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The Eaton Vance Growth Trust
For the Greater China Growth Portfolio
[LOGO]
Annual Shareholder Report
August 31, 1996
Sponsor and Manager of
EV Classic Greater China
Growth Fund & Administrator of
Greater China Growth Portfolio
Eaton Vance Management
24 Federal Street
Boston, MA 02110
Adviser of
Greater China Growth Portfolio
Lloyd George Investment Management
(Bermuda) Limited
3808 One Exchange Square
Central, Hong Kong
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
89 South Street
P.O. Box 1537
Boston, MA 02205-1537
Transfer Agent
First Data Investor Services Group
P.O. Box 5123
Westborough, MA 01581-5123
Independent Auditors
Deloitte & Touche LLP
125 Summer Street
Boston, MA 02110
Portfolio of Investments
August 31, 1996
STOCKS AND WARRANTS -- 97.8%
- ---------------------------------------------------------------------------------------
Shares Value
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<S> <C> <C>
China -- 0.6%
Shanghai Yaohua Pilkington 5,683,563 $2,841,782
------------
Hong Kong -- 45.9%
Chen Hsong Holdings 10,820,000 $6,227,076
Cheung Kong Holdings Ltd. 3,650,000 25,608,818
Cheung Kong Infrastructure 1,482,000 2,424,575
China Merchants Hai Hong Holdings 8,000,000 2,741,781
China Overseas Land & Investment 20,000,000 6,272,471
China Resources Enterprises 7,672,000 6,895,890
China Travel International 8,322,000 2,394,720
China Travel International Warrants * 2,064,400 170,872
CIM Company Ltd. (1) 1,800,000 3,026,306
Cosco Pacific Ltd. 7,000,000 5,386,565
Giordano Holdings Ltd. 1,500,000 1,241,561
Guangnan Holdings Ltd. 8,980,000 5,516,541
Hang Seng Bank 760,000 7,789,504
Hong Kong Land Holdings Ltd. 2,020,000 4,585,400
Hong Kong Telecommunications Ltd. 2,773,000 4,644,260
HSBC Holdings PLC 1,500,000 25,898,192
Hutchison Whampoa 4,400,000 26,631,489
Jardine Matheson Holdings 590,800 3,722,040
Li & Fung Ltd. 7,184,000 6,503,712
National Mutual Ltd. 14,694,000 12,257,352
New World Development 4,000,000 19,399,395
Ng Fung Hong Ltd. 8,752,000 4,244,588
Oriental Press Group Ltd. 8,200,000 4,215,488
CP Pokphand Co. Ltd. 17,338,000 5,886,067
San Miguel Brewery Ltd. 3,170,000 1,240,171
Siu Fung Ceramics Holdings 28,284,000 4,389,540
Sun Hung Kai Properties Ltd. 1,427,000 13,933,745
Tingyi (Cayman Island) Holding Co. 8,696,000 2,035,612
Varitronix International Ltd. 3,282,000 6,197,098
VTECH Holdings Ltd. 3,000,000 5,528,828
Wharf Holdings Ltd. 1,581,200 5,971,268
Zhenhai Refining & Chemical Co. 3,158,000 959,793
------------
$233,940,718
------------
Indonesia -- 2.0%
PT HM Sampoerna (Foreign) 571,500 $ 5,502,701
PT Lippo Bank (Foreign) (2) 3,200,000 4,918,873
------------
$10,421,574
------------
Republic of Korea -- 7.7%
Haitai Electronics Co. 188,750 3,432,865
Hansol Paperboard Co. Ltd. 8 70
Korea Electric Power Corp. 301,200 10,830,424
Korea Exchange Bank 999,499 12,218,812
Korea Mobile Telecom Corp. 230 255,740
Pohang Iron & Steel Co. Ltd. 52,630 4,089,090
Samsung Electronics (New) 18,996 1,412,092
Samsung Electronics (Ord) 38,146 2,970,662
Samsung Fire & Marine Insurance 4,510 2,698,576
Samsung Fire & Marine Insurance Pfd. 3,920 1,123,438
------------
$39,031,769
------------
Malaysia -- 10.7%
Berjaya Sports Toto Bhd 1,200,000 $4,451,574
Ekran Bhd 830,000 3,528,374
Hong Leong Industries Bhd 312,000 1,438,941
Konsortium Perkapalan Bhd 375,000 2,361,139
Kumpulan Guthrie Bhd (2) 2,350,000 3,769,801
Land & General Bhd 3,580,000 6,546,942
Magnum Corp. Bhd 1,700,000 2,754,361
Malayan Banking Bhd 400,000 3,801,885
MBF Capital Bhd 3,800,000 5,425,306
RJ Reynolds Bhd 1,000,000 2,887,508
Sime Darby Bhd 3,300,000 11,183,076
Tan Chong Motor Holdings Bhd 3,494,000 6,193,495
------------
$54,342,402
------------
The Philippines -- 6.6%
Bacnotan Consolidated Industries 544,272 $2,659,546
Belle Corp. 30,591,000 8,174,728
Fortune Cement Corp. 7,000,000 3,607,559
Philippine Long Distance Telephone ADR ** 144,700 8,663,913
Pilipino Telephone 7,200,000 9,482,726
San Miguel Corp. Class B 23,199 75,721
SM Prime Holdings 4,598,280 1,105,904
------------
$33,770,097
------------
Singapore -- 7.8%
Cerebos Pacific Ltd. 1,129,000 $9,388,273
Clipsal Industries Holdings Ltd. 2,400,000 6,696,000
Clipsal Industries Holdings Ltd. Warrants 234,000 181,350
Overseas Union Bank (Foreign) 1,640,000 11,422,886
Sembawang Maritime 1,799,000 4,628,557
Straits Steamship Land 2,000,000 6,851,457
Straits Steamship Land Warrants * 613,125 797,455
------------
$39,965,978
------------
Taiwan -- 6.3%
Cathay Life Insurance 1,049,950 $6,421,829
China Motor Co. Ltd. 1,688,200 2,194,184
China Steel 7,935,000 7,742,168
Formosa Chemical Fiber 1,573,578 1,901,985
Formosa Plastics 964,590 2,036,815
Grand Pacific Petrochemical 1,736,500 1,681,656
Nan Ya Plastic 3,813,076 7,218,711
Standard Foods Taiwan Ltd. 1,024,000 2,180,905
Wan Hai Lines Ltd. 428,750 991,194
------------
$32,369,447
------------
Thailand -- 9.6%
Bangkok Bank Co. Ltd. (Foreign) 291,200 $3,682,434
Bangkok Bank Co. Ltd. (Public) (2) 250,000 2,153,725
Dhana Siam Finance 1,205,800 5,765,730
Electricity Generating (Foreign) 3,965,970 11,754,505
Krung Thai Bank Ltd. (Foreign) 1,548,000 6,667,931
Saha Union Corp. Ltd. (Local) (2) 1,555,300 2,089,713
Siam Cement (Local) (2) 163,210 6,011,133
Siam Commercial Bank 850,000 10,681,683
Thailand Military Bank (Foreign) 99,000 367,753
------------
$49,174,607
------------
United States -- 0.6%
AES China Generating Co. Ltd. 210,000 $1,837,500
Pacific Basin Bulk Shipping 84,500 1,309,750
Pacific Basin Bulk Shipping Warrants * 84,500 79,219
------------
$3,226,469
------------
Total Stocks and Warrants (Identified cost, $425,476,900) $499,084,843
Other Assets Less Liabilities -- 2.2% 11,212,716
------------
Net Assets -- 100.0% $510,297,559
============
* Non-income producing security
** ADR -- American Depository Receipt
(1) Security valued at fair value using methods determined in good faith by or at the
direction of the Trustees.
(2) The above securities held by the Portfolio on August 31, 1996, are unrestricted
securities valued at market prices. Because of the length of the registration process,
the Portfolio would temporarily be unable to sell these securities. At August 31, 1996,
the aggregate value of these securities amounted to $18,943,245 representing 3.7% of
the net assests (Note 5).
See notes to financial statements
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<TABLE>
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Statement of Assets and Liabilities
August 31, 1996
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Assets:
Investments, at value (Note 1A) (Identified cost, $425,476,900) $ 499,084,843
Cash denominated in foreign currencies (cost, $3,755,508) 3,740,380
Cash 7,041,766
Receivable for investments sold 273,004
Dividends and interest receivable 1,369,810
Deferred organization expenses (Note 1D) 34,515
------------
Total assets $511,544,318
Liabilities:
Payable for investments purchased $608,312
Payable for foreign capital gains tax 507,411
Payable for forward foreign currency exchange contracts 400
Payable to affiliate --
Trustees' fees (Note 2) 2,500
Accrued expenses 128,136
--------
Total liabilities 1,246,759
------------
Net Assets applicable to investors' interest in Portfolio $510,297,559
============
Sources of Net Assets:
Net proceeds from capital contributions and withdrawals $436,707,543
Net unrealized appreciation of investments 73,590,016
(computed on the basis of identified cost ------------
Total $510,297,559
============
See notes to financial statements
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Statement of Operations
For the Year Ended August 31, 1996
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Investment Income:
Income --
Dividends (net of foreign taxes of $1,044,675) $11,539,535
Interest 116,558
-----------
Total income $11,656,093
Expenses --
Investment adviser fee (Note 2) $ 4,211,398
Administration fee (Note 2) 1,404,681
Compensation of Trustees not members of the
Investment Adviser's or Administrator's organizations (Note 2) 20,833
Custodian fee (Note 1C) 962,477
Legal and audit fees 43,767
Amortization of organization expenses (Note 1D) 28,716
Miscellaneous 29,564
-----------
Total expenses $ 6,701,436
Deduct reduction of custodian fee (Note 1C) 346,868
-----------
Net expenses 6,354,568
-----------
Net investment income $ 5,301,525
-----------
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) --
Investment transactions computed (net of foreign capital gains
taxes of $1,805,874) $15,071,040
Foreign currency (1,283,543)
-----------
Net realized gain $13,787,497
Change in unrealized appreciation --
Investments (identified cost basis) $15,902,819
Foreign currency 738,472
-----------
Increase in unrealized appreciation 16,641,291
-----------
Net realized and unrealized gain on investments $30,428,788
-----------
Net increase in net assets from operations $35,730,313
===========
See notes to financial statements
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<TABLE>
<CAPTION>
Statements of Changes in Net Assets
For the Year Ended August 31,
------------------------------------
1996 1995
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Increase (Decrease) in Net Assets:
From operations --
Net investment income $ 5,301,525 $ 8,672,881
Net realized gain (loss) on investment transactions 13,787,497 (29,095,245)
Change in unrealized appreciation (depreciation)
of investments and foreign currency 16,641,291 (40,394,548)
------------- -------------
Increase (decrease) in net assets from operations $ 35,730,313 $ (60,816,912)
------------- -------------
Capital transactions --
Contributions $ 135,099,898 $ 129,870,307
Withdrawals (250,949,710) (211,249,014)
------------- -------------
Decrease in net assets resulting from capital transactions $(115,849,812) $ (81,378,707)
------------- -------------
Total decrease in net assets $ (80,119,499) $(142,195,619)
Net Assets:
At beginning of year 590,417,058 732,612,677
------------- -------------
At end of year $ 510,297,559 $ 590,417,058
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See notes to financial statements
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Supplementary Data
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Year Ended August 31,
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1996 1995 1994 1993*
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Ratios (As a percentage of average net assets):
Expenses (1) 1.19% 1.10% 1.15% 1.38%+
Expenses after custodian fee reduction 1.12% -- -- --
Net investment income 0.94% 1.35% 0.73% 0.38%+
Portfolio Turnover 42% 32% 36% 18%
Average Commission Rate Paid ** $0.0070 -- -- --
Net Assets, end of period (000 omitted) $510,298 $590,417 $732,613 $208,043
+ Computed on an annualized basis.
* For the period from the start of business, October 28, 1992, to August 31, 1993.
** Average commission rate paid is computed by dividing the total dollar amount of commissions paid
during the fiscal year by the total number of shares purchased and sold during the fiscal year for
which commissions were charged. For fiscal years beginning on or after September 1, 1995, a Fund is
required to disclose its average commission rate per share for security trades on which commissions
are charged.
(1) The expense ratios for the year ended August 31, 1996 have been adjusted to reflect a change in
reporting requirements. The new reporting guidelines require each Portfolio to increase its expense
ratio by the effect of any offset arrangements with its service providers. The expense ratios for
each of the three periods ended on or before August 31, 1995 have not been adjusted to reflect this
change.
See notes to financial statements
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Notes to Financial Statements
(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 Portfolio's understanding of the applicable
countries' tax rules and rates.
C. Expense Reduction - The Portfolio has entered into an arrangement
with its custodian agent whereby interest earned on uninvested cash
balances are used to offset custodian fees. All significant
reductions are reported as a reduction of expenses in the statement
of operations. Prior to November 10, 1995, Investors Bank & Trust
Company (the custodian) was an affiliate of Eaton Vance Management.
D. 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.
E. 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.
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 revenue and expense
during the reporting period. Actual results could differ from those
estimates.
G. 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.
H. 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.
I. 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
(Bermuda) 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, 1996 the adviser fee was.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, 1996, the administration fee was .25% 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. Certain of the officers
and Trustees of the Portfolio are officers or directors/trustees of
the above organizations.
(3) Investment Transactions
Purchases and sales of investments, other than short-term
obligations, aggregated $232,081,781 and $331,006,372, respectively.
(4) Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) in value of the
investments owned at August 31, 1996, as computed on a federal
income tax basis, are as follows:
Aggregate cost $425,476,900
============
Gross unrealized appreciation $101,645,054
Gross unrealized depreciation 28,037,111
------------
Net unrealized appreciation $73,607,943
============
(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.
(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.
A summary of obligations under these financial instruments at August
31, 1996 is as follows:
Forward Foreign Currency Exchange Contracts
Purchases
- -------------------------------------------
Deliver
Settlement (in United Net Unrealized
Date In Exchange for States Dollars) Appreciation
- ---------- ------------------ ---------------- ----------------
9/3/96 Malaysian Ringgit $415,865 $400
(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 year.
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, 1996, and the related
statement of operations for the year then ended, and the statements
of changes in net assets for the years ended August 31, 1996 and
1995, and the supplementary data for each of the years in the three
year period ended August 31, 1996, and for the period from the start
of business, October 28, 1992 to August 31, 1993. These financial
statements and financial highlights are the responsibility of the
Portfolio's management. Our responsibility is to express an opinion
on these financial statements and supplementary data based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the 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, 1996, 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, the financial statements and supplementary data
present fairly, in all material respects, the financial position of
Greater China Growth Portfolio at August 31, 1996, 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 4, 1996
INVESTMENT MANAGEMENT FOR GREATER CHINA GROWTH PORTFOLIO
Officers
- -------------------------
Hon. Robert Lloyd George
President, Trustee and Co-Portfolio Manager
James B. Hawkes
Vice President and Trustee
Scobie Dickenson Ward
Vice President, Assistant Secretary,
Assistant Treasurer and Co-Portfolio Manager
William Walter Raleigh Kerr
Vice President and Assistant Treasurer
James L. O'Connor
Vice President and Treasurer
Thomas Otis
Vice President and Secretary
Independent Trustees
- -------------------------
Hon. Edward K.Y. Chen
Professor and Director, Center for Asian Studies,
University of Hong Kong
Donald R. Dwight
President, Dwight Partners, Inc.
Chairman, Newspapers of New England, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking,
Harvard University Graduate School of Business Administration
Norton H. Reamer
President and Director, United Asset
Management Corporation
This report must be preceded or accompanied by a current prospectus
which contains more complete information on the Fund, including its
distribution plan, sales charges and expenses. Please read the
prospectus carefully before you invest or send money.
EV Marathon
Greater China Growth Fund
24 Federal Street
Boston, MA 02110 M-CGSRC-10/96