<PAGE>
[LOGO OF EATON VANCE APPEARS HERE]
Investing for the 21st Century
[PHOTO OF FINANCIAL NEWSPAPER
AND CALCULATOR APPEARS HERE]
SEMIANNUAL REPORT JUNE 30, 1997
EV
[PHOTO OF NYSE MARATHON
FLAG APPEARS HERE]
INVESTORS
FUND
Eaton Vance
Global Management-Global Distribution
[PHOTO OF STOCK EXCHANGE APPEARS HERE]
MARATHON
<PAGE>
EV Marathon Investors Fund as of June 30, 1997
INVESTMENT UPDATE
[PHOTOGRAPH OF THOMAS E. FAUST JR. APPEARS HERE]
Thomas E. Faust Jr.,
Portfolio Manager
Investment Environment
- --------------------------------------------------------------------------------
The Economy
. Economic conditions in the U.S. were very favorable in the first half of
1997. Gross Domestic Product (GDP) increased at an annualized rate of 4.9%
during the first quarter. In the second quarter, the economy slowed
somewhat, with advance estimates showing an annualized GDP increase of 2.2%.
. Unemployment remained low throughout the period, hitting a 24-year low of
4.8% in May and rising slightly to 5.0% in June.
. Inflation was low throughout the first half of the year despite continued
economic growth and a tight labor market. During the first half of 1997, the
Consumer Price Index (CPI) rose at an annual rate of only 1.4%, the slowest
rate of increase since 1986.
The Markets
. The sustained growth of the U.S. economy and low inflation have helped
propel prices of large capitalization stocks to record levels. In the six
months ended June 30, 1997, the S&P 500 Index had a total return of 20.6%.*
. An increase in volatility has accompanied higher stock valuations. Within a
six-week period in March and April, the S&P 500 Index declined almost 10%
and then fully recovered to reach new record highs.*
. Short-term interest rates rose on March 25 when the Federal Reserve raised
the Fed Funds Rate 0.25% to 5.50%. Long-term bonds sold off in the first
quarter but rallied in the second quarter. After rising over 7% at the end
of March, the yield on the 30-year Treasury bond declined to 6.8% by June
30.
- --------------------------------------------------------------------------------
Mutual fund shares are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are subject
to investment risks, including possible loss of principal invested.
- --------------------------------------------------------------------------------
The Fund
- --------------------------------------------------------------------------------
The Past Six Months
. During the six months ended June 30, 1997, EV Marathon Investors Fund had a
total return of 12.3%./1/
. This return resulted from an increase in net asset value to $13.66 per share
on June 30, 1997 from $12.34 per share on December 31, 1996, and the
reinvestment of $0.110 per share in income dividends and $0.070 in capital
gains distributions./2/
. By comparison, the average total return for mutual funds in the Lipper
Balanced Fund Category was 10.2% during this period.*
Management Discussion
. This has been a very favorable period, especially for high-quality, large
capitalization stocks in which this Portfolio generally invests. Corporate
profits have been better than anticipated, and inflation has been virtually
non-existent.
. During this period, the Fund has performed well within its peer group of
balanced funds, primarily due to favorable stock selection and a heavy
equity weighting. Among the Fund's equity holdings, stocks in the health
care and financial sectors have performed particularly well.
. Within its fixed-income component, the Fund continues to maintain
significant exposure to corporate put bonds. Put bonds have "positive
convexity," which means that their duration, or sensitivity to interest rate
movements, increases as bond prices rally and decreases as the market
corrects.
- --------------------------------------------------------------------------------
/1/ This return does not include the maximum applicable 5% contingent deferred
sales charge (CDSC).
/2/ Returns are calculated by determining the percentage change in net asset
value (NAV) with all distributions reinvested. SEC average annual returns
reflect applicable CDSC on the following schedule: 5%-1st and 2nd years; 4%-
3rd year; 3%-4th year; 2%-5th year; 1%-6th year. Past performance is no
guarantee of future results. The value of an investment in the Fund will
fluctuate so that shares, when redeemed, may be worth more or less than
their original cost.
/3/ Portfolio allocation and top 10 holdings are as of 6/30/97 and may not be
representative of the Portfolio's current or future investments. Top 10
holdings account for 19.9% of the Portfolio's investments, determined by
dividing the total market value of the holdings by the total net assets of
the Portfolio.
* It is not possible to invest directly in an index, average, or Lipper
Category.
- --------------------------------------------------------------------------------
Fund Information
as of June 30, 1997
<TABLE>
<CAPTION>
Average Annual Total Returns/2/
- --------------------------------------------------------------------------------
<S> <C>
One Year 20.3%
Life of Fund (11/2/93) 13.2
</TABLE>
<TABLE>
<CAPTION>
SEC Average Annual Total Returns/2/
- --------------------------------------------------------------------------------
<S> <C>
One Year 15.3%
Life of Fund (11/2/93) 12.6
</TABLE>
<TABLE>
<CAPTION>
Portfolio Allocation/3/
- --------------------------------------------------------------------------------
As a percentage of total net assets
[PIE GRAPH APPEARS HERE]
<S> <C>
Cash 1.4%
Fixed Income 26.8%
Equities 71.8%
</TABLE>
<TABLE>
<CAPTION>
Ten Largest Equity Holdings/3/
- --------------------------------------------------------------------------------
As a percentage of total net assets
<S> <C>
Sofomor/Danek 2.6%
Eli Lilly 2.2
Chase Manhattan 2.1
Allstate 2.1
Xerox 2.0
Federal National Mortgage Corp. 1.8
Deere Inc. 1.8
MGIC Investment Corp. 1.8
Corning 1.7
Home Depot 1.7
</TABLE>
2
<PAGE>
EV Marathon Investors Fund as of June 30, 1997
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
As of June 30, 1997
Assets
- --------------------------------------------------------------------------
<S> <C>
Investment in Investors Portfolio, at value
(Note 1A) (identified cost, $42,893,408) $53,633,470
Receivable for Fund shares sold 84,430
Deferred organization expenses (Note 1E) 11,835
- --------------------------------------------------------------------------
Total assets $53,729,735
- --------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------
Payable for Fund shares redeemed $ 42,574
Payable to affiliate for Trustees' fees (Note 4) 40
Accrued expenses 43,337
- --------------------------------------------------------------------------
Total liabilities $ 85,951
- --------------------------------------------------------------------------
Net Assets for 3,926,007 shares of beneficial
interest outstanding $53,643,784
- --------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------
Paid-in capital $42,038,878
Accumulated net realized gain on investments
(computed on the basis of identified cost) 868,301
Distributions in excess of net investment income (3,457)
Net unrealized appreciation of investments (computed
on the basis of identified cost) 10,740,062
- --------------------------------------------------------------------------
Total $53,643,784
- --------------------------------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share (Note 6)
- --------------------------------------------------------------------------
($53,643,784 / 3,926,007 shares of
beneficial interest outstanding) $ 13.66
- --------------------------------------------------------------------------
<CAPTION>
Statement of Operations
For the Six Months Ended
June 30, 1997
Investment Income (Note 1B)
- --------------------------------------------------------------------------
Dividend income allocated from Portfolio
(net of foreign taxes, $2,399) $ 345,633
Interest income allocated from Portfolio 536,279
Expenses allocated from Portfolio (172,744)
- --------------------------------------------------------------------------
Total investment income $ 709,168
- --------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------
Compensation of Trustees not members of the
Administrator's organization (Note 4) $ 79
Distribution and service fees (Note 5) 244,289
Transfer and dividend disbursing agent fees 29,474
Printing and postage 15,238
Legal and accounting services 6,221
Amortization of organization expenses (Note 1E) 6,122
Registration fees 4,810
Custodian fee 1,310
- --------------------------------------------------------------------------
Total expenses $ 307,543
- --------------------------------------------------------------------------
Net investment income $ 401,625
- --------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) from Portfolio
- --------------------------------------------------------------------------
Net realized gain --
Investment transactions (identified cost basis) $ 869,209
- --------------------------------------------------------------------------
Net realized gain on investment transactions $ 869,209
- --------------------------------------------------------------------------
Change in unrealized appreciation --
Investment transactions $ 4,555,527
- --------------------------------------------------------------------------
Net change in unrealized appreciation of investments $ 4,555,527
- --------------------------------------------------------------------------
Net realized and unrealized gain on investments $ 5,424,736
- --------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,826,361
- --------------------------------------------------------------------------
</TABLE>
See notes to financial statements
3
<PAGE>
EV Marathon Investors Fund as of June 30, 1997
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
Increase (Decrease) June 30, 1997 Year Ended
in Net Assets (Unaudited) December 31, 1996
- --------------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment income $ 401,625 $ 864,625
Net realized gain on investments 865,188 1,993,369
Net change in unrealized appreciation 4,559,548 2,187,283
- --------------------------------------------------------------------------------
Net increase in net assets
from operations $ 5,826,361 $ 5,045,277
- --------------------------------------------------------------------------------
Distributions to shareholders (Note 2) --
From net investment income $ (423,650) $ (864,625)
In excess of net investment income (3,457) (23,094)
From net realized gain on investments (272,171) (1,975,424)
- --------------------------------------------------------------------------------
Total distributions to shareholders $ (699,278) $ (2,863,143)
- --------------------------------------------------------------------------------
Transactions in shares of beneficial
interest (Note 3) --
Proceeds from sale of shares $ 7,165,253 $ 20,480,961
Net asset value of shares
issued to shareholders
in payment of
distributions declared 885,995 2,274,104
Cost of shares redeemed (6,359,355) (11,627,072)
- --------------------------------------------------------------------------------
Net increase in net assets from
Fund share transactions $ 1,691,893 $ 11,127,993
- --------------------------------------------------------------------------------
Net increase in net assets $ 6,818,976 $ 13,310,127
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of period $ 46,824,808 $ 33,514,681
- --------------------------------------------------------------------------------
At end of period $ 53,643,784 $ 46,824,808
- --------------------------------------------------------------------------------
Accumulated undistributed
(distributions in excess of) net
investment income included in net
assets
- --------------------------------------------------------------------------------
At end of period $ (3,457) $ 22,025
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
4
<PAGE>
EV Marathon Investors Fund as of June 30, 1997
FINANCIAL STATEMENTS CONT'D
Financial Highlights
<TABLE>
<CAPTION>
Six Months Ended Year Ended December 31, Year Ended January 31,
June 30, 1997 ----------------------------- ------------------------------
(Unaudited) 1996 1995* 1995 1994**
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- Beginning of period $12.340 $11.700 $ 9.540 $10.390 $10.000
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.103 $ 0.250 $ 0.231 $ 0.286 $ 0.025
Net realized and unrealized gain (loss) on
investments 1.397 1.190 2.299 (0.861) 0.365
- ------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from operations $ 1.500 $ 1.440 $ 2.530 $(0.575) $ 0.390
- ------------------------------------------------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------------------------------------------------
From net investment income $(0.100) $(0.250) $(0.245) $(0.274) $ --
In excess of net investment income (0.010) (0.010) -- -- --
From net realized gain on investments (0.070) (0.540) (0.125) (0.001) --
- ------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.180) $(0.800) $(0.370) $(0.275) $ --
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value -- End of period $13.660 $12.340 $11.700 $ 9.540 $10.390
- ------------------------------------------------------------------------------------------------------------------------------
Total Return /(1)/ 12.25% 12.55% 26.88% (5.44)% $ 3.90%
- ------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data++
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000 omitted) $53,644 $46,825 $33,515 $14,508 $ 2,487
Ratio of net expenses to average daily
net assets/(2)/(3)/ 1.93%+ 1.84% 2.03%+ 2.41% 1.04%+
Ratio of net investment income to average
daily net assets 1.62%+ 2.08% 2.48%+ 2.47% 2.49%+
</TABLE>
++ The operating expenses of the Fund and the Portfolio reflect an allocation of
expenses to the Administrator. Had such action not been taken, the ratios
would have been as follows:
<TABLE>
<CAPTION>
Ratios (As a percentage of average daily net assets):
<S> <C> <C> <C> <C> <C>
Expenses /(2)/(3)/ 1.93% -- -- -- 2.29%+
Net investment income 1.62% -- -- -- 1.24%+
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the eleven month period ended December 31, 1995.
** For the period from the start of business, November 2, 1993, to January
31, 1994.
/(1)/ 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 payable date. Total return is not
computed on an annualized basis.
/(2)/ Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
/(3)/ The expense ratios for the six months ended June 30, 1997 and for the
years ended December 31, 1996 and 1995 have been adjusted to reflect a
change in reporting requirements. The new reporting guidelines require the
Fund to increase its expense ratio by the effect of any expense offset
arrangements with its service providers. The expense ratios for the period
ended December 31, 1994 have not been adjusted to reflect this change.
See notes to financial statements
5
<PAGE>
EV Marathon Investors Fund as of June 30, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
1 Significant Accounting Policies
------------------------------------------------------------------------------
EV Marathon Investors 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 Investors 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 (16.8% at June 30, 1997). 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 1A of the Portfolio's Notes to Financial Statements which
are included elsewhere in this report.
B Income -- The Fund's net investment income consists of the Fund's pro rata
share of the net investment income of the Portfolio, less all actual and
accrued expenses of the Fund determined in accordance with generally accepted
accounting principles.
C Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian 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. All significant credit balances used to
reduce the Fund's custodian fees are reported as a reduction of expenses on
the Statement of Operations.
D Federal Taxes -- The Fund's policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable and tax-exempt income,
including any net realized gain on investments. Accordingly, no provision for
federal income or excise tax is necessary.
E Deferred Organization Expenses -- Costs incurred by the Fund in connection
with its organization are being amortized on a straight-line basis over five
years.
F Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of income and expense during the reporting period. Actual results could differ
from those estimates.
G Interim Financial Information -- The interim financial statements relating
to June 30, 1997 and for the six month period then ended have not been audited
by independent certified public accountants, but in the opinion of the Fund's
management, reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders
------------------------------------------------------------------------------
The Fund's present policy is to pay quarterly dividends from net investment
income allocated to the Fund by the Portfolio (less the Fund's direct and
allocated expenses) and to distribute at least annually any net realized
capital gains so allocated. Distributions are paid in the form of additional
shares of the Fund or, at the election of the shareholder, in cash. The Fund
distinguishes between distributions on a tax basis and a financial reporting
basis. Generally accepted accounting principles require that only
distributions in excess of tax basis earnings and profits be reported in the
financial statements as a return of capital. Differences in the recognition or
classification of income between the financial statements and tax earnings and
profits which result in overdistributions only 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.
6
<PAGE>
EV Marathon Investors Fund as of June 30, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
3 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>
Six Months Ended
June 30, 1997 Year Ended
(Unaudited) December 31, 1996
------------------------------------------------------------------------------
<S> <C> <C>
Sales 555,178 1,703,686
Issued to shareholders electing to
receive payments of
distributions in Fund shares 70,036 187,664
Redemptions (494,107) (960,723)
------------------------------------------------------------------------------
Net increase 131,107 930,627
------------------------------------------------------------------------------
</TABLE>
4 Transactions with Affiliates
------------------------------------------------------------------------------
Eaton Vance Management (EVM) serves only as the administrator of the Fund, but
receives no compensation. The Portfolio has engaged Boston Management and
Research (BMR), a subsidiary of 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 the investment
adviser fee. Certain of the officers and Trustees of the Fund and the
Portfolio are officers and directors/trustees of the above organizations.
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 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) and amounts theretofore paid to EVD. The amount payable to EVD with
respect to each day is accrued on such day as a liability of the Fund and,
accordingly, reduces Fund's net assets. The Fund paid $186,333 to EVD for the
six months ended June 30, 1997, representing 0.75% (annualized) of average
daily net assets. At June 30, 1997, the amount of Uncovered Distribution
Charges of EVD calculated under the Plan was approximately $1,432,000. In
addition, the Plan authorizes the Fund to make quarterly 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 any
fiscal year. The Trustees have 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%, of the Fund's
average daily net assets for each fiscal year based on the value of Fund
shares sold by such persons and remaining outstanding for at least twelve
months. 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. During the six months ended June 30, 1997, the Fund paid or
accrued $57,956 under the Plan to the Principal Underwriter and Authorized
Firms.
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 subsequent year. 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. EVD received approximately $93,000 of CDSC paid by shareholders
for the six months ended June 30, 1997.
7
<PAGE>
Investors Portfolio as of June 30, 1997
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks -- 69.7%
<TABLE>
<CAPTION>
Security Shares Value
- --------------------------------------------------------------------------
<S> <C> <C>
Aerospace and Defense -- 1.7%
- --------------------------------------------------------------------------
Boeing Co. 100,000 $ 5,306,250
- --------------------------------------------------------------------------
$ 5,306,250
- --------------------------------------------------------------------------
Auto and Parts -- 1.0%
- --------------------------------------------------------------------------
General Motors Corp. 60,000 $ 3,341,250
- --------------------------------------------------------------------------
$ 3,341,250
- --------------------------------------------------------------------------
Banks - Regional -- 1.6%
- --------------------------------------------------------------------------
Norwest Corp. 90,000 $ 5,062,500
- --------------------------------------------------------------------------
$ 5,062,500
- --------------------------------------------------------------------------
Banks and Money Services -- 3.1%
- --------------------------------------------------------------------------
Banco Latinoamericano de Exportaciones* 75,000 $ 3,234,375
Chase Manhattan Corp. 70,200 6,813,787
- --------------------------------------------------------------------------
$ 10,048,162
- --------------------------------------------------------------------------
Beverages -- 1.5%
- --------------------------------------------------------------------------
PepsiCo, Inc. 130,000 $ 4,883,125
- --------------------------------------------------------------------------
$ 4,883,125
- --------------------------------------------------------------------------
Chemicals -- 3.1%
- --------------------------------------------------------------------------
Monsanto Corp. 125,000 $ 5,382,813
Praxair, Inc. 80,000 4,480,000
- --------------------------------------------------------------------------
$ 9,862,813
- --------------------------------------------------------------------------
Computer Equipment -- 3.0%
- --------------------------------------------------------------------------
Hewlett-Packard Co. 60,000 $ 3,360,000
Xerox Corp. 81,000 6,388,874
- --------------------------------------------------------------------------
$ 9,748,874
- --------------------------------------------------------------------------
Drugs -- 6.5%
- --------------------------------------------------------------------------
Astra AB Class A 266,667 $ 4,966,105
Elan Corp., PLC ADR* 75,000 3,393,750
Lilly & Co. 65,000 7,105,312
Pfizer, Inc. 18,900 2,258,550
Smithkline Beecham PLC ADR 35,000 3,206,875
- --------------------------------------------------------------------------
$ 20,930,592
- --------------------------------------------------------------------------
Electric Utilities -- 1.0%
- --------------------------------------------------------------------------
The Southern Co. 140,000 $ 3,062,500
- --------------------------------------------------------------------------
$ 3,062,500
- --------------------------------------------------------------------------
Electronics - Semiconductors -- 1.6%
- --------------------------------------------------------------------------
Intel Corp. 35,000 $ 4,963,438
- --------------------------------------------------------------------------
$ 4,963,438
- --------------------------------------------------------------------------
Financial - Miscellaneous -- 5.4%
- --------------------------------------------------------------------------
Federal National Mortgage Association 135,000 $ 5,889,375
MBNA Corp. 150,000 5,493,750
MGIC Investment Corp. 120,000 5,752,500
- --------------------------------------------------------------------------
$ 17,135,625
- --------------------------------------------------------------------------
Health Services -- 0.2%
- --------------------------------------------------------------------------
Covance, Inc. 25,000 $ 482,813
Quest Diagnostics, Inc. 12,500 257,031
- --------------------------------------------------------------------------
$ 739,844
- --------------------------------------------------------------------------
Household Products -- 1.0%
- --------------------------------------------------------------------------
Kimberly-Clark Corp. 62,400 $ 3,104,400
- --------------------------------------------------------------------------
$ 3,104,400
- --------------------------------------------------------------------------
Information Services -- 2.9%
- --------------------------------------------------------------------------
Ceridian Corp.* 120,000 $ 5,070,000
Reuters Holdings PLC ADR 65,000 4,095,000
- --------------------------------------------------------------------------
$ 9,165,000
- --------------------------------------------------------------------------
Insurance -- 5.1%
- --------------------------------------------------------------------------
Allstate Corp. 90,000 $ 6,569,999
</TABLE>
See Notes to Financial Statements
8
<PAGE>
Investors Portfolio as of June 30, 1997
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
<TABLE>
<CAPTION>
Security Shares Value
- --------------------------------------------------------------------------
<S> <C> <C>
Insurance (continued)
- --------------------------------------------------------------------------
General Real Estate Corp. 30,000 $ 5,460,000
Mutual Risk Management Ltd. 93,300 4,280,138
- --------------------------------------------------------------------------
$ 16,310,137
- --------------------------------------------------------------------------
Lodging and Gaming -- 1.4%
- --------------------------------------------------------------------------
ITT Corp. 75,000 $ 4,579,688
- --------------------------------------------------------------------------
$ 4,579,688
- -------------------------------------------------------------------------
Machinery -- 1.8%
- -------------------------------------------------------------------------
Deere and Co. 105,000 $ 5,761,875
- --------------------------------------------------------------------------
$ 5,761,875
- --------------------------------------------------------------------------
Medical Products -- 5.7%
- --------------------------------------------------------------------------
Baxter International, Inc. 100,000 $ 5,225,000
Boston Scientific Corp.* 75,000 4,607,813
Sofamor Danek Group, Inc.* 180,300 8,248,724
- --------------------------------------------------------------------------
$ 18,081,537
- --------------------------------------------------------------------------
Metals and Minerals -- 2.0%
- --------------------------------------------------------------------------
J & L Specialty Steel, Inc. 200,000 $ 2,400,000
Potash Corp. of Saskatchewan 55,000 4,128,438
- --------------------------------------------------------------------------
$ 6,528,438
- --------------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 2.4%
- --------------------------------------------------------------------------
Anadarko Petroleum Corp. 60,000 $ 3,600,000
Triton Energy Ltd. 90,000 4,123,125
- --------------------------------------------------------------------------
$ 7,723,125
- --------------------------------------------------------------------------
Oil and Gas - Integrated -- 2.6%
- --------------------------------------------------------------------------
Exxon Corp. 87,280 $ 5,367,720
Mobil Corp. 40,000 2,795,000
- --------------------------------------------------------------------------
$ 8,162,720
- --------------------------------------------------------------------------
Paper and Forest Products -- 0.9%
- --------------------------------------------------------------------------
Plum Creek Timber Co., L.P. 90,000 $ 2,891,250
- --------------------------------------------------------------------------
$ 2,891,250
- --------------------------------------------------------------------------
Photography -- 1.2%
- --------------------------------------------------------------------------
Eastman Kodak Co. 50,000 $ 3,837,500
- --------------------------------------------------------------------------
$ 3,837,500
- --------------------------------------------------------------------------
Publishing -- 1.0%
- --------------------------------------------------------------------------
McGraw-Hill, Inc. 56,500 $ 3,322,906
- --------------------------------------------------------------------------
$ 3,322,906
- --------------------------------------------------------------------------
REITS -- 3.3%
- --------------------------------------------------------------------------
Chateau Communities, Inc. 121,132 $ 3,467,404
Colonial Properties Trust 80,000 2,350,000
Equity Residential Properties Trust 101,400 4,816,500
- --------------------------------------------------------------------------
$ 10,633,904
- --------------------------------------------------------------------------
Retail - Food and Drug -- 1.5%
- --------------------------------------------------------------------------
CVS Corp. 95,000 $ 4,868,750
- --------------------------------------------------------------------------
$ 4,868,750
- --------------------------------------------------------------------------
Retail - Specialty and Apparel -- 1.7%
- --------------------------------------------------------------------------
The Home Depot, Inc. 80,000 $ 5,515,000
- --------------------------------------------------------------------------
$ 5,515,000
- --------------------------------------------------------------------------
Specialty Chemicals and Materials -- 3.2%
- --------------------------------------------------------------------------
Corning, Inc. 100,000 $ 5,562,500
Sealed Air Corp.* 100,000 4,750,000
- --------------------------------------------------------------------------
$ 10,312,500
- --------------------------------------------------------------------------
Telephone Utilities -- 1.3%
- --------------------------------------------------------------------------
Ameritech Corp. 60,448 $ 4,106,686
- --------------------------------------------------------------------------
$ 4,106,686
- --------------------------------------------------------------------------
Transportation -- 1.0%
- --------------------------------------------------------------------------
Southwest Airlines, Inc. 125,000 $ 3,234,375
- --------------------------------------------------------------------------
$ 3,234,375
- --------------------------------------------------------------------------
</TABLE>
See notes to financial statements
9
<PAGE>
Investors Portfolio as of June 30, 1997
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
<TABLE>
<CAPTION>
Security Shares Value
- --------------------------------------------------------------------------
<S> <C> <C>
Convertible Preferred Stock -- 1.1%
Metals - Gold -- 1.1%
- --------------------------------------------------------------------------
Freeport McMoRan Copper & Gold, 5% 125,000 $ 3,421,875
- --------------------------------------------------------------------------
$ 3,421,875
- --------------------------------------------------------------------------
Total Convertible Preferred Stock
(identified cost $2,872,501) $ 3,421,875
- --------------------------------------------------------------------------
Preferred Stock -- 1.0%
Banks - Regional -- 1.0%
- --------------------------------------------------------------------------
BankBoston Corp. 37,600 $ 3,280,600
- --------------------------------------------------------------------------
$ 3,280,600
- --------------------------------------------------------------------------
Total Preferred Stock
(identified cost $1,815,526) $ 3,280,600
- --------------------------------------------------------------------------
</TABLE>
Corporate Bonds -- 15.2%
<TABLE>
<CAPTION>
Principal
Amount
Security (000 Omitted) Value
- --------------------------------------------------------------------------
<S> <C> <C>
Bausch and Lomb, 6.56%, 8/12/26 $ 1,000 $ 997,450
Bell Telephone Co., 8.35%, 12/15/30 3,000 3,428,070
Chesapeake Potomac Telephone Co.,
8.375%, 10/1/29 2,850 3,268,922
Columbia/HCA Healthcare Corp.,
8.36%, 4/15/24 900 969,714
Commercial Credit Corp., 7.875%, 2/1/25 2,000 2,163,760
Connecticut Light and Power Co.,
7.875%, 10/1/24 3,775 4,089,760
Deere and Co., 8.95%, 6/15/19 250 282,358
General Motors Corp., 9.45%, 11/1/11 3,000 3,548,160
Grand Metropolitan Investments Corp.,
7.45%, 4/15/35 3,090 3,270,796
Intermediate American Development
Bank, 8.875%, 6/1/09 1,775 2,059,089
Intermediate American Development
Bank, 8.40%, 9/1/09 3,690 4,171,693
Intermediate American Development
Bank, 6.95%, 8/1/26 220 225,687
J.C. Penney, Inc., 7.40%, 4/1/37 2,050 2,109,963
Johnson Controls, Inc., 7.70%, 3/1/15 1,360 1,447,924
Lowes Cos., 7.11%, 5/15/37 3,000 3,049,740
Mead Corp., 6.84%, 3/1/37 2,000 1,993,180
Proctor and Gamble Co., 8.00%, 9/1/24 3,000 3,388,860
Seagram (Joseph) & Sons Inc.,
9.65%, 8/15/18 1,030 1,265,087
State Street Bank, 7.35%, 6/15/26 1,700 1,761,098
TRW, Inc., 9.35%, 6/4/20 900 1,079,541
Xerox Corp., 5.90%, 5/5/37 3,000 3,010,770
Xerox Corp., 5.875%, 6/15/37 1,000 996,600
- --------------------------------------------------------------------------
Total Corporate Bonds
(identified cost $48,014,015) $ 48,578,222
- --------------------------------------------------------------------------
</TABLE>
U.S. Treasury Obligations -- 11.6%
<TABLE>
<CAPTION>
Principal
Amount
Security (000 Omitted) Value
- --------------------------------------------------------------------------
<S> <C> <C>
FHLMC, 7.95%, 5/15/20 $ 1,275 $ 1,285,216
FHLMC, 7.50%, 5/25/19 801 803,135
FHLMC, PAC, CMO, Series 1033E,
8.10%, 12/15/04 51 50,662
FHLMC, PAC, CMO, Series 34-C,
9.00%, 11/15/19 399 411,919
FHLMC, PAC, CMO, Series 41-F,
10.00%, 5/15/20 2,042 2,183,515
FHLMC, PAC, CMO, Series 59-D,
9.70%, 1/15/16 791 795,487
FNMA, PAC, CMO, Series 1990 24-E,
9.00%, 3/25/20 1,840 1,912,866
FNMA, PAC, CMO, Series 1990 82-K,
8.50%, 7/25/19 534 533,442
Tennessee Valley Power Authority,
5.98%, 4/1/36 1,350 1,360,908
U.S. Treasury Note, 6.25%, 1/31/02 4,000 3,978,120
U.S. Treasury Note, 7.125%, 9/30/99 17,000 17,347,989
U.S. Treasury Note, 8.125%, 2/15/98 6,500 6,594,444
- --------------------------------------------------------------------------
Total U.S. Treasury Obligations
(identified cost $37,743,039) $ 37,257,703
- --------------------------------------------------------------------------
</TABLE>
See note to financial statements
10
<PAGE>
Investors Portfolio as of June 30, 1997
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Commercial Paper -- 0.8%
<TABLE>
<CAPTION>
Principal
Amount
Security (000 Omitted) Value
- --------------------------------------------------------------------------
<S> <C> <C>
Cut Group, 6.25%, 7/1/97 $ 2,470 $ 2,469,571
- --------------------------------------------------------------------------
Total Commercial Paper
(amortized cost $2,469,571) $ 2,469,571
- --------------------------------------------------------------------------
Total Investments -- 99.4%
(identified cost $225,969,697) $318,232,735
- --------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.6% $ 1,837,524
- --------------------------------------------------------------------------
Net Assets -- 100% $320,070,259
- --------------------------------------------------------------------------
</TABLE>
ADR -- American Depositary Receipt
PAC -- Planned Authorization Class
CMO -- Collateralized Mortgage Obligations
REIT -- Real Estate Investment Trust
* Non-income producing security.
See notes to financial statements
11
<PAGE>
Investors Portfolio as of June 30, 1997
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
As of June 30, 1997
Assets
- --------------------------------------------------------------------------
<S> <C>
Investments, at value (Note 1A)
(identified cost, $225,969,697) $318,232,735
Cash 1,164
Interest and dividends receivable 1,850,141
Tax reclaim receivable 10,717
Deferred organization expenses (Note 1E) 4,191
- --------------------------------------------------------------------------
Total assets $320,098,948
- --------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------
Accrued expenses $ 28,689
- --------------------------------------------------------------------------
Total liabilities $ 28,689
- --------------------------------------------------------------------------
Net Assets applicable to investors' interest in $320,070,259
Portfolio
- --------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------
Net proceeds from capital contributions and $227,807,221
withdrawals
Net unrealized appreciation of investments (computed
on the basis of identified cost) 92,263,038
- --------------------------------------------------------------------------
Total $320,070,259
- --------------------------------------------------------------------------
</TABLE>
Statement of Operations
<TABLE>
<CAPTION>
For the Six Months Ended
June 30, 1997
Investment Income (Note 1B)
- --------------------------------------------------------------------------
<S> <C>
Dividends (net of foreign taxes, $14,561) $ 2,105,274
Interest income 3,267,505
- --------------------------------------------------------------------------
Total income $ 5,372,779
- --------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------
Investment adviser fee (Note 3) $ 951,138
Compensation of Trustees not members of the
Investment Adviser's organization (Note 3) 4,501
Custodian fee 76,287
Legal and accounting services 17,089
Amortization of organization expenses (Note 1E) 1,583
Miscellaneous 2,069
- --------------------------------------------------------------------------
Total expenses $ 1,052,667
- --------------------------------------------------------------------------
Net investment income $ 4,320,112
- --------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
- --------------------------------------------------------------------------
Net realized gain --
Investment transactions (identified cost basis) $ 5,384,493
- --------------------------------------------------------------------------
Net realized gain on investments $ 5,384,493
- --------------------------------------------------------------------------
Change in unrealized appreciation --
Investments (identified cost basis) $ 27,660,427
- --------------------------------------------------------------------------
Net change in unrealized appreciation of investments $ 27,660,427
- --------------------------------------------------------------------------
Net realized and unrealized gain on investments $ 33,044,920
- --------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 37,365,032
- --------------------------------------------------------------------------
</TABLE>
See notes to financial statements
12
<PAGE>
Investors Portfolio as of June 30, 1997
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
Increase (Decrease) June 30, 1997 Year Ended
in Net Assets (Unaudited) December 31, 1996
- --------------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment income $ 4,320,112 $ 9,268,008
Net realized gain on investments 5,360,203 30,748,316
Net change in unrealized
appreciation of investments 27,684,717 (2,562,219)
- --------------------------------------------------------------------------------
Net increase in net assets
from operations $ 37,365,032 $ 37,454,105
- --------------------------------------------------------------------------------
Capital transactions --
Contributions $ 14,927,701 $ 32,919,522
Withdrawals (33,783,256) (45,187,645)
- --------------------------------------------------------------------------------
Net decrease in net assets
from capital transactions $(18,855,555) $(12,268,123)
- --------------------------------------------------------------------------------
Net increase in net assets $ 18,509,477 $ 25,185,982
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of period $301,560,782 $276,374,800
- --------------------------------------------------------------------------------
At end of period $320,070,259 $301,560,782
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
13
<PAGE>
Investors Portfolio as of June 30, 1997
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Six Months Ended Year Ended December 31, Year Ended January 31,
June 30, 1997 ----------------------------- ----------------------------
(Unaudited) 1996 1995* 1995 1994**
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses 0.69%+ 0.70% 0.71%+ 0.70% 0.69%+
Net investment income 2.85%+ 3.23% 3.83%+ 4.25% 3.69%+
Portfolio Turnover 15% 64% 47% 28% 15%
- ------------------------------------------------------------------------------------------------------------------------------------
Average commission rate (per share)/(1)/ $ 0.0600 $ 0.0591 -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000s omitted) $320,070 $301,561 $276,375 $217,157 $230,334
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the eleven month period ended December 31, 1995.
** For the period from the start of business, October 28, 1993, to January
31, 1994.
/(1)/ Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions
were charged. For fiscal years beginning on or after September 1, 1995, a
Fund is required to disclose its average commission rate per share for
security trades on which commissions were charged.
See notes to financial statements
14
<PAGE>
Investors Portfolio as of June 30, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
1 Significant Accounting Policies
------------------------------------------------------------------------------
Investors Portfolio (the "Portfolio") is registered under the Investment
Company Act of 1940, as a diversified, open-end, management investment company
which was organized as a trust under the laws of the State of New York in
1992. The Declaration of Trust permits the Trustees to issue interests in the
Portfolio. The following is a summary of significant accounting policies of
the Portfolio. The policies are in conformity with generally accepted
accounting principles.
A Investment Valuations -- Securities listed on securities exchanges or on the
NASDAQ National Market System are valued at closing sales prices. Listed or
unlisted investments for which closing sale prices are not available are
valued at the mean between latest bid and asked prices. Debt investments
(other than mortgage-backed "pass through" securities) are valued at prices
furnished by a pricing service. Mortgage-backed "pass through" securities are
valued using a matrix pricing system which takes into account closing bond
valuations, yield differentials, anticipated prepayments and interest rates.
Short-term obligations maturing in 60 days or less, are valued at amortized
cost, which approximates value. All other investments are valued at fair value
using methods determined in good faith by or at the direction of the Trustees.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or discount on debt investments when
required for federal income tax purposes. Dividend income is recorded on the
ex-dividend date. Dividend income may include dividends that represent returns
of capital for federal income tax purposes.
C Federal Taxes -- The Portfolio is treated as a partnership for federal tax
purposes. No provision is made by the Portfolio for federal or state taxes on
any taxable income of the Portfolio because each investor in the Portfolio is
ultimately responsible for the payment of any taxes. 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 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 taxable income, net realized capital
gains, and any other items of income, gain, loss, deduction or credit.
D Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolio. Pursuant to the custodian agreement, IBT receives
a fee reduced by credits which are determined based on the average daily cash
balances the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
expenses on the Statement of Operations.
E Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization are being amortized on a straight-line basis
over five years.
F Security Transactions -- Investment transactions are accounted for on the
date the investments are purchased or sold. Realized gains and losses on the
sale of investments are determined on the identified cost basis.
G Use of Estimates -- The preparation of the financial statements in
conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the reported
amounts of income and expense during the reporting period. Actual results
could differ from those estimates.
H Interim Financial Information -- The interim financial statements relating
to June 30, 1997 and for the six month period then ended have not been audited
by independent certified public accountants, but in the opinion of the Fund's
management, reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial statements.
2 Investments Transaction
------------------------------------------------------------------------------
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, aggregated $34,338,433 and $45,426,011, respectively.
Purchases and sales of U.S. Government/agency securities aggregated $9,526,563
and $11,767,914, 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 computed at the monthly rate of 5/96 of 1% (0.625% annually) of the
Portfolio's average daily net assets up to 300 million and at
15
<PAGE>
Investors Portfolio as of June 30, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
reduced rates as daily net assets exceed that level. For the six months ended
June 30, 1997, the fee was equivalent to 0.624% (annualized) of the
Portfolio's average net assets for such period and amounted to $951,138.
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 service to
the Portfolio out of such investment adviser fee. Certain of the officers and
Trustees of the Portfolio are officers and directors/trustees of the above
organizations.
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 group of banks. The Portfolio may temporarily borrow from the line of
credit to satisfy redemption requests or settle investment transactions.
Interest is charged to each portfolio or fund based on its borrowings at an
amount above the banks' adjusted certificate of deposit rate, eurodollar rate
or federal funds rate. In addition, a fee computed at an annual rate of 0.15%
on the daily unused portion of the line of credit is allocated among the
participating portfolios and funds at the end of each quarter. The Portfolio
did not have any significant borrowings or allocated fees during the six
months ended June 30, 1997.
5 Federal Income Tax Basis of Investments
------------------------------------------------------------------------------
The cost and unrealized appreciation (depreciation) in the value of
investments owned at June 30, 1997, as computed on a federal income tax basis,
are as follows:
<TABLE>
<S> <C>
Aggregate cost $ 225,945,407
------------------------------------------------------------------------------
Gross unrealized appreciation $ 94,911,569
Gross unrealized depreciation 2,624,241
------------------------------------------------------------------------------
Net unrealized appreciation $ 92,287,328
------------------------------------------------------------------------------
</TABLE>
16
<PAGE>
EV Marathon Investors Fund as of June 30, 1997
INVESTMENT MANAGEMENT
EV Marathon Investors Fund
Officers Independent Trustees
James B. Hawkes M. Dozier Gardner
President and Trustee Vice Chairman, Eaton Vance
Management
Edward E. Smiley, Jr.
Vice President Donald R. Dwight
President, Dwight Partners, Inc.
James L. O'Connor Chairman, Newspapers of New England, Inc.
Treasurer
Samuel L. Hayes, III
Alan R. Dynner Jacob H. Schiff Professor of Investment
Secretary Banking, Harvard University Graduate School of
Business Administration
Norton H. Reamer
President and Director, United Asset
Management Corporation
John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
Investors Portfolio
Officers Independent Trustees
M. Dozier Gardner Donald R. Dwight
President and Trustee President, Dwight Partners, Inc.
Chairman, Newspapers of New England, Inc.
James B. Hawkes
Vice President and Samuel L. Hayes, III
Trustee Jacob H. Schiff Professor of Investment
Banking, Harvard University Graduate School of
Thomas E. Faust, Jr. Business Administration
Vice President and
Portfolio Manager Norton H. Reamer
President and Director, United Asset
Michael B. Terry Management Corporation
Vice President
John L. Thorndike
James L. O'Connor Formerly Director, Fiduciary Company Incorporated
Treasurer
Jack L. Treynor
Alan R. Dynner Investment Adviser and Consultant
Secretary
18
<PAGE>
This Page Intentionally Left Blank
<PAGE>
This Page Intentionally Left Blank
<PAGE>
Investment Advisor of
Investors Portfolio
Boston Management and Research
24 Federal Street
Boston, MA 02110
Administrator of
EV Marathon Investors Fund
Eaton Vance Management
24 Federal Street
Boston, MA 02110
Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
200 Clarendon Street, 16th Floor
Boston, MA 02116
Transfer and Dividend
Disbursing Agent
First Data Investor Services Group
Attention: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 01581-5123
EV Marathon Investors Fund
24 Federal Street
Boston, MA 02110
- --------------------------------------------------------------------------------
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its sales charges and
expenses. Please read the prospectus carefully before you invest or send money.
- --------------------------------------------------------------------------------
