<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMERCIAL PAPER -- 69.4%
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Automotive -- 3.7%
------------------------------------------------------------------------
$3,295 Ford Motor Credit Co., 6.54%, 7/7/00 $ 3,291,408
1,500 General Motors Acceptance Corp.,
6.52%, 7/3/00 1,499,457
1,700 General Motors Acceptance Corp.,
6.62%, 8/4/00 1,689,371
------------------------------------------------------------------------
$ 6,480,236
------------------------------------------------------------------------
Banking and Finance -- 17.3%
------------------------------------------------------------------------
$3,000 American Express Credit Corp.,
6.52%, 8/9/00 $ 2,978,810
3,000 Asset Securitization Coop. Corp.,
6.55%, 8/16/00(1) 2,974,892
1,765 Asset Securitization Coop. Corp.,
6.55%, 8/15/00(1) 1,750,549
2,193 Associates Corp. of North America,
6.55%, 8/22/00 2,172,252
5,000 CIESCO L.P., 6.53%, 8/7/00 4,966,443
3,400 CIT Group Holdings, Inc.,
6.60%, 7/31/00 3,381,300
3,000 Corporate Asset Funding Co.,
6.58%, 7/20/00(1) 2,989,582
3,000 Corporate Receivables Corp.,
6.57%, 8/23/00(1) 2,970,982
3,460 Delaware Funding Corp.,
6.68%, 7/18/00(1) 3,449,086
1,240 Norwest Financial, Inc., 6.54%, 8/14/00 1,230,088
1,685 Norwest Financial, Inc., 6.57%, 7/5/00 1,683,770
------------------------------------------------------------------------
$ 30,547,754
------------------------------------------------------------------------
Chemicals -- 1.4%
------------------------------------------------------------------------
$2,130 E.I. duPont de Nemours & Co.,
6.10%, 7/6/00 $ 2,128,196
409 E.I. duPont de Nemours & Co.,
6.15%, 7/6/00 408,651
------------------------------------------------------------------------
$ 2,536,847
------------------------------------------------------------------------
Credit Unions -- 2.8%
------------------------------------------------------------------------
$2,324 Mid-States Corp. Federal Credit Union,
6.55%, 7/10/00 $ 2,320,194
2,560 Mid-States Corp. Federal Credit Union,
6.57%, 8/14/00 2,539,443
------------------------------------------------------------------------
$ 4,859,637
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Electric Utilities -- 5.6%
------------------------------------------------------------------------
$3,450 National Rural Utilities Coop. Finance
Corp., 6.52%, 8/21/00 $ 3,418,133
3,550 Potomac Electric Power Co.,
6.58%, 8/3/00 3,528,588
3,000 TECO Finance, Inc., 6.55%, 8/14/00(1) 2,975,983
------------------------------------------------------------------------
$ 9,922,704
------------------------------------------------------------------------
Electrical and Electronic Equipment -- 5.0%
------------------------------------------------------------------------
$1,790 General Electric Capital Corp.,
6.52%, 8/22/00 $ 1,773,142
3,000 General Electric Capital Corp.,
6.55%, 8/11/00 2,977,621
1,165 General Electric Capital Corp.,
6.58%, 9/12/00 1,149,456
3,000 Panasonic Finance America,
6.95%, 7/5/00(1) 2,997,683
------------------------------------------------------------------------
$ 8,897,902
------------------------------------------------------------------------
Food and Beverages -- 1.8%
------------------------------------------------------------------------
$1,743 Coca-Cola Co., 6.52%, 8/4/00 $ 1,732,267
1,450 H.J. Heinz Co., 6.50%, 7/27/00 1,443,193
------------------------------------------------------------------------
$ 3,175,460
------------------------------------------------------------------------
Household Products -- 3.1%
------------------------------------------------------------------------
$3,500 Procter & Gamble Co., 6.50%, 7/31/00 $ 3,481,042
2,000 Unilever Capital Corp.,
6.45%, 7/11/00(1) 1,996,416
------------------------------------------------------------------------
$ 5,477,458
------------------------------------------------------------------------
Insurance -- 12.4%
------------------------------------------------------------------------
$1,900 A.I. Credit Corp., 6.50%, 7/17/00 $ 1,894,511
3,000 AIG Funding Inc., 6.54%, 7/25/00 2,986,920
2,000 American General Corp., 6.53%, 7/28/00 1,990,205
2,000 American General Finance Corp.,
6.55%, 8/18/00 1,982,533
3,000 Marsh & McLennan Cos.,
Inc., 6.85%, 7/11/00(1) 2,994,292
3,000 Prudential Funding Corp.,
6.59%, 7/21/00 2,989,017
400 Prudential Funding Corp.,
6.57%, 7/21/00 398,540
985 Transamerica Finance Corp.,
6.52%, 7/7/00 983,930
759 Transamerica Finance Corp.,
6.70%, 7/26/00 755,469
1,800 USAA Capital Corp., 6.60%, 8/15/00 1,785,150
3,148 USAA Capital Corp., 6.06%, 7/14/00 3,141,111
------------------------------------------------------------------------
$ 21,901,678
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Oil -- 1.3%
------------------------------------------------------------------------
$2,310 Exxon Imperial U.S., Inc.,
6.50%, 7/24/00(1) $ 2,300,407
------------------------------------------------------------------------
$ 2,300,407
------------------------------------------------------------------------
Pharmaceutical -- 3.9%
------------------------------------------------------------------------
$2,000 Pfizer, Inc., 6.48%, 7/13/00(1) $ 1,995,680
5,000 Schering Corp., 6.58%, 8/29/00 4,946,081
------------------------------------------------------------------------
$ 6,941,761
------------------------------------------------------------------------
Publishing -- 1.7%
------------------------------------------------------------------------
$3,000 McGraw-Hill Co., Inc., 6.61%, 8/2/00 $ 2,982,373
------------------------------------------------------------------------
$ 2,982,373
------------------------------------------------------------------------
Telecommunications -- 8.0%
------------------------------------------------------------------------
$1,000 AT&T Corp., 6.57%, 9/8/00 $ 987,407
1,905 AT&T Corp., 6.60%, 8/18/00 1,888,236
3,370 BellSouth Telecommunications, Inc.,
6.52%, 8/28/00 3,334,600
2,000 BellSouth Telecommunications, Inc.,
6.55%, 8/15/00 1,983,625
3,000 Motorola, Inc., 6.57%, 7/26/00 2,986,312
3,000 SBC Communications, Inc.,
6.56%, 7/19/00(1) 2,990,160
------------------------------------------------------------------------
$ 14,170,340
------------------------------------------------------------------------
Transportation -- 1.4%
------------------------------------------------------------------------
$2,550 United Parcel Service of America,
6.46%, 7/10/00 $ 2,545,882
------------------------------------------------------------------------
$ 2,545,882
------------------------------------------------------------------------
Total Commercial Paper
(identified cost $122,740,439) $122,740,439
------------------------------------------------------------------------
</TABLE>
U.S. GOVERNMENT OBLIGATIONS -- 30.6%
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
$3,266 FFCB Discount Notes, 6.47%, 8/2/00 $ 3,247,217
2,300 FHLB Discount Notes, 6.42%, 8/16/00 2,281,132
1,700 FHLB Discount Notes, 6.42%, 8/25/00 1,683,326
3,000 FHLMC Discount Notes, 6.44%, 7/18/00 2,990,877
5,000 FHLMC Discount Notes, 6.435%, 8/1/00 4,972,294
<CAPTION>
PRINCIPAL
AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
$3,830 FHLMC Discount Notes, 6.45%, 8/3/00 $ 3,807,355
5,000 FHLMC Discount Notes, 6.54%, 8/17/00 4,957,308
5,000 FHLMC Discount Notes, 6.53%, 8/24/00 4,951,025
1,600 FNMA Discount Notes, 6.37%, 7/12/00 1,596,886
5,000 FNMA Discount Notes, 6.41%, 8/8/00 4,966,169
5,865 FNMA Discount Notes, 6.53%, 8/10/00 5,822,446
2,943 FNMA Discount Notes, 6.52%, 8/17/00 2,917,948
5,000 FNMA Discount Notes, 6.54%, 8/31/00 4,944,592
5,000 FNMA Discount Notes, 6.465%, 9/7/00 4,938,942
------------------------------------------------------------------------
Total U.S. Government Obligations
(identified cost $54,077,517) $ 54,077,517
------------------------------------------------------------------------
Total Investments -- 100.0%
(identified cost $176,817,956) $176,817,956(2)
------------------------------------------------------------------------
Other Assets, Less Liabilities -- (0.0)% $ (50,361)
------------------------------------------------------------------------
Net Assets -- 100.0% $176,767,595
------------------------------------------------------------------------
</TABLE>
FHLMC - Federal Home Loan Mortgage Corporation (Freddie Mac)
FHLB - Federal Home Loan Bank
FNMA - Federal National Mortgage Association (Fannie Mae)
FFCB - Federal Farm Credit Bank
(1) A security which has been issued under section 4(2) of the Securities
Act of 1933 and is generally regarded as restricted and illiquid. This
security may be resold in transactions exempt from registration or to
the public if the security is registered. All such securities held have
been deemed by the Portfolio's Trustees to be liquid and were purchased
with the expectation that resale would not be necessary.
(2) Cost for Federal Income tax purposes is the same.
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF JUNE 30, 2000
<S> <C>
Assets
------------------------------------------------------
Investments, at value $176,817,956
Cash 75
------------------------------------------------------
TOTAL ASSETS $176,818,031
------------------------------------------------------
Liabilities
------------------------------------------------------
Payable to affiliate for Trustees' fees $ 5,618
Accrued expenses 44,818
------------------------------------------------------
TOTAL LIABILITIES $ 50,436
------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $176,767,595
------------------------------------------------------
Sources of Net Assets
------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $176,767,595
------------------------------------------------------
TOTAL $176,767,595
------------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
JUNE 30, 2000
<S> <C>
Investment Income
----------------------------------------------------
Interest $5,511,956
----------------------------------------------------
TOTAL INVESTMENT INCOME $5,511,956
----------------------------------------------------
Expenses
----------------------------------------------------
Investment adviser fee $ 456,300
Trustees' fees and expenses 8,135
Custodian fee 53,884
Legal and accounting services 15,879
Miscellaneous 40
----------------------------------------------------
TOTAL EXPENSES $ 534,238
----------------------------------------------------
NET INVESTMENT INCOME $4,977,718
----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
INCREASE (DECREASE) JUNE 30, 2000 YEAR ENDED
IN NET ASSETS (UNAUDITED) DECEMBER 31, 1999
<S> <C> <C>
-----------------------------------------------------------------------------
From operations --
Net investment income $ 4,977,718 $ 7,411,714
-----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 4,977,718 $ 7,411,714
-----------------------------------------------------------------------------
Capital transactions --
Contributions $ 332,514,098 $ 678,102,808
Withdrawals (393,682,090) (592,899,074)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL TRANSACTIONS $ (61,167,992) $ 85,203,734
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ (56,190,274) $ 92,615,448
-----------------------------------------------------------------------------
Net Assets
-----------------------------------------------------------------------------
At beginning of period $ 232,957,869 $ 140,342,421
-----------------------------------------------------------------------------
AT END OF PERIOD $ 176,767,595 $ 232,957,869
-----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ----------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------
Ratios/Supplemental Data
------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.59%(1) 0.60% 0.61% 0.59% 0.59% 0.60%
Net investment income 5.49%(1) 4.60% 4.90% 4.96% 4.83% 5.36%
------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (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.
The Portfolio, which was organized as a trust under the laws of the State of
New York on May 1, 1992, seeks to achieve as high a rate of income as may be
consistent with preservation of capital and maintenance of liquidity. 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.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or accretion of discount.
C Income Taxes -- The Portfolio has elected to be treated as a partnership for
federal tax purposes. No provision is made by the Portfolio for federal or
state taxes on any taxable income of the Portfolio because each investor in
the Portfolio is 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 Internal Revenue Code) in order for
its investors to satisfy them. The Portfolio will allocate at least annually
among its investors each investor's distributive share of the Portfolio's net
investment income, net realized capital gains, and any other items of income,
gain, loss, deduction or credit.
D Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
to the Portfolio. Pursuant to the respective custodian agreements, IBT
receives a fee reduced by credits which are determined 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. For the six months
ended June 30, 2000, $383 credit balances were used to reduce the Portfolio's
custodian fee.
E 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.
F Other -- Investment transactions are accounted for on a trade-date basis.
G Interim Financial Statements -- The interim financial statements relating to
June 30, 2000 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolio's management reflect all adjustments, consisting only of normal
recurring 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 $456,300 for the six months ended
June 30, 2000. 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 officers and Trustees of the Portfolio are officers of the above
organizations.
3 Line of Credit
-------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR or
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is
18
<PAGE>
CASH MANAGEMENT PORTFOLIO AS OF JUNE 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
charged to each participating portfolio or fund based on its borrowings at an
amount above either 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 Portfolio did not have any significant
borrowings or allocated fees during the six months ended June 30, 2000.
4 Investments
-------------------------------------------
Purchases and sales (including maturities) of investments during the six
months ended June 30, 2000, exclusive of U.S. Government securities,
aggregated $531,872,330 and $527,593,951, respectively. Purchases and sales
(including maturities) of U.S. Government Agency securities aggregated
$196,841,199 and $262,709,726, respectively.
19
<PAGE>
EATON VANCE MONEY MARKET FUNDS AS OF JUNE 30, 2000
INVESTMENT MANAGEMENT
CASH MANAGEMENT PORTFOLIO
Officers
James B. Hawkes
President and Trustee
Michael B. Terry
Vice President and
Portfolio Manager
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University
Graduate School of Business Administration
Norton H. Reamer
Chairman of the Board,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
20
