<PAGE>
Government Obligations Portfolio as of June 30, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Mortgage Pass-throughs -- 94.6%
<TABLE>
<CAPTION>
Principal
Amount
(000's omitted) Value
- ------------------------------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Mortgage Corp.:
4.75%, with maturity at 2000 $ 2 $ 1,878
5.00%, with various maturities to 2003 271 267,217
5.25%, with various maturities to 2005 136 134,210
5.50%, with various maturities to 2011 499 492,584
6.00%, with various maturities to 2022 1,835 1,828,824
6.25%, with various maturities to 2013 486 485,620
6.50%, with various maturities to 2022 5,895 5,937,059
6.75%, with various maturities to 2008 478 480,198
7.00%, with various maturities to 2019 8,444 8,570,941
7.25%, with maturity at 2003 926 938,563
7.50%, with various maturities to 2020 10,599 10,886,052
7.75%, with various maturities to 2018 2,514 2,591,966
8.00%, with various maturities to 2026 36,731 38,123,021
8.25%, with various maturities to 2013 16,380 17,024,451
8.50%, with various maturities to 2018 13,529 14,166,625
8.75%, with various maturities to 2016 15,000 15,784,028
9.00%, with various maturities to 2020 21,821 23,136,198
9.25%, with various maturities to 2010 6,951 7,485,514
9.50%, with various maturities to 2016 3,985 4,263,850
10.00%, with various maturities to 2017 186 200,952
11.00%, with various maturities to 2019 4,328 4,832,699
12.00%, with various maturities to 2019 1,754 2,010,333
12.25%, with various maturities to 2019 2,378 2,761,202
12.50%, with various maturities to 2019 13,875 16,237,934
12.75%, with various maturities to 2015 885 1,032,178
13.00%, with various maturities to 2019 2,861 3,376,726
13.25%, with various maturities to 2019 242 287,442
13.50%, with various maturities to 2015 3,505 4,135,710
13.75%, with maturity at 2010 26 30,060
14.00%, with various maturities to 2016 1,695 2,012,759
14.50%, with various maturities to 2014 164 195,454
14.75%, with maturity at 2010 657 780,786
15.00%, with various maturities to 2013 751 914,695
15.25%, with maturity at 2012 143 175,506
15.50%, with various maturities to 2012 144 175,769
16.00%, with various maturities to 2012 73 90,349
16.25%, with various maturities to 2012 193 238,923
- ------------------------------------------------------------------------------------------
$192,088,276
- ------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
(000's omitted) Value
- ------------------------------------------------------------------------------------------
<S> <C> <C>
Federal National Mortgage Assn.:
0.25%, with maturity at 2014 $ 126 $ 109,123
3.50%, with maturity at 2007 87 82,087
4.50%, with maturity at 1999 1 1,377
5.00%, with various maturities to 2017 445 435,303
5.25%, with various maturities to 2006 118 115,078
5.50%, with various maturities to 2006 188 185,523
5.75%, with maturity at 2003 67 66,416
6.00%, with various maturities to 2010 1,077 1,070,702
6.25%, with various maturities to 2007 328 328,203
6.50%, with various maturities to 2017 847 855,315
6.75%, with various maturities to 2007 611 614,518
7.00%, with various maturities to 2018 2,369 2,410,490
7.25%, with various maturities to 2017 1,339 1,370,966
7.50%, with various maturities to 2020 9,913 10,211,063
7.75%, with various maturities to 2008 932 961,500
8.00%, with various maturities to 2017 27,600 28,764,112
8.25%, with various maturities to 2020 11,514 12,009,060
8.50%, with various maturities to 2020 20,959 22,024,101
8.75%, with various maturities to 2017 1,058 1,116,363
9.00%, with various maturities to 2020 11,246 11,965,331
9.25%, with various maturities to 2016 3,377 3,622,289
9.50%, with maturity at 2009 219 236,874
9.75%, with maturity at 2019 324 354,703
11.00%, with various maturities to 2019 2,015 2,269,172
11.50%, with various maturities to 2016 4,591 5,238,109
11.75%, with various maturities to 2015 1,551 1,774,430
12.00%, with various maturities to 2020 10,033 11,545,943
12.25%, with various maturities to 2015 2,422 2,817,001
12.50%, with various maturities to 2027 12,216 14,250,760
12.75%, with various maturities to 2014 1,199 1,399,618
13.00%, with various maturities to 2019 10,209 12,156,350
13.25%, with various maturities to 2015 1,683 1,998,611
13.50%, with various maturities to 2015 3,445 4,141,618
13.75%, with various maturities to 2014 127 151,559
14.00%, with various maturities to 2014 503 601,470
14.25%, with various maturities to 2014 156 188,551
14.50%, with various maturities to 2014 212 255,733
14.75%, with various maturities to 2012 2,975 3,646,608
15.00%, with various maturities to 2013 2,478 3,055,350
15.50%, with various maturities to 2012 740 911,363
15.75%, with maturity at 2011 21 26,314
16.00%, with various maturities to 2012 251 311,465
- ------------------------------------------------------------------------------------------
$165,650,522
- ------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
9
<PAGE>
Government Obligations Portfolio as of June 30, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
<TABLE>
<CAPTION>
Principal
Amount
(000's omitted) Value
- ------------------------------------------------------------------------------------------
<S> <C> <C>
Government National Mortgage Assn.:
6.50%, with various maturities to 2002 $ 343 $ 343,713
7.25%, with various maturities to 2022 3,508 3,659,912
7.50%, with maturity at 2017 852 901,149
8.00%, with various maturities to 2017 15,049 15,776,299
8.25%, with various maturities to 2008 405 425,212
8.50%, with various maturities to 2018 2,432 2,576,372
9.00%, with maturity at 2011 352 378,738
11.50%, with maturity at 2013 187 213,204
12.00%, with various maturities to 2015 2,675 3,097,068
12.50%, with various maturities to 2019 11,961 13,997,507
13.00%, with various maturities to 2014 919 1,087,909
13.50%, with various maturities to 2013 184 218,641
14.00%, with various maturities to 2015 86 104,749
14.50%, with various maturities to 2014 325 400,611
15.00%, with various maturities to 2013 476 592,627
16.00%, with various maturities to 2012 248 314,236
- ------------------------------------------------------------------------------------------
$ 44,087,947
- ------------------------------------------------------------------------------------------
Collateralized Mortgage Obligations:
Federal Home Loan Mortgage Corp.
Series B Class 3, 12.5%, due 2013
Collateral 100% FHLMC PC $ 135 $ 144,060
Salomon Brothers Mortgage Securities II,
Inc. 11.5%, due 2015 1,045 1,110,040
- ------------------------------------------------------------------------------------------
$ 1,254,100
- ------------------------------------------------------------------------------------------
Total Mortgage Pass-Throughs
(identified cost, $398,946,345) $403,080,845
- ------------------------------------------------------------------------------------------
</TABLE>
U.S. Treasury Obligations -- 19.0%
<TABLE>
<CAPTION>
Principal
Amount
(000's omitted) Value
- ------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Bond, 7.125%, 2/15/23 + $ 6,000 $ 7,093,127
U.S. Treasury Bond, 12.00%, 8/15/13 ++ 50,000 74,132,799
- ------------------------------------------------------------------------------------------
Total U.S. Treasury Obligations
(identified cost, $67,368,569) $ 81,225,926
- ------------------------------------------------------------------------------------------
Total Investments -- 113.6%
(identified cost $466,314,914) $484,306,771
- ------------------------------------------------------------------------------------------
Other Assets, Less Liabilities -- (13.6)% $(58,135,289)
- ------------------------------------------------------------------------------------------
Net Assets -- 100% $426,171,482
- ------------------------------------------------------------------------------------------
</TABLE>
+ Security (or a portion thereof) has been pledged as collateral for futures
contracts.
++ A portion of this security is on loan at June 30, 1998 (See Note 5).
See notes to financial statements
10
<PAGE>
Government Obligations Portfolio as of June 30, 1998
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of June 30, 1998
Assets
- ------------------------------------------------------------------------------
Investments, at value
(identified cost, $466,314,914) $ 484,306,771
Cash 639
Receivable for investments sold 2,277,572
Interest receivable 6,019,592
Deferred organization expenses 1,251
- ------------------------------------------------------------------------------
Total assets $ 492,605,825
- ------------------------------------------------------------------------------
Liabilities
- ------------------------------------------------------------------------------
Payable for investments purchased $ 803,757
Demand note payable 3,312,000
Payable for daily variation margin on open
financial futures contracts 132,197
Collateral for securities loaned 62,118,000
Payable to affiliate for Trustees' fees 10,794
Other accrued expenses 57,595
- ------------------------------------------------------------------------------
Total liabilities $ 66,434,343
- ------------------------------------------------------------------------------
Net Assets applicable to investors' interest in Portfolio $ 426,171,482
- ------------------------------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------------------------------
Net proceeds from capital contributions and withdrawals $ 408,505,343
Net unrealized appreciation (computed on the basis of 17,666,139
identified cost)
- ------------------------------------------------------------------------------
Total $ 426,171,482
Statement of Operations
For the Six Months
Ended June 30, 1998
Investment Income
- -----------------------------------------------------------------------------
Interest $ 19,875,484
- ------------------------------------------------------------------------------
Total investment income $ 19,875,484
- ------------------------------------------------------------------------------
Expenses
- ------------------------------------------------------------------------------
Investment adviser fee $ 1,678,746
Trustees fees and expenses 17,201
Interest 210,387
Custodian fee 113,064
Legal and accounting services 15,228
Amortization of organization expenses 1,890
Miscellaneous 8,420
- ------------------------------------------------------------------------------
Total expenses $ 2,044,936
- ------------------------------------------------------------------------------
Net investment income $ 17,830,548
- ------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (3,338,016)
Financial futures contracts (1,826,886)
- ------------------------------------------------------------------------------
Net realized loss $ (5,164,902)
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (2,875,102)
Financial futures contracts 41,669
- ------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $ (2,833,433)
- ------------------------------------------------------------------------------
Net realized and unrealized loss $ (7,998,335)
- ------------------------------------------------------------------------------
Net increase in net assets from operations $ 9,832,213
- ------------------------------------------------------------------------------
See note to financial statements
11
<PAGE>
Government Obligations Portfolio as of June 30, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Six Months Ended
Increase (Decrease) June 30, 1998 Year Ended
in Net Assets (Unaudited) December 31, 1997
- --------------------------------------------------------------------------------
From operations --
Net investment income $ 17,830,548 $ 35,025,042
Net realized loss (5,164,902) (6,844,606)
Net change in unrealized
appreciation (depreciation) (2,833,433) 4,415,017
- --------------------------------------------------------------------------------
Net increase in net assets
from operations $ 9,832,213 $ 32,595,453
- --------------------------------------------------------------------------------
Capital transactions --
Contributions $ 104,875,594 $ 163,961,740
Withdrawals (121,643,319) (218,972,747)
- --------------------------------------------------------------------------------
Net decrease in net assets from
capital transactions $ (16,767,725) $ (55,011,007)
- --------------------------------------------------------------------------------
Net decrease in net assets $ (6,935,512) $ (22,415,554)
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of period $ 433,106,994 $ 455,522,548
- --------------------------------------------------------------------------------
At end of period $ 426,171,482 $ 433,106,994
- --------------------------------------------------------------------------------
See notes to financial statements
12
<PAGE>
Government Obligations Portfolio as of June 30, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Six Months Ended Year Ended December 31,
June 30, 1998 ------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993*
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- -----------------------------------------------------------------------------------------------------------------------------------
Expenses 0.92%+ 0.83% 0.82% 0.82% 0.80% 0.86%+
Net investment income 8.03%+ 7.95% 7.88% 7.82% 8.03% 8.46%+
Portfolio Turnover 21% 20% 11% 19% 35% 42%
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $426,171 $433,107 $455,523 $521,789 $515,670 $537,297
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, October 28, 1993, to
December 31, 1993.
See notes to financial statements
13
<PAGE>
Government Obligations Portfolio as of June 30, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
-------------------------------------------------------------------------------
Government Obligations 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 in
1992. The Declaration of Trust permits the Trustees to issue beneficial
interests in the Portfolio. The following is a summary of significant
accounting policies of the Portfolio. The policies are in conformity with
generally accepted accounting principles.
A Investment Valuation -- Mortgage backed, "pass-through" securities are
valued using an independent matrix pricing system applied by the adviser which
takes into account closing bond valuations, yield differentials, anticipated
prepayments and interest rates provided by dealers. Debt securities (other
than mortgage backed, "pass-through" securities) are normally valued at the
mean between the latest available bid and asked prices for securities for
which the over-the-counter market is the primary market. Debt securities may
also be valued on the basis of valuations furnished by a pricing service.
Options are valued at last sale price on a U.S. exchange or board of trade or,
in the absence of a sale, at the mean between the last bid and asked price.
Financial futures contracts listed on commodity exchanges are valued at
closing settlement prices. Securities for which there is no such quotation or
valuation are valued at fair value using methods determined in good faith by
or at the direction of the Trustees. Short-term obligations having remaining
maturities of less than 60 days are valued at amortized cost, which
approximates value.
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 Gains and Losses From Security Transactions -- For book purposes, gains or
losses are not recognized until disposition. For federal tax purposes, the
Portfolio has elected, under Section 1092 of the Internal Revenue Code, to
utilize mixed straddle accounting for certain designated classes of activities
involving options and financial futures contracts in determining recognized
gains or losses. Under this method, Section 1256 positions (financial futures
contracts and options on investments or financial futures contracts) and
non-Section 1256 positions (bonds, etc.) are marked-to-market on a daily basis
resulting in the recognition of taxable gains or losses on a daily basis. Such
gains or losses are categorized as short-term or long-term based on
aggregation rules provided in the Code.
D Income Taxes -- The Portfolio is treated as a partnership for federal tax
purposes. No provision is made by the Portfolio for federal or state taxes on
any taxable income of the Portfolio because each investor in the Portfolio is
ultimately responsible for the payment of any taxes. Since some of the
Portfolio's investors are regulated investment companies that invest all or
substantially all of their assets in the Portfolio, the Portfolio normally
must satisfy the applicable source of income and diversification requirements
(under the Code) in order for its investors to satisfy them. The Portfolio
will allocate at least annually among its investors each investors'
distributive share of the Portfolio's net investment income, net realized
capital gains, and any other items of income, gain, loss, deduction or credit.
E Written Options -- Upon the writing of a call or a put option, an amount
equal to the premium received by the Portfolio is included in the Statement of
Assets and Liabilities as a liability. The amount of the liability is
subsequently marked-to-market to reflect the current value of the option
written in accordance with the Portfolio's policies on investment valuations
discussed above. Premiums received from writing options which expire are
treated as realized gains. Premiums received from writing options which are
exercised or are closed are added to or offset against the proceeds or amount
paid on the transaction to determine the realized gain or loss. If a put
option is exercised, the premium reduces the cost basis of the securities
purchased by the Portfolio. The Portfolio, as writer of an option, may have no
control over whether the underlying securities may be sold (call) or purchased
(put) and, as a result, bears the market risk of an unfavorable change in the
price of the securities underlying the written option.
F Purchased Options -- Upon the purchase of a call or put option, the premium
paid by the Portfolio is included in the Statement of Assets and Liabilities
as an investment. The amount of the investment is subsequently
marked-to-market to reflect the current market value of the option purchased,
in accordance with the Portfolio's policies on investment valuations discussed
above. If an option which the Portfolio has purchased expires on the
stipulated expiration date, the Portfolio will realize a loss in the amount of
the cost of the option. If the Portfolio enters into a closing sale
transaction, the Portfolio will realize a gain or
14
<PAGE>
Government Obligations Portfolio as of June 30, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
loss, depending on whether the sales proceeds from the closing sale
transaction are greater or less than the cost of the option. If a Portfolio
exercises a put option, it will realize a gain or loss from the sale of the
underlying security, and the proceeds from such sale will be decreased by the
premium originally paid. If the Portfolio exercises a call option, the cost of
the security which the Portfolio purchases upon exercise will be increased by
the premium originally paid. For tax purposes, the Portfolio's options are
generally subject to the mixed straddle rules described in Note 1C, and
unrealized gains or losses are recognized on a daily basis.
G Financial Futures Contracts -- Upon entering into a financial futures
contract, the Portfolio is required to deposit an amount ("initial margin")
either in cash or securities 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 securities, and are
recorded for book purposes as unrealized gains or losses by the Portfolio.
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 the financial futures
contract to buy. The Portfolio's investment in financial futures contracts is
designed only to hedge against anticipated future changes in interest rates.
Should interest rates move unexpectedly, the Portfolio may not achieve the
anticipated benefits of the financial futures contracts and may realize a
loss. For tax purposes, such futures contracts are generally subject to the
mixed straddle rules described in Note 1C, and unrealized gains or losses are
recognized on a daily basis.
H Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization are being amortized on the straight-line
basis over five years.
I Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolio. Pursuant to the custodian agreement, IBT receives
a fee reduced by the credits which are determined based on the average cash
balances the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reflected as a reduction of
operating expense on the Statement of Operations.
J Other -- Investment transactions are accounted for on the date the
investments are purchased or sold.
K Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of income and expense during the reporting period. Actual results could differ
from those estimates.
L Interim Financial Information -- The interim financial statements relating
to June 30, 1998 and for the six-month period then ended have not been audited
by independent certified public accountants, but in the opinion of the Fund's
management, reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial statements.
2 Purchases and Sales of Investments
-------------------------------------------------------------------------------
Purchases, sales and paydowns of investments, other than short-term
obligations, aggregated $102,388,990, $48,884,320 and $56,040,537,
respectively.
3 Investment Adviser Fee and Other Transactions with Affiliates
-------------------------------------------------------------------------------
The investment adviser fee, computed at the monthly rate of 0.0625% (0.75% per
annum) of the Portfolio's average daily net assets up to $500 million and at
reduced rates as daily net assets exceed that level, is earned by Boston
Management and Research (BMR), a wholly-owned subsidiary of Eaton Vance
Management (EVM), as compensation for management and investment advisory
services rendered to the Portfolio. For the six months ended June 30, 1998,
the fee was equivalent to 0.75% (annualized) of the Portfolio's average net
assets for such period and amounted to $1,678,746. Except as to Trustees of
the Portfolio who are not members of EVM's or BMR's organization, officers and
Trustees receive remuneration for their services to the Portfolio out of such
investment adviser fee. Certain of the officers and Trustees of the Portfolio
are officers and directors/trustees of the above organizations. Trustees of
the Portfolio 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 six months ended
June 30, 1998, no significant amounts have been deferred.
15
<PAGE>
Government Obligations Portfolio as of June 30, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
4 Line of Credit
-------------------------------------------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a committed $100 million unsecured line of credit
agreement with a group of banks. The Portfolio may temporarily borrow from the
line of credit to satisfy redemption requests or settle investment
transactions. Interest is charged to each portfolio or fund based on its
borrowings at an amount above the Eurodollar rate or federal funds rate. In
addition, a fee computed at an annual rate of 0.10% on the daily unused
portion of the line of credit is allocated among the participating portfolios
and funds at the end of each quarter. The average daily loan balance for the
six months ended June 30, 1998 was $6,828,343 and the average interest rate
was 6.2%. The maximum borrowing outstanding at any time during the six months
ended June 30, 1998 was $33,665,000.
5 Securities Lending Agreement
-------------------------------------------------------------------------------
The Portfolio has established a securities lending agreement with a broker in
which the Portfolio lends portfolio securities to the broker in exchange for
collateral consisting of either cash or U.S. government securities. Under the
agreement, the Portfolio continues to earn interest on the securities loaned.
Collateral received is generally cash, and the Portfolio invests the cash and
receives any interest on the amount invested but it must also pay the broker a
loan rebate fee computed as a varying percentage of the collateral received.
The loan rebate fee paid by the Fund offsets a portion of the interest income
received. At June 30, 1998, the value of the securities loaned and the value
of the collateral amounted to approximately $59,000,000 and $62,000,000,
respectively.
6 Federal Income Tax Basis of Investments
-------------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in value of the investment
securities owned at June 30, 1998, as computed on a federal income tax basis,
were as follows:
Aggregate cost $481,618,804
------------------------------------------------------------------------------
Gross unrealized appreciation $ 5,973,336
Gross unrealized depreciation (3,285,369)
------------------------------------------------------------------------------
Net unrealized appreciation $ 2,687,967
------------------------------------------------------------------------------
7 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 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 Fund 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 June 30, 1998
is as follows:
Futures Contracts
------------------------------------------------------------------------------
Expiration Net Unrealized
Date Contracts Position Depreciation
------------------------------------------------------------------------------
9/98 300 US Treasury Five Year
Note Futures Short $ (325,718)
------------------------------------------------------------------------------
At June 30, 1998, the Portfolio had sufficient cash and/or securities to cover
margin requirements on any open futures contracts.
16
<PAGE>
Government Obligations Portfolio as of June 30, 1998
INVESTMENT MANAGEMENT
Government Obligations Portfolio
Officers
M. Dozier Gardner
President and Trustee
James B. Hawkes
Vice President and Trustee
Susan Schiff
Vice President and
Portfolio Manager
Mark S. Venezia
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Independent Trustees
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking, Harvard University Graduate School of
Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer, United Asset
Management Corporation
John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
17
