<PAGE>
[LOGO]
EATON VANCE
INSTITUTIONAL
EMERGING
MARKETS
FUND
[EATON VANCE 75TH ANNIVERSARY LOGO]
SEMIANNUAL REPORT JUNE 30, 2000
<PAGE>
EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND AS OF JUNE 30, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO]
Hon. Jacob Rees-Mogg
Co-Portfolio Manager
INVESTMENT ENVIRONMENT
--------------------------------------------------------------------------------
- Rising interest rates and a nine-year high in oil prices have resulted in
lower economic growth for emerging markets and weaker corporate profits.
While the spike in oil prices has benefited selected countries - including
Venezuela, Russia and Mexico - for most emerging nations, it has brought
expanding current account deficits.
- While some Asian economies suffered from slowing worldwide demand, China
celebrated gaining Permanent Normal Trade Status with the U.S. China has
enjoyed rising retail sales and industrial production, providing a boost to
its domestic economy.
- In Latin America, Mexico signed a free-trade agreement with the European Union
and maintained strong GDP growth with lower inflation. Brazil has enacted
further economic reforms, lowered interest rates and brought inflation to its
lowest level in 40 years.
THE FUND
--------------------------------------------------------------------------------
PERFORMANCE FOR THE PAST SIX MONTHS
- The Fund had a total return of -6.09% during the six months June 30, 2000.
This return resulted from a decrease in net asset value per share (NAV) to
$13.57 on June 30, 2000 from $14.73 on December 31, 1999, and the reinvestment
of $0.297 in capital gain distributions.
- Jacob Rees-Mogg, of Lloyd George Management, will assume sole management
responsibilities for the Portfolio, effective August 21, 2000. Kiersten
Christensen, who has co-managed the Portfolio as a part of the Lloyd George
investment team, will join Eaton Vance Management as an analyst
specializing in Asia, southern Europe and the medical products and health
care industries.
RECENT PORTFOLIO DEVELOPMENTS
- The Portfolio's largest industry weightings at June 30, 2000 were telephone
utilities, banks and money services, and investment services - industries that
have tended to be resilient in a slower economic environment. Latin America
remained the Portfolio's largest regional focus, while the Portfolio reduced
its exposure to export-dependent Asia.
- In Latin America, Compania Brasiliera de Distribuicao is one of Brazil's
largest grocery chains and has been a prime beneficiary of a stronger consumer
economy. In Mexico, Telefonos de Mexico (Telmex) is the leading provider of
fixed-line and cellular phone services. The company has enjoyed an additional
revenue surge from sales of Internet, paging and data transmission services.
- In East Asia, the Portfolio's largest investment was Li & Fung Ltd., a
manufacturing outsourcing firm. The company continued to widen its client base
and increase its share of the Asian market. Elsewhere in Asia, the Portfolio
reduced its investments in technology and Internet-related stocks. However,
management maintained positions in companies that are low-cost producers in
technology growth areas, including Samsung Electronics of Korea and Taiwan
Semiconductor.
- Telecommunications, which is among the fastest-growing emerging market
sectors, continued to play a prominent role in the Portfolio. In addition to
existing holdings in Mexico's Telmex and Korea's SK Telecom, the Portfolio
established investments in newly privatized areas, including Brazil's
Embratel, Hungary's Magyar Tavkozlesi (Matav) and China Unicom.
- In a slowing economy, the Portfolio increased its investments in what we view
as defensive stocks. Among these were Brahma, a Brazilian brewer that ranks
among the world's largest beverage companies. Another such holding, President
Chain Stores, operates 2,200 convenience stores in Taiwan and has recently
embarked on a joint venture with Starbucks.
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FUND INFORMATION
AS OF JUNE 30, 2000
PERFORMANCE(1)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S> <C>
One Year 30.38%
Life of Fund+ 33.60
</TABLE>
+Inception date: 5/19/99
<TABLE>
<CAPTION>
TEN LARGEST EQUITY HOLDINGS(2)
--------------------------------------------------------------------------------
<S> <C>
Li & Fung Ltd. 6.9%
SK Telecom 3.9
OTP Bank GDR 3.6
Taiwan Semiconductor 3.6
Compania Brasileira de Distribuicao 3.5
Brahma 3.4
Samsung Electronics 3.4
Hurriyet Gazeticlik 2.8
Telefonos de Mexico 2.7
Television Broadcasts 2.7
</TABLE>
(1) Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. (2) Based on
market value. Ten largest holdings represent 36.5% of the Portfolio's net
assets. Holdings are subject to change.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost.
2
<PAGE>
EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND AS OF JUNE 30, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF JUNE 30, 2000
<S> <C>
Assets
----------------------------------------------------
Investment in Emerging Markets
Portfolio, at value
(identified cost, $1,390,098) $1,539,293
Receivable for Fund shares sold 50
----------------------------------------------------
TOTAL ASSETS $1,539,343
----------------------------------------------------
Liabilities
----------------------------------------------------
Payable to affiliate for Trustees' fees $ 185
Payable for Fund shares redeemed 77
Payable to the Investment Adviser 1,320
Payable to the Administrator 880
Accrued expenses 23,070
----------------------------------------------------
TOTAL LIABILITIES $ 25,532
----------------------------------------------------
NET ASSETS $1,513,811
----------------------------------------------------
Sources of Net Assets
----------------------------------------------------
Paid-in capital $1,366,587
Accumulated undistributed net realized
gain from Portfolio (computed on the
basis of identified cost) 3,652
Accumulated net investment loss (5,623)
Net unrealized appreciation from
Portfolio (computed on the basis of
identified cost) 149,195
----------------------------------------------------
TOTAL $1,513,811
----------------------------------------------------
Net Asset Value, Offering Price and
Redemption Price Per Share
----------------------------------------------------
($1,513,811 DIVIDED BY 111,556 SHARES
OF BENEFICIAL INTEREST OUTSTANDING) $ 13.57
----------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
JUNE 30, 2000
<S> <C>
Investment Income
---------------------------------------------------
Dividends allocated from Portfolio (net
of foreign taxes, $414) $ 6,505
Expenses allocated from Portfolio (10,535)
---------------------------------------------------
NET INVESTMENT LOSS FROM PORTFOLIO $ (4,030)
---------------------------------------------------
Expenses
---------------------------------------------------
Registration fees $ 10,878
Custodian fee 5,539
Legal and accounting services 4,730
Printing and postage 1,740
Miscellaneous 1,490
---------------------------------------------------
TOTAL EXPENSES $ 24,377
---------------------------------------------------
Deduct --
Preliminary allocation of expenses to
the Investment Adviser $ 13,506
Preliminary allocation of expenses to
the Administrator 9,004
Reduction of custodian fee 588
---------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 23,098
---------------------------------------------------
NET EXPENSES $ 1,279
---------------------------------------------------
NET INVESTMENT LOSS $ (5,309)
---------------------------------------------------
Realized and Unrealized
Gain (Loss) from Portfolio
---------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 25,467
Foreign currency and forward foreign
currency exchange
contract transactions (523)
---------------------------------------------------
NET REALIZED GAIN $ 24,944
---------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(264,848)
Foreign currency and forward foreign
currency exchange contracts (52)
---------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(264,900)
---------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(239,956)
---------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $(245,265)
---------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
INCREASE (DECREASE) JUNE 30, 2000 PERIOD ENDED
IN NET ASSETS (UNAUDITED) DECEMBER 31, 1999(1)
<S> <C> <C>
--------------------------------------------------------------------------------
From operations --
Net investment loss $ (5,309) $ (1,202)
Net realized gain 24,944 5,434
Net change in unrealized appreciation
(depreciation) (264,900) 414,095
--------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ (245,265) $ 418,327
--------------------------------------------------------------------------------
Distributions to shareholders --
From net realized gain on investment
transactions $ (26,949) $ --
--------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (26,949) $ --
--------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sale of shares $ 975,302 $ 885,554
Net asset value of shares issued to
shareholders in payment of
distributions declared 26,949 --
Cost of shares redeemed (520,117) --
--------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $ 482,134 $ 885,554
--------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 209,920 $ 1,303,881
--------------------------------------------------------------------------------
Net Assets
--------------------------------------------------------------------------------
At beginning of period $ 1,303,891 $ 10
--------------------------------------------------------------------------------
AT END OF PERIOD $ 1,513,811 $ 1,303,891
--------------------------------------------------------------------------------
Accumulated net
investment loss
included in net assets
--------------------------------------------------------------------------------
AT END OF PERIOD $ (5,623) $ (314)
--------------------------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, May 19, 1999, to December 31,
1999.
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED DECEMBER 31
JUNE 30, 2000 ----------------------
(UNAUDITED) 1999(1)
<S> <C> <C>
----------------------------------------------------------------------------
Net asset value -- Beginning
of period $14.730 $10.000
----------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------
Net investment loss $(0.047) $(0.014)
Net realized and unrealized
gain (loss) (0.816) 4.744
----------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.863) $ 4.730
----------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------
From net realized gain (0.297) --
----------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.297) --
----------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $13.570 $14.730
----------------------------------------------------------------------------
TOTAL RETURN(2) (6.09)% 47.30%
----------------------------------------------------------------------------
Ratios/Supplemental Data+
----------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 1,514 $ 1,304
Ratios (As a percentage of
average daily net assets):
Net expenses(3) 1.79%(4) 1.57%(4)
Net expenses after
custodian fee
reduction(3) 1.50%(4) 1.50%(4)
Net investment loss (0.67)%(4) (0.20)%(4)
Portfolio Turnover of the
Portfolio 28% 95%
----------------------------------------------------------------------------
+ The operating expenses of the Fund and the Portfolio may reflect a
reduction of the investment adviser fee, an allocation of expenses to the
investment adviser and/or administrator, or both. Had such actions not
been taken, the ratios and net investment loss per share would have been
as follows:
Ratios (As a percentage of
average daily net assets):
Expenses(3) 4.78%(4) 8.74%(4)
Expenses after custodian
fee reduction(3) 4.49%(4) 8.67%(4)
Net investment loss (3.66)%(4) (7.37)%(4)
Net investment loss per share $(0.257) $(0.516)
----------------------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, May 19, 1999, to December 31,
1999.
(2) Total return is calculated assuming a purchase at the net asset value on
the first day and a sale at the net asset value on the last day of each
period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return
is not computed on an annualized basis.
(3) Includes the Fund's share of the Portfolio's allocated expenses.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
-------------------------------------------
Eaton Vance Institutional Emerging Markets Fund (the Fund) is a mutual fund
seeking long-term capital appreciation through investment in a portfolio of
equity securities of companies in countries with emerging markets. The Fund
is a diversified series of Eaton Vance Special Investment Trust (the Trust).
The Trust is an entity of the type commonly known as a Massachusetts business
trust and is registered under the Investment Company Act of 1940, as amended,
as an open-end management investment company. The Fund invests all of its
investable assets in interests in Emerging Markets Portfolio (the Portfolio),
a New York Trust, having the same investment objective as the Fund. The value
of the Fund's investment in the Portfolio reflects the Fund's proportionate
interest in the net assets of the Portfolio (9.1% at June 30, 2000). The
performance of the Fund is directly affected by the performance of the
Portfolio. The financial statements of the Portfolio, including the portfolio
of investments, are included elsewhere in this report and should be read in
conjunction with the Fund's financial statements.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles.
A Investment Valuation -- Valuation of securities by the Portfolio is discussed
in Note 1A of the Portfolio's Notes to Financial Statements which are
included elsewhere in this report.
B Income -- The Fund's net investment income 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
to the Fund and the Portfolio. Pursuant to the respective custodian
agreements, IBT receives a fee reduced by credits which are determined based
on the average daily cash balances the Fund or the Portfolio maintains with
IBT. All significant credit balances used to reduce the Fund's custodian fees
are reported as a reduction of total expenses in 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 net investment income, and
any net realized capital gains. Accordingly, no provision for federal income
or excise tax is necessary. At December 31, 1999, net capital losses of
$2,490 and net currency losses of $314 attributable to security transactions
incurred after October 31, 1999, are treated as arising on the first day of
the Fund's next taxable year.
E Other -- Investment transactions are accounted for on a trade-date basis.
F 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.
G Interim Financial Statements -- The interim financial statements relating to
June 30, 2000 and for the six months 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
-------------------------------------------
It is the present policy of the Fund to make at least one distribution
annually (normally in December) of all or substantially all of the net
investment income allocated to the Fund by the Portfolio, less the Fund's
direct and allocated expenses and to distribute at least annually all or
substantially all of the net realized capital gains (reduced by any available
capital loss carryforwards from prior years) allocated by the Portfolio to
the Fund, if any. Shareholders may reinvest all distributions in shares of
the Fund without a sales charge at the per share net asset value as of the
close of business on the ex-dividend date. The Fund distinguishes between
distributions on a tax basis and a financial reporting basis. Generally
accepted accounting principles require that only distributions in excess of
tax basis earnings and profits be reported in the financial statements as a
return of capital. Differences in the recognition or classification of income
between the financial statements and tax earnings and profits which result in
temporary over distributions for financial statement purposes are classified
as distributions in excess of net investment income or accumulated net
realized gains. Permanent differences between book and tax accounting are
reclassified to paid-in capital.
6
<PAGE>
EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
3 Shares of Beneficial Interest
-------------------------------------------
The Fund's Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest (without par
value). Such shares may be issued in a number of different series (such as
the Fund) and classes. Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999(1)
<S> <C> <C>
----------------------------------------------------------------------------------------
Sales 64,047 88,541
Issued to shareholders electing to
receive payments of distributions in
Fund shares 1,757 --
Redemptions (42,789) --
----------------------------------------------------------------------------------------
NET INCREASE 23,015 88,541
----------------------------------------------------------------------------------------
</TABLE>
(1) For the period from the start of business, May 19, 1999, to
December 31, 1999.
4 Transactions with Affiliates
-------------------------------------------
Investment adviser and administrative fees are paid by the Portfolio to Lloyd
George Management (Bermuda) (the Adviser) and to Eaton Vance Management (EVM)
(the Administrator) and its affiliates. To reduce the net investment loss of
the Fund, the Adviser and Administrator were allocated $13,506 and $9,004,
respectively, of the Fund's operating expenses. See Note 2 of the Portfolio's
Notes to Financial Statements, which are included elsewhere in this report.
Except as to Trustees of the Fund who are not members of EVM's organization,
officers and Trustees receive remuneration for their services to the Fund out
of such investment adviser and administrative fees. Certain officers and
Trustees of the Fund and of the Portfolio are officers of the above
organizations.
5 Investment Transactions
-------------------------------------------
Increases and decreases in the Fund's investment in the Portfolio aggregated
$975,336 and $479,506, respectively, for the six months ended
June 30, 2000.
7
<PAGE>
EMERGING MARKETS PORTFOLIO AS OF JUNE 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMON STOCKS -- 88.9%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
----------------------------------------------------------------------
Aircraft Manufacture -- 2.4%
----------------------------------------------------------------------
Embraer - Empresa Brasileira de
Aeronautica SA 65,000 $ 396,201
Brazil's regional aircraft manufacturer
----------------------------------------------------------------------
$ 396,201
----------------------------------------------------------------------
Banks and Money Services -- 12.6%
----------------------------------------------------------------------
China Everbright Pacific, Ltd. 304,000 $ 237,878
One of China's fastest growing banks
Grupo Financiero Banamex(1) 100,000 420,625
Mexico's largest private bank
OTP Bank Rt. GDR 11,805 607,957
Hungary's biggest bank
Sanlam Ltd. 90,000 106,406
South Africa's second largest life
assurer
Turkiye Garanti Bankasi A.S.(1) 36,521,723 441,478
The largest private sector bank in
Turkey
Unibanco GDR 11,000 316,250
Brazil's third largest private bank
----------------------------------------------------------------------
$ 2,130,594
----------------------------------------------------------------------
Beverages -- 4.8%
----------------------------------------------------------------------
Cia Cervejaria Brahma-sp ADR 34,000 $ 578,000
Largest beer brewer in Brazil and Latin
America
Vina Concha y Toro ADR 6,500 236,844
Wine producer/exporter
----------------------------------------------------------------------
$ 814,844
----------------------------------------------------------------------
Broadcasting and Cable -- 5.0%
----------------------------------------------------------------------
Television Broadcasts Ltd. 67,000 $ 446,919
Hong Kong's dominant Chinese-language TV
program provider
TV Azteca SA 30,000 395,625
Mexico's second largest television
company
----------------------------------------------------------------------
$ 842,544
----------------------------------------------------------------------
Communications Equipment -- 2.1%
----------------------------------------------------------------------
Grupo Televisa GDR(1) 5,167 $ 356,200
Largest Spanish speaking media and
broadcast company in the world. Based in
Mexico
----------------------------------------------------------------------
$ 356,200
----------------------------------------------------------------------
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
----------------------------------------------------------------------
Computer Software -- 2.8%
----------------------------------------------------------------------
Softline Ltd.(1) 252,085 $ 241,109
South Africa's top maker of small
business accounting software
Tecnomatix Technologies Ltd.(1) 16,907 230,358
Israeli company concentrating in
computer aided production equipment
technology
----------------------------------------------------------------------
$ 471,467
----------------------------------------------------------------------
Conglomerates -- 1.1%
----------------------------------------------------------------------
John Keells Holdings 3,061 $ 7,652
Sri Lankan conglomerate involved in tea,
hotels, and beverages
John Keells Holdings GDR 101,250 179,658
Sri Lankan conglomerate involved in tea,
hotels, and beverages
----------------------------------------------------------------------
$ 187,310
----------------------------------------------------------------------
Electrical / Electronics -- 3.9%
----------------------------------------------------------------------
Hyundai Electronics Industries Co.,
Ltd.(1) 16,000 $ 315,688
The world's largest DRAM manufacturer.
Based in Korea
Orbotech, Ltd.(1) 3,650 338,994
World leader in the manufacture of
automated optical inspection systems for
the printed circuit board industry.
Based in Israel
----------------------------------------------------------------------
$ 654,682
----------------------------------------------------------------------
Electronics - Semiconductors -- 5.3%
----------------------------------------------------------------------
Taiwan Semiconductor Manufacturing,
Co.(1) 125,952 $ 598,502
One of the world's largest contract
manufacturers of integrated circuits
(foundry) for third parties
Via Technologies, Inc.(1) 19,000 293,735
One of Taiwan's leading chipset
manufacturers
----------------------------------------------------------------------
$ 892,237
----------------------------------------------------------------------
Foods -- 5.9%
----------------------------------------------------------------------
Compania Brasileira de Distribuicao
Grupo Pao de Acurcar 18,500 $ 594,312
Supermarket chain
President Chain Store Corp. 106,200 397,494
Taiwanese operator of 7-11 convenience
stores and other consumer businesses
----------------------------------------------------------------------
$ 991,806
----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE>
EMERGING MARKETS PORTFOLIO AS OF JUNE 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
----------------------------------------------------------------------
Insurance -- 1.0%
----------------------------------------------------------------------
Samsung Fire & Marine Insurance 6,250 $ 173,763
Korea's largest non-life insurance
company established in 1952 and
belonging to the Samsung Group
----------------------------------------------------------------------
$ 173,763
----------------------------------------------------------------------
Investment Services -- 7.0%
----------------------------------------------------------------------
Li & Fung, Ltd. 234,000 $ 1,170,660
Largest global intermediator between
garment suppliers and retailers
----------------------------------------------------------------------
$ 1,170,660
----------------------------------------------------------------------
Machinery -- 1.0%
----------------------------------------------------------------------
Siam Cement Co. Ltd.(1) 8,500 $ 159,694
Largest industrial and building material
producer in Thailand
----------------------------------------------------------------------
$ 159,694
----------------------------------------------------------------------
Media & Leisure -- 1.7%
----------------------------------------------------------------------
Corporacion Interamericana de
Entretenimiento S.A.(1) 75,040 $ 293,527
Mexican fully integrated entertainment
company comprising 15 subsidiaries
operating in North America, South
America and Europe
----------------------------------------------------------------------
$ 293,527
----------------------------------------------------------------------
Metals - Industrial -- 1.6%
----------------------------------------------------------------------
Hindalco Industries Ltd. GDR 13,300 $ 262,675
India's second largest aluminum producer
and lowest cost producer in the world
----------------------------------------------------------------------
$ 262,675
----------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 2.2%
----------------------------------------------------------------------
Lukoil Oil Co. ADR 7,400 $ 377,529
Russia's largest oil producer
----------------------------------------------------------------------
$ 377,529
----------------------------------------------------------------------
Oil and Gas - Integrated -- 2.4%
----------------------------------------------------------------------
Surgutneftegaz ADR 30,000 $ 399,750
Russia's second largest oil company
----------------------------------------------------------------------
$ 399,750
----------------------------------------------------------------------
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
----------------------------------------------------------------------
Publishing -- 2.8%
----------------------------------------------------------------------
Hurriyet Gazetecilik ve Matbaacilik
AS(1) 48,629,010 $ 470,266
Turkey's most widely read newspaper
----------------------------------------------------------------------
$ 470,266
----------------------------------------------------------------------
Semiconductors -- 3.4%
----------------------------------------------------------------------
Samsung Electronics 1,720 $ 569,207
World's biggest and most profitable
semiconductor company
----------------------------------------------------------------------
$ 569,207
----------------------------------------------------------------------
Telecommunications Services -- 5.9%
----------------------------------------------------------------------
China Unicom Limited(1) 160,000 $ 339,679
China's second largest
telecommunications provider
SK Telecom Co., Ltd. 2,000 654,694
South Korea's largest mobile telecom
firm
----------------------------------------------------------------------
$ 994,373
----------------------------------------------------------------------
Telephone Utilities -- 14.0%
----------------------------------------------------------------------
Embratel Partipacoes ADR 13,340 $ 315,157
Largest long distance and data telecom
company in Brazil
Korea Telecom Corp. ADR 9,070 438,761
Monopolistic telecom service provider
for South Korea
Magyar Tavkozlesi Rt 11,998 419,930
The leading Hungarian telecommunications
source provider
Tele Norte Leste Participacoes ADR 16,756 395,860
One of Brazil's three fixed line holding
companies, located in the northeast of
Brazil
Telefonos de Mexico ADR 8,000 457,000
Largest telecom operator with interests
in local and long distance
telecommunications
Videsh Sanchar Nigam Ltd., GDR 21,500 338,625
India's monopoly international telephone
service provider
----------------------------------------------------------------------
$ 2,365,333
----------------------------------------------------------------------
Total Common Stocks
(identified cost $11,110,113) $14,974,662
----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
9
<PAGE>
EMERGING MARKETS PORTFOLIO AS OF JUNE 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
CONVERTIBLE PREFERRED STOCKS -- 0.3%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
----------------------------------------------------------------------
Banks and Money Centers -- 0.3%
----------------------------------------------------------------------
Siam Commercial Bank(1) 90,000 $ 45,948
The fourth largest bank in Thailand
----------------------------------------------------------------------
$ 45,948
----------------------------------------------------------------------
Total Convertible Preferred Stocks
(identified cost $63,235) $ 45,948
----------------------------------------------------------------------
</TABLE>
PREFERRED STOCKS -- 0.0%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
----------------------------------------------------------------------
Electric Utilities -- 0.0%
----------------------------------------------------------------------
Centrais Geradoras do Sul do Brasil
S.A.(1) 7,000,000 $ 8,502
This company is an electricity
generator.
----------------------------------------------------------------------
$ 8,502
----------------------------------------------------------------------
Total Preferred Stocks
(identified cost $25,810) $ 8,502
----------------------------------------------------------------------
</TABLE>
WARRANTS -- 0.1%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
----------------------------------------------------------------------
Banks and Money Services -- 0.1%
----------------------------------------------------------------------
Siam Commercial Bank(1) 90,000 $ 10,568
The fourth largest bank in Thailand
----------------------------------------------------------------------
$ 10,568
----------------------------------------------------------------------
Total Warrants
(identified cost $0) $ 10,568
----------------------------------------------------------------------
Total Investments -- 89.3%
(identified cost $11,199,158) $15,039,680
----------------------------------------------------------------------
Other Assets, Less Liabilities -- 10.7% $ 1,807,600
----------------------------------------------------------------------
Net Assets -- 100.0% $16,847,280
----------------------------------------------------------------------
</TABLE>
ADR-American Depositary Receipt
GDR-Global Depository Receipt
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
10
<PAGE>
EMERGING MARKETS PORTFOLIO AS OF JUNE 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COUNTRY CONCENTRATION OF PORTFOLIO
<TABLE>
<CAPTION>
PERCENTAGE
COUNTRY OF NET ASSETS VALUE
<S> <C> <C>
-------------------------------------------------------------------
Brazil 15.5% $2,604,284
Chile 1.4 236,844
China 1.4 237,878
Hong Kong 11.6 1,957,258
Hungary 6.1 1,027,887
India 3.6 601,300
Israel 3.4 569,352
Mexico 11.4 1,922,977
Republic of Korea 12.8 2,152,113
Russia 4.6 777,279
South Africa 2.1 347,514
Sri Lanka 1.1 187,310
Taiwan 7.6 1,289,731
Thailand 1.3 216,209
Turkey 5.4 911,744
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
EMERGING MARKETS PORTFOLIO AS OF JUNE 30, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF JUNE 30, 2000
<S> <C>
Assets
-----------------------------------------------------
Investments, at value
(identified cost, $11,199,158) $15,039,680
Cash 1,810,766
Foreign currency, at value
(identified cost, $9,154) 9,162
Dividends receivable 10,723
-----------------------------------------------------
TOTAL ASSETS $16,870,331
-----------------------------------------------------
Liabilities
-----------------------------------------------------
Payable to affiliate for Trustees' fees $ 106
Accrued expenses 22,945
-----------------------------------------------------
TOTAL LIABILITIES $ 23,051
-----------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $16,847,280
-----------------------------------------------------
Sources of Net Assets
-----------------------------------------------------
Net proceeds from capital contributions
and withdrawals $13,006,864
Net unrealized appreciation (computed on
the basis of identified cost) 3,840,416
-----------------------------------------------------
TOTAL $16,847,280
-----------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
JUNE 30, 2000
<S> <C>
Investment Income
-----------------------------------------------------
Dividends (net of foreign taxes, $3,854) $ 63,303
-----------------------------------------------------
TOTAL INVESTMENT INCOME $ 63,303
-----------------------------------------------------
Expenses
-----------------------------------------------------
Investment adviser fee $ 60,825
Administration fee 20,274
Trustees fees and expenses 2,818
Custodian fee 34,902
Legal and accounting services 16,900
Miscellaneous 334
-----------------------------------------------------
TOTAL EXPENSES $ 136,053
-----------------------------------------------------
Deduct --
Reduction of custodian fee $ 17,979
Preliminary reduction of investment
adviser fee 8,588
Preliminary reduction of
administration fee 1,976
-----------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 28,543
-----------------------------------------------------
NET EXPENSES $ 107,510
-----------------------------------------------------
NET INVESTMENT LOSS $ (44,207)
-----------------------------------------------------
Realized and Unrealized Gain (Loss)
-----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 206,333
Foreign currency and forward foreign
currency exchange
contract transactions (5,102)
-----------------------------------------------------
NET REALIZED GAIN $ 201,231
-----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(1,288,170)
Foreign currency and forward foreign
currency exchange contracts (473)
-----------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(1,288,643)
-----------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(1,087,412)
-----------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $(1,131,619)
-----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
EMERGING MARKETS PORTFOLIO AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
INCREASE (DECREASE) JUNE 30, 2000 YEAR ENDED
IN NET ASSETS (UNAUDITED) DECEMBER 31, 1999
<S> <C> <C>
-----------------------------------------------------------------------------
From operations --
Net investment income (loss) $ (44,207) $ 42,713
Net realized gain 201,231 850,084
Net change in unrealized
appreciation (depreciation) (1,288,643) 5,616,042
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ (1,131,619) $ 6,508,839
-----------------------------------------------------------------------------
Capital transactions --
Contributions $ 6,700,923 $ 6,286,238
Withdrawals (3,194,263) (6,199,686)
-----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 3,506,660 $ 86,552
-----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 2,375,041 $ 6,595,391
-----------------------------------------------------------------------------
Net Assets
-----------------------------------------------------------------------------
At beginning of period $ 14,472,239 $ 7,876,848
-----------------------------------------------------------------------------
AT END OF PERIOD $ 16,847,280 $ 14,472,239
-----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
EMERGING MARKETS PORTFOLIO AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 --------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
--------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Net expenses 1.54%(1) 1.42% 1.71% 1.53% 1.54% 2.58%
Net expenses after
custodian fee reduction 1.32%(1) 1.35% 1.41% 1.35% 1.32% 2.58%
Net investment income
(loss) (0.54)%(1) 0.45% 0.37% 0.08% 0.14% (1.00)%
Portfolio Turnover 28% 95% 117% 160% 125% 98%
--------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $16,847 $14,472 $ 7,877 $18,554 $10,659 $ 3,587
--------------------------------------------------------------------------------------------------------------
+ The operating expenses of the Portfolio may reflect a reduction of the investment adviser fee and/or
administration fee, an allocation of expenses to the Investment Adviser and/or Administrator, or both. Had
such actions not been taken, the ratios would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses 1.67%(1) 2.42% 1.87% 1.81% 2.24% 5.24%
Expenses after custodian
fee reduction 1.45%(1) 2.35% 1.57% 1.63% 2.02% 5.24%
Net investment income
(loss) (0.67)%(1) (0.55)% 0.21% (0.20)% (0.56)% (3.66)%
--------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
EMERGING MARKETS PORTFOLIO AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
-------------------------------------------
Emerging Markets 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 on
January 18, 1994. The Portfolio's objective is to achieve long-term capital
appreciation. The Portfolio seeks to achieve its objective by investing in
equity securities (primarily common stocks) of companies located in emerging
market countries, which are those considered to be developing. 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 accounting principles
generally accepted in the United States of America.
A Investment Valuation -- Marketable securities, including options, that are
listed on foreign or U.S. securities exchanges or in the NASDAQ National
Market System are valued at closing sale prices, on the exchange where such
securities are principally traded. Futures positions on securities or
currencies are generally valued at closing settlement prices. Unlisted or
listed securities for which closing sales prices are not available are valued
at the mean between the latest bid and asked prices. Short term debt
securities with a remaining maturity of 60 days or less are valued at
amortized cost which approximates value. Other fixed income and debt
securities, including listed securities and securities for which price
quotations are available, will normally be valued on the basis of valuations
furnished by a pricing service. Investments for which valuations or market
quotations are unavailable or are considered unreliable are valued at fair
value using methods determined in good faith by or at the direction of the
Trustees.
B Income -- Dividend income is recorded on the ex-dividend date. However, if
the ex-dividend date has passed, certain dividends from securities are
recorded as the Portfolio is informed of the ex-dividend date.
C Federal Taxes -- The Portfolio has elected to be treated as a partnership for
United States Federal tax purposes. No provision is made by the Portfolio for
federal or state taxes on any taxable income of the Portfolio because each
investor in the Portfolio is individually responsible for the payment of any
taxes on its share of such income. Since some of the Portfolio's investors
are regulated investment companies that invest all or substantially all of
their assets in the Portfolio, the Portfolio normally must satisfy the
applicable source of income and diversification requirements (under the
Internal Revenue Code) in order for its investors to satisfy them. The
Portfolio will allocate, at least annually among its investors, each
investor's distributive share of the Portfolio's net investment income, net
realized capital gains, and any other items of income, gain, loss, deduction
or credit. Withholding taxes on foreign dividends and capital gains have been
provided for in accordance with the Portfolio's understanding of the
applicable countries' tax rules and rates.
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
balance the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
total expenses in the Statement of Operations.
E Futures Contracts -- Upon the entering of a financial futures contract, the
Portfolio is required to deposit (initial margin) either cash or securities
in an amount equal to a certain percentage of the purchase price indicated in
the financial futures contract. Subsequent payments are made or received by
the Portfolio (margin maintenance) each day, dependent on the daily
fluctuations in the value of the underlying security, and are recorded for
book purposes as unrealized gains or losses by the Portfolio. The Portfolio's
investment in financial futures contracts is designed only to hedge against
anticipated future changes in interest or currency exchange rates. Should
interest or currency exchange rates move unexpectedly, the Portfolio may not
achieve the anticipated benefits of the financial futures contracts and may
realize a loss. If the Portfolio enters into a closing transaction, the
Portfolio will realize, for book purposes, a gain or loss equal to the
difference between the value of the financial futures contract to sell and
financial futures contract to buy.
F Foreign Currency Translation -- Investment valuations, other assets, and
liabilities initially expressed in foreign currencies are converted each
business day into U.S. dollars based upon current exchange rates. Purchases
and sales of foreign investment securities and income and expenses are
converted into U.S. dollars based upon currency exchange rates prevailing on
the respective dates of such transactions. Recognized gains or losses on
investment transactions attributable to foreign currency rates are recorded
for financial statement purposes as net realized gains and losses on
investments. That portion of
15
<PAGE>
EMERGING MARKETS PORTFOLIO AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
unrealized gains and losses on investments that result from fluctuations in
foreign currency exchange rates are not separately disclosed.
G Forward Foreign Currency Exchange Contracts -- The Portfolio may enter into
forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. Risk may arise
upon entering these contracts from the potential inability of counterparties
to meet the terms of their contracts and from movements in the value of a
foreign currency relative to the U.S. dollar. The Portfolio will enter into
forward contracts for hedging purposes as well as non-hedging purposes. The
forward foreign currency exchange contracts are adjusted by the daily
exchange rate of the underlying currency and any gains or losses are recorded
for financial statement purposes as unrealized until such time as the
contracts have been closed or offset.
H Other -- Investment transactions are accounted for on a trade date basis.
Realized gains and losses are computed based on the specific identification
of the securities sold.
I 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.
J Interim Financial Statements -- The interim financial statements relating to
June 30, 2000 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolio's management, reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------
The investment adviser fee is earned by Lloyd George Investment Management
(Bermuda) Limited (the Adviser) as compensation for management and investment
advisory services rendered to the Portfolio. Under the advisory agreement,
the Adviser receives a monthly fee of 0.0625% (0.75% annually) of the average
daily net assets of the Portfolio up to $500,000,000, and at reduced rates as
daily net assets exceed that level. For the six months ended June 30, 2000,
the adviser fee was 0.75% (annualized) of average daily net assets and
amounted to $60,825. To reduce the net operating loss of the Portfolio, the
Adviser made a reduction of the investment adviser fee of $8,588. In
addition, an administrative fee is earned by Eaton Vance Management (EVM) for
managing and administrating the business affairs of the Portfolio. Under the
administration agreement, EVM earns a monthly fee in the amount of 1/48th of
1% (0.25% annually) of the average daily net assets of the Portfolio up to
$500,000,000, and at reduced rates as daily net assets exceed that level. For
the six months ended June 30, 2000, the administration fee was 0.25%
(annualized) of average daily net assets and amounted to $20,274. To reduce
the net operating loss of the Portfolio, EVM made a reduction of the
administrative fee of $1,976. Except as to Trustees of the Portfolio who are
not members of the Adviser or EVM's organization, officers and Trustees
receive remuneration for their services to the Portfolio out of such
investment adviser and administrative fees. Certain officers and Trustees of
the Portfolio are officers of the above organizations.
3 Investment Transactions
-------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $5,919,555 and $4,033,440, respectively, for the six months ended
June 30, 2000.
4 Federal Income Tax Basis of Investments
-------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at June 30, 2000, as computed on a federal income tax
basis, were as follows:
<TABLE>
<S> <C>
AGGREGATE COST $11,199,158
-----------------------------------------------------
Gross unrealized appreciation $ 4,374,741
Gross unrealized depreciation (534,219)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 3,840,522
-----------------------------------------------------
</TABLE>
5 Line of Credit
-------------------------------------------
The Portfolio participates with other portfolios and funds managed by EVM and
its affiliates in a $150 million unsecured line of credit agreement with a
group of banks. 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 participating portfolio or fund based on its
borrowings at an amount above either the Eurodollar rate or federal funds
rate. In addition, a fee computed at an annual rate of 0.10% on
16
<PAGE>
EMERGING MARKETS PORTFOLIO AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
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, 2000.
6 Risks Associated with Foreign Investments
-------------------------------------------
Investing in securities issued by companies whose principal business
activities are outside the United States may involve significant risks not
present in domestic investments. For example, there is generally less
publicly available information about foreign companies, particularly those
not subject to the disclosure and reporting requirements of the U.S.
securities laws. Foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and standards of
practice comparable to those applicable to domestic issuers. Investments in
foreign securities also involve the risk of possible adverse changes in
investment or exchange control regulations, expropriation or confiscatory
taxation, limitation on the removal of funds or other assets of the
Portfolio, political or financial instability or diplomatic and other
developments which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as developed as
those in the United States, and securities of some foreign issuers
(particularly those in developing countries) may be less liquid and more
volatile than securities of comparable U.S. companies. In general, there is
less overall governmental supervision and regulation of foreign securities
markets, broker-dealers, and issuers than in the United States.
7 Financial Instruments
-------------------------------------------
The Portfolio may trade in financial instruments with off-balance sheet risk
in the normal course of its investing activities to assist in managing
exposure to various market risks. These financial instruments include forward
foreign currency exchange contracts and futures contracts and may involve, to
a varying degree, elements of risk in excess of the amounts recognized for
financial statement purposes. The notional or contractual amounts of these
instruments represent the investment the Portfolio has in particular classes
of financial instruments and does not necessarily represent the amounts
potentially subject to risk. The measurement of the risks associated with
these instruments is meaningful only when all related and offsetting
transactions are considered. At June 30, 2000, there were no obligations
under these financial instruments outstanding.
8 Subsequent Event
-------------------------------------------
Effective August 21, 2000, Jacob Rees-Mogg will assume sole responsibility
for managing the Emerging Markets Portfolio. Mr. Rees-Mogg is currently
co-portfolio manager of the Emerging Markets Portfolio.
17
<PAGE>
EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND AS OF JUNE 30, 2000
INVESTMENT MANAGEMENT
EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND
Officers
James B. Hawkes
President and Trustee
Edward E. Smiley, Jr.
Vice President
Michael B. Terry
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University
Graduate School of Business Administration
Norton H. Reamer
Chairman of the Board,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
EMERGING MARKETS PORTFOLIO
Officers
Hon. Robert Lloyd George
President and Trustee
James B. Hawkes
Vice President and Trustee
Scobie Dickinson Ward
Vice President, Assistant
Secretary and Assistant Treasurer
William Walter Raleigh Kerr
Vice President and
Assistant Treasurer
James L. O'Connor
Vice President and Treasurer
Alan R. Dynner
Secretary
Trustees
Hon. Edward K. Y. Chen
President of Lingnan College,
University of Hong Kong
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University
Graduate School of Business Administration
Norton H. Reamer
Chairman of the Board,
United Asset Management Corporation
18
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK
<PAGE>
INVESTMENT ADVISER OF EMERGING MARKETS PORTFOLIO
LLOYD GEORGE MANAGEMENT
(BERMUDA) LIMITED
3808 One Exchange Square
Central, Hong Kong
SPONSOR OF EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND
AND ADMINISTRATOR OF EMERGING MARKETS PORTFOLIO
EATON VANCE MANAGEMENT
The Eaton Vance Building
255 State Street
Boston, MA 02109
PRINCIPAL UNDERWRITER
EATON VANCE DISTRIBUTORS, INC.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT
PFPC, Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02904-9653
(800) 262-1122
EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
--------------------------------------------------------------------------------
THIS REPORT MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS
WHICH CONTAINS MORE COMPLETE INFORMATION ON THE FUND, INCLUDING
ITS SALES CHARGES AND EXPENSES. PLEASE READ THE PROSPECTUS
CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
--------------------------------------------------------------------------------
136-8/00 I-EMSRC
