<PAGE>
Growth & Income Portfolio as of June 30, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks-- 93.5%
Security Shares Value
- --------------------------------------------------------------------------------
Advertising -- 2.1%
- --------------------------------------------------------------------------------
Omnicom Group, Inc. 20,000 $ 997,500
Young and Rubicam, Inc.* 75,000 2,400,000
- --------------------------------------------------------------------------------
$ 3,397,500
- --------------------------------------------------------------------------------
Aerospace and Defense -- 1.9%
- --------------------------------------------------------------------------------
General Motors Corp., Class H* 65,000 $ 3,063,125
- --------------------------------------------------------------------------------
$ 3,063,125
- --------------------------------------------------------------------------------
Auto and Parts -- 2.3%
- --------------------------------------------------------------------------------
Magna International, Inc., Class A 55,000 $ 3,774,375
- --------------------------------------------------------------------------------
$ 3,774,375
- --------------------------------------------------------------------------------
Banks - Regional -- 1.7%
- --------------------------------------------------------------------------------
SouthTrust Corp. 64,200 $ 2,792,700
- --------------------------------------------------------------------------------
$ 2,792,700
- --------------------------------------------------------------------------------
Banks and Money Services -- 1.8%
- --------------------------------------------------------------------------------
First Union Corp. 50,000 $ 2,912,500
- --------------------------------------------------------------------------------
$ 2,912,500
- --------------------------------------------------------------------------------
Building Materials -- 2.0%
- --------------------------------------------------------------------------------
Fastenal Co. 68,000 $ 3,157,750
- --------------------------------------------------------------------------------
$ 3,157,750
- --------------------------------------------------------------------------------
Computers and Business Equipment -- 5.3%
- --------------------------------------------------------------------------------
Lexmark International Group, Inc.* 70,000 $ 4,270,000
Xerox Corp. 42,000 4,268,250
- --------------------------------------------------------------------------------
$ 8,538,250
- --------------------------------------------------------------------------------
Drugs -- 9.0%
- --------------------------------------------------------------------------------
Elan Corp., PLC ADR* 45,000 $ 2,894,063
Genzyme Corp., Class A* 60,000 1,533,750
Lilly (Eli) & Co. 57,000 3,765,563
Pfizer, Inc. 20,000 2,173,750
Sepracor, Inc.* 60,000 2,490,000
Warner-Lambert Co. 24,000 1,665,000
- --------------------------------------------------------------------------------
$14,522,126
- --------------------------------------------------------------------------------
Environmental Services -- 0.9%
- --------------------------------------------------------------------------------
U.S.A. Waste Services, Inc.* 30,000 $ 1,481,250
- --------------------------------------------------------------------------------
$ 1,481,250
- --------------------------------------------------------------------------------
Financial - Miscellaneous -- 3.1%
- --------------------------------------------------------------------------------
Federal National Mortgage Association 45,000 $ 2,733,750
MGIC Investment Corp. 40,000 2,282,500
- --------------------------------------------------------------------------------
$ 5,016,250
- --------------------------------------------------------------------------------
Foods -- 8.9%
- --------------------------------------------------------------------------------
McCormick & Co., Inc. 110,000 $ 3,929,057
Nabisco Holdings Corp. Class A 40,000 1,442,500
Tyson Foods, Inc. 195,000 4,229,063
Unilever ADR 60,000 4,736,249
- --------------------------------------------------------------------------------
$14,336,869
- --------------------------------------------------------------------------------
Furniture and Appliances -- 1.5%
- --------------------------------------------------------------------------------
Ethan Allen Interiors Inc. 50,000 $ 2,496,875
- --------------------------------------------------------------------------------
$ 2,496,875
- --------------------------------------------------------------------------------
Health Services -- 0.5%
- --------------------------------------------------------------------------------
Trigon Healthcare, Inc.* 20,000 $ 723,750
- --------------------------------------------------------------------------------
$ 723,750
- --------------------------------------------------------------------------------
Household Products -- 1.8%
- --------------------------------------------------------------------------------
Newell Co. 30,000 $ 1,494,375
Rubbermaid, Inc. 45,000 1,493,438
- --------------------------------------------------------------------------------
$ 2,987,813
- --------------------------------------------------------------------------------
Information Services -- 5.5%
- --------------------------------------------------------------------------------
Automatic Data Processing, Inc. 60,000 $ 4,372,500
SunGard Data Systems, Inc.* 120,000 4,605,000
- --------------------------------------------------------------------------------
$ 8,977,500
- --------------------------------------------------------------------------------
Insurance -- 9.9%
- --------------------------------------------------------------------------------
Allstate Corp. (The) 47,540 $ 4,352,881
Marsh & McLennan Cos., Inc. 82,500 4,986,093
Progressive Corp. 32,000 4,512,000
UNUM Corp. 40,000 2,220,000
- --------------------------------------------------------------------------------
$16,070,974
- --------------------------------------------------------------------------------
See notes to financial statements
9
<PAGE>
Growth & Income Portfolio as of June 30, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Security Shares Value
- --------------------------------------------------------------------------------
Leisure Equipment -- 1.0%
- --------------------------------------------------------------------------------
Sturm, Ruger & Co., Inc. 100,000 $ 1,675,000
- --------------------------------------------------------------------------------
$ 1,675,000
- --------------------------------------------------------------------------------
Medical Products -- 5.1%
- --------------------------------------------------------------------------------
Baxter International, Inc. 65,000 $ 3,497,813
Johnson & Johnson Co. 65,000 4,793,749
- --------------------------------------------------------------------------------
$ 8,291,562
- --------------------------------------------------------------------------------
Natural Gas Utilities -- 1.0%
- --------------------------------------------------------------------------------
KN Energy, Inc. 30,000 $ 1,625,625
- --------------------------------------------------------------------------------
$ 1,625,625
- --------------------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 3.1%
- --------------------------------------------------------------------------------
Baker Hughes, Inc. 60,000 $ 2,073,750
Rowan Companies, Inc.* 150,000 2,915,625
- --------------------------------------------------------------------------------
$ 4,989,375
- --------------------------------------------------------------------------------
Oil and Gas - Exploration
and Production -- 6.1%
- --------------------------------------------------------------------------------
Apache Corp. 50,000 $ 1,575,000
British Petroleum Co. PLC ADR 30,260 2,670,445
Meridian Resource Corp.* 300,000 2,118,750
Oryx Energy Co.* 35,000 774,375
Triton Energy Ltd.* 45,000 1,605,938
USX-Marathon Group 35,000 1,200,938
- --------------------------------------------------------------------------------
$ 9,945,446
- --------------------------------------------------------------------------------
Publishing -- 3.7%
- --------------------------------------------------------------------------------
Dow Jones & Co., Inc. 55,000 $ 3,066,250
McGraw-Hill Companies, Inc. (The) 35,000 2,854,688
- --------------------------------------------------------------------------------
$ 5,920,938
- --------------------------------------------------------------------------------
REITS -- 3.1%
- --------------------------------------------------------------------------------
Equity Office Properties Trust 50,000 $ 1,418,750
Highwood Properties, Inc. 20,000 646,250
Public Storage, Inc. 90,000 2,520,000
Spieker Properties, Inc. 10,000 387,500
- --------------------------------------------------------------------------------
$ 4,972,500
- --------------------------------------------------------------------------------
Retail - Food and Drug -- 5.6%
- --------------------------------------------------------------------------------
CVS Corp. 130,000 $ 5,061,874
Safeway, Inc.* 100,000 4,068,750
- --------------------------------------------------------------------------------
$ 9,130,624
- --------------------------------------------------------------------------------
Retail - Specialty and Apparel -- 2.1%
- --------------------------------------------------------------------------------
Home Depot, Inc. (The) 40,000 $ 3,322,500
- --------------------------------------------------------------------------------
$ 3,322,500
- --------------------------------------------------------------------------------
Specialty Chemicals and Materials -- 2.1%
- --------------------------------------------------------------------------------
Ecolab, Inc. 110,000 $ 3,410,000
- --------------------------------------------------------------------------------
$ 3,410,000
- --------------------------------------------------------------------------------
Telephone Utilities -- 0.5%
- --------------------------------------------------------------------------------
SBC Communications, Inc. 20,000 $ 800,000
- --------------------------------------------------------------------------------
$ 800,000
- --------------------------------------------------------------------------------
Transportation -- 1.9%
- --------------------------------------------------------------------------------
Canadian Pacific LTD 50,000 $ 1,418,750
CNF Transportation, Inc. 30,000 1,275,000
Coach USA, Inc.* 10,000 456,250
- --------------------------------------------------------------------------------
$ 3,150,000
- --------------------------------------------------------------------------------
Total Common Stocks
(identified cost, $115,451,107) $151,483,177
- --------------------------------------------------------------------------------
Convertible Preferred Stocks -- 2.9%
Security Shares Value
- --------------------------------------------------------------------------------
Insurance -- 0.7%
- --------------------------------------------------------------------------------
Sun America, Inc., 3.188% 25,000 $ 1,200,000
- --------------------------------------------------------------------------------
$ 1,200,000
- --------------------------------------------------------------------------------
Metals - Gold -- 2.2%
- --------------------------------------------------------------------------------
Freeport McMoRan Copper & Gold,
Series CV, 5% 180,000 $ 3,510,000
- --------------------------------------------------------------------------------
$ 3,510,000
- --------------------------------------------------------------------------------
Total Convertible Preferred Stocks
(identified cost, $4,977,348) $ 4,710,000
- --------------------------------------------------------------------------------
See notes to financial statements
10
<PAGE>
Growth & Income Portfolio as of June 30, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Convertible Bonds -- 0.6%
Principal
Amount
(000's
Security Omitted) Value
- --------------------------------------------------------------------------------
Scandinavian Broadcasting System,
7.25%, 8/1/05 $ 840 $ 913,500
- --------------------------------------------------------------------------------
Total Convertible Bonds
(identified cost, $840,000) $ 913,500
- --------------------------------------------------------------------------------
Corporate Bonds -- 0.0%
Principal
Amount
(000's
Security Omitted) Value
- --------------------------------------------------------------------------------
H. P. Hood & Son, 7.50%, 2/1/01 $ 50 $ 39,400
- --------------------------------------------------------------------------------
Total Corporate Bonds
(identified cost, $50,000) $ 39,400
- --------------------------------------------------------------------------------
Commercial Paper -- 3.0%
Principal
Amount
(000's
Security Omitted) Value
- --------------------------------------------------------------------------------
General Electric Capital
Corp., 6.10%, 7/1/98 $ 4,829 $ 4,829,000
- --------------------------------------------------------------------------------
Total Commercial Paper
(amortized cost, $4,829,000) $ 4,829,000
- --------------------------------------------------------------------------------
Total Investments -- 100.0%
(identified cost, $126,147,455) $161,975,077
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities-- 0.0% $ 39,485
- --------------------------------------------------------------------------------
Net Assets -- 100% $162,014,562
- --------------------------------------------------------------------------------
ADR -- American Depositary Receipt
REIT -- Real Estate Investment Trust
* Non-income producing security.
See notes to financial statements
11
<PAGE>
Growth & Income Portfolio as of June 30, 1998
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of June 30, 1998
Assets
- --------------------------------------------------------------------------------
Investments, at value
(identified cost, $126,147,455) $161,975,077
Cash 1,711
Receivable for investments sold 1,186,662
Interest and dividends receivable 212,983
Tax reclaim receivable 24,463
Deferred organization expenses 3,584
- --------------------------------------------------------------------------------
Total assets $163,404,480
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Payable for investments purchased $ 1,369,203
Payable to affiliate for Trustees' fees 5,025
Other accrued expenses 15,690
- --------------------------------------------------------------------------------
Total liabilities $ 1,389,918
- --------------------------------------------------------------------------------
Net Assets applicable to investors'
interest in Portfolio $162,014,562
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Net proceeds from capital
contributions and withdrawals $126,186,940
Net unrealized appreciation (computed
on the basis of identified cost) 35,827,622
- --------------------------------------------------------------------------------
Total $162,014,562
- --------------------------------------------------------------------------------
Statement of Operations
For the Six Months
Ended June 30, 1998
Investment Income
- --------------------------------------------------------------------------------
Dividends (net of foreign taxes, $13,896) $ 1,076,310
Interest 229,196
- --------------------------------------------------------------------------------
Total investment income $ 1,305,506
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Investment adviser fee $ 483,430
Trustees fees and expenses 10,872
Custodian fee 30,460
Legal and accounting services 13,093
Amortization of organization expenses 1,611
Miscellaneous 5,734
- --------------------------------------------------------------------------------
Total expenses $ 545,200
- --------------------------------------------------------------------------------
Net investment income $ 760,306
- --------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss)
- --------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $16,795,224
- --------------------------------------------------------------------------------
Net realized gain $16,795,224
- --------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 2,589,968
- --------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $ 2,589,968
- --------------------------------------------------------------------------------
Net realized and unrealized gain $19,385,192
- --------------------------------------------------------------------------------
Net increase in net assets from operations $20,145,498
- --------------------------------------------------------------------------------
See notes to financial statements
12
<PAGE>
Growth & Income Portfolio as of June 30, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Six Months
Ended
Increase (Decrease) June 30, 1998 Year Ended
in Net Assets (Unaudited) December 31, 1997
- --------------------------------------------------------------------------------
From operations --
Net investment income $ 760,306 $ 1,882,967
Net realized gain 16,795,224 27,091,353
Net change in unrealized
appreciation (depreciation) 2,589,968 7,613,963
- --------------------------------------------------------------------------------
Net increase in net
assets from operations $ 20,145,498 $ 36,588,283
- --------------------------------------------------------------------------------
Capital transactions --
Contributions $ 10,164,715 $ 11,266,958
Withdrawals (11,643,486) (27,470,554)
- --------------------------------------------------------------------------------
Net decrease in net
assets from capital transactions $ (1,478,771) $ (16,203,596)
- --------------------------------------------------------------------------------
Net increase in net assets $ 18,666,727 $ 20,384,687
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of period $ 143,347,835 $ 122,963,148
- --------------------------------------------------------------------------------
At end of period $ 162,014,562 $ 143,347,835
- --------------------------------------------------------------------------------
See notes to financial statements
13
<PAGE>
Growth & Income Portfolio as of June 30, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Six Months
Ended Year Ended December 31,
June 30, 1998 ------------------------------------------------
(Unaudited) 1997 1996 1995 1994*
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- ----------------------------------------------------------------------------------------------------------------------
Expenses 0.71%+ 0.73% 0.73% 0.75% 0.73%+
Net investment income 0.99%+ 1.37% 1.96% 2.30% 2.45%+
Portfolio Turnover 43% 93% 114% 108% 28%
- ----------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $162,015 $143,348 $122,963 $107,717 $85,519
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, August 1, 1994, to
December 31, 1994.
See notes to financial statements
14
<PAGE>
Growth & Income Portfolio as of June 30, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
------------------------------------------------------------------------------
Growth & Income Portfolio (the "Portfolio") (formerly Stock Portfolio) is
registered under the Investment Company Act of 1940 as a diversified open-end
investment company which was organized as a trust under the laws of the State
of New York 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 foreign or U.S. securities
exchanges or in the NASDAQ National Market System generally are valued at
closing sale prices or, if there were no sales, at the mean between the
closing bid and asked prices on the exchange where such securities are
principally traded or on such National Market System. Unlisted or listed
securities for which closing sale prices are not available are valued at the
mean between the latest available bid and asked prices on the principal market
where the security was traded. An option is valued at the last sale price as
quoted on the principal exchange or board of trade on which such option or
contract is traded or, in the absence of a sale, at the mean between the last
bid and asked prices. Futures positions on securities or currencies are
generally valued at closing settlement prices. Short-term debt securities with
a remaining maturity of 60 days or less are valued at amortized cost. If
securities were acquired with a remaining maturity of more than 60 days, their
amortized cost value will be based on their value on the sixty-first day prior
to maturity. 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, including any security
the disposition of which is restricted under the Securities Act of 1933, and
other assets will be 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. Dividend income may include
dividends that represent returns of capital for federal income tax purposes.
C Income Taxes -- The Portfolio has elected to be treated as a partnership for
United States 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. Withholding taxes on foreign
dividends and capital gains have been provided for in accordance with the
Portfolio's understanding of the applicable countries' tax rules and rates.
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 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.
F Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization are being amortized on a straight-line basis
over five years.
15
<PAGE>
Growth & Income Portfolio as of June 30, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
G Other -- Investment transactions are accounted for on a trade date basis.
H 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.
I Interim Financial Statements -- The interim financial statements relating to
June 30, 1998 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the Fund's
management, reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial statements.
2 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 at the annual rate of 5/8 of 1% of average daily net assets. For the six
months ended June 30, 1998, the fee amounted to $483,430. 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 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 portion of their annual fees in accordance with
the terms of the Trustees Deferred Compensation Plan. For the six months ended
June 30, 1998, no significant amounts have been deferred.
3 Investments Transactions
------------------------------------------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $65,831,399 and $71,221,330, respectively.
4 Federal Income Tax Basis of Investments
------------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in value of the investments
owned at June 30, 1998, as computed on a federal income tax basis, were as
follows:
Aggregate cost $ 126,147,455
------------------------------------------------------------------------------
Gross unrealized appreciation $ 39,183,325
------------------------------------------------------------------------------
Gross unrealized depreciation (3,355,703)
------------------------------------------------------------------------------
Net unrealized appreciation $ 35,827,622
------------------------------------------------------------------------------
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 banks. The Portfolio may temporarily borrow from the line of
credit to satisfy redemption requests or settle investment transactions.
Interest is charged to each portfolio or fund based on its borrowings at an
amount above the Eurodollar rate or federal funds rate. In addition, a fee
computed at an annual rate of 0.10% on the daily unused portion of the line of
credit is allocated among the participating portfolios and funds at the end of
each quarter. The Portfolio did not have any significant borrowings or
allocated fees during the period.
6 Risk Associated with Foreign Investments
------------------------------------------------------------------------------
Investing in securities issued by companies whose principal business
activities are outside the United States may involve significant risks not
present in domestic investments. For example, there is generally less publicly
available information about foreign companies, particularly those not subject
to the disclosure and reporting requirements of the U.S. securities laws.
Foreign issuers are generally not bound by uniform accounting, auditing, and
financial reporting requirements and standards of practice comparable to those
applicable to domestic issuers. Investments in foreign securities also involve
the risk of possible adverse changes in investment or exchange control
regulations, expropriation or confiscatory taxation, limitation on the removal
of funds or other assets of the Portfolio, political or financial instability
or diplomatic and other developments which could affect such investments.
Foreign stock markets, while growing in volume and sophistication, are
generally not as developed as those in
16
<PAGE>
Growth & Income Portfolio as of June 30, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
the United States, and securities of some foreign issuers (particularly those
located in developing countries) may be less liquid and more volatile than
securities of comparable U.S. companies. In general, there is less overall
governmental supervision and regulation of foreign securities markets, broker-
dealers and issuers than in the United States.
7 Name Change
------------------------------------------------------------------------------
Effective May 1, 1998, the Stock Portfolio changed its name to the Growth &
Income Portfolio.
17
<PAGE>
Growth & Income Portfolio as of June 30, 1998
INVESTMENT MANAGEMENT
Growth & Income Portfolio
Officers Independent Trustees
James B. Hawkes Donald R. Dwight
President and Trustee President, Dwight Partners, Inc.
Duncan W. Richardson Samuel L. Hayes, III
Vice President and Jacob H. Schiff Professor of Investment
Portfolio Manager Banking, Harvard University Graduate
School of Business Administration
James L. O'Connor
Treasurer Norton H. Reamer
Chairman and Chief Executive Officer,
Alan R. Dynner United Asset Management Corporation
Secretary
John L. Thorndike
Formerly Director, Fiduciary Company
Incorporated
Jack L. Treynor
Investment Adviser and Consultant
18
