<PAGE>
Total Return Portfolio as of December 31, 1997
PORTFOLIO OF INVESTMENTS
Common Stocks -- 86.7%
<TABLE>
<CAPTION>
Security Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Broadcasting and Cable -- 0.5%
- --------------------------------------------------------------------------------
Ovation, Inc.*++ 238,168 $ 1,981,558
- --------------------------------------------------------------------------------
$ 1,981,558
- --------------------------------------------------------------------------------
Electric Utilities -- 29.2%
- --------------------------------------------------------------------------------
Central Louisiana Electric Co. 210,000 $ 6,798,750
Cilcorp, Inc. 130,000 6,353,750
DPL, Inc. 500,000 14,375,001
DQE, Inc. 450,000 15,806,251
Electric de Portugal ADR* 20,000 775,000
Endesa S.A. ADR 200,000 3,637,500
LG & E Energy Corp. 6,500 160,875
Long Island Lighting Co. 175,000 5,271,875
National Grid Holdings 2,875,000 13,730,001
NIPSCO Industries, Inc. 325,000 16,067,189
Pinnacle West Capital Corp. 350,000 14,831,251
PowerGen PLC 1,000,000 13,080,901
Sierra Pacific Resources 150,000 5,625,000
Southern Electric 500,000 3,998,300
United Utilities PLC 7,807 100,838
- --------------------------------------------------------------------------------
$ 120,612,482
- --------------------------------------------------------------------------------
Natural Gas Utilities -- 3.9%
- --------------------------------------------------------------------------------
K N Energy 300,000 $ 16,200,001
- --------------------------------------------------------------------------------
$ 16,200,001
- --------------------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 2.1%
- --------------------------------------------------------------------------------
Diamond Offshore Drilling, Inc. 180,000 $ 8,662,500
- --------------------------------------------------------------------------------
$ 8,662,500
- --------------------------------------------------------------------------------
Oil and Gas - Exploration
and Production -- 2.9%
- --------------------------------------------------------------------------------
Coho Energy Inc.* 150,000 $ 1,368,750
EEX Corporation* 800,000 7,250,000
Louis Dreyfus Natural Gas* 180,000 3,363,750
- --------------------------------------------------------------------------------
$ 11,982,500
- --------------------------------------------------------------------------------
REITS -- 23.4%
- --------------------------------------------------------------------------------
Annaly Mortgage, Inc., 144A 350,000 $ 3,828,125
Criimi Mae, Inc. 650,000 9,750,000
Equity Office Properties 150,415 4,747,473
Excel Realty Trust, Inc. 125,000 3,937,500
First Union Real Estate 50,000 812,500
Hanover Capital Mortgage 50,000 825,000
Imperial Credit Commercial
Mortgage Investment 150,000 2,193,750
Mack-Cali Realty Corp. 300,000 12,300,001
Ocwen Asset Investment Corp. 400,000 8,200,000
Parkway Properties Inc. 175,000 6,004,688
Prime Group Realty Trust 290,000 5,872,500
Prime Retail, Inc. 250,000 3,546,875
Security Capital US Realty Trust* 600,000 8,520,000
Sunstone Hotel Investors, Inc. 525,000 9,056,250
Tower Realty Trust, Inc. 300,000 7,387,500
Vornado Realty Trust 210,000 9,856,876
- --------------------------------------------------------------------------------
$ 96,839,038
- --------------------------------------------------------------------------------
Telephone Utilities -- 24.7%
- --------------------------------------------------------------------------------
ACC Corp.* 300,000 $ 15,150,001
Bell Atlantic Corp. 100,000 9,100,000
BellSouth Corp. 375,000 21,117,189
Energis* 4,050,000 16,926,166
GTE Corp. 100,000 5,225,000
MCI Communications Corp. 250,000 10,703,126
Metronet Communications* 100,000 1,737,500
Nextlink Communications* 26,000 554,125
SBC Communications, Inc. 250,000 18,312,501
Tel Save Holdings, Inc.* 50,000 993,750
Trescom International, Inc.* 335,000 2,491,563
- --------------------------------------------------------------------------------
$ 102,310,921
- --------------------------------------------------------------------------------
Total Common Stocks
(identified cost $290,500,017) $ 358,589,000
- --------------------------------------------------------------------------------
Convertible Preferred Stocks -- 7.6%
Business Services - Miscellaneous -- 0.7%
- --------------------------------------------------------------------------------
Newell Financial Trust* 50,000 $ 2,612,500
- --------------------------------------------------------------------------------
$ 2,612,500
- --------------------------------------------------------------------------------
REITS -- 4.4%
- --------------------------------------------------------------------------------
Excel Realty 375,000 $ 11,378,889
Vornado Realty Trust 40,000 2,640,000
</TABLE>
See notes to financial statements
13
<PAGE>
Total Return Portfolio as of December 31, 1997
PORTFOLIO OF INVESTMENTS CONT'D
Security Shares Value
- --------------------------------------------------------------------------------
REITS (continued)
- --------------------------------------------------------------------------------
Walden Residential 140,000 $ 4,130,000
- --------------------------------------------------------------------------------
$ 18,148,889
- --------------------------------------------------------------------------------
Telephone Utilities -- 2.5%
- --------------------------------------------------------------------------------
Intermedia Communications, Inc. 25,000 $ 950,000
Intermedia Communications, Inc., 144A* 250,000 9,500,000
- --------------------------------------------------------------------------------
$ 10,450,000
- --------------------------------------------------------------------------------
Total Convertible Preferred Stocks
(identified cost $24,737,650) $ 31,211,389
- --------------------------------------------------------------------------------
Warrants -- 0.1%
REITS -- 0.1%
- --------------------------------------------------------------------------------
Walden Residential Warrants* 340,000 $ 425,000
- --------------------------------------------------------------------------------
$ 425,000
- --------------------------------------------------------------------------------
Total Warrants
(identified cost $0) $ 425,000
- --------------------------------------------------------------------------------
Convertible Bonds -- 6.9%
Principal
Amount
Security (000's omitted) Value
- --------------------------------------------------------------------------------
Loews Corp., 3.125%, 9/15/07 $ 10,000 $ 9,813,001
Midcom Communications, 144A,
8.25%, 8/15/03+ 10,000 3,100,000
Ovation, Inc., 9.75%, 2/23/01++ 2,000 1,800,000
SA Telecommunications, 10.00%, 8/15/06+ 3,000 1,050,000
Smartalk Teleservices, 144A,
5.75%, 9/15/04 12,000 12,772,501
- --------------------------------------------------------------------------------
Total Convertible Bonds
(identified cost $37,862,169) $ 28,535,502
- --------------------------------------------------------------------------------
Corporate Bonds -- 3.2%
- --------------------------------------------------------------------------------
Bank Plus Corp., 12.00%, 7/18/07 $ 10,625 $ 11,953,126
Orbital Sciences, 144A, 5.00%, 10/1/02 1,000 1,281,250
- --------------------------------------------------------------------------------
Total Corporate Bonds
(identified cost $12,018,750) $ 13,234,376
- --------------------------------------------------------------------------------
Commercial Paper -- 1.2%
- --------------------------------------------------------------------------------
Associates Corp., N.A., 6.70%, 1/2/98 $ 5,167 $ 5,166,038
- --------------------------------------------------------------------------------
Total Commercial Paper
(amortized cost $5,166,038) $ 5,166,038
- --------------------------------------------------------------------------------
Total Investments -- 105.7%
(identified cost $370,284,624) $437,161,305
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities -- (5.7)% $(23,752,406)
- --------------------------------------------------------------------------------
Net Assets -- 100% $413,408,899
- --------------------------------------------------------------------------------
* Non-income producing security.
+ The issuer has filed for chapter 11 bankruptcy.
++ Valued in good faith at fair value using procedures approved by the board
of directors (see note 1 of Notes to Financial Statements).
See notes to financial statements
14
<PAGE>
Total Return Portfolio as of December 31, 1997
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
As of December 31, 1997
Assets
- -----------------------------------------------------------------------------------------
<S> <C>
Investments, at value (Note 1A) (identified cost,
$370,284,624) $ 437,161,305
Cash 2,897
Dividends and interest receivable 2,695,749
Miscellaneous receivable 15,213
Tax reclaim receivable 24,608
Deferred organization expenses (Note 1I) 2,592
- -----------------------------------------------------------------------------------------
Total assets $ 439,902,364
- -----------------------------------------------------------------------------------------
Liabilities
- -----------------------------------------------------------------------------------------
Payable for investments purchased $ 26,418,623
Payable to affiliate for Trustees' fees (Note 2) 4,700
Accrued expenses 70,142
- -----------------------------------------------------------------------------------------
Total liabilities $ 26,493,465
- -----------------------------------------------------------------------------------------
Net Assets applicable to investors' interest in Portfolio $ 413,408,899
- -----------------------------------------------------------------------------------------
Sources of Net Assets
- -----------------------------------------------------------------------------------------
Net proceeds from capital contributions and withdrawals $ 346,511,992
Net unrealized appreciation of investments (computed on
the basis of identified cost) 66,896,907
- -----------------------------------------------------------------------------------------
Total $ 413,408,899
- -----------------------------------------------------------------------------------------
Statement of Operations
For the Year Ended
December 31, 1997
Investment Income (Note 1B)
- -----------------------------------------------------------------------------------------
Dividends (net of foreign taxes, $369,852) $ 18,358,463
Interest income 3,800,498
- -----------------------------------------------------------------------------------------
Total income $ 22,158,961
- -----------------------------------------------------------------------------------------
Expenses
- -----------------------------------------------------------------------------------------
Investment adviser fee (Note 2) $ 2,839,559
Compensation of Trustees not members of the
Investment Adviser's organization (Note 2) 14,929
Custodian fee 222,143
Legal and accounting services 55,601
Amortization of organization expenses (Note 1I) 5,029
Miscellaneous 78,065
- -----------------------------------------------------------------------------------------
Total expenses $ 3,215,326
- -----------------------------------------------------------------------------------------
Net investment income $ 18,943,635
- -----------------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
- -----------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 34,492,215
Foreign currency transactions (6,190)
- -----------------------------------------------------------------------------------------
Net realized gain on investment transactions $ 34,486,025
- -----------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 11,999,383
Foreign currency transactions 5,521
- -----------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation)
of investments $ 12,004,904
- -----------------------------------------------------------------------------------------
Net realized and unrealized gain on investments $ 46,490,929
- -----------------------------------------------------------------------------------------
Net increase in net assets from operations $ 65,434,564
- -----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
15
<PAGE>
Total Return Portfolio as of December 31, 1997
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Increase (Decrease) Year Ended Year Ended
in Net Assets December 31, 1997 December 31, 1996
- ----------------------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment income $ 18,943,635 $ 29,247,918
Net realized gain 34,486,025 46,868,346
on investments
Net change in unrealized
appreciation
(depreciation) 12,004,904 (41,698,849)
of investments
- ----------------------------------------------------------------------------------------
Net increase in net assets
from operations $ 65,434,564 $ 34,417,415
- ----------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 47,969,480 $ 18,255,080
Withdrawals (155,062,140) (119,275,825)
- ----------------------------------------------------------------------------------------
Net decrease in net assets from
capital transactions $ (107,092,660) $ (101,020,745)
- ----------------------------------------------------------------------------------------
Net decrease in net assets $ (41,658,096) $ (66,603,330)
- ----------------------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------------------
At beginning of year $ 455,066,995 $ 521,670,325
- ----------------------------------------------------------------------------------------
At end of year $ 413,408,899 $ 455,066,995
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
16
<PAGE>
Total Return Portfolio as of December 31, 1997
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Year Ended December 31,
--------------------------------------------------------------------------
1997 1996 1995 1994 1993*
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- ----------------------------------------------------------------------------------------------------------------------------------
Expenses 0.75 % 0.85% 0.84 % 0.85% 0.91%+
Net investment income 4.42 % 5.94% 4.83 % 5.22% 4.57%+
Portfolio Turnover 169 % 166% 103 % 107% 16%
- ----------------------------------------------------------------------------------------------------------------------------------
Average commission rate (per share)/(1)/ $ 0.0429 $ 0.0374 $ -- $ -- $ --
- ----------------------------------------------------------------------------------------------------------------------------------
Leverage Analysis:
- ----------------------------------------------------------------------------------------------------------------------------------
Average daily balance of debt outstanding during
year (000's omitted) $ 922 $ 217 $ 232 $ 3,137 $ 15,452
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $ 413,409 $ 455,067 $ 521,670 $ 505,567 $ 636,567
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, October 28, 1993 to December
31, 1993.
/(1)/ Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the period by the total number of
shares purchased and sold during the period 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 were charged.
See notes to financial statements
17
<PAGE>
Total Return Portfolio as of December 31, 1997
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
----------------------------------------------------------------------------
Total Return 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 on
May 1, 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 Valuations -- Securities listed on securities exchanges or in
the NASDAQ National Market are valued at closing sales prices or, if there
has been no sale, at the mean between the closing bid and asked prices.
Unlisted securities are valued at the mean between the latest available bid
and asked prices. Options and financial futures contracts are valued at the
last sale price, as quoted on the principal exchange or board of trade on
which such options or contracts are traded or, in the absence of a sale, the
mean between the last bid and asked prices. Short-term obligations, maturing
in 60 days or less, are valued at amortized cost, which approximates value.
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. Securities for
which market quotations are unavailable are appraised at their fair value as
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 when required for federal
income tax purposes. Dividend income is recorded on the ex-dividend date for
dividends received in cash and/or securities. 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.
C 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 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.
D 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.
E Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolio. Pursuant to the custodian agreement, IBT receives
a fee reduced by credits which are based on the average daily cash balances
the Portfolio maintains with IBT. All significant credit balances used to
reduce the Portfolio's custodian fees are reported as a reduction of expenses
on the Statement of Operations.
F Option Accounting Principles -- Upon the writing of a covered call 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 market
value of the option written in accordance with the Portfolio's policies on
investment valuations discussed above. Premiums received from writing call
options which expire are treated as realized gains. Premiums received from
writing call 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. The Portfolio, as writer of a call option, may have no
control over whether the underlying securities may be sold and, as a result,
bears the market risk for an unfavorable change in the price of the
securities underlying the written option.
18
<PAGE>
Total Return Portfolio as of December 31, 1997
NOTES TO FINANCIAL STATEMENTS CONT'D
G Financial Futures Contracts -- Upon the entering of 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 security, and are
recorded for book purposes as unrealized gains or losses by the Portfolio.
When 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,
security prices, commodity prices or currency exchange rates. Should interest
rates, security prices, commodity prices or currency exchange rates move
unexpectedly, the Portfolio may not achieve the anticipated benefits of the
financial futures contracts and may realize a loss.
H Delayed Delivery Transactions -- The Portfolio may purchase or sell
securities on a when-issued or forward commitment basis. Payment and delivery
may take place at a period in time after the date of the transaction. At the
time the transaction is negotiated, the price of the security that will be
delivered and paid for are fixed. Losses may arise due to changes in the
market value of the underlying securities if the counterparty does not
perform under the contract.
I Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization are being amortized on the straight-line
basis over five years.
J Other -- Investment transactions are accounted for on a trade date basis.
K 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.
2 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 based upon a percentage of average daily net assets. For the year
ended December 31, 1997, the fee was equivalent to 0.66% of the Portfolio's
average net assets for such period and amounted to $2,839,559. 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 year ended December 31, 1997, no significant
amounts have been deferred.
3 Investment Transactions
-----------------------------------------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $704,111,417 and $772,863,330, respectively.
4 Federal Income Tax Basis of Investments
-----------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in value of the investments
owned at December 31, 1997, as computed on a federal income tax basis, were
as follows:
Aggregate cost $373,101,094
-----------------------------------------------------------------------------
Gross unrealized appreciation $ 81,033,066
Gross unrealized depreciation (16,972,855)
-----------------------------------------------------------------------------
Net unrealized appreciation $ 64,060,211
-----------------------------------------------------------------------------
5 Line of Credit
-----------------------------------------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $100 million unsecured line of credit agreement
with a group of
19
<PAGE>
Total Return Portfolio as of December 31, 1997
NOTES TO FINANCIAL STATEMENTS CONT'D
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.
6 Financial Instruments
----------------------------------------------------------------------------
The Portfolio may trade 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. At December 31,
1997 there were no outstanding obligations under these financial instruments.
20
<PAGE>
Total Return Portfolio as of December 31, 1997
INDEPENDENT ACCOUNTANTS' REPORT
To the Trustees and Investors
of Total Return Portfolio
- -------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Total
Return Portfolio (the Portfolio), including the portfolio of investments, as of
December 31, 1997, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years then
ended and the supplementary data for each of the four years ended December 31,
1997 and for the period from October 28, 1993 (start of business) to December
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 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 securities held as of
December 31, 1997 by correspondence with the custodian and brokers. 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 the
Portfolio as of December 31, 1997, and the results of its operations, the
changes in its net assets for each of the two years ended December 31, 1997 and
the supplementary data for each of the four years ended December 31, 1997 and
for the period from October 23, 1993 (start of business) to December 31, 1993,
in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
February 6, 1998
21
<PAGE>
Total Return Portfolio as of December 31, 1997
Total Return Portfolio
Officers
M. Dozier Gardner
President and Trustee
James B. Hawkes
Vice President and Trustee
Timothy O'Brien
Vice President and
Portfolio Manager
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
President and Director, United Asset
Management Corporation
John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
22
