Eaton Vance
Cash Management Portfolio
[LOGO]
Semi-Annual
Shareholder Report
June 30, 1996
Portfolio Investment Adviser
Boston Management and Research
24 Federal Street
Boston, MA 02110
Administrator
Eaton Vance Management
24 Federal Street
Boston, MA 02110
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 Investors Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
(800) 262-1122
Cash Management Portfolio
Portfolio of Investments
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Commercial Paper -- 85.2%
- --------------------------------------------------------------------------------------------------------------------------
Ratings (unaudited)
- ---------------------
Principal
Standard Amount
& Poor's Moody's (000 Omitted) Value
- --------------------------------------------------------------------------------------------------------------------------
Automotive -- 1.0%
<S> <C> <C> <C> <C>
A-1 P-1 $ 2,000 Ford Motor Credit Co. 5.36%, 7/22/96 $ 1,993,747
------------
Banking & Finance -- 26.1%
A-1 P-1 $ 3,400 American Express Credit Corp. 5.34%, 7/22/96 $ 3,389,409
A-1+ P-1 4,000 Asset Securitization Coop. Corp. 5.30%, 7/3/96 (2) 3,998,822
A-1+ P-1 2,200 Associates Corp. of No. America 5.28%, 7/15/96 2,195,483
A-1+ P-1 2,000 Associates Corp. of No. America 5.38%, 9/11/96 1,978,480
A-1+ P-1 2,000 Associates Corp. of No. America 5.38%, 9/12/96 1,978,181
A-1 P-1 4,000 CIT Group Holdings Inc. 5.35%, 7/29/96 3,983,356
A-1+ P-1 5,900 Central Corporate Credit Union 5.35%, 7/12/96 5,890,355
A-1+ P-1 1,780 CIESCO 5.28%, 7/18/96 1,775,562
A-1+ P-1 2,000 CIESCO 5.27%, 7/22/96 1,993,852
A-1+ P-1 2,000 CIESCO 5.375%, 9/4/96 1,980,590
A-1+ P-1 2,000 Corporate Asset Funding Co. 5.27%, 7/16/96 (1) 1,995,609
A-1+ P-1 4,000 Corporate Asset Funding Co. 5.25%, 8/8/96 3,977,833
A-1 P-1 4,000 Corporate Receivables Corp. 5.35%, 7/15/96 (1) 3,991,678
A-1+ P-1 3,000 CXC Incorporated 5.35%, 7/11/96 (2) 2,995,542
A-1+ P-1 735 National Rural Utilities Coop. Co. 5.35%, 8/15/96 730,085
A-1+ P-1 3,250 National Rural Utilities Coop. Co. 5.35%, 8/19/96 3,226,334
A-1+ P-1 3,700 Norwest Financial Inc. 5.34%, 9/13/96 3,659,386
A-1+ P-1 2,000 Norwest Financial Inc. 5.40%, 9/27/96 1,973,600
-------------
$ 51,714,157
-------------
Chemicals -- 2.0%
A-1+ P-1 $ 2,900 E.I. DuPont de Nemours & Co. 5.24%, 8/23/96 (2) $ 2,877,628
A-1+ P-1 1,100 E.I. DuPont de Nemours & Co. 5.34%, 9/19/96 1,086,947
-------------
$ 3,964,575
-------------
Electrical Equipment & Electronics -- 6.7%
A-1+ P-1 $ 1,900 General Electric Capital Corp. 5.29%, 7/18/96 $ 1,895,253
A-1+ P-1 1,200 General Electric Capital Corp. 5.30%, 7/19/96 1,196,820
A-1+ P-1 3,000 General Electric Capital Corp. 5.30%, 7/23/96 2,990,284
A-1+ P-1 1,400 General Electric Capital Corp. 5.29%, 7/26/96 1,394,857
A-1+ P-1 1,800 Motorola Credit Corp. 5.24%, 7/12/96 1,797,118
A-1+ P-1 4,000 Motorola Inc. 5.34%, 8/20/96 3,970,333
-------------
$ 13,244,665
-------------
Food & Beverages -- 6.2%
A-1+ P-1 $ 2,000 Anheuser-Busch Co. 5.28%, 8/15/96 $ 1,986,800
A-1+ P-1 2,000 Coca-Cola Co. 5.28%, 8/9/96 1,988,560
A-1+ P-1 4,000 Coca-Cola Co. 5.36%, 9/3/96 3,961,885
A-1 P-1 797 Heinz (H.J.) Co. 5.35%, 7/29/96 793,684
A-1 P-1 1,200 Heinz (H.J.) Co. 5.37%, 7/30/96 1,194,809
A-1+ P-1 2,400 Nestle Capital Corp. 5.27%, 8/19/96 2,382,785
-------------
$ 12,308,523
-------------
Household Products -- 3.7%
A-1+ P-1 $ 4,000 Procter & Gamble Co. 5.26%, 7/19/96 $ 3,989,480
A-1+ P-1 1,500 Procter & Gamble Co. 5.32%, 8/5/96 1,492,242
A-1+ P-1 1,925 Unilever Capital Corp. 5.34%, 8/26/96 (2) 1,909,010
-------------
$ 7,390,732
-------------
Insurance -- 18.7%
A-1+ P-1 $ 2,400 AI Credit Corp. 5.36%, 9/16/96 $ 2,372,485
A-1+ P-1 3,600 AIG Funding Inc. 5.26%, 7/8/96 3,596,318
A-1+ P-1 2,250 American General Finance Co. 5.36%, 8/21/96 2,232,915
A-1+ P-1 1,800 American General Finance Co. 5.39%, 8/29/96 1,784,100
A-1+ P-1 2,500 APC Funding Inc. 5.32%, 7/2/96 2,499,630
A-1+ P-1 3,090 John Hancock Capital 5.28%, 7/11/96 (2) 3,085,468
A-1+ P-1 4,000 Metlife Funding Inc. 5.36%, 9/10/96 3,957,716
A-1+ P-1 4,000 Prudential Funding Corp. 5.37%, 8/28/96 3,965,393
A-1+ P-1 1,600 SAFECO Credit Co. Inc. 5.35%, 8/7/96 1,591,202
A-1+ P-1 2,000 SAFECO Credit Co. Inc. 5.28%, 8/8/96 1,988,853
A-1+ P-1 2,000 SAFECO Credit Co. Inc. 5.28%, 8/29/96 1,982,693
A-1 P-1 2,000 Transamerica Finance Corp. 5.31%, 7/9/96 1,997,640
A-1+ P-1 4,000 USAA Capital Corp. 5.25%, 7/2/96 3,999,416
A-1+ P-1 2,000 USAA Capital Corp. 5.26%, 8/22/96 1,984,804
-------------
$ 37,038,633
-------------
Office Equipment -- 1.5%
A-1+ P-1 $ 3,000 Pitney Bowes Credit Corp. 5.35%, 9/17/96 $ 2,965,225
-------------
Oil -- 6.5%
A-1+ P-1 $ 4,000 Chevron Oil Finance Co. 5.35%, 7/30/96 $ 3,982,761
A-1+ P-1 4,000 Chevron Oil Finance Co. 5.35%, 7/31/96 3,982,167
A-1+ P-1 2,000 Cortez Capital Corp. 5.30%, 7/9/96 (2) 1,997,644
A-1+ P-1 3,000 Exxon Imperial US Inc. 5.28%, 7/18/96 (2) 2,992,520
-------------
$ 12,955,092
-------------
Pharmaceuticals -- 7.7%
A-1+ P-1 $ 3,500 Ciba-Geigy Corp. 5.38%, 7/3/96 $ 3,498,954
A-1+ P-1 3,000 Eli Lilly & Co. 5.29%, 7/10/96 2,996,032
A-1+ P-1 3,000 Eli Lilly & Co. 5.35%, 9/6/96 2,970,129
A-1+ P-1 2,500 Schering Corp. 5.27%, 7/17/96 2,494,144
A-1+ P-1 980 Schering Corp. 5.24%, 8/22/96 972,582
A-1+ P-1 2,300 Schering Corp. 5.25%, 8/27/96 2,280,881
-------------
$ 15,212,722
-------------
Telecommunications -- 3.2%
A-1+ P-1 $ 2,000 Ameritech Capital Corp. 5.24%, 7/2/96 (2) $ 1,999,709
A-1+ P-1 1,000 Ameritech Corp. 5.28%, 8/9/96 994,280
A-1+ P-1 2,000 AT&T Corp. 5.31%, 7/17/96 1,995,280
A-1+ P-1 1,400 AT&T Corp. 5.25%, 7/26/96 1,394,896
-------------
$ 6,384,165
-------------
Utilities -- 1.9%
A-1 P-1 $ 240 Potomac Electric Power Co. 5.34%, 7/3/96 $ 239,929
A-1 P-1 1,025 Potomac Electric Power Co. 5.36%, 7/17/96 1,022,558
A-1+ P-1 500 TECO Finance Inc. 5.28%, 7/3/96 (1) 499,853
A-1+ P-1 2,100 TECO Finance Inc. 5.37%, 8/14/96 (1) 2,086,217
-------------
$ 3,848,557
-------------
Total Commercial Paper, at amortized cost $169,020,793
=============
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Governement Obligations - 14.8%
- ---------------------------------------------------------------------------------------------------------------------------
Principal
Amount
(000 Omitted) Value
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
$ 5,000 FHLB Discount Notes 5.40%, 7/1/96 $ 5,000,000
5,000 FHLMC Discount Notes 5.28%, 7/3/96 4,998,533
6,400 FHLMC Discount Notes 5.25%, 8/6/96 6,366,400
3,065 FNMA Discount Notes 5.25%, 8/13/96 3,045,780
10,000 FNMA Discount Notes 5.265%, 9/5/96 9,903,475
-------------
Total U.S. Government Obligations, at amortized cost $ 29,314,188
-------------
Total Investments -- 100.0% $198,334,981
Other Assets, less Liabilities -- 0.0% 54,162
-------------
Net Assets -- 100.0% $198,389,143
=============
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers. It is the Portfolio's intention to hold
the security until maturity. At June 30, 1996, the value of these securities amounted to $8,573,357 or 4.3% of the
Portfolio's net assets.
(2) Security has been issued under section 4(2) of the Securities Act of 1993 and is generally regarded as restricted and
illiquid. These securities may be resold in transactions exempt from registration or to the public if the securities are
registered. All such securities held have been deemed by the Portfolio's Board of Trustees to be liquid and were purchased
with the expectation that resale would not be necessary. At June 30, 1996, the value of these securities amounted to
$21,856,343 or 11.0% of the Portfolio's net assets.
The accompanying notes are an integral part of the financial statements
</TABLE>
<TABLE>
<CAPTION>
Cash Management Portfolio
Financial Statements
Statement of Assets and Liabilities
- ---------------------------------------------------------------------------------------------------------------------------
June 30, 1996 (Unaudited)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Assets:
Investments, at amortized cost and value (Note 1A) $198,336,617
Cash 111,718
Deferred organization expenses (Note 1Dx) 7,735
-------------
Total assets $198,456,070
Liabilities:
Payable to affiliate --
Trustees' fees $ 1,345
Accrued expenses 12,793
-------
Total liabilities 14,138
-------------
Net Assets $198,441,932
=============
Sources of Net Assets:
Net proceeds from capital contributions and withdrawals $198,441,932
=============
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Statement of Operations
- ----------------------------------------------------------------------------------------------------------------------------
For the Six Months Ended June 30, 1996 (Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Income:
Interest Income $5,406,341
Expenses --
Investment adviser fee (Note 2) $502,004
Compensation of Trustees not members of the
Investment Adviser's organization (Note 2) 4,727
Custodian fee 50,235
Legal and accounting services 20,903
Amortization of deferred organization expenses (Note 1D) 1,360
Miscellaneous 506
--------
Total expenses 579,735
----------
Net investment income $4,826,606
==========
The accompanying notes are an integral part of the financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
- ----------------------------------------------------------------------------------------------------------------------------
Six Months Ended
June 30, 1996 Year Ended
(Unaudited) December 31, 1995
-------------- ----------------------
<S> <C> <C>
Increase (Decrease) in Net Assets:
From operations --
Net investment income $ 4,826,606 $ 10,343,333
Capital transactions --
Contributions 565,624,732 815,124,407
Withdrawals (576,909,121) (843,381,480)
------------- -------------
Decrease in net assets resulting from capital transactions $ (11,284,389) $ (28,257,073)
------------- -------------
Total decrease in net assets $ (6,457,783) $ (17,913,740)
Net Assets:
At beginning of period 204,899,715 222,813,455
------------- -------------
At end of period $198,441,932 $204,899,715
============= =============
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Supplementary Data
- ----------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended December 31,
June 30, 1996 --------------------------------
(Unaudited) 1995 1994*
------------ ---------- ----------
<S> <C> <C> <C>
Ratios (as a percentage of net assets):
Expenses 0.58%+ 0.60% 0.58%+
Net investment income 4.83%+ 5.36% 4.22%+
+ Computed on an annualized basis.
* For the period from the start of business, May 2, 1994, to December 31, 1994.
The accompanying notes are an integral part of the financial statement
</TABLE>
Notes to Financial Statements
June 30, 1996
(Unaudited)
(1) Significant Accounting Policies
Cash Management 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 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. Security Valuation -- The Portfolio values investment securities
utilizing the amortized cost valuation technique permitted by Rule
2a-7 of the Investment Company Act of 1940, pursuant to which the
Portfolio must comply with certain conditions. This technique
involves initially valuing a portfolio security at its cost and
thereafter assuming a constant amortization to maturity of any
discount or premium. It is normal practice of the Portfolio to hold
portfolio securities to maturity and realize par value unless such
sale or other disposition is mandated by withdrawal requests or other
extraordinary circumstances.
B. Income -- Interest income is determined on the basis of interest
accrued, adjusted for amortization of premium or accretion of
discount when required for federal income tax purposes.
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 taxable
investment income, net realized capital gains, and any other items of
income, gain, loss, deduction or credit.
D. Deferred Organization Expenses -- Costs incurred by the Portfolio
in connection with its organization are being amortized on the
straight-line basis over five years.
E. 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 revenue and expense during the
reporting period. Actual results could differ from those estimates.
F. Other -- Investment transactions are accounted for on a trade date
basis.
G. Interim Financial Information -- The interim financial statements
relating to June 30, 1996 and for the six month period then ended
have not been audited by independent certified public accountants,
but in the opinion of the Portfolio's management, reflect all
adjustments necessary for the fair presentation of the financial
statements.
(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 computed at the rate
of 1/2 of 1% per annum of the Portfolio's average daily net assets
and amounted to $502,004 for the six months ended June 30, 1996.
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.
(3) Line of Credit
The Portfolio participates with other portfolios and funds managed by
BMR or EVM 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 or fund 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
or 1% of the $20 million committed facility and on the daily unused
portion of the $100 million discretionary facility 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 period.
(4) Investments
Purchases and sales (including maturities) of investments, during the
six months ended June 30, 1996, exclusive of U.S. Government
securities, aggregated $549,051,211 and $659,595,674, respectively.
Purchases and sales (including maturities) of U.S. Government
securities aggregated $409,621,524 and $310,576,956, respectively.
Investment Management For Cash Management Portfolio
Officers
M. Dozier Gardner
President, Trustee
James B. Hawkes
Vice President, Trustee
Michael B. Terry
Vice President
and Portfolio Manager
James L. O'Connor
Treasurer
Thomas Otis
Secretary
Trustees
H. Day Brigham, Jr.
Vice President,
Eaton Vance Management
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
John L. Thorndike
Director, Fiduciary Company
Incorporated
Jack L. Treynor
Investment Adviser and Consultant
