<PAGE>
The Eaton Vance Growth Trust
For the Portfolio:
Greater China Growth
[LOGO]
Annual Shareholder Report
August 31, 1995
Sponsor and Manager of
EV Greater China Growth Fund &
Administrator of Greater China
Growth Portfolio
Boston Management
24 Federal Street
Boston, MA 02110
Adviser of Greater
China Growth Portfolio
Lloyd George Management
(Hong Kong) Limited
3408 One Exchange Square
Central, Hong Kong
Custodian
Investors Bank & Trust Company
24 Federal Street
Boston, MA 02110
Transfer Agent
The Shareholder Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
(800) 262-1122
Auditors
Deloitte & Touche LLP
125 Summer Street
Boston, MA 02110
<PAGE>
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GREATER CHINA GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
August 31, 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
COMMON STOCKS AND WARRANTS - 95.7%
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
CHINA, 2.4%
Dazhong Taxi 1,106,105 $ 929,128
Shanghai Diesel Engineering 1,960,000 1,270,080
Shanghai Erfangji Co. Ltd. 6,154,676 1,070,914
Shanghai Phoenix Bicycle Co. 2,615,000 549,150
Shanghai Tyre and Rubber 5,717,600 1,989,724
Shanghai Yaohua Pilkington 4,770,500 5,152,140
Shenzhen China Bicycles Co. 8,745,000 3,050,256
-------------
$ 14,011,392
-------------
HONG KONG, 37.7%
Chen Hsong Holdings 10,820,000 $ 7,687,610
Cheung Kong Holdings Ltd. 4,130,000 20,488,104
China - HK Photo Product Hld. 5,758,000 2,547,915
CIM Company Ltd. (1) 1,800,000 3,022,983
Consolidated Electric Power Asia 2,938,180 6,054,120
Giordano Holdings Ltd. 2,500,000 2,050,750
Hong Kong Electric Co. 2,605,000 9,035,964
Hong Kong Land Holdings Ltd. 3,020,000 5,496,400
Hong Kong Telecommunications Ltd. 6,273,000 11,345,348
HSBC Holdings PLC 1,632,600 21,934,798
Hutchison Whampoa 4,573,000 22,035,915
Jardine Matheson Holdings 790,800 5,693,760
Johnson Electric Holdings 1,401,500 2,788,285
Li & Fung Ltd. 7,184,000 5,336,275
Maanshan Iron & Steel Co. 3,620,000 603,454
Ming Pao Enterprises 10,048,000 4,088,531
National Mutual Ltd. 16,544,000 11,862,048
New World Development 4,498,000 16,386,664
CP Pokphand Co. Ltd. 22,586,000 8,898,884
San Miguel Brewery Ltd. 3,170,000 1,842,721
Shanghai Haixing Shipping 10,230,000 1,123,254
Shanghai Petrochemical 27,284,000 8,900,040
Siu Fung Ceramics Holdings 31,284,000 6,869,966
Sun Hung Kai Properties Ltd. 1,654,000 12,019,287
Swire Pacific Ltd. (A Shares) 1,121,000 8,399,541
Tem Fat Hing Fung 8,818,000 808,610
Varitronix International Ltd. 3,782,000 7,011,072
VTECH Holdings Ltd. 1,996,000 2,088,614
</TABLE>
17
<PAGE>
PORTFOLIO OF INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
HONG KONG - (continued)
Wharf Holdings 941,200 $ 2,705,385
Yizheng Chemical Fibre Co. 8,116,000 2,411,264
Zhenhai Refining & Chemical Co. 4,722,000 1,201,749
-------------
$ 222,739,311
-------------
INDONESIA, 2.8%
PT HM Sampoerna (Foreign) 821,000 $ 7,788,007
PT Indah Kiat Pulp & Paper. 6,434,400 8,871,750
-------------
$ 16,659,757
-------------
REPUBLIC OF KOREA, 7.3%
Daewoo Corp.* 100 $ 1,409
Daewoo Heavy Industries 3,904 47,462
Dong Chang Paper Mfg.* 80,008 1,076,155
Korea Electric Power Corp. 411,200 15,839,588
Korea Exchange Bank 865,999 10,248,145
Pohang Iron & Steel Co. Ltd. 52,630 5,088,236
Samsung Electronics (New)* 8,290 1,479,590
Samsung Electronics 41,893 8,710,526
Samsung Fire & Marine Insurance 3,920 537,678
-------------
$ 43,028,789
-------------
MALAYSIA, 9.6%
DCB Holdings Berhad 816,000 $ 2,421,398
Land & General Berhard 4,943,000 15,857,146
Genting Berhad 1,029,000 9,118,998
Hong Leong Industries Berhad 1,667,000 8,957,291
Kim Hin Industry Berhad 1,305,000 4,552,753
Kim Hin Industry Berhad Warrants* 221,000 195,850
Leader Universal Holdings Ltd. 717,666 2,374,182
Perlis Plantations Berhad 770,000 2,531,914
Sime Darby Berhad 4,180,000 10,643,534
-------------
$ 56,653,066
-------------
THE PHILIPPINES, 9.5%
Ayala Corp. Class B* 2,236,404 $ 2,782,379
Bacnotan Consolidated Industries 602,201 4,205,169
</TABLE>
18
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Belle Corp. Class B* 61,650,000 $ 11,651,850
Filipino Telephone 8,000,000 7,716,000
Philippine Long Distance Telephone 231,700 14,568,137
San Miguel Corporation 2,337,140 8,160,126
SM Prime Holdings* 22,389,900 7,169,245
-------------
$ 56,252,906
-------------
SINGAPORE, 9.9%
Cerebos Pacific Ltd. 1,129,000 $ 6,404,817
City Developments 924,000 5,567,469
Clipsal Industries Holdings Ltd. 2,400,000 6,000,000
Clipsal Industries Warrants* 234,000 173,160
Development Bank of Singapore 470,000 5,365,755
Overseas Union Bank 1,716,000 10,641,945
Sembawang Maritime 2,266,000 7,856,675
Singapore Airlines Ltd. 1,125,000 9,513,787
Straits Steamship Land 2,452,500 6,947,932
United Overseas Bank 800 6,937
-------------
$ 58,478,477
-------------
TAIWAN, 3.7%
China Steel 5,862,000 $ 4,476,809
CIS Technology Inc.* 1,018,000 1,474,379
Formosa Chemical 1,477,538 1,386,374
Formosa Plastics 876,900 1,425,488
Fuh HWA Secs 994,480 1,287,453
Nan Ya Plastic 3,419,799 5,782,881
Taiwan Polpropylene 814,800 1,054,840
Taiwan Semiconductor* 723,600 2,776,167
Victor Taichung Machinery 1,091,584 1,441,000
Yang Ming Marine Transport 985,000 1,028,044
-------------
$ 22,133,435
-------------
THAILAND, 12.2%
Bangkok Bank 518,200 $ 5,794,564
Electricity Generating (Foreign)* 4,241,700 13,297,729
Electricity Generating (Foreign) (Rights)* 424,170 821,575
Krung Thai Bank Ltd. (Foreign) 1,298,000 5,028,192
</TABLE>
19
<PAGE>
PORTFOLIO OF INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
THAILAND (Continued)
Saha Union Corp. Ltd. (Local) 2,314,500 $ 2,819,292
Siam Cement (Local) 234,400 13,629,660
Siam Cement (Foreign) 139,900 9,542,704
Siam Commercial Bank 1,591,300 17,158,510
Thailand Military Bank (Foreign) 967,000 4,016,338
-------------
$ 72,108,564
=============
UNITED STATES, 0.6%
AES China Generating Co. Ltd. 210,000 $ 1,890,000
Pacific Basin Bulk Shipping 84,500 1,214,687
Pacific Basin Bulk Shipping (Warrants)* 84,500 63,375
-------------
$ 3,168,062
-------------
Total Common Stocks and Warrants (Identified
cost, $507,528,635) $ 565,233,759
Other Assets - 4.3% 25,183,299
-------------
Net Assets - 100.0% $ 590,417,058
=============
</TABLE>
* Non-income producing security.
(1) Security valued at fair value using methods determined in good faith by or
at the direction of the Trustees.
SEE NOTES TO FINANCIAL STATEMENTS
20
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FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
August 31, 1995
<TABLE>
<S> <C> <C>
ASSETS:
Investments, at value (Note 1A) (Identified cost, $507,528,635) $ 565,233,759
Cash denominated in foreign currencies (cost, $10,504,108) 9,755,251
Cash 15,529,283
Receivable for investments sold 361,620
Dividends and interest receivable 937,884
Deferred organization expenses (Note 1C) 63,231
-------------
Total assets $ 591,881,028
LIABILITIES:
Payable for investments purchased $ 1,436,747
Payable to affiliate -
Custodian fee 20,258
Accrued expenses 6,965
-----------
Total liabilities 1,463,970
-------------
NET ASSETS applicable to investors' interest in Portfolio $ 590,417,058
=============
SOURCES OF NET ASSETS:
Net proceeds from capital contributions and withdrawals $ 533,468,333
Net unrealized appreciation of investments (computed on the
basis of identified cost) 57,705,124
Net unrealized depreciation of foreign currencies (756,399)
-------------
TOTAL $ 590,417,058
=============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
21
<PAGE>
FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
For the Year Ended August 31, 1995
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Income --
Dividends (net of foreign taxes of $1,097,188) $ 15,724,962
Interest 58,676
-------------
Total income $ 15,783,638
Expenses --
Investment adviser fee (Note 2) $ 4,763,655
Administration fee (Note 2) 1,571,184
Compensation of Trustees not members of the
Investment Adviser's organization (Note 2) 13,750
Custodian fee (Note 2) 661,381
Legal & audit fees 50,438
Amortization of organization expense (Note 1C) 28,638
Miscellaneous 21,711
-------------
Total expenses 7,110,757
-------------
Net investment income $ 8,672,881
-------------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss --
Investment transactions computed (net of foreign capital gains
taxes of $1,140,389) $ (28,329,489)
Foreign currency (765,756)
-------------
Net realized loss $ (29,095,245)
Change in unrealized appreciation --
Investments (identified cost basis) $ (39,634,897)
Foreign currency (759,651)
-------------
Decrease in net unrealized appreciation (40,394,548)
-------------
Net realized and unrealized loss on investments $ (69,489,793)
-------------
Net decrease in net assets from operations $ (60,816,912)
=============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
22
<PAGE>
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STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the year ended August 31,
-------------------------------------------------
1995 1994
---------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations -
Net investment income $ 8,672,881 $ 4,024,714
Net realized loss on investment transactions (29,095,245) (11,068,453)
Change in unrealized appreciation (depreciation)
of investments and foreign currency (40,394,548) 79,236,629
---------------- ----------------
Increase (decrease) in net assets from operations $ (60,816,912) $ 72,192,890
---------------- ----------------
Capital transactions:
Contributions $ 129,870,307 $ 636,873,995
Withdrawals (211,249,014) (184,497,094)
---------------- ----------------
Increase (decrease) in net assets resulting from capital transactions $ (81,378,707) $ 452,376,901
---------------- ----------------
Total increase (decrease) in net assets $ (142,195,619) $ 524,569,791
NET ASSETS:
At beginning of year 732,612,677 208,042,886
---------------- ----------------
At end of year $ 590,417,058 $ 732,612,677
================ ================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
23
<PAGE>
FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
Year Ended August 31,
--------------------------------------
1995 1994 1993*
-------- -------- --------
<S> <C> <C> <C>
RATIOS (As a percentage of average net assets):
Expenses 1.10% 1.15% 1.38%+
Net investment income 1.35% 0.73% 0.38%+
PORTFOLIO TURNOVER 32% 36% 18%
NET ASSETS, end of period (000 omitted) $590,417 $732,613 $208,043
</TABLE>
+ Computed on an annualized basis.
* For the period from the start of business, October 28, 1992, to
August 31, 1993.
SEE NOTES TO FINANCIAL STATEMENTS
24
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NOTES TO FINANCIAL STATEMENTS
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(1) SIGNIFICANT ACCOUNTING POLICIES
Greater China Growth Portfolio (the "Portfolio") is registered under the
Investment Company Act of 1940 as a diversified, open-end investment company
which was organized as a trust under the laws of the State of New York on
September 1, 1992. The Declaration of Trust permits the Trustees to issue
interests in the Portfolio. The following is a summary of the significant
accounting policies of the Portfolio. The policies are in conformity with
generally accepted accounting principles.
A. INVESTMENT VALUATIONS - Marketable securities, including options, that are
listed on foreign or U.S. securities exchanges or in the NASDAQ National Market
System are valued at closing sale prices, on the exchange where such securities
are principally traded. Futures positions on securities or currencies are
generally valued at closing settlement prices. Unlisted or listed securities for
which closing sale prices are not available are valued at the mean between the
latest bid and asked prices. Short-term debt securities with a remaining
maturity of 60 days or less are valued at amortized cost. Other fixed income and
debt securities, including listed securities and securities for which price
quotations are available, will normally be valued on the basis of valuations
furnished by a pricing service. Investments for which valuations or market
quotations are unavailable are valued at fair value using methods determined in
good faith by or at the direction of the Trustees.
B. FEDERAL TAXES - The Portfolio has elected to be treated as a partnership for
Federal tax purposes. No provision is made by the Portfolio for federal or state
taxes on any taxable income of the Portfolio because each investor in the
Portfolio is individually responsible for the payment of any taxes on its share
of such income. Since some of the Portfolio's investors are regulated investment
companies that invest all or substantially all of their assets in the Portfolio,
the Portfolio normally must satisfy the applicable source of income and
diversification requirements, (under the Internal Revenue Code), in order for
its investors to satisfy them. The Portfolio will allocate, at least annually
among its investors, each investor's distributive share of the Portfolio's net
investment income, net realized capital gains, and any other items of income,
gain, loss, deduction or credit. Withholding taxes on foreign dividends and
capital gains have been provided for in accordance with the Trust's
understanding of the applicable countries' tax rules and rates.
C. DEFERRED ORGANIZATION EXPENSES - Costs incurred by the Portfolio in
connection with its organization, including registration costs, are being
amortized on the straight-line basis over five years.
D. FUTURES CONTRACTS - Upon the entering of a financial futures contract, the
Portfolio is required to deposit ("initial margin") either in cash or securities
an amount equal to a certain percentage of the purchase price indicated in the
financial futures contract. Subsequent payments are made or received by the
Portfolio ("margin maintenance") each day, dependent on daily fluctuations in
the value of the underlying security, and are recorded for book purposes as
unrealized gains or losses by the Portfolio. The Portfolio's investment in
financial futures contracts is designed only to hedge against anticipated future
changes in interest or currency exchange rates. Should interest or currency
exchange rates move unexpectedly, the Portfolio may not achieve the anticipated
benefits of the financial futures contracts and may realize a loss. If the
Portfolio enters into a closing transaction, the Portfolio will realize, for
book purposes, a gain or loss equal to the difference between the value of the
financial futures contract to sell and financial futures contract to buy.
25
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
E. FOREIGN CURRENCY TRANSLATION - Investment valuations, other assets, and
liabilities initially expressed in foreign currencies are converted each
business day into U.S. dollars based upon current exchange rates. Purchases and
sales of foreign investment securities and income and expenses are converted
into U.S. dollars based upon currency exchange rates prevailing on the
respective dates of such transactions. Recognized gains or losses on investment
transactions attributable to foreign currency rates are recorded for financial
statement purposes as net realized gains and losses on investments. That portion
of unrealized gains and losses on investments that result from fluctuations in
foreign currency exchange rates are not separately disclosed.
F. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS - The Portfolio may enter into
forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. Risks may arise
upon entering these contracts from the potential inability of counterparties to
meet the terms of their contracts and from movements in the value of a foreign
currency relative to the U.S. dollar. The Portfolio will enter into forward
contracts for hedging purposes as well as non-hedging purposes. The forward
foreign currency exchange contracts are adjusted by the daily exchange rate of
the underlying currency and any gains or losses are recorded for financial
statement purposes as unrealized until such time as the contracts have been
closed or offset.
G. OTHER - Investment transactions are accounted for on the date the investments
are purchased or sold. Dividend income is recorded on the ex-dividend date.
However, if the ex-dividend date has passed, certain dividends from foreign
securities are recorded as the Portfolio is informed of the ex-dividend date.
Interest income is recorded on the accrual basis.
- --------------------------------------------------------------------------------
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The investment adviser fee is earned by Lloyd George Management (Hong Kong)
Limited (the Adviser), an affiliate of Eaton Vance, 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 year ended
August 31, 1995 the adviser fee was 0.74% of average net assets. In addition, an
administrative fee is earned by Eaton Vance Management (EVM) for managing and
administering the business affairs of the Portfolio. Under the administration
agreement, EVM earns a monthly fee in the amount of 1/48th of 1% (equal to 0.25%
annually) of the average daily net assets of the Portfolio up to $500,000,000,
and at reduced rates as daily net assets exceed that level. For the year ended
August 31, 1995, the administration fee was 0.24% of average net assets. Except
as to Trustees of the Portfolio who are not members of the Adviser or EVM's
organization, officers and Trustees receive remuneration for their services to
the Portfolio out of such investment adviser and administrative fees. Investors
Bank & Trust Company (IBT), an affiliate of EVM, serves as custodian of the
Portfolio. Pursuant to the custodian agreement, IBT receives a fee reduced by
credits which are determined based on the average daily cash balances the
Portfolio maintains with IBT. Certain of the officers and Trustees of the
Portfolio are officers or directors/trustees of the above organizations.
26
<PAGE>
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(3) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than short-term obligations,
aggregated $200,189,314 and $293,436,289, respectively.
- --------------------------------------------------------------------------------
(4) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation (depreciation) in value of the investments
owned at August 31, 1995, as computed on a federal income tax basis, are as
follows:
<TABLE>
<S> <C>
Aggregate cost $ 507,528,635
=============
Gross unrealized appreciation $ 99,177,974
Gross unrealized depreciation 41,472,850
-------------
Net unrealized appreciation $ 57,705,124
=============
</TABLE>
- --------------------------------------------------------------------------------
(5) RISKS ASSOCIATED WITH FOREIGN INVESTMENTS
Investing in securities issued by companies whose principal business activities
are outside the United States may involve significant risks not present in
domestic investments. For example, there is generally less publicly available
information about foreign companies, particularly those not subject to the
disclosure and reporting requirements of the U.S. securities laws. Foreign
issuers are generally not bound by uniform accounting, auditing, and financial
reporting requirements and standards of practice comparable to those applicable
to domestic issuers. Investments in foreign securities also involve the risk of
possible adverse changes in investment or exchange control regulations,
expropriation or confiscatory taxation, limitation on the removal of funds or
other assets of the Portfolio, political or financial instability or diplomatic
and other developments which could affect such investments. Foreign stock
markets, while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some foreign issuers
(particularly those located in developing countries) may be less liquid and more
volatile than securities of comparable U.S. companies. In general, there is less
overall governmental supervision and regulation of foreign securities markets,
broker-dealers, and issuers than in the United States.
27
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
(6) FINANCIAL INSTRUMENTS
The Portfolio regularly trades 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 written
options, forward foreign currency exchange contracts and financial 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.
- --------------------------------------------------------------------------------
(7) LINE OF CREDIT
The Portfolio participates with other portfolios and funds managed by EVM and
its affiliates in a $120 million unsecured line of credit agreement with a bank.
The line of credit consists of a $20 million committed facility and a $100
million discretionary facility. Borrowings will be made by the Portfolio solely
to facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each portfolio based on its borrowings at
an amount above either the bank's adjusted certificate of deposit rate, a
variable adjusted certificate of deposit rate, or a federal funds effective
rate. In addition, a fee computed at an annual rate of 1/4 of 1% on the $20
million committed facility and on the daily unused portion of the $100 million
discretionary facility is allocated among the participating funds and portfolios
at the end of each quarter. The Portfolio did not have any significant
borrowings or allocated fees during the period.
28
<PAGE>
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INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES AND INVESTORS OF
GREATER CHINA GROWTH PORTFOLIO:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Greater China Growth Portfolio as of August 31,
1995, and the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended August 31, 1995 and
1994, and the supplementary data for the years ended August 31, 1995 and 1994,
and for the period from the start of business, October 28, 1992 to August 31,
1993. These financial statements and supplementary data are the responsibility
of the Portfolio's management. Our responsibility is to express an opinion on
these financial statements and supplementary data based upon our 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 supplementary
data are free of material misstatement. An audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of the securities owned at
August 31, 1995, by correspondence with the custodian and brokers; where replies
were not received from brokers, we performed other auditing procedures. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and supplementary data present fairly,
in all material respects, the financial position of Greater China Growth
Portfolio at August 31, 1995, the results of its operations, the changes in its
net assets and its supplementary data for the respective stated periods, in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
BOSTON, MASSACHUSETTS
OCTOBER 6, 1995
29
<PAGE>
GREATER CHINA GROWTH PORTFOLIO
OFFICERS
Hon. Robert Lloyd George
President, Trustee and Portfolio Co-Manager
James B. Hawkes
Vice President and Trustee
Scobie Dickinson Ward
Vice President, Assistant Secretary,
Assistant Treasurer and Portfolio Co-Manager
William Walter Raleigh Kerr
Vice President, Secretary and
Assistant Treasurer
James L. O'Connor
Vice president and Treasurer
Thomas Otis
Vice President and Assistant Secretary
INDEPENDENT TRUSTEES
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking,
Harvard University Graduate School of Business Administration
Stuart Hamilton Leckie
Managing Director and Actuary, Wyatt Company,
Hong Kong
Hon. Edward K.Y. Chen
Professor and Director, Center of Asian Studies,
University of Hong Kong
