<PAGE>
The Eaton Vance Special Investment Trust
For the Investors Portfolio
Annual Shareholder Report
December 31, 1996
Investment Adviser Of Portfolio
Boston Management and Research
24 Federal Street
Boston, MA 02110
Administrator
Eaton Vance Management
24 Federal Street
Boston, MA 02110
(617) 82-8260
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(800) 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, Inc.
P.O. Box 5123
Westborough, MA 01581-5123
Independent Accountants
Coopers & Lybrand L.L.P.
One Post Office Square
Boston, MA 02109
<PAGE>
- --------------------------------------------------------------------------------
INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1996
- -------------------------------------------------------------------------------
COMMON STOCKS - 67.1%
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NAME OF COMPANY SHARES VALUE
- -------------------------------------------------------------------------------
AEROSPACE & DEFENSE - 1.8%
Boeing Co. 50,000 $ 5,318,750
------------
AUTOMOTIVE - 1.1%
General Motors Corp. 60,000 $ 3,345,000
------------
BANKS - 3.3%
Banco Latinoamericano de Exportaciones* 75,000 $ 3,806,250
Chase Manhattan Corp. 70,200 6,265,350
------------
$ 10,071,600
------------
BEVERAGES - 1.3%
PepsiCo, Inc. 130,000 $ 3,802,500
------------
CHEMICALS - 2.8%
Monsanto Corp. 125,000 $ 4,859,375
Praxair, Inc. 80,000 3,690,000
------------
$ 8,549,375
------------
COMPUTER & BUSINESS EQUIPMENT - 2.9%
Hewlett Packard Co. 90,000 $ 4,522,500
Xerox Corp. 81,000 4,262,625
------------
$ 8,785,125
------------
DRUGS - 5.3%
Astra AB, A Free Shares* 100,000 $ 4,935,540
Elan Corp. PLC, ADR 75,000 2,493,750
Lilly (Eli) & Co. 65,000 4,745,000
Pfizer, Inc. 18,900 1,566,338
Smithkline Beecham PLC, ADR 35,000 2,380,000
------------
$ 16,120,628
------------
ELECTRIC UTILITIES - 1.0%
The Southern Co. 140,000 $ 3,167,500
------------
ELECTRONICS - SEMICONDUCTORS - 2.6%
Intel Corp. 40,000 $ 5,237,500
MEMC Electronic Materials, Inc.* 109,000 2,452,500
------------
$ 7,690,000
------------
FINANCIAL - MISCELLANEOUS - 4.6%
Federal National Mortgage Association 135,000 $ 5,028,750
MBNA Corp. 100,000 4,150,000
MGIC Investment Corp. 60,000 4,560,000
------------
$ 13,738,750
------------
FOOD - 0.5%
Hershey Foods Corp. 34,400 $ 1,505,000
------------
FERTILIZER - 1.6%
Potash Corp. of Saskatchewan 55,000 $ 4,675,000
------------
HEALTHCARE SERVICES - 0.6%
Vencor, Inc. 60,000 $ 1,897,500
------------
HOUSEHOLD PRODUCTS - 1.0%
Kimberly Clark Corp. 31,200 $ 2,971,800
------------
INFORMATION SERVICES - 2.3%
Electronic Data Systems Corp. 80,000 $ 3,460,000
Reuters Holdings PLC, ADR 45,000 3,442,500
------------
$ 6,902,500
------------
INSURANCE - 5.7%
Allstate Corp. 90,000 $ 5,208,750
General Re Corp. 20,000 3,155,000
Mutual Risk Management Ltd. 93,300 3,452,100
Progressive Corp. 80,000 5,390,000
------------
$ 17,205,850
------------
LODGING & GAMING - 1.1%
ITT Corp.* 75,000 3,253,125
-------------
MACHINERY - 1.4%
Deere & Co. 105,000 $ 4,265,625
------------
MEDICAL PRODUCTS - 5.0%
Baxter International, Inc. 100,000 $ 4,100,000
Boston Scientific Corp.* 90,000 5,400,000
Sofamor Danek Group, Inc.* 180,300 5,499,150
------------
$ 14,999,150
------------
METALS & MINING - 0.8%
J & L Specialty Steel, Inc. 200,000 $ 2,275,000
------------
OIL & GAS - EXPLORATION & PRODUCTION - 2.7%
Anadarko Petroleum Corp. 60,000 $ 3,885,000
Triton Energy Ltd.* 90,000 4,365,000
------------
$ 8,250,000
------------
OIL & GAS - INTEGRATED - 2.2%
Exxon Corp. 43,640 $ 4,276,720
Mobil Corp. 20,000 2,445,000
------------
$ 6,721,720
------------
PAPER & FOREST PRODUCTS - 0.8%
Plum Creek Timber Co., L.P. 90,000 $ 2,340,000
------------
PHOTOGRAPHY - 1.7%
Eastman Kodak Co. 65,000 $ 5,216,250
------------
PUBLISHING - 0.9%
McGraw-Hill, Inc. 56,500 $ 2,606,063
------------
REITS - 3.5%
Colonial Properties Trust 80,000 $ 2,430,000
Equity Residential Properties Trust 101,400 4,182,750
ROC Communities, Inc. 116,250 3,225,937
Security Capital Industrial Trust 37,000 790,875
------------
$ 10,629,562
------------
RETAIL - FOOD & DRUG - 1.3%
CVS Corp. 95,000 $ 3,930,625
------------
RETAIL - SPECIALTY - 2.3%
Circuit City Stores, Inc. 100,000 $ 3,012,500
The Home Depot, Inc. 80,000 4,010,000
------------
$ 7,022,500
------------
SPECIALTY CHEMICALS & MATERIALS - 2.9%
Corning, Inc. 100,000 $ 4,625,000
Sealed Air Corp.* 100,000 4,162,500
------------
$ 8,787,500
------------
TELEPHONE UTILITIES - 1.2%
Ameritech Corp. 60,448 $ 3,664,660
------------
TRANSPORTATION - 0.9%
Southwest Airlines, Inc. 125,000 $ 2,765,625
------------
TOTAL COMMON STOCKS
(IDENTIFIED COST, $140,868,078) $202,474,283
------------
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CONVERTIBLE PREFERRED STOCK - 1.2%
- -------------------------------------------------------------------------------
NAME OF COMPANY SHARES VALUE
- -------------------------------------------------------------------------------
Freeport McMoRan Copper & Gold, 5% 125,000 $ 3,468,750
------------
TOTAL CONVERTIBLE PREFERRED STOCK
(IDENTIFIED COST, $2,872,500) $ 3,468,750
------------
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PREFERRED STOCK - 1.0%
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NAME OF COMPANY SHARES VALUE
- -------------------------------------------------------------------------------
Bank of Boston, Series C Adjustable rate 37,600 $ 3,064,400
------------
TOTAL PREFERRED STOCK
(IDENTIFIED COST, $1,815,525) $ 3,064,400
------------
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U.S. TREASURY/AGENCY OBLIGATIONS - 14.3%
- -------------------------------------------------------------------------------
PRINCIPAL AMOUNT
NAME OF COMPANY (000's Omitted) VALUE
- -------------------------------------------------------------------------------
Federal Home Loan Morgage Corp., PAC,
CMO, Series 1033E,
8.10s, 12/15/04 $ 238 $ 238,746
Federal Home Loan Mortgage Corp., PAC,
CMO, Series 59-D,
9.70s, 1/15/16 1,501 1,522,765
Federal Home Loan Mortgage Corp.,
PAC, CMO, Series 34-C, 9s,
11/15/19 472 486,809
Federal Home Loan Mortgage Corp.,
7.95s, 5/15/20 1,738 1,756,236
Federal Home Loan Mortgage Corp.,
PAC, CMO, Series 41-F, 10s, 5/15/20 2,338 2,507,792
Federal National Mortgage Association,
7.50s, 5/25/19 1,264 1,268,807
Federal National Mortgage Association,
PAC, CMO, Series 1990 82-K,
8.50s, 7/25/19 1,262 1,268,779
Federal National Mortgage Association,
PAC, CMO, Series 1990 24E,
9s, 3/25/20 2,000 2,071,860
U.S. Treasury Notes, 7.375s, 11/15/97 1,800 1,825,867
U.S. Treasury Notes, 8.125s, 2/15/98 6,500 6,668,610
U.S. Treasury Notes, 7.125s, 9/30/99 17,000 17,470,220
U.S. Treasury Notes, 5.625s, 11/30/00 6,000 5,891,220
------------
TOTAL U.S. TREASURY/AGENCY OBLIGATIONS
(IDENTIFIED COST, $43,168,541) $ 42,977,711
------------
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CORPORATE BONDS - 14.6%
- -------------------------------------------------------------------------------
FACE AMOUNT
NAME OF COMPANY (000'S OMITTED) VALUE
- -------------------------------------------------------------------------------
Bell Telephone Co., 8.35s, 12/15/30 $ 3,000 $ 3,525,420
Chesapeake Potomac Telephone,
8.375s, 10/1/29 1,500 1,728,540
Columbia/HCA Health, 8.36s, 5/15/24 900 1,007,028
Columbia/HCA Health, 6.73s, 7/15/45 1,000 1,003,790
Commercial Credit Corp.,
7.875s, 2/1/25 2,000 2,168,860
Connecticut Light & Power,
7.875s, 10/1/24 3,775 4,140,080
Dayton Hudson, Medium Term Notes,
9.50s, 6/10/15 650 748,059
Deere & Co., 8.95s, 6/15/19 250 282,733
General Motors Corp., 8.80s, 3/1/21 3,130 3,567,605
General Motors Corp., Medium Term
Notes, 9.45s, 11/1/11 3,000 3,558,630
Grand Metropolitan Investments,
7.45s, 4/15/35 3,090 3,286,926
Hertz Corp., 9s, 11/1/09 2,600 2,970,032
Inter American Development Bank,
8.875s, 6/1/09 2,000 2,330,520
Inter American Development Bank,
8.40s, 9/1/09 2,500 2,853,325
Johnson Controls,
7.70s, 3/1/15 1,360 1,446,646
Pitney Bowes Credit Corp.,
9.25s, 6/15/08 1,650 1,942,858
Procter & Gamble Co.,
8s, 9/1/24 3,000 3,397,530
Seagram (Joseph) & Sons, 9.65s, 8/15/18 1,030 1,272,276
State Street Bank,
7.35s, 6/15/26 1,700 1,767,609
TRW, Inc., Medium Term Notes,
9.35s, 6/4/20 900 1,080,315
------------
TOTAL CORPORATE BONDS
(IDENTIFIED COST, $42,736,671) $ 44,078,782
------------
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SHORT-TERM OBLIGATIONS - 1.2%
- -------------------------------------------------------------------------------
FACE AMOUNT
NAME OF COMPANY (000'S OMITTED) VALUE
- -------------------------------------------------------------------------------
Associates Corp. of North America,
6.5s, 1/02/97 $ 3,624 $ 3,623,346
----------------
TOTAL SHORT-TERM OBLIGATIONS,
AT VALUE $ 3,623,346
----------------
TOTAL INVESTMENTS AT VALUE - 99.4%
(IDENTIFIED COST, $235,084,661) $ 299,687,272
OTHER ASSETS, LESS LIABILITIES - 0.6% 1,873,510
----------------
NET ASSETS - 100% $ 301,560,782
================
*Non-income producing security.
ADR - American Depository Receipt
REIT - Real Estate Investment Trust
PAC - Planned Amortization Class
CMO - Collateralized Mortgage Obligations
The accompanying notes are an integral part of the financial statements
<PAGE>
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FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
- ------------------------------------------------------------------------------
December 31, 1996
- ------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (identified cost,
$235,084,661) $299,687,272
Cash 2,239
Receivable for investments sold 156,885
Interest receivable 1,386,807
Dividends receivable 333,187
Tax reclaim receivable 15,160
Deferred organization expenses (Note 1E) 5,774
------------
Total assets $301,587,324
LIABILITIES:
Payable for Trustees' fees $ 3,712
Accrued expenses 22,830
-------
Total liabilities 26,542
------------
NET ASSETS applicable to investors' interest in Portfolio $301,560,782
============
SOURCES OF NET ASSETS:
Net proceeds from capital contributions and
withdrawals $236,958,175
Unrealized appreciation of investments (computed on
the basis of identified cost) 64,602,611
------------
Total net assets $301,560,782
============
The accompanying notes are an integral part of the financial statements
<PAGE>
STATEMENT OF OPERATIONS
- ------------------------------------------------------------------------------
For the Year Ended December 31, 1996
- ------------------------------------------------------------------------------
INVESTMENT INCOME (NOTE 1B):
Interest income $ 7,063,471
Dividend income (net of withholding tax of
$40,973) 4,218,017
-----------
Total income $11,281,488
-----------
Expenses --
Investment adviser fee (Note 3) $ 1,794,096
Compensation of Trustees not members of the
Investment Adviser's organization (Note 3) 13,630
Custodian fee 151,240
Legal and accounting services 40,594
Amortization of organization expenses (Note 1E) 3,203
Miscellaneous 10,717
-----------
Total expenses 2,013,480
-----------
Net investment income $ 9,268,008
-----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investment transactions
(identified cost basis) $30,748,316
Change in unrealized appreciation of investments (2,562,219)
-----------
Net realized and unrealized gain on investments 28,186,097
-----------
Net increase in net assets resulting from
operations $37,454,105
===========
The accompanying notes are an integral part of the financial statements
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
- -----------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------- YEAR ENDED
1996 1995** JANUARY 31, 1995
------------- ------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C>
Net investment income $ 9,268,008 $ 8,692,310 $ 9,351,946
Net realized gain on investment transactions 30,748,316 9,116,976 1,467,119
Change in unrealized appreciation of investments (2,562,219) 43,494,132 (20,681,070)
------------ ------------ ------------
Net increase (decrease) in net assets from
operations $ 37,454,105 $ 61,303,418 $ (9,862,005)
------------ ------------ ------------
Capital transactions --
Contributions $ 32,919,522 $ 32,319,917 $ 29,380,822
Withdrawals (45,187,645) (34,406,030) (32,695,351)
------------ ------------ ------------
Net decrease in net assets resulting from
capital transactions $(12,268,123) $ (2,086,113) $ (3,314,529)
------------ ------------ ------------
Net increase (decrease) in net assets $ 25,185,982 $ 59,217,305 $(13,176,534)
NET ASSETS:
At beginning of year 276,374,800 217,157,495 230,334,029
------------ ------------ ------------
At end of year $301,560,782 $276,374,800 $217,157,495
============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
SUPPLEMENTARY DATA
- ------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED JANUARY 31,
---------------------- ---------------------
1996 1995** 1995 1994*
-------- -------- -------- --------
RATIOS (to average daily net assets):
<S> <C> <C> <C> <C>
Expenses 0.70% 0.70% 0.71%+ 0.69%+
Net investment income 3.23% 4.25% 3.83%+ 3.69%+
PORTFOLIO TURNOVER 64% 28% 47% 15%
AVERAGE COMMISSION RATE PAID(1) $0.0591 -- -- --
</TABLE>
+Computed on an annualized basis.
*For the period from the start of business, October 28, 1993, to
January 31, 1994. **For the eleven month period ended December 31, 1995
(Note 6).
(1)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.
The accompanying notes are an integral part of the financial statements
<PAGE>
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NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996
(1) SIGNIFICANT ACCOUNTING POLICIES
Investors Portfolio (the "Portfolio") is registered under the Investment
Company Act of 1940, as a diversified, open-end, management investment
company, which was organized as a trust under the laws of the State of New
York in 1992. The Declaration of Trust permits the Trustees to issue interests
in the Portfolio. The following is a summary of significant accounting
policies of the Portfolio. The policies are in conformity with generally
accepted accounting principles.
A. INVESTMENT VALUATIONS -- Securities listed on securities exchanges or on
the NASDAQ National Market System are valued at closing sales prices. Listed
or unlisted investments for which closing sale prices are not available are
valued at the mean between latest bid and asked prices. Debt investments
(other than mortgage-backed "pass-through" securities) are valued at prices
furnished by a pricing service. Mortgage-backed "pass through" securities are
valued using a matrix pricing system which takes into account closing bond
valuations, yield differentials, anticipated prepayments and interest rates.
Short-term obligations maturing in 60 days or less, are valued at amortized
cost, which approximates value. All other investments are valued at fair value
using methods determined in good faith by or at the direction of the Trustees.
B. INCOME -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or discount on debt investments when
required for federal income tax purposes. Dividend income is recorded on the
ex-dividend date. Dividend income may include dividends that represent returns
of capital for federal income
tax purposes.
C. FEDERAL 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 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 investors'
distributive share of the Portfolio's net taxable income, net realized capital
gains, and any other items of income, gain, loss, deduction or credit.
D. EXPENSE REDUCTION -- The Fund has entered into an arrangement with its
custodian agent whereby interest earned on uninvested cash balances are used
to offset custody fees. All significant reductions are reported as a reduction
of expenses in the Statement of Operations.
E. DEFERRED ORGANIZATION EXPENSES -- Costs incurred by the Portfolio in
connection with its organization are
being amortized on the straight-line basis over five years.
F. SECURITY TRANSACTIONS -- Investment transactions are accounted for on
the date the investments are purchased or sold. Realized gains and losses on
the sale of investments are determined on the identified cost basis.
G. USE OF ESTIMATES The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of income and expense during the reporting period. Actual results could differ
from those estimates.
- ------------------------------------------------------------------------------
(2) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, aggregated $126,423,298 and $122,238,451, respectively.
Purchases and sales of U.S. Government/agency securities aggregated $57,614,455
and $37,447,328, respectively.
- ------------------------------------------------------------------------------
(3) INVESTMENT ADVISER FEE AND OTHER
TRANSACTIONS WITH AFFILIATES
The investment adviser fee 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. The fee
is computed at the monthly rate of 5/96 of 1% (0.625% annually) of the
Portfolio's average daily net assets up to $300 million and at reduced rates as
daily net assets exceed that level. For the year ended December 31, 1996, the
fee was equivalent to 0.625% of the Portfolio's average net assets for such
period and amounted to $1,794,096. 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 service 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.
- ------------------------------------------------------------------------------
(4) LINE OF CREDIT
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $120 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 banks' adjusted certificate of deposit rate, eurodollar rate
or federal funds rate. In addition, a fee computed at an annual rate of 0.15%
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 Portfolio
did not have any significant borrowings or allocated fees during the year ended
December 31, 1996.
- ------------------------------------------------------------------------------
(5) FEDERAL INCOME TAX BASIS OF INVESTMENTS The cost and unrealized appreciation
(depreciation) in the value of investments owned at December 31, 1996, as
computed on a federal income tax basis, are as follows:
Aggregate cost $234,809,581
============
Gross unrealized appreciation $ 69,150,437
Gross unrealized depreciation 4,272,746
------------
Net unrealized appreciation $ 64,877,691
============
- -------------------------------------------------------------------------------
(6) CHANGE IN FISCAL YEAR END
The Portfolio changed its fiscal year end from January 31, to December 31,
effective December 31, 1995.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
- ------------------------------------------------------------------------------
TO THE BOARD OF TRUSTEES AND INVESTORS OF
INVESTORS PORTFOLIO:
We have audited the accompanying statement of assets and liabilities of
Investors Portfolio, including the portfolio of investments, as of December 31,
1996, the related statement of operations for the year then ended and the
statement of changes in net assets and the supplementary data for the year then
ended, the eleven month period ended December 31, 1995, and for the year ended
January 31, 1995, and the supplementary data for the period from October 28,
1993 (start of business) to January 31, 1994. 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 on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits 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 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 supplementary data referred to
above present fairly, in all material respects, the financial position of
Investors Portfolio, as of December 31, 1996, the results of its operations for
the year then ended, the changes in its net assets and the supplementary data
for the year then ended, the eleven month period ended December 31, 1995, and
for the year ended January 31, 1995 and the supplementary data for the period
from October 28, 1993 (start of business) to January 31, 1994, in conformity
with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
BOSTON, MASSACHUSETTS
JANUARY 31, 1997
<PAGE>
INVESTMENT MANAGEMENT FOR INVESTORS PORTFOLIO
OFFICERS TRUSTEES
M. DOZIER GARDNER DONALD R. DWIGHT
President, Trustee President, Dwight Partners, Inc.
JAMES B. HAWKES Chairman, Newspapers of
Vice President, Trustee New England, Inc.
THOMAS E. FAUST, JR. SAMUEL L. HAYES, III
Vice President Jacob H. Schiff Professor of
and Portfolio Manager Investment Banking, Harvard
MICHAEL B. TERRY University Graduate School of
Vice President Business Administration
JAMES L. O'CONNOR NORTON H. REAMER
Treasurer President, United Asset
THOMAS OTIS Corporation
Secretary JOHN L. THORNDIKE
Director, Fiduciary Company
Incorporated
JACK L. TREYNOR
Investment Adviser and Consultant
