<PAGE>
INVESTMENT ADVISER
Eaton Vance Management
24 Federal Street
Boston, MA 02110
PRINCIPAL UNDERWRITER
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(800) 225-6265
CUSTODIAN
Investors Bank & Trust Company
89 South Street
P.O. Box 1537
Boston, MA 02205-1537
TRANSFER AGENT
First Data Investor Services Group
Attn: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 01581-5123
(800) 262-1122
INDEPENDENT ACCOUNTANTS
Coopers & Lybrand L.L.P.
One Post Office Square
Boston, MA 02109
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its distribution plan,
sales charges and expenses. Please read the prospectus carefully before you
invest or send money.
EATON VANCE SHORT-TERM TREASURY FUND
24 FEDERAL STREET
BOSTON, MA 02110 T-TYSR-2/97
EATON VANCE
SHORT-TERM
TREASURY FUND
ANNUAL
SHAREHOLDER REPORT
DECEMBER 31, 1996
<PAGE>
TO SHAREHOLDERS
During the year ended December 31, 1996, Eaton Vance Short-Term Treasury Fund
had a total return of 4.7%. This resulted from an increase in the Fund's net
asset value to $62.89 per share from $61.43 per share, and the reinvestment of a
$1.42 income dividend.
- --------------------------------------------------------------------------------
"AFTER LOWERING THE FED FUNDS RATE IN JANUARY, 1996, THE FEDERAL RESERVE LEFT IT
UNTOUCHED FOR THE REMAINDER OF THE YEAR, UNCONVINCED THAT THE RATE OF INFLATION
WAS SUFFICIENT TO WARRANT AN INCREASE..."
- --------------------------------------------------------------------------------
The U.S. economy in 1996 experienced a year of growth, low inflation, and rising
employment. The annualized rate of economic growth, as measured by the U.S.
Commerce Department's quarterly report of Gross Domestic Product (GDP), was
2.0%, 4.7%, 2.1%, and 4.7% for the four quarters of the year, respectively.
Inflation, as measured by the Consumer Price Index (CPI), was 3.3% for the year
as a whole (not seasonally adjusted). Unemployment remained at a low level of
5.3% in December.
The perennial issue for investors in money market securities is the movement of
short-term interest rates, which is, to a large extent, influenced by the
Federal Reserve Board's Fed Funds Rate. After lowering the Fed Funds Rate twice
in 1995 and a third time in January, 1996, the Federal Reserve left it untouched
for the remainder of the year, unconvinced that the rate of inflation was
sufficient to warrant an increase.
SHORT-TERM INTEREST RATES MOVED WITHIN A NARROW RANGE IN 1996
With each meeting of the Federal Reserve Board during the year, bond traders
attempted to gauge whether the Fed Funds Rate would be raised or lowered. As a
result, short-term interest rates increased with rumors of a tightening and
decreased with talk of ease. The six-month Treasury Bill averaged 5.25% during
1996, and for most of the year it ranged only 0.25% on either side of that mean
level.
The Fund's objective is to provide a return higher than that of shorter term
money market instruments, with less risk than most other fixed-income funds. The
Fund can be an attractive compromise between low-risk, low-yielding money market
funds and longer-term bond funds which have more credit and/or maturity risk.
Money market funds, of course, are designed to maintain a constant $1 share
value and are subject to less price fluctuation than the Fund's shares, and
long-term bonds generally offer higher yields than do short-term bond funds.
[Photo of M. Dozier Gardner]
Sincerely,
/s/ M. Dozier Gardner
M. Dozier Gardner
President
February 7, 1997
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Fund shares are not guaranteed 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.
- --------------------------------------------------------------------------------
<PAGE>
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COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN EATON VANCE SHORT-TERM
TREASURY FUND AND THE MERRILL LYNCH 182-DAY US TREASURY BILL INDEX
From February 28, 1991, through December 31, 1996
- ---------------------------------------------------------------
1 5 Life Value at
AVERAGE ANNUAL Year Years of Fund* 12/31/96
RETURNS -------------------------------------------
4.7% 4.1% 4.3% $12,768
- ---------------------------------------------------------------
Date Fund/NAV Treasury
- -------- -------- --------
2/28/91 $10,000 $10,000
3/31/91 $10,044 $10,059
4/30/91 $10,099 $10,124
5/31/91 $10,145 $10,172
6/30/91 $10,183 $10,218
7/31/91 $10,232 $10,278
8/31/91 $10,276 $10,340
9/30/91 $10,322 $10,399
10/31/91 $10,365 $10,457
11/30/91 $10,409 $10,520
12/31/91 $10,451 $10,587
1/31/92 $10,480 $10,623
2/28/92 $10,506 $10,654
3/31/92 $10,536 $10,686
4/30/92 $10,570 $10,741
5/31/92 $10,594 $10,781
6/30/92 $10,627 $10,824
7/31/92 $10,665 $10,878
8/31/92 $10,687 $10,912
9/30/92 $10,713 $10,961
10/31/92 $10,733 $10,971
11/30/92 $10,752 $10,995
12/31/92 $10,780 $11,039
1/31/93 $10,804 $11,080
2/28/93 $10,822 $11,109
3/31/93 $10,844 $11,142
4/30/93 $10,866 $11,172
5/31/93 $10,883 $11,190
6/30/93 $10,909 $11,223
7/31/93 $10,931 $11,254
8/31/93 $10,953 $11,290
9/30/93 $10,977 $11,322
10/31/93 $10,997 $11,346
11/30/93 $11,018 $11,374
12/31/93 $11,034 $11,414
1/31/94 $11,058 $11,451
2/28/94 $11,080 $11,462
3/31/94 $11,106 $11,490
4/30/94 $11,130 $11,508
5/31/94 $11,161 $11,540
6/30/94 $11,191 $11,591
7/31/94 $11,219 $11,640
8/31/94 $11,255 $11,685
9/30/94 $11,290 $11,718
10/31/94 $11,334 $11,771
11/30/94 $11,378 $11,806
12/31/94 $11,419 $11,857
1/31/95 $11,511 $11,934
2/28/95 $11,592 $12,004
3/31/95 $11,648 $12,065
4/30/95 $11,705 $12,129
5/31/95 $11,789 $12,202
6/30/95 $11,848 $12,266
7/31/95 $11,900 $12,329
8/31/95 $11,954 $12,389
9/30/95 $12,001 $12,441
10/31/95 $12,063 $12,502
11/30/95 $12,120 $12,563
12/31/95 $12,196 $12,632
1/31/96 $12,263 $12,695
2/28/96 $12,283 $12,740
3/31/96 $12,315 $12,784
4/30/96 $12,361 $12,835
5/31/96 $12,410 $12,888
6/30/96 $12,456 $12,943
7/31/96 $12,509 $13,000
8/31/96 $12,555 $13,058
9/30/96 $12,611 $13,126
10/31/96 $12,666 $13,189
11/30/96 $12,718 $13,247
12/31/96 $12,768 $13,303
Past performance is not indicative of future results. Investment returns and
principal value will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than their original cost. Source: Towers Data Systems,
Bethesda, MD. *Investment operations commenced on 2/4/91. +Index information is
available only at month-end; therefore, the line comparison begins at the next
month-end following the commencement of the Fund's investment operations.
- --------------------------------------------------------------------------------
FUND PERFORMANCE
In accordance with guidelines issued by the Securities and Exchange Commission,
the chart above compares your Fund's total return with that of a broad-based
securities market index. The lines on the chart represent the total returns of
$10,000 hypothetical investments in the Fund and the unmanaged Merrill Lynch
182-Day Treasury Bill Index.
TOTAL RETURN FIGURES
The green line on the chart represents the Fund's performance. The Fund's total
return figure reflects Fund expenses and portfolio transaction costs and assumes
the reinvestment of distributions.
The black line represents the performance of the Merrill Lynch 182-Day Treasury
Bill Index, a widely recognized, unmanaged index of U.S. Treasury bills. The
Index's total return does not reflect any commissions or expenses that would be
incurred if an investor individually purchased or sold the securities
represented in the Index. It is not possible to invest directly in the Index.
<PAGE>
-----------------------------------
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1996
- --------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 116.3%
- --------------------------------------------------------------------------------
PRINCIPAL
SECURITY AMOUNT VALUE
- --------------------------------------------------------------------------------
U.S. Treasury Bill, 5.32%, 7/24/97 $2,400,000 $2,330,304
(identified cost, $2,330,776)
OTHER LIABILITIES,
LESS ASSETS -- (16.3%) (326,417)
----------
NET ASSETS -- 100% $2,003,887
==========
The accompanying notes are an integral part of
the Financial Statements
<PAGE>
-----------------------------------
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
December 31, 1996
- --------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (identified cost,
$2,330,776) $2,330,304
Cash 1,578
Other receivable 4,151
----------
Total assets $2,336,033
LIABILITIES:
Payable for Fund shares redeemed $305,969
Payable to Affiliates --
Trustees 1,681
Management fee 19,140
Accrued expenses 5,356
--------
Total liabilities 332,146
----------
NET ASSETS for 31,861 shares of beneficial interest
outstanding (Note 2) $2,003,887
==========
SOURCES OF NET ASSETS:
Paid-in capital $2,004,359
Unrealized depreciation of investments (identified
cost basis) (472)
----------
Total $2,003,887
==========
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE ($2,003,887 / 31,861 shares of capital
stock outstanding) $62.89
======
The accompanying notes are an integral part of the financial statements
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
- ----------------------------------------------------------------------------------------------------
For the Year Ended December 31, 1996
- ----------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C>
Interest income $3,171,170
Expenses --
Investment adviser fee (Note 4) $184,614
Compensation of Directors not members of the Investment Adviser's
organization (Note 4) 5,067
Custodian fee (Note 1E) 32,267
Distribution costs (Note 5) 149,461
Printing and postage 12,831
Legal and accounting services 23,397
Registration fees 23,246
Transfer and dividend disbursing agent fees 11,904
Miscellaneous 9,545
--------
Total expenses $452,332
Deduct --
Reduction of investment adviser fee (Note 4) 85,061
Reduction of custodian fee (Note 1E) 8,056
--------
Net expenses 359,215
----------
Net investment income $2,811,955
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis) $ 9,176
Change in unrealized depreciation of investments
(identified cost basis) (11,605)
--------
Net realized and unrealized loss on investments (2,429)
----------
Net increase in net assets resulting from operations $2,809,526
==========
</TABLE>
The accompanying notes are an integral part of the financial statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-------------------------
1996 1995
----------- -----------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income $ 2,811,955 $ 2,372,125
Net realized gain (loss) on investment
transactions 9,176 288,778
Change in unrealized appreciation of
investments (11,605) 10,340
----------- -----------
Increase in net assets from operations $ 2,809,526 $ 2,671,243
----------- -----------
Distributions to shareholders --
From net investment income $ (42,027) $ --
Net increase (decrease) in net assets from Fund
share transactions (Note 2) (2,678,773) (1,931,535)
----------- -----------
Net increase in net assets $ 88,726 $ 739,708
NET ASSETS:
At beginning of year 1,915,161 1,175,453
----------- -----------
At end of year $ 2,003,887 $ 1,915,161
=========== ===========
The accompanying notes are an integral part of the financial statements
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------------------------------------
1996 1995 1994 1993 1992
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, beginning of year $61.43 $57.52 $55.58 $54.30 $52.64
------ ------ ------ ------ ------
INCOME FROM OPERATIONS:
Net investment income $ 2.88 $ 3.47 $ 1.80 $ 1.34 $ 1.61
Net realized and unrealized gain (loss) on
investments -- 0.44 0.14 (0.06) 0.05
------ ------ ------ ------ ------
Total income from operations $ 2.88 $ 3.91 $ 1.94 $ 1.28 $ 1.66
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
From net investment income $(1.42) $ -- $ -- $ -- $ --
------ ------ ------ ------ ------
NET ASSET VALUE, end of year $62.89 $61.43 $57.52 $55.58 $54.30
====== ====== ====== ====== ======
TOTAL RETURN(1) 4.69% 6.80% 3.49% 2.36% 3.15%
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of year (000's omitted) $2,004 $1,915 $1,175 $1,743 $4,917
Ratio of net expenses to average net
assets(2)(3) 0.61% 0.62% 0.84% 0.60% 0.60%
Ratio of net expenses to average net
assets after custodian fee reduction(3) 0.60% 0.60% -- -- --
Ratio of net investment income to average
net assets(3) 4.65% 5.25% 2.97% 2.48% 3.01%
(1)Total investment 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)The expense ratios 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 Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers. The expense ratios for each of
the periods ended on or before December 31, 1994 have not been adjusted to reflect this change.
(3)The expenses related to the operations of the Fund reflect a reduction of the investment adviser fee and/or
an allocation of expenses to the Investment Adviser. Had such action not been taken, net investment income
per share and the ratios would have been as follows:
NET INVESTMENT INCOME PER SHARE $ 2.80 $ 3.29 $ 1.56 $ 1.28 $ 1.56
====== ====== ====== ====== ======
RATIOS (As a percentage of average net assets):
Expenses(2) 0.76% 0.89% 1.23% 0.70% 0.70%
====== ====== ====== ====== ======
Expenses after custodian fee reduction 0.75% 0.87% -- -- --
====== ====== ====== ====== ======
Net investment income 4.50% 4.98% 2.58% 2.38% 3.11%
====== ====== ====== ====== ======
Note: Certain of the per share amounts have been computed using the average shares outstanding method.
</TABLE>
The accompanying notes are an integral part of the financial statements
<PAGE>
-----------------------------------
NOTES TO FINANCIAL STATEMENTS
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(1) SIGNIFICANT ACCOUNTING POLICIES
Eaton Vance Short-Term Treasury Fund (the Fund) is a series of Eaton Vance
Mutual Funds Trust (formerly Eaton Vance Government Obligations 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 a diversified, open-end management investment company. 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 -- Debt securities, including listed securities and
securities for which price quotations are available, will normally be valued
on the basis of market valuations furnished by a pricing service. Short-term
obligations and money market securities maturing in 60 days or less are valued
at amortized cost, which approximates value. Other assets are valued at fair
value using methods determined in good faith by the Trustees.
B. INCOME -- Interest income is determined on the basis of interest accrued and
discount earned, adjusted for amortization of discount when required for federal
income tax purposes.
C. FEDERAL TAXES -- The Fund's policy is to comply with the provisions of the
Internal Revenue Code available to regulated investment companies. The Fund is
not subject to Federal income or excise tax to the extent it distributes to
shareholders each year its taxable net income, including any net realized gain
on investments in accordance with the timing requirements imposed by the Code.
Accordingly, no provision for federal income or excise tax is necessary. The
Fund intends on its tax return to treat as a distribution of net investment
income and realized capital gains the portion of redemption proceeds paid to
redeeming shareholders that represents their share of the Fund's undistributed
income and gains. At fiscal year-end, the Fund utilizes earnings and profits
distributed to shareholders on redemptions of Fund shares as part of the
dividends paid deduction for income tax purposes. This practice, which
involves the use of equalization accounting, will have the effect of reducing
the amount of income and gains that the Fund is required to distribute as a
dividend to shareholders each year in order to relieve the Fund of any
liability for federal income and excise tax.
D. OTHER -- Investment transactions are accounted for on the date the
investments are purchased or sold. Dividends to shareholders are recorded on
the ex-dividend date.
E. 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 in
the Statement of Operations.
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 revenue and expense during the reporting period. Actual results could
differ from those estimates.
- --------------------------------------------------------------------------------
(2) 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:
YEAR ENDED DECEMBER 31, 1996 YEAR ENDED DECEMBER 31, 1995
----------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT
------------ --------------- ----------- ---------------
Sales 2,983,499 $ 185,940,130 2,505,592 $ 149,067,616
Reinvestments 434 27,313 -- --
Redemptions (2,983,250) (188,646,216) (2,494,848) (150,999,151)
--------- -------------- --------- -------------
Net increase 683 $ (2,678,773) 10,744 $ (1,931,535)
========= ============== ========= =============
- --------------------------------------------------------------------------------
(3) PURCHASES AND SALES OF INVESTMENTS
Purchases and sales (including maturities) of U.S. Government Securities,
aggregrated $340,780,272 and $343,553,659, respectively.
- --------------------------------------------------------------------------------
(4) INVESTMENT ADVISER FEE AND OTHER TRANSACTION WITH AFFILIATES
The investment adviser fee is earned by Eaton Vance Management (EVM) as
compensation for management and investment advisory services rendered to the
Fund. The fee is based upon a percentage of average daily net assets plus a
percentage of gross income (i.e., income other than gains from the sales of
securities). For the year ended December 31, 1996, the fee was equivalent to
0.31% (annualized) of the Fund's average net assets and amounted to $184,614.
To enhance the net income of the Fund, EVM made a reduction of its fee in the
amount of $85,061. 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 fee. Certain of the
officers and Trustees of the Fund are officers and directors/trustees of the
above organizations. Trustees of the Fund that are not affiliated with the
Investment Adviser may elect to defer receipt of all or a percentage of their
annual fees in accordance with the terms of the Trustees Deferred Compensation
Plan. For the year ended December 31, 1996, no significant amounts have been
deferred.
- --------------------------------------------------------------------------------
(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 provides that the Fund will
pay the Principal Underwriter, Eaton Vance Distributors, Inc. (EVD), a
subsidiary of EVM, a quarterly distribution fee equal to 0.25% on an annual
basis of the Fund's average daily net assets. EVD may pay up to the entire
amount of the distibution fee to Authorized Firms for providing services to
shareholders. The Plan is designed to compensate EVD and the Authorized Firms
through which the Fund's shares are distributed. For the year ended December
31, 1996 the Fund paid $149,461 in distribution fees to EVD, and EVD in turn
paid a substantial portion of this amount to Authorized Firms.
- --------------------------------------------------------------------------------
(6) LINE OF CREDIT
The Fund participates with other portfolios and funds managed by EVM and
affiliates in a $120 million unsecured line of credit agreement with a bank.
Borrowings will be made by the Portfolio or Fund solely to facilitate the
handling of unusual and/or unanticipated short-term cash requirements.
Interest is charged to each portfolio or fund based on its borrowings at the
bank's base rate or at an amount above either the bank's adjusted certificate
of deposit rate, a Eurodollar rate, or a federal funds effective rate. In
addition, a fee computed at an annual rate of 0.15% on the daily unused
portion of the facility is allocated among the participating portfolios and
funds at the end of each quarter. The Fund did not have any significant
borrowings or allocated fees during the year.
- --------------------------------------------------------------------------------
(7) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation/depreciation in value of the investments
owned at December, 31, 1996, as computed on a federal income tax basis, are as
follows:
Aggregate cost $2,330,776
==========
Gross unrealized appreciation $ --
Gross unrealized depreciation (472)
----------
Net unrealized depreciation $ (472)
==========
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
TO THE TRUSTEES AND SHAREHOLDERS OF EATON VANCE SHORT-TERM TREASURY FUND:
We have audited the accompanying statement of assets and liabilities of Eaton
Vance Short-Term Treasury Fund (one of the series of Eaton Vance Mutual Funds
Trust), including the investment portfolio, as of December 31, 1996 and the
related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended and
the financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of December 31, 1996 by correspondence with the custodian. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Eaton Vance Short-Term Treasury Fund (one of the series of Eaton Vance Mutual
Funds Trust) as of December 31, 1996, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in
the period then ended, and the financial highlights for each of the five years
in the period then ended, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P.
BOSTON, MASSACHUSETTS
FEBRUARY 3, 1997
<PAGE>
-----------------------------------
INVESTMENT MANAGEMENT
EATON VANCE OFFICERS TRUSTEES
SHORT-TERM
TREASURY FUND M. DOZIER GARDNER DONALD R. DWIGHT
24 Federal Street President, Trustee President, Dwight Partners, Inc.
Boston, MA 02110 Chairman, Newspapers of
JAMES B. HAWKES New England, Inc.
Vice President, Trustee
SAMUEL L. HAYES, III
MICHAEL B. TERRY Jacob H. Schiff Professor of
Vice President and Investment Banking,
Portfolio Manager Harvard University Graduate
School of Business
WILLIAM H. AHERN, JR. Administration
Vice President
NORTON H. REAMER
JAMES L. O'CONNOR President and Director,
Treasurer United Asset Management
Corporation
THOMAS OTIS
Secretary JOHN L. THORNDIKE
Director, Fiduciary Company
Incorporated
JACK L. TREYNOR
Investment Adviser and
Consultant
