<PAGE>
INVESTMENT ADVISER OF
STOCK PORTFOLIO
Boston Management and Research
24 Federal Street
Boston, MA 02110
ADMINISTRATOR OF
EV TRADITIONAL STOCK 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
89 South Street
P.O. Box 1537
Boston, MA 02205-1537
TRANSFER AND DIVIDEND
DISBURSING AGENT
First Data Investor Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
INDEPENDENT AUDITORS
Coopers & Lybrand L.L.P.
One Post Office Square
Boston, MA 02109
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 TRADITIONAL STOCK FUND
24 FEDERAL STREET
BOSTON, MA 02110 T-STSRC-2/96
[LOGO]
EV Traditional
Stock Fund
Annual
Shareholder Report
December 31, 1995
<PAGE>
To Shareholders
We are pleased to report that during the year ending December 31, 1995, EV
Traditional Stock Fund had a total return of 32.8%. That return was the result
of an increase in net asset value to $12.76 per share from $10.90 per share and
the reinvestment of distributions of $1.645 per share.
By comparison, the Lipper Growth & Income Fund Index, an index of 30 growth and
income funds, had a total return of 30.5%. The S&P 500, an unmanaged index of
common stocks, had a total return of 37.4% for the same period.
The U.S. economy remained remarkably steady during 1995, creating a favorable
period of slow growth and low inflation for investors. The nation's annualized
rate of economic growth was 2.7% in the first quarter and 1.3% in the second
quarter of the year, rising to 4.2% in the third quarter. It was expected to
decline below 3% during the fourth quarter.
The crucial issue during the first half of the year was whether the
Federal Reserve's previous tightening of its target federal funds rate would
cause a recession or would merely slow the economy's growth. As the year
progressed, it became clear that the Fed successfully engineered a "soft
landing."
The Fed lowered the federal funds rate by a quarter of a percentage point in
July, the first downward change since September, 1992. Another quarter-point
decrease was announced in December. These changes helped the economy continue to
advance at a slow but steady pace and provided impetus for the stock market.
The market reached record levels during the year. This runup in prices was led
during the first half of the year by technology stocks while, later in 1995,
other segments of the market, particularly biotechnology and oils, came into
favor as technology stocks faltered.
Of course, past performance is no guarantee of future returns, but we believe
that investing in a combination of income-producing and growth stocks will
provide a satisfactory total return over the long term.
- -------------------------- Sincerely,
[Photo of James B. Hawkes] /s/ James B. Hawkes
James B. Hawkes
President
February 21, 1996
- --------------------------
- --------------------------------------------------
EV TRADITIONAL STOCK FUND
10 LARGEST COMMON
STOCK HOLDINGS*
Praxair, Inc.............................Chemicals
Eastman Kodak Co............Photographic equipment
Omnicom Group..........................Advertising
Frontier Corp...................Telecommunications
PepsiCo Inc....................Beverages, consumer
Anadarko Petroleum Corp. .....Oil, gas exploration
McGraw-Hill Inc.........................Publishing
Bank of Boston.............................Banking
ConAgra, Inc.................................Foods
Rayonier, Inc......................Forest products
*as of 12/31/95
- --------------------------------------------------
<PAGE>
Management Report
An interview with Duncan W. Richardson,
Vice President and manager of the Stock Portfolio.
Q. DUNCAN, HOW WOULD YOU CHARACTERIZE THE PAST YEAR FOR EQUITY INVESTORS?
A. It was a remarkable year in the financial markets. Both the bond and stock
markets were up dramatically for the year. On the stock side, the S&P 500,
an unmanaged index of common stocks, was up 37.4%, the largest increase
since 1958. For stock investors, everything fell into place -- lower
interest rates, moderate economic growth and relatively low inflation. I'm
sure that some investors thought it couldn't get any better than this,
because conditions were very positive.
I'm also happy to report that it was the fifth-best year in Stock Fund's
64-year history. It also was the Fund's best performance since 1958.
Q. WHAT IS THE INVESTMENT STRATEGY THAT YOU USE IN MANAGING INVESTMENTS?
A. There are several components to our strategy.First, we choose stocks using a
bottom-up method. That is, we do extensive research on stocks that we're
considering before we buy. We also employ a strong selling discipline to
lower risk.
Another component that is fundamental to our investment strategy is the use
of convertible securities to increase yield. And, finally, we set aside a
portion of the Portfolio to be used to opportunistically purchase
underpriced, out-of-favor securities that we believe have strong prospects.
Q. WHAT DO YOU MEAN BY A STRONG SELLING DISCIPLINE?
----------------------
A. When a stock's price declines, we look
closely to determine whether we want to [Photo of
continue to hold. Capital preservation is Duncan W. Richardson]
important to achieving long-term
performance. We like to catch any mistakes
early. In some cases, if we decide that the ----------------------
stock is still fundamentally sound, we
recommit to the investment.
Q. WHAT SECTORS OF THE MARKET WERE FAVORED DURING THE YEAR?
A. What we saw during 1995 was a rotation of the sectors that the market
favored. Early in the year, technology stocks led the price increases, as
they had in late 1994. Later on, technology fell out of favor and other
sectors, especially telephone utilities, drugs and oils, performed well.
Q. HOW DID THESE FACTORS AFFECT THE INVESTMENT PORTFOLIO?
A. Compared to other growth and income funds, over the course of the year we
were significantly underweighted in technology stocks.We achieved our high
returns with less reliance on this volatile sector. We started overweighting
oil stocks last summer, so we've been able to take advantage of the market's
favorable attitude toward that sector.
Another factor was the Federal Reserve's lowering of interest rates twice
during the year. In addition to boosting overall investor confidence, the
lower interest rates were especially helpful to stocks in the financial
sector. The gains experienced by these stocks formed the foundation for the
Fund's solid year.
Q. WHAT WERE SOME OF THE STRONGEST PERFORMERS DURING 1995?
A. As I mentioned, financial stocks were a significant part of the success.
Three stocks that contributed strong performance in an environment of
declining interest rates were Bank of Boston Corp., Citicorp and Mortgage
Guaranty Investment Corporation, or MGIC. Bank of Boston's stock price also
rose because the market recognized the growth prospects for its
international banking operations. In all, the stock's price was up nearly
79% for the year. MGIC's price was helped by the fact that its earnings had
been previously underappreciated.
Sometimes there are special situations that can work to an investor's
advantage. For example, numerous industries are consolidating in this
country, and we were able to take advantage of this trend. In the financial
sector, our holdings in Shawmut National Corp. appreciated because of the
announcement of its acquisition by Fleet National.The price of CBS stock,
which we also held, increased when it was announced that the network would
be acquired by Westinghouse.The price of Upjohn Co. stock also rose on news
that the company was merging to become Pharmacia & Upjohn.
Triton Energy Corp. was another strong performer. This is a company that
explores for oil and natural gas and has had remarkable success in Colombia
and Thailand. From the time we acquired the stock until the end of 1995, its
price was up 82%.
Q. DID TECHNOLOGY STOCKS PLAY ANY ROLE IN THE PORTFOLIO'S SUCCESS?
A. Yes. While we were underweighted in technology, some of our holdings in this
sector, particularly Intel Corp. and Texas Instruments, both contributed to
the strong showing during the year. Intel, by the way, was the largest
position at the beginning of the year.
Fortunately, we lightened our position before the stock's price declined
late in the year.
Q. WHAT OTHER SECTORS PERFORMED WELL?
A. In general, health care stocks performed well in 1995. Johnson & Johnson has
done particularly well this year. We've also had strong performance from
some of our consumer product stocks, particularly Procter & Gamble Co. and
Eastman Kodak Co.
In the case of both Procter & Gamble and Johnson & Johnson, we increased our
holdings when we recognized that in a slow or no-growth economy, the market
would more highly value companies that demonstrate the ability to grow
internationally. Both of these companies have a strong international
presence that could offset any disappointing U.S. earnings.
Q. IN ADDITION TO USING CONVERTIBLE SECURITIES, HOW DO YOU SEEK YIELD?
One way to find a good source of total return is by investing in telephone
utilities. These stocks were good performers during the second half of the
year and should continue to be a good source of total return. Many of these
companies have strong prospects for earnings gains based on the tremendous
opportunities that they have to cut costs.
Frontier Corp. is an example. This is a diversified telecommunications
company that is based inRochester, NY. It began with local telephone service
and expanded into long-distance and wireless operations. Now, long-distance
services account for 70% of the company's revenues and, at the same time,
its local telephone services are very well-managed. The good news is that
Frontier was up more than 51% during the period of 1995 that we owned the
stock.
Q. GIVEN THE GOOD YEAR THAT INVESTORS HAD IN 1995, WHAT SHOULD THEY EXPECT IN
1996?
A. While the outlook for the stock market remains basically positive, its just
not realistic to expect two blockbuster years in a row. Investors should
keep the historical returns of the stock market in mind as they look to the
future. Having said that, economic conditions going into 1996 continue to be
positive, with low inflation and slow, steady economic growth.
The objective of the Fund is to achieve growth and income for its investors.
To achieve that objective, we continue to balance the need to add attractive
growth stocks with the need to search out total return opportunities. In
all, we believe that choosing a combination of income-producing and growth
stocks is the way for the long-term investor to achieve a satisfactory total
return.
<PAGE>
Comparison of Change in Value of a $10,000 Investment in
EV Traditional Stock Fund and the S&P 500 Stock Index
From December 31, 1985, through December 31, 1995
- -------------------------------------------------------
AVERAGE ANNUAL 1 5 10
RETURNS Year Year Year
- -------------------------------------------------------
Incl. Max. Sales Charges 26.5% 10.4% 11.2%
- -------------------------------------------------------
Excl. Max. Sales Charge 32.8% 11.5% 11.7%
- -------------------------------------------------------
Label A B
Label Date T. Stock S&P 500
1 12/85 9526 10000
2 1/86 9548 10024
3 2/86 10111 10740
4 3/86 10579 11404
5 4/86 10447 11243
6 5/86 10854 11808
7 6/86 11120 12074
8 7/86 10731 11365
9 8/86 11500 12174
10 9/96 10612 11235
11 10/86 11025 11849
12 11/86 11183 12104
13 12/86 10996 11862
14 1/87 12142 13425
15 2/87 12436 13920
16 3/87 12487 14391
17 4/87 12140 14226
18 5/87 12250 14312
19 6/87 12707 15109
20 7/87 13152 15838
21 8/87 13792 16392
22 9/87 13562 16106
23 10/87 11263 12601
24 11/87 10566 11526
25 12/87 11215 12476
26 1/88 11804 12980
27 2/88 12118 13523
28 3/88 11665 13186
29 4/88 11695 13310
30 5/88 11956 13352
31 6/88 12385 14059
32 7/88 12357 13983
33 8/88 12103 13444
34 9/88 12601 14104
35 10/88 12905 14470
36 11/88 12696 14197
37 12/88 12898 14534
38 1/89 13700 15568
39 2/89 13372 15117
40 3/89 13536 15562
41 4/89 14219 16342
42 5/89 14674 16916
43 6/89 14498 16933
44 7/89 15699 18430
45 8/89 16086 18715
46 9/89 16086 18744
47 10/89` 15885 18272
48 11/89 16074 18574
49 12/89 16629 19125
50 1/90 15600 17809
51 2/90 15862 17961
52 3/90 16216 18547
53 4/90 15975 18048
54 5/90 17299 19708
55 6/90 17207 19708
56 7/90 17323 19605
57 8/90 15940 17756
58 9/90 15429 17013
59 10/90 15610 16899
60 11/90 16449 17912
61 12/90 16727 18530
62 1/91 16935 19299
63 2/91 17749 20597
64 3/91 18047 21211
65 4/91 17970 21219
66 5/91 18543 22037
67 6/91 17892 21165
68 7/91 18625 22114
69 8/91 18979 22549
70 9/91 18717 22296
71 10/91 19047 22560
72 11/91 18359 21569
73 12/91 20315 24151
74 1/92 19601 23670
75 2/92 19878 23897
76 3/92 19689 23543
77 4/92 20216 24200
78 5/92 20598 24223
79 6/92 20040 23992
80 7/92 20998 24937
81 8/92 20703 24338
82 9/92 20821 24748
83 10/92 21162 24800
84 11/92 21696 25550
85 12/92 21722 25988
86 1/93 21447 26171
87 2/93 21479 26446
88 3/93 22014 27120
89 4/93 21281 26430
90 5/93 21509 27031
91 6/93 21574 27248
92 7/93 21656 27103
93 8/93 22246 28036
94 9/93 22278 27950
95 10/93 22672 28492
96 11/93 22163 28124
97 12/93 22633 28596
98 1/94 23454 29525
99 2/94 22907 28638
100 3/94 21851 27521
101 4/94 22200 27838
102 5/94 22383 28183
103 6/94 21853 27639
104 7/94 22322 28509
105 8/94 22800 29581
106 9/94 22211 28989
107 10/94 22313 29594
108 11/94 21314 28425
109 12/94 21701 28984
110 1/95 21671 29688
111 2/95 22512 30759
112 3/95 23434 31798
113 4/95 23977 32687
114 5/95 24964 33874
115 6/95 25447 34823
116 7/95 26458 35929
117 8/95 26963 35918
118 9/95 27408 37582
119 10/95 27185 37395
120 11/95 28221 38930
121 12/95 28811 39837
Past performance is not indicative of futures results. Investment returns and
principal will fluctuate so that an investor's share, when redeemed, may be
worth more or less than their original cost. Source: Towers Data Systems,
Bethesda, MD.
THE FUND'S PERFORMANCE
In accordance with guidelines issued by the Securities and Exchange Commission,
the chart above compares the Fund's total return with that of a broad-based
securities market index. The lines on the chart represent the total returns of a
$10,000 hypothetical investment in the Fund and the S&P 500 Stock Index.
TOTAL RETURN FIGURES
The solid line on the chart represents the Fund's performance, and includes the
Fund's maximum current sales charge of 4.75%. The Fund's total return figure
reflects Fund expenses and Portfolio transaction costs, and assumes the
reinvestment of income dividends and capital gain distributions.
The dotted line represents the performance of the S&P 500 Stock Index, a
broad-based, widely recognized unmanaged index of 500 common stocks. 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.
<PAGE>
EV TRADITIONAL STOCK FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
- ------------------------------------------------------------------------------
December 31, 1995
- ------------------------------------------------------------------------------
ASSETS:
Investment in Stock Portfolio (Portfolio), at value
(Note 1A) $99,263,231
Receivable for Fund shares sold and dividend
reinvestments 227,672
-----------
Total assets $99,490,903
LIABILITIES:
Payable for Fund shares redeemed $75,381
Payable to affiliates --
Trustees fees 426
Accrued expenses 40,386
-------
Total liabilities 116,193
-----------
NET ASSETS for 7,789,729 shares of beneficial interest
outstanding $99,374,710
===========
SOURCES OF NET ASSETS:
Proceeds from sales of shares (including shares
issued to shareholders electing to receive
payment of distributions in shares), less cost of
shares redeemed $78,912,063
Unrealized appreciation of investments 20,365,041
Accumulated net realized gain on investments 24,425
Undistributed net investment income 73,181
-----------
Total net assets $99,374,710
===========
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($99,374,710 / 7,789,729 shares of beneficial interest) $12.76
======
COMPUTATION OF OFFERING PRICE:
Offering price per share (100/95.25 of $12.76) $13.40
======
On sales of $100,000 or more, the offering price is
reduced.
The accompanying notes are an integral part of the financial statements
<PAGE>
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------
For the Year Ended December 31, 1995
--------------------------------------------------------------------------
INVESTMENT INCOME (NOTE 1B):
Dividend income allocated from Portfolio (net of
withholding tax of, $20,359) $ 2,379,842
Interest income allocated from Portfolio 441,221
Expenses allocated from Portfolio (696,951)
-----------
Total investment income $ 2,124,112
Expenses --
Compensation of Directors not members of the
Investment Adviser's organization (Note 4) $ 549
Custodian fees (Note 4) 11,485
Service fees (Note 5) 74,136
Transfer and dividend disbursing agent fees 72,415
Printing and postage 44,369
Registration fees 19,645
Legal and accounting services 19,212
Amortization of organization expenses (Note
1D) 10,542
Miscellaneous 7,468
-----------
Total expenses 259,821
-----------
Net investment income $ 1,864,291
REALIZED AND UNREALIZED GAIN FROM PORTFOLIO:
Net realized gain (identified cost basis) --
Investment transactions $ 9,771,069
Written option transactions 278,256
-----------
Net realized gain on investments $10,049,325
Change in unrealized appreciation of investments 14,029,502
-----------
Net realized and unrealized gain on
investments 24,078,827
-----------
Net increase in net assets resulting from operations $25,943,118
===========
The accompanying notes are an integral part of the financial statements
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------
1995 1994
------------- ------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income $ 1,864,291 $ 1,935,748
Net realized gain from Portfolio 10,049,325 6,033,580
Change in unrealized appreciation from
Portfolio 14,029,502 (11,860,323)
------------ ------------
Net increase (decrease) in net assets
resulting from operations $ 25,943,118 $ (3,890,995)
Distributions to shareholders --
From net investment income $ (1,811,949) $ (1,865,334)
From net realized gains on investment
transactions (10,044,124) (6,033,580)
In excess of realized gain on investment
transactions -- (41,043)
Tax return of capital -- (27,542)
------------ ------------
Total distributions to shareholders $(11,856,073) $ (7,967,499)
Net increase (decrease) from Fund share
transactions (Note 2) $ 988,920 $ (1,355,365)
------------ ------------
Total increase (decrease) in net assets $ 15,075,965 $(13,213,859)
NET ASSETS:
At beginning of year 84,298,745 97,512,604
------------ ------------
At end of year (including undistributed net
investment income of $73,181 and
$27,508, respectively) $ 99,374,710 $ 84,298,745
============ ============
The accompanying notes are an integral part of the financial statements
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------
1995 1994 1993 1992 1991<F3>
------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- beginning of year $10.900 $12.490 $13.480 $14.030 $13.070
------- ------- ------- ------- -------
Income from investment operations:
Net investment income $ 0.250 $ 0.250 $ 0.270<F2> $ 0.312 $ 0.449
Net realized and unrealized gain (loss) on investments 3.255 (0.765) 0.270<F2> 0.658 2.191
------- ------- ------- ------- -------
Total income (loss) from investment operations $ 3.505 $(0.515) $ 0.540 $ 0.970 $ 2.640
------- ------- ------- ------- -------
Less distributions:
From net investment income $(0.251) $(0.250) $(0.270) $(0.320) $(0.460)
From net realized gain on investments (1.394) (0.765) (1.260) (1.200) (1.220)
In excess of net realized gain on investments -- (0.060) -- -- --
------- ------- ------- ------- -------
Total distributions $(1.645) $(1.075) $(1.530) $(1.520) $(1.680)
------- ------- ------- ------- -------
NET ASSET VALUE -- end of year $12.760 $10.900 $12.490 $13.480 $14.030
======= ======= ======= ======= =======
TOTAL RETURN<F5> 32.77% (4.12)% 4.19% 6.93% 21.45%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's omitted) $99,375 $84,299 $97,513 $91,299 $91,844
Ratio of expenses to average net assets<F1> 1.04%<F2> 0.98% 0.96% 0.92% 0.94%
Ratio of net investment income to average net assets 2.02%<F2> 2.09% 2.01% 2.29% 3.23%
PORTFOLIO TURNOVER<F4> -- 66% 105% 59% 42%
<FN>
<F1> Includes the Fund's share of Stock Portfolio's allocated expenses for the
year ended December 31, 1995 and the period from August 1, 1994, to
December 31, 1994.
<F2> Computed on an average share basis.
<F3> Audited by previous auditors.
<F4> Portfolio Turnover represents the rate of portfolio activity for the period
while the Fund was making investments directly in securities. The portfolio
turnover for the period since the Fund transferred substantially all of its
investable assets to the Portfolio is shown in the Portfolio's financial
statements which are included elsewhere in this report.
<F5> 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.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
(1) SIGNIFICANT ACCOUNTING POLICIES
EV Traditional Stock Fund (the Fund), a Massachusetts business trust, is
registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end, management investment company. The Fund is a series in
the Eaton Vance Special Investment Trust. On August 1, 1994, the Fund
transferred substantially all of its investable assets to the Stock Portfolio
(the Portfolio). Prior to this date the Fund's name was Eaton Vance Stock
Fund. The Fund invests all of its investable assets in interests in 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 (92.2% at December
31, 1995). 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 -- Valuations 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. Prior to the Fund's investment in the Portfolio,
the Fund held its investments directly.
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 taxable income, including any
net realized gain on investments, options and financial futures transactions.
Accordingly, no provision for federal income or excise tax is necessary.
Pursuant to Section 852 of the Internal Revenue Code, the Fund designates
$6,448,207 as capital gain dividends for its taxable year ended December 31,
1995.
D. DEFERRED ORGANIZATION EXPENSES -- Costs incurred by the Fund in connection
with its organization, are being amortized on the straight-line basis over
five years.
E. OTHER -- Investment transactions are accounted for on the date the
investments are purchased or sold. Dividend income and dividends to
shareholders are recorded on the ex-dividend date. Dividend income may include
dividends that represent returns of capital for federal tax purposes. Gains or
loss on the sale of investments is determined on the identified cost basis.
F. DISTRIBUTIONS -- Generally accepted accounting principles require that
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.
- ------------------------------------------------------------------------------
(2) FUND SHARES
The Fund under its indenture of trust is authorized to issue unlimited shares
of $0.50 par value. Transactions in Fund shares were as follows:
YEAR ENDED DECEMBER 31,
--------------------------------------------------
1995 1994
----------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
------- ------------ ---------- ------------
Sales 336,944 $ 4,180,153 446,055 $ 5,497,292
Issued to shareholders
electing to receive
payment of distributions
in Fund shares 713,057 8,917,234 521,171 5,754,996
Shares redeemed (991,413) (12,108,467) (1,045,062) (12,607,653)
------- ------------ --------- ------------
Net increase (decrease) 58,588 $ 988,920 (77,836) $ (1,355,365)
======= ============ ========= ============
- ------------------------------------------------------------------------------
(3) INVESTMENT TRANSACTIONS
Increases and decreases in the Fund's investment in the Portfolio for the year
ended December 31, 1995 aggregated $4,359,832 and $15,623,672 respectively.
- ------------------------------------------------------------------------------
(4) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Eaton Vance serves only as the administrator of the Fund, but receives no
compensation. The Portfolio has engaged Boston Management and Research (BMR),
a subsidiary of Eaton Vance Management (EVM), to render investment advisory
services. See Note 3 of the Portfolio's Notes to Financial Statements which
are included elsewhere in this report. Except as to Trustees of the Fund and
the Portfolio who are not members of EVM's or BMR's organization, officers and
Trustees receive remuneration for their services to the Fund out of such
investment adviser fee.
Investors Bank & Trust Company (IBT), serves as custodian of the Fund and
the Portfolio. Prior to November 10, 1995 IBT was an affiliate of EVM.
Pursuant to the respective custodian agreements, IBT receives a fee reduced by
credits which are determined based on the average cash balances the Fund or
the Portfolio maintains with IBT. All significant credit balances used to
reduce the Funds custody fees are reported as a reduction of expenses in the
Statement of Operations.
Certain of the officers and Trustees of the Fund and Portfolio are officers
and directors/trustees of the above organizations.
- ------------------------------------------------------------------------------
(5) SERVICE PLAN
The Trustees of the Fund adopted a Service Plan on July 7, 1993 designed to
meet the requirements of Rule 12b-1 under the Investment Company Act of 1940
and the service fee requirements of the revised sales charge rule of The
National Association of Securities Dealers Inc. The Service Plan replaced the
Fund's distribution plan which became effective on December 27, 1990. The
Service Plan provides that the Fund may make service fee payments to the
Principal Underwriter, Eaton Vance Distributors, Inc., a subsidiary of Eaton
Vance Management, Authorized Firms or other persons in amounts not exceeding
0.25% of the Fund's average daily net assets for any fiscal year. The
Trustees have implemented the Service Plan by authorizing the Fund to make
quarterly service fee payments to the Principal Underwriter and Authorized
Firms in amounts not expected to exceed 0.25% of that portion of the Fund's
average daily net assets for any fiscal year which is attributable to shares
of the Fund sold on or after June 12, 1991 by such persons and remaining
outstanding for at least twelve months. Such payments are made for personal
services and/or the maintenance of shareholder accounts. During the year ended
December 31, 1995 the Fund made payments of $74,136 under the Plan to the
Principal Underwriter and Authorized Firms.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
- ------------------------------------------------------------------------------
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
EV TRADITIONAL STOCK FUND, A SERIES OF EATON VANCE SPECIAL INVESTMENT TRUST:
We have audited the accompanying statement of assets and liabilities of EV
Traditional Stock Fund (formerly Eaton Vance Stock Fund), a series of Eaton
Vance Special Investment Trust, as of December 31, 1995, and the related
statement of operations for the year then ended, the statement of changes in
net assets for each of the two years in the period then ended and the
financial highlights for each of the four years in the period then ended.
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 on our audits. The
financial highlights for the year ended December 31, 1991, presented herein,
were audited by other auditors whose report dated January 21, 1992, expressed
an unqualifed opinion on such financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
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. Our procedures included confirmation of securities
owned as of December 31, 1995 by correspondence with the custodian. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of EV
Traditional Stock Fund, a series of Eaton Vance Special Investment Trust, as
of December 31, 1995, the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the period then
ended and the financial highlights for each of the four years in the period
then ended, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
BOSTON, MASSACHUSETTS
FEBRUARY 2, 1996
<PAGE>
- -----------------------------------------------------------------------------
STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- -----------------------------------------------------------------------------
COMMON STOCKS -- 86.5%
- -----------------------------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------------------------
ADVERTISING - 3.1%
90,000 Omnicom Group $ 3,352,500
------------
AEROSPACE & DEFENSE - 1.8%
40,000 General Motors Corp. Class H $ 1,965,000
------------
AGRICULTURE EQUIPMENT - 2.0%
60,000 Deere & Co. $ 2,115,000
------------
AUTOMOTIVE - 0.4%
15,000 Ford Motor Co. $ 435,000
------------
BANKS - 4.3%
55,000 Bank of Boston Corp. $ 2,543,750
14,331 Citicorp 963,792
26,766 Fleet Financial Group, Inc. 1,090,714
------------
$ 4,598,256
------------
BROADCASTING - 2.0%
120,000 Comcast Corp. Class A $ 2,182,500
------------
CHEMICALS - 4.7%
20,000 DuPont (E.I.) deNemours & Co., Inc. $ 1,397,500
110,000 Praxair, Inc. 3,698,750
------------
$ 5,096,250
------------
CONSUMER GOODS & SERVICES - 11.7%
50,000 American Brands, Inc. $ 2,231,250
55,000 Eastman Kodak Co. 3,685,000
50,000 PepsiCo, Inc. 2,793,750
17,100 Procter & Gamble Co. 1,419,300
70,000 Seagram Co. Ltd. 2,423,750
------------
$ 12,553,050
------------
DRUGS & MEDICAL - 4.1%
25,000 Johnson & Johnson Co. $ 2,140,625
58,000 Pharmacia & Upjohn, Inc. 2,247,500
------------
$ 4,388,125
------------
FINANCE & INSURANCE - 9.5%
48,540 Allstate Corp. $ 1,996,208
50,000 American General Corp. 1,743,750
60,000 Block (H. & R.), Inc. 2,430,000
35,000 MGIC Investment Corp. Wisc. 1,898,750
45,000 Progressive Corp. 2,199,375
------------
$ 10,268,083
------------
FOOD - 2.3%
61,063 Conagra, Inc. $ 2,518,849
------------
FOREST PRODUCTS - 2.3%
75,000 Rayonier, Inc. $ 2,503,125
------------
INTEGRATED OIL - 4.1%
27,000 Exxon Corp. $ 2,163,375
65,000 Phillips Petroleum Co. 2,218,125
------------
$ 4,381,500
------------
INTERNATIONAL NEWS AGENCY - 0.8%
15,000 Reuters Holdings PLC ADR $ 826,875
------------
MANUFACTURING - DIVERSIFIED - 1.4%
25,000 Illinois Tool Works, Inc. $ 1,475,000
------------
METALS & MINING - 1.8%
100,000 J & L Specialty Steel, Inc. $ 1,875,000
------------
OIL & GAS EXPLORATION - 6.8%
50,000 Anadarko Petroleum Corp. $ 2,706,250
30,000 Texaco, Inc. 2,355,000
40,000 Triton Energy Corp. 2,295,000
------------
$ 7,356,250
------------
PUBLISHING - 4.2%
15,000 Dow Jones & Co., Inc. $ 598,125
30,000 Houghton Mifflin Co. 1,290,000
30,000 McGraw-Hill, Inc. 2,613,750
------------
$ 4,501,875
------------
REAL ESTATE INVESTMENT TRUSTS - 3.6%
20,000 Beacon Properties Corp. $ 460,000
16,000 Chelsea GCA Realty, Inc. 480,000
20,000 Equity Residential Properties Trust 612,500
20,000 Nationwide Health Properties, Inc. 840,000
10,000 Post Properties, Inc. 318,750
18,000 Redwood Trust, Inc. 328,500
20,000 ROC Communities, Inc. 480,000
14,200 Trinet Corporate Realty Trust, Inc. 386,950
------------
$ 3,906,700
------------
RETAIL - 2.0%
100,000 Toys "R" Us* $ 2,175,000
------------
SAVINGS & LOAN - 1.3%
55,000 Great Western Financial Corp. $ 1,402,500
------------
SEMICONDUCTORS - 3.6%
25,000 Intel Corp. $ 1,418,750
30,000 Motorola, Inc. 1,710,000
15,000 Texas Instruments, Inc. 776,250
------------
$ 3,905,000
------------
SPECIALTY CHEMICALS - 1.6%
35,000 Loctite Corp. $ 1,662,500
------------
TELECOMMUNICATIONS - 6.3%
35,000 Ameritech Corp. $ 2,065,000
100,000 Frontier Corp. 3,000,000
30,000 SBC Communications, Inc. 1,725,000
------------
$ 6,790,000
------------
UTILITIES - NATURAL GAS - 0.8%
50,000 Western Gas Resources $ 806,250
------------
TOTAL COMMON STOCKS
(IDENTIFIED COST, $73,217,574) $ 93,040,188
------------
- -----------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS - 5.3%
- -----------------------------------------------------------------------------
10,000 Ford Motor Co., 8.4% $ 947,500
140,000 Freeport McMoRan Copper & Gold, 5% 3,815,000
10,000 Tejas Gas Corp., 5.25% 475,000
10,000 Valero Energy Corp., 6.25% 515,000
TOTAL CONVERTIBLE PREFERRED STOCKS
(IDENTIFIED COST, $4,782,861) $ 5,752,500
------------
- -----------------------------------------------------------------------------
CONVERTIBLE BONDS - 4.2%
- -----------------------------------------------------------------------------
FACE AMOUNT
(000'S OMITTED)
- -----------------------------------------------------------------------------
$ 500 Beverly Enterprises, 7.625%, 3/15/03 $ 477,500
750 Beverly Enterprises, 5.5%, 8/1/18 708,750
1,920 INCO Ltd., 5.75%, 7/1/04 2,524,800
840 Scandinavian Broadcasting System,
7.25%, 8/1/05 863,100
------------
TOTAL CONVERTIBLE BONDS
(IDENTIFIED COST, $4,078,750) $ 4,574,150
------------
- -----------------------------------------------------------------------------
CORPORATE BOND - 0.0%
- -----------------------------------------------------------------------------
FACE AMOUNT
(000'S OMITTED) VALUE
- -----------------------------------------------------------------------------
$ 50 H.P. Hood & Son, 7.50%, 2/1/01 $ 39,400
------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST, $50,000) $ 39,400
------------
- -----------------------------------------------------------------------------
SHORT TERM INVESTMENTS - 3.7%
- -----------------------------------------------------------------------------
$3,056 General Electric Capital Corp.,
5.8%, 1/3/96 $ 3,055,014
933 Melville Corp., 5.9%, 1/2/96 932,849
------------
TOTAL SHORT TERM INVESTMENTS
AT AMORTIZED COST $ 3,987,863
------------
TOTAL INVESTMENTS - 99.7%
(IDENTIFIED COST, $86,117,048) $107,394,101
OTHER ASSETS, LESS LIABILITIES - 0.3% 323,174
------------
NET ASSETS - 100% $107,717,275
============
ADR -- American Depository Receipt
Note: Percentages shown are based on net assets
The accompanying notes are an integral part of the financial statements
<PAGE>
STOCK PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
- ------------------------------------------------------------------------------
December 31, 1995
- ------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (identified cost,
$86,117,048) $107,394,101
Cash 970
Interest receivable 100,068
Dividends receivable 207,809
Deferred organization expenses (Note 1C) 11,719
Other receivables 21,656
------------
Total assets $107,736,323
LIABILITIES:
Payable to affiliates --
Trustees fees $ 1,396
Accrued expenses 17,652
-------
Total liabilities 19,048
------------
NET ASSETS applicable to investors' interest in Portfolio $107,717,275
============
SOURCES OF NET ASSETS:
Net proceeds from capital contributions and
withdrawals $ 86,440,222
Unrealized appreciation of investments (computed on
the basis of identified cost) 21,277,053
------------
Total net assets $107,717,275
============
The accompanying notes are an integral part of the financial statements
<PAGE>
STATEMENT OF OPERATIONS
- ------------------------------------------------------------------------------
For the Year Ended December 31, 1995
- ------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 462,813
Dividends (net of withholding tax of, $21,440) 2,496,020
-----------
Total income 2,958,833
Expenses --
Investment adviser fee (Note 3) $ 606,215
Compensation of directors, not members of the
Investment Adviser's organization (Note 3) 7,482
Custodian fee (Note 3) 73,496
Printing and postage 332
Legal and accounting services 28,943
Amortization of organizational expenses
(Note 1C) 3,248
Miscellaneous 10,719
----------
Total expenses 730,435
-----------
Net investment income 2,228,398
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain (identified cost basis) --
Investment transactions $9,926,132
Written option transactions 296,671
----------
Net realized gain $10,222,803
Change in unrealized appreciation on investments 14,953,494
-----------
Net realized and unrealized gain on investments $25,176,297
-----------
Net increase in net assets resulting from operations $27,404,695
===========
The accompanying notes are an integral part of the financial statements
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
---------------------------
1995 1994*
------------- ------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income $ 2,228,398 $ 908,166
Net realized gain (loss) on investment
transactions 10,222,803 (2,035,741)
Change in unrealized appreciation of
investments 14,953,494 (1,601,217)
------------ -----------
Net increase (decrease) in net assets
resulting from operations $ 27,404,695 $(2,728,792)
------------ -----------
Capital transactions --
Contributions $ 13,753,042 $ 2,390,694
Withdrawals (18,959,497) (5,494,445)
------------ -----------
Decrease in net assets resulting from
capital transactions $ (5,206,455) $(3,103,751)
------------ -----------
Total increase (decrease) in net assets $ 22,198,240 $(5,832,543)
NET ASSETS:
At beginning of year 85,519,035 91,351,578
------------ -----------
At end of year $107,717,275 $85,519,035
============ ===========
- ------------------------------------------------------------------------------
SUPPLEMENTARY DATA
- ------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
---------------------------
1995 1994*
------------- ------------
RATIOS (to average daily net assets):
Expenses 0.75% 0.73%+
Net investment income 2.30% 2.45%+
PORTFOLIO TURNOVER 108% 28%
+ Computed on an annualized basis.
* For the period from the start of business, August 1, 1994 to December 31,
1994.
The accompanying notes are an integral part of the financial statements
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
- ------------------------------------------------------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
Stock 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 on May 1, 1992. The Declaration
of Trust permits the Trustees to issue beneficial interests in the Portfolio.
The following is a summary of significant accounting policies of the
Portfolio. The policies are in conformity with generally accepted accounting
principles.
A. SECURITY VALUATIONS -- Investments in securities traded on a national
securities exchange or in the NASDAQ National Market are valued on the basis
of the last reported sales prices on the last business day of the period. If
no sale is reported on that date, a security is valued, if quoted on such a
day, at not lower than the old bid price nor higher than the asked prices.
Prices on such exchanges will not be used for valuing debt securities if in
the Trustees judgment, some other valuation method more accurately reflects
the fair market value of such a security. Securities for which over-the-
counter market quotations are readily available are valued on the basis of the
mean between the last bid and asked prices. Short-term securities are valued
at cost, which approximates market value. All other securities and assets are
appraised to reflect their fair value as determined in good faith by the
Trustees.
B. INCOME 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. Since some of the
Portfolio's investors are regulated invest- ment 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 Code) in order for its investors to satisfy them. The Portfolio will
allocate at least annually among its investors each investors' distributive
share of the Portfolio's net investment income, net realized capital gains, and
any other items of income, gain, loss, deduction or credit.
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. OTHER -- Investment transactions are accounted for on the date the
investments are purchased or sold. Dividend income is recorded on the ex-
dividend date. Realized gains and losses on the sale of investments are
determined on the identified cost basis.
E. WRITTEN OPTIONS -- The Fund may write call or put options for which premiums
are received and are recorded as liabilities, and are subsequently adjusted to
the current value of the options written. Premiums received from writing options
which expire are treated as realized gains. Premiums received from writing
options which are exercised or are closed are offset against the proceeds or
amount paid on the transaction to determine the realized gain or loss. If a put
option is exercised, the premium reduces the cost basis of the securities
purchased by the Fund. The Fund as a writer of an option may have no control
over whether the underlying securities may be sold (call) or purchased (put) and
as a result bears the market risk of an unfavorable change in the price of the
securities underlying the written option.
- ------------------------------------------------------------------------------
(2) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than short-term obligations,
aggregrated $99,400,340 and $102,585,387, respectively.
- ------------------------------------------------------------------------------
(3) 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), as compensation for
management and investment advisory services rendered to the Portfolio. The fee
is at the annual rate of 5/8 of 1% of average daily net assets. For the year
ended December 31, 1995, the fee amounted to $606,215. Except as to Trustees of
the Portfolio who are not members of EVM's or BMR's organization, officers and
Trustees receive remuneration for their services to the Portfolio out of such
investment adviser fee. Investors Bank & Trust Company (IBT), serves as
custodian of the Portfolio. Prior to November 10, 1995, IBT was an affiliate of
EVM. 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 and directors/trustees of the above organizations. All significant
credit balances used to reduce the Funds custody fees are reported as a
reduction of expenses in the statement of operations. Trustees of the Portfolio
that are not affiliated with the Investment Adviser 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 December 31, 1995, no
significant amounts have been deferred.
- ------------------------------------------------------------------------------
(4) LINE OF CREDIT
The Portfolio participates with other portfolios and funds managed by BMR and
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. At December 31, 1995, the Fund
did not have an outstanding balance pursuant to the line of credit.
- ------------------------------------------------------------------------------
(5) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation/depreciation in value of the investments
owned at December 31, 1995, as computed on a federal income tax basis, are as
follows:
Aggregate cost $86,041,047
===========
Gross unrealized appreciation $22,128,189
Gross unrealized depreciation 775,135
-----------
Net unrealized appreciation $21,353,054
===========
- ------------------------------------------------------------------------------
(6) FINANCIAL INSTRUMENTS
The Fund regularly trades in financial instruments with off-balance-sheet risk
in the normal course of its investing activities and to assist in managing
exposure to market risks such as interest rates and foreign currency exchange
rates. These financial instruments include written options. The notional or
contractual amounts of these instruments represent the investment the Fund has
in particular classes of financial instruments and do not necessarily represent
the amounts potentially subject to risk. The measurement of the risks associated
with these instruments is meaningful only when all related and offsetting
transactions are considered. A summary of obligations under these financial
instruments at December 31, 1995 is as follows:
Written Option Transactions
Transactions in written options for the year ended December 31, 1995 were as
follows:
PRINCIPAL AMOUNTS
OF CONTRACTS
(000'S OMITTED) PREMIUMS
--------------- --------
Outstanding, beginning of period -- --
Options written (990) ($296,671)
Options exercised 990 296,671
Options expired -- --
---- ---------
Outstanding, end of period 0 $ 0
==== =========
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
- ------------------------------------------------------------------------------
TO THE TRUSTEES AND INVESTORS OF STOCK PORTFOLIO:
We have audited the accompanying statement of assets and liabilities of Stock
Portfolio, including the portfolio of investments, as of December 31, 1995,
the related statement of operations for the year then ended, and the changes
in net assets and supplementary data for the year ended December 31, 1995 and
for the period from August 1, 1994 (start of business) 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 on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements and
supplementary data are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of December 31, 1995 by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and supplementary data referred to
above present fairly, in all material respects, the financial position of
Stock Portfolio as of December 31, 1995, the results of its operations for the
year then ended, and the changes in its net assets and supplementary data for
the year ended December 31, 1995 and for the period from August 1, 1994 (start
of business) to December 31, 1994, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
BOSTON, MASSACHUSETTS
FEBRUARY 2, 1996
<PAGE>
INVESTMENT MANAGEMENT
EV TRADITIONAL OFFICERS TRUSTEES
STOCK FUND JAMES B. HAWKES M. DOZIER GARDNER
24 Federal Street President, Trustee President, Eaton Vance
Boston, MA 02110 CLIFFORD H. KRAUSS Management
Vice President DONALD R. DWIGHT
JAMES L. O'CONNOR President, Dwight Partners, Inc.
Treasurer Chairman, Newspapers of
THOMAS OTIS New England, Inc.
Secretary SAMUEL L. HAYES, III
Jacob H. Schiff Professor of
Investment Banking, Harvard
University Graduate School of
Business Administration
NORTON H. REAMER
President,
United Asset Management
Corporation
JOHN L. THORNDIKE
Director, Fiduciary Company
Incorporated
JACK L. TREYNOR
Investment Adviser and
Consultant
-----------------------------------------------------------
STOCK PORTFOLIO OFFICERS TRUSTEES
24 Federal Street JAMES B. HAWKES DONALD R. DWIGHT
Boston, MA 02110 President, Trustee President, Dwight Partners, Inc.
DUNCAN W. RICHARDSON Chairman, Newspapers of
Vice President and New England, Inc.
Portfolio Manager SAMUEL L. HAYES, III
JAMES L. O'CONNOR Jacob H. Schiff Professor of
Treasurer Investment Banking, Harvard
THOMAS OTIS University Graduate School of
Secretary Business Administration
NORTON H. REAMER
President,
United Asset Management
Corporation
JOHN L. THORNDIKE
Director, Fiduciary Company
Incorporated
JACK L. TREYNOR
Investment Adviser and
Consultant
