exporters may indeed benefit somewhat
from a devalued currency. While the Mexican market may experience some added
volatility in the wake of recent developments, we remain enthusiastic about
the long-term future of the Mexican economy.
Q. IN WHAT OTHER REGIONS DO YOU EXPECT TO MAKE INVESTMENTS?
A. We are very enthusiastic about south Asia, also known as Greater India. The
region - which encompasses India, Pakistan, Sri Lanka and Bangladesh - has
witnessed a sharp increase in economic growth in recent years. As the
world's second most populous nation, India benefits from a very large,
well-educated middle class. The Rao government has implemented a policy
aimed at privatizing a wide range of industries, and encouraged the inflow
of foreign investment. GDP is expected to grow by 6 percent in 1995,
according to the Finance Ministry, while industrial output is proceeding at
a 7 percent growth rate, well above the growth in major industrialized
countries. Inflation has been a concern to many investors, but has declined
significantly in recent months.
Q: AND WHAT ABOUT EASTERN EUROPE?
A. The liberation of much of eastern Europe from Soviet dominance has freed
these countries like Hungary and the Czech Republic to pursue
entrepreneurial initiatives and free market answers for their economic
needs. The Czech Republic, for example, has made enormous progress toward
free markets. Following the "velvet revolution" of 1990, the Czech
government embraced a host of market-based economic reforms. Chief among
these reforms was a privatization campaign that turned loss-plagued
government-run industries into the hands of private investors and managers.
The result has been a more efficiently run industrial sector and a jump in
economic activity.
SOME LATE-BREAKING NEWS FROM LATIN AMERICA!
- - BRAZIL - The Brazilian auto industry, one of world's largest markets, set
records for output in 1994, producing 1.6 million vehicles, according to a
Wall Street Journal report. The record sales of cars, trucks and buses marked
a 14 percent increase over 1993.
- - CHILE - Chile's Economy Ministry has projected that GDP should increase 6
percent in 1995, a rise from 4.3 percent in 1994. The report suggested that
inflation should decline to 8 percent from 8.9 last year and that unemployment
should fall to 5 percent.
- - MERCOSUR - Inter-Latin American trade is booming. Mercosur - a trade group
including Brazil, Argentina, Uraguay, and Paraguay - has estimated that
exports between these four countries alone totalled $12 billion in 1994.
5
<PAGE> 7
[CHART NO. 3]
<TABLE>
The Philippines moving from Asia's also-ran into a regional pacesetter.
<CAPTION>
Data for Philippines illustration
- --------------------------------------------------------------------------------
<S> <C>
% GPD growth 4.5
- --------------------------------------------------------------------------------
% Inflation Rate 8.5
- --------------------------------------------------------------------------------
population 65.7M
- --------------------------------------------------------------------------------
Foreign Reserve $7.7B
- --------------------------------------------------------------------------------
Infrastructure spending as % of budget 43.9
- --------------------------------------------------------------------------------
<FN>
*This chart shows some key economic variables (listed above) set against the
map of the Philippines. Source: Philippines Ministry of Finance.
</TABLE>
Elsewhere, in the Middle East, the peace process has advanced the cause of
economic growth in Israel and Egypt. While the political situation in that
area is delicate and requires constant monitoring, some companies in the
region are growing rapidly and could thrive if a meaningful peace takes hold
in the region.
Q. NATURALLY, THERE ARE SOME RISKS PECULIAR TO EMERGING MARKETS.
A. To be sure. Investors should remember that emerging markets tend to involve
a higher degree of volatility than many of the more established markets. For
one thing, emerging markets may be less liquid. Second, there is the threat
of inflation. Fast growth may result in above-average inflation, which is a
bane to most investors. Third, there may currency risk as fluctuations in
exchange rates can affect company earnings and impact interest payments for
foreign bond issuers. Finally, there is political risk. While most of these
emerging countries have embraced market reforms and some level of democracy,
political events are still fairly fluid and subject to rapid change.
Q. ROBERT, LOOKING AHEAD, WHAT IS YOUR OUTLOOK FOR THE EMERGING MARKETS?
A. These markets represent 85 percent of the world's population and only 15
percent of the world's gross output. That suggests an enormous potential for
development in these regions, with the catalyst being the growing movement
away from socialism and centralized economies and toward democracy and
entrepreneurial, market-based economies. As a consequence of these political
changes, the emerging markets are posting the strongest economic growth in
the world. With trade barriers dropping, the potential has become greater
still. Naturally, past performance is no guarantee of future results and, by
itself, an emerging market investment does not constitute a balanced
investment. But in my view, the emerging market are among today's most
attractive investment opportunities.
6
<PAGE> 8
[CHART NO. 4]
Comparison of Change in Value of a $10,000 Investment in EV Marathon
Emerging Markets Fund and the Morgan Stanley Capital International
Emerging Markets Index
<TABLE>
<CAPTION>
From December 1, 1994, through December 31, 1994
Marathon Emerging Markets Morgan Stanley
------------------------- --------------
<S> <C> <C>
11/94 10,000 10,000
12/94 9,960 9,474
</TABLE>
<TABLE>
<CAPTION>
Cumulative Total Return Life of Fund*
- -----------------------------------------------
<S> <C>
With CDSC -5.4%
Without CDSC -0.4%
<FN>
*Investment operations commenced on 11/30/94.
</TABLE>
Past performance is not indicative of future results. Investment returns
and principal will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than their original cost.
Source: Towers Data Systems,
Bethesda, MD
FUND PERFORMANCE
In accordance with new guidelines issued by the Securities and Exchange
Commission, we are including a performance chart that compares your Fund's total
return with that of a broad-based investment index. The lines on the chart
represent the total returns of a $10,000 hypothetical investments in EV Marathon
Emerging Markets Fund, and the unmanaged Morgan Stanley Capital International
Emerging Market Index.
TOTAL RETURN FIGURES
The solid line on the chart represents the Fund's performance at net asset
value. The Fund's total return figure reflects Fund expenses and transaction
costs. The second dollar figure for the Fund reflects the Fund's maximum
applicable deferred sales charge (CDSC), deducted at redemption as follows: 5% -
1st and 2nd years; 4% - 3rd year; 3% - 4th year; 2% - 5th year; 1% - 6th year.
The dotted line represents the performance of the Morgan Stanley Capital
International Emerging Market Index, a broad-based, widely recognized unmanaged
index of common stocks traded on emerging markets around the world. The Index's
total return does not reflect any commissions or expenses that would be incurred
if an investor individually purchased or sold the securities represented in the
Index.
7
<PAGE> 9
EV MARATHON EMERGING MARKETS FUND
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
<TABLE>
<S> <C> <C>
ASSETS:
Investment in Emerging Markets Portfolio, at value (Note 1A)
(identified cost, $154,559) $153,707
Receivable for Fund shares sold 72,291
Deferred organization expenses (Note 1D) 51,804
Receivable from Administrator 732
--------
Total assets $278,534
LIABILITIES:
Accrued expenses and other liabilities $49,403
-------
Total liabilities 49,403
--------
NET ASSETS for 23,007 shares of beneficial interest outstanding $229,131
========
SOURCES OF NET ASSETS:
Paid-in capital $229,905
Accumulated net investment loss (67)
Accumulated undistributed net realized gain
from the Portfolio 145
Unrealized depreciation of investments from Portfolio (computed on
the basis of identified cost) (852)
--------
Total $229,131
========
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE (NOTE 6) PER SHARE
($229,131 / 23,007 shares of beneficial interest) $9.96
========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE> 10
STATEMENT OF OPERATIONS
For the period from the start of business,
November 30, 1994, to December 31, 1994
<TABLE>
<S> <C> <C>
INVESTMENT INCOME (Note 1B):
Investment income allocated from Portfolio $ -
Expenses allocated from Portfolio -
------------
Net investment income from Portfolio $ -
Expenses -
Management fee (Note 3) $ 23
Distribution fees (Note 5) 67
Transfer and dividend disbursing agent fees 36
Amortization of organization expenses (Note 1D) 696
------------
Total expenses $ 822
Reduction of management fee (23)
Allocation of expenses to Administrator (732)
------------
Net expenses $ 67
------------
Net investment loss $ (67)
REALIZED AND UNREALIZED GAIN (LOSS) FROM PORTFOLIO:
Net realized gain from foreign currency transactions $ 145
Change in unrealized depreciation of investments and foreign currency (852)
------------
Net realized and unrealized loss (707)
------------
Net decrease in net assets from operations $ (774)
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
9
<PAGE> 11
FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
For the period from the start of business,
November 30, 1994, to December 31, 1994
<TABLE>
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations -
Net investment loss $ (67)
Net realized loss on investment transactions 145
Net decrease in unrealized depreciation of investments (852)
------------
Decrease in net assets from operations $ (774)
Transactions in shares of beneficial interest (Note 4):
Proceeds from sale of shares 229,895
------------
Net increase in net assets $ 229,121
NET ASSETS:
At beginning of period 10
------------
At end of period (including accumulated net investment loss of $(67)) $ 229,131
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
10
<PAGE> 12
FINANCIAL HIGHLIGHTS
For the period from the start of business,
November 30, 1994, to December 31, 1994
<TABLE>
<S> <C>
NET ASSET VALUE, beginning of period $ 10.00
--------
Income (loss) from Investment Operations:
Net investment loss $ (0.003)
Net realized and unrealized loss on investments (0.037)
--------
Total loss from investment operations $ (0.040)
--------
NET ASSET VALUE, end of period $ 9.96
========
TOTAL RETURN*** (0.40)%
RATIOS/SUPPLEMENTAL DATA:**
Net assets, end of period (000 omitted) $229
Ratio of net expenses to average daily net assets (1) 0.75%*
Ratio of net investment loss to average daily net assets (0.75)%*
</TABLE>
(1) Includes the Fund's share of Emerging Markets Portfolio's allocated
expenses.
* Annualized
** The expenses related to the operation of the fund reflect an assumption of
expenses by the investment advisor. Had such action not been taken, the ratios
would have been as follows:
<TABLE>
<S> <C>
Net Investment Loss Per Share (0.037)
Ratios (to average daily net assets)
Expenses 9.14%*
Net Investment Income (9.14%)*
</TABLE>
*** Total return is calculated assuming a purchase at the net asset value on the
first day and a sale at the net asset value on the last day of each period
reported. Dividends and distributions, if any, are assumed to be reinvested at
the net asset value on the record date.
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE> 13
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
EV Marathon Emerging Markets Fund (the Fund)is a diversified series of Eaton
Vance Special Investment 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 invests all of its investable assets in interests
in Emerging Markets 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 (12.9% at December 31, 1994). 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 VALUATIONS - Valuation of securities by the Portfolio is discussed
in Note 1 of the Portfolio's Notes to Financial Statements which are included
elsewhere in this report.
B. INCOME - The Fund's net investment income consists of the Fund's pro rata
share of the net investment income of the Portfolio, less all actual and accrued
expenses of the Fund determined in accordance with generally accepted accounting
principles.
C. FEDERAL TAXES - The Fund's policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its net investment income, and any
net realized capital gains. Accordingly, no provision for federal income or
excise tax is necessary.
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.
- -------------------------------------------------------------------------------
(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 carry
forwards from prior years) allocated by the Portfolio to the Fund, if any.
Shareholders may reinvest all distributions in shares of the Fund without a
sales charge 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
12
<PAGE> 14
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 is
based on a percentage of average daily net assets. For the period from the start
of business, November 30, 1994 to December 31, 1994, the fee was equivalent to
0.25% of the Fund's average net assets for such period and amounted to $23. To
enhance the net income of the Fund, the Administrator waived their management
fee and was allocated expenses in the amount of $23 and $732, respectively.
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. Investors Bank & Trust Company (IBT), an affiliate of EVM,
serves as custodian of the Fund. Pursuant to the custodian agreement, IBT
receives a fee reduced by credits which are determined based on the average
daily cash balances the Fund maintains with IBT. Certain officers and Trustees
of the Fund and the Portfolio are officers and directors/trustees of the above
organizations. In addition, investment adviser, administrative fees, and
custodian 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.
- -------------------------------------------------------------------------------
(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).
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
FOR THE PERIOD FROM THE START OF
BUSINESS, NOVEMBER 30, 1994
TO DECEMBER 31, 1994
--------------------------------
<S> <C>
Sales 23,006
Redemptions -
------
Net increase 23,006
======
</TABLE>
13
<PAGE> 15
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- -------------------------------------------------------------------------------
(5) DISTRIBUTION PLAN
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1
under the Investment Company Act of 1940. The Plan requires the Fund to pay the
Principal Underwriter, Eaton Vance Distributors, Inc. (EVD) amounts equal to
1/365 of 0.75% of the Fund's daily net assets, 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% of the
aggregate amount received by the Fund for the shares sold 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
reduced by the aggregate amount of contingent deferred sales charges (see Note
6), daily amounts theretofore paid to EVD and all amounts theretofore paid or
payable to EVD by Lloyd George Management (Bermuda) Limited, the investment
adviser of the Portfolio (the Adviser) in connection with EVD's distribution
effort. The amount payable to EVD by the Fund with respect to each day is
accrued on such day as a liability of the Fund and, accordingly, reduces the
Fund's net assets. The Fund accrued $67 as payable to EVD for the period from
the start of business, November 30, 1994 to December 31, 1994, representing
0.75% of average daily net assets. The amount payable by the Adviser to EVD,
equivalent to 0.15% of the Fund's annual average daily net assets is paid from
the Adviser's own resources, not Fund assets. At December 31, 1994, the amount
of Uncovered Distribution Charges of EVD calculated under the Plan was
approximately $11,000.
In addition, the Plan authorizes the Fund to make payments of service fees
to the Principal Underwriter, Authorized Firms and other persons in amounts not
exceeding 0.25% of the Fund's average daily net assets for each fiscal year.
The Trustees have initially implemented the Plan 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 based on the value of Fund shares sold by such
persons and remaining outstanding for at least one year, and that payment of
these service fees shall commence with the quarter ending December 31, 1995.
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 where there are no outstanding
Uncovered Distribution Charges of EVD.
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 Fund
shares made within six years of purchase. Generally, the CDSC is based upon the
lower of the net asset value at date of redemption or date of purchase. No
charge is levied on shares acquired by reinvestment of dividends or capital gain
distributions. The CDSC is imposed at declining rates that begin at 5% in the
first and second year of redemption after purchase, declining one percentage
point each year thereafter. 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 the Fund's Distribution Plan. CDSC charges received when no
Uncovered Distribution Charges exist will be retained by the Fund. There was no
CDSC paid by shareholders for the period from the start of business, November
30, 1994 to December 31, 1994.
- -------------------------------------------------------------------------------
(7) INVESTMENT TRANSACTIONS
Increases and decreases in the Fund's investment in the Portfolio aggregated
$157,614 and $3,200, respectively.
14
<PAGE> 16
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of
Eaton Vance Special Investment Trust:
We have audited the accompanying statement of assets and liabilities of EV
Marathon Emerging Markets Fund (one of the series constituting Eaton Vance
Special Investment Trust) as of December 31, 1994, and the related statement of
operations, the statement of changes in net assets and the financial highlights
for the period from the start of business, November 30, 1994, to December 31,
1994. These financial statements and financial highlights are the responsibility
of the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based upon our audit.
We conducted our audit 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 financial highlights are
free of material misstatement. An audit includes examining on a test basis,
evidence supporting the amounts and disclosures in the financial statements. 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 audit provides a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of EV Marathon Emerging
Markets Fund series of the Eaton Vance Special Investment Trust at December 31,
1994, the results of its operations, the changes in its net assets and its
financial highlights for the period from the start of business, November 30,
1994 to December 31, 1994, in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 8, 1995
15
<PAGE> 17
Emerging Markets Portfolio
Annual Report - December 31, 1994
- --------------------------------------------------------------------------------
COMMON STOCKS--35.2%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
ARGENTINA -2.1% <C> <C>
Cia Naviera Perez Companc B 3,600 $ 14,832
YPF Sociedad Anonima ADR 460 9,832
----------
$ 24,664
----------
BRAZIL -1.6%
Usiminas Siderurg Minas ADR 1,425 $ 19,594
----------
CHILE -0.8%
Banco Osorno Y LA Union ADR 860 $ 9,245
----------
HONG KONG -11.6%
HSBC Holdings PLC 4,000 $ 43,169
Hutchison Whampoa 10,000 40,455
Jardine Matheson HK Registry 4,000 28,564
National Mutual Limited 40,000 26,368
----------
$ 138,556
----------
INDONESIA -3.0%
PT Indonesia Satellite ADR 1,000 $ 35,750
----------
MAYLASIA -3.5%
Land & General Behard 10,000 $ 41,512
----------
MEXICO -3.3%
Grupo Tribasa SA ADR 510 $ 8,479
Telefonos de Mexico ADR 750 30,750
----------
$ 39,229
----------
PHILIPPINES -6.9%
Bacnotan Consolidated Industries 4,000 $ 43,647
Philippine Long Distance Telephone 700 38,945
----------
$ 82,592
----------
THAILAND -2.4%
Krung Thai Bank Ltd. (Local) 9,000 $ 29,754
----------
TOTAL COMMON STOCKS
(IDENTIFIED COST, $427,558) $ 420,896
OTHER ASSETS, LESS LIABLITIES -64.8% 774,374
----------
NET ASSETS - 100% $1,195,270
==========
</TABLE>
ADR-AMERICAN DEPOSITARY RECEIPT
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE> 18
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
<TABLE>
<S> <C> <C>
ASSETS:
Investments, at value (Note 1A) (Identified cost, $427,558) $ 420,896
Cash 1,005,510
Deferred organization expenses (Note 1C) 37,446
Receivable from Administrator 631
--------------
Total assets $ 1,464,483
LIABILITIES:
Payable for investments purchased $ 231,136
Accrued expenses and other liabilities 38,077
--------------
Total liabilities 269,213
--------------
NET ASSETS applicable to investors' interest in Portfolio $ 1,195,270
==============
SOURCES OF NET ASSETS:
Net proceeds from capital contributions and withdrawals $ 1,201,975
Net unrealized appreciation of investments (computed on the
basis of identified cost) (6,662)
Net unrealized depreciation of foreign currencies (43)
--------------
TOTAL $ 1,195,270
==============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE> 19
FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
For the period from the start of business, November 30, 1994,
to December 31, 1994
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
Income -
Dividends $ -
Interest -
-------------
Total income $ -
Expenses -
Investment adviser fee (Note 2) $ 318
Administration fee (Note 2) 106
Amortization of organization expense (Note 1C) 504
Miscellaneous 127
-------------
Total expenses 1,055
Deduct:
Reduction of investment adviser fee $318
Reduction of administration fee 106
Allocation of expenses to administrator 631
------------
Total deducted 1,055
-------------
Net expenses -
-------------
Net investment income $ -
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on foreign currency transactions $ 1,132
-------------
Change in unrealized appreciation
Investments $ (6,662)
Foreign currency (43)
-------------
Net unrealized depreciation (6,705)
-------------
Net realized and unrealized loss on investments $ (5,573)
-------------
Net decrease in net assets from operations $ (5,573)
=============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE> 20
STATEMENT OF CHANGES IN NET ASSETS
For the period from the start of business November 30, 1994 to December 31, 1994
<TABLE>
<S> <C>
INCREASE (DECREASE) IN NET ASSETS
From operations:
Net (loss) investment income $ -
Net realized gain on foreign currency transactions 1,132
Net increase in unrealized depreciation of investments (6,705)
----------
Decrease in net assets from operations (5,573)
----------
Capital transactions:
Contributions $1,107,223
Withdrawals (6,400)
----------
Increase in net assets resulting from capital transactions $1,100,823
----------
Net increase in net assets $1,095,250
NET ASSETS:
At beginning of period 100,020
----------
At end of period $1,195,270
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
19
<PAGE> 21
FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
For the period
from the start of business
November 30, 1994 to
December 31, 1994
--------------------------
<S> <C>
RATIOS (As a percentage of average net assets):
Expenses 0%
Net investment income 0%
PORTFOLIO TURNOVER 0%
</TABLE>
The operating expenses of the Portfolio reflect a reduction of the Investment
Adviser and Administrator fees as well as an allocation of expenses to the
Administrator. Had such action not been taken, the annualized ratios would have
been as follows:
<TABLE>
<S> <C>
Expenses 2.21%
Net Investment loss (2.21%)
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
20
<PAGE> 22
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
Emerging Markets Portfolio (the "Portfolio") is registered under the Investment
Company Act of 1940 as a diversified, open end investment company which was
organized as a trust under the laws of the State of New York. 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 has elected to be treated as a partnership for
Federal tax purposes. No provision is made by the Portfolio for federal or state
taxes on any taxable income of the Portfolio because each investor in the
Portfolio is individually 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, including registration costs, are being
amortized on the straight-line basis over five years.
D. 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 daily fluctuations in
the value of the underlying security, and are recorded for book purposes as
unrealized gains or losses by the Portfolio. The Portfolio's investment in
financial futures contracts is designed only to hedge against anticipated future
changes in interest or currency exchange rates. Should interest or currency
exchange rates move unexpectedly, the Portfolio may not achieve the anticipated
benefits of the financial futures contracts and may realize a loss. If the
Portfolio enters into a closing transaction, the Portfolio will realize, for
book purposes, a gain or loss equal to the difference between the value of the
financial futures contract to sell and financial futures contract to buy.
21
<PAGE> 23
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
E. 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 realized and unrealized gains and losses on investments that result from
fluctuations in foreign currency exchange rates are not separately disclosed.
F. 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.
G. OTHER - Investment transactions are accounted for on the date the investments
are purchased or sold. 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 Lloyd George Management (Bermuda)Limited
(the Adviser) as compensation for management and investment advisory services
rendered to the Portfolio. Under the advisory agreement, the Adviser receives a
monthly fee of 0.0625% (0.75% annually) of the average daily net assets of the
Portfolio up to $500 million, and at reduced rates as daily net assets exceed
that level. For the year ended December 31, 1994 the adviser fee was 0.75%
(annualized) of average net assets. To enhance the net income of the portfolio,
the adviser made a reduction of its fee in the amount of $318. In addition, an
administration fee is earned by Eaton Vance Management (EVM) for managing and
administering the business affairs of the Portfolio. Under the administration
agreement, EVM earns a monthly fee in the amount of 1/48th of 1% (equal to 0.25%
annually) of the average daily net assets of the Portfolio up to $500 million,
and at reduced rates as daily net assets exceed that level. For the year ended
December 31, 1994, the administration fee was 0.25% (annualized) of average net
assets. To enhance the net income of the Portfolio, the administrator made a
reduction of its fee and was allocated expenses in the amount of $106 and $631,
respectively. Except as to Trustees of the Portfolio who are not members of the
Adviser or EVM's organization, officers and Trustees receive remuneration for
their services to the Portfolio out of such investment adviser and
administrative fees. Investors Bank &Trust Company (IBT), an affiliate of EVM,
serves as custodian of the Portfolio. Pursuant to the custodian agreement, IBT
receives a fee reduced by credits which are determined based on the average
daily cash balances the Portfolio maintains with IBT. Certain of the officers
and Trustees of the Portfolio are officers or directors/trustees of the above
organizations.
22
<PAGE> 24
(3) INVESTMENT TRANSACTIONS
Purchases of investments, other than short-term obligations, aggregated
$427,558. There were no sales of investments during the period.
- --------------------------------------------------------------------------------
(4) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation (depreciation) in value of the investments
owned at December 31, 1994, as computed on a federal income tax basis, are as
follows:
<TABLE>
<S> <C>
Aggregate cost $ 427,558
==============
Gross unrealized depreciation $ 9,610
Gross unrealized appreciation 2,948
--------------
Net unrealized depreciation $ 6,662
==============
</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 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.
23
<PAGE> 25
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
(6) LINE OF CREDIT
The Portfolio participates with other portfolios and funds managed by EVM and
its affiliates in a $120 million unsecured line of credit agreement with a bank.
The line of credit consists of a $20 million committed facility and a $100
million discretionary facility. Borrowings will be made by the Portfolio solely
to facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each portfolio based on its borrowings at
an amount above either the bank's adjusted certificate of deposit rate, a
variable adjusted certificate of deposit rate, or a federal funds effective
rate. In addition, a fee computed at an annual rate of 1/4 of 1% on the $20
million committed facility and on the daily unused portion of the $100 million
discretionary 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 period.
24
<PAGE> 26
INDEPENDENT AUDITORS' REPORT
To the Trustees and Investors of
Emerging Markets Portfolio:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Emerging Markets Portfolio as of December 31,
1994, and the related statement of operations, the statement of changes in net
assets and the supplementary data for the period from the start of business,
November 30, 1994, to December 31, 1994. 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 upon our audit.
We conducted our audit 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 the securities owned at December 31, 1994,
by correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. 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 audit provides a reasonable basis for our
opinion.
In our opinion, such financial statements and supplementary data present fairly,
in all material respects, the financial position of Emerging Markets Portfolio
at December 31, 1994, the results of its operations, the changes in its net
assets and its supplementary data for the period from the start of business,
November 30, 1994, to December 31, 1994, in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 8, 1995
25
<PAGE> 27
INVESTMENT MANAGEMENT
EV MARATHON
EMERGING MARKETS
FUND
24 Federal Street
Boston,MA 02110
OFFICERS
JAMES B. HAWKES
President
PETER F. KIELY
Vice President
CLIFFORD H. KRAUSS
Vice President
JAMES L. O'CONNOR
Treasurer
THOMAS OTIS
Secretary
WILLIAM J. AUSTIN, JR.
Assistant Treasurer
DOUGLAS C. MILLER
Assistant Treasurer
JANET E. SANDERS
Assistant Treasurer and
Assistant Secretary
TRUSTEES
JAMES B. HAWKES
Executive Vice President,
Eaton Vance Management
LANDON T. CLAY
Chairman, Eaton Vance Corp.
DONALD R. DWIGHT
President, Dwight Partners, Inc.
Chairman, Newspapers of New
England, Inc.
SAMUEL L. HAYES, III
Jacob H. Schiff Professor of
Investment Banking, Harvard
University Graduate School of
Business Administration
NORTON H. REAMER
President and Director,United
Asset Management Corporation
JOHN L. THORNDIKE
Director, Fiduciary Trust Company
JACK L. TREYNOR
Investment Adviser and Consultant
- -------------------------------------------------------------------------------
EMERGING MARKETS
PORTFOLIO
24 Federal Street
Boston,MA 02110
OFFICERS
HON. ROBERT LLOYD GEORGE
President
JAMES B. HAWKES
President
SCOBIE DICKINSON WARD
Vice President, Assistant
Secretary and Assistant Treasurer
WILLIAM WALTER RALEIGH KERR
Vice President, Secretary and
Assistant Treasurer
JAMES L. O'CONNOR
Vice President and Treasurer
THOMAS OTIS
Vice President and
Assistant Secretary
JANET E. SANDERS
Assistant Secretary
DOUGLAS C. MILLER
Assistant Treasurer
TRUSTEES
HON. ROBERT LLOYD GEORGE
Chairman and Chief Executive,
Lloyd George Management
JAMES B.HAWKES
Executive Vice President,
Eaton Vance Management
SAMUEL L. HAYES, III
Jacob H. Schiff Professor of
Investment Banking, Harvard
University Graduate School of
Business Administration
STUART HAMILTON LECKIE
Managing Director and Actuary,
Wyatt Company, Hong Kong
HON. EDWARD K.Y. CHEN
Professor and Director, Center for
Asian Studies, University of
Hong Kong
26
