<PAGE>
Stock Portfolio of December 31, 1997
PORTFOLIO OF INVESTMENTS
Common Stocks -- 93.1%
Security Shares Value
- --------------------------------------------------------------------------------
Advertising -- 0.6%
- --------------------------------------------------------------------------------
Omnicom Group, Inc. 20,000 $ 847,500
- --------------------------------------------------------------------------------
$ 847,500
- --------------------------------------------------------------------------------
Auto and Parts -- 2.4%
- --------------------------------------------------------------------------------
Magna International, Inc. Class A 55,000 $ 3,454,688
- --------------------------------------------------------------------------------
$ 3,454,688
- --------------------------------------------------------------------------------
Banks and Money Services -- 4.9%
- --------------------------------------------------------------------------------
Citicorp 10,332 $ 1,306,352
First Union Corp. 45,000 2,306,250
JP Morgan and Co., Inc. 30,000 3,386,250
- --------------------------------------------------------------------------------
$ 6,998,852
- --------------------------------------------------------------------------------
Beverages -- 0.6%
- --------------------------------------------------------------------------------
PepsiCo, Inc. 25,000 $ 910,938
- --------------------------------------------------------------------------------
$ 910,938
- --------------------------------------------------------------------------------
Communications Equipment -- 0.5%
- --------------------------------------------------------------------------------
Nokia Corp., ADR 10,000 $ 700,000
- --------------------------------------------------------------------------------
$ 700,000
- --------------------------------------------------------------------------------
Computers and Business Equipment -- 2.8%
- --------------------------------------------------------------------------------
Lexmark International Group, Inc.* 65,000 $ 2,470,000
Xerox Corp. 20,000 1,476,250
- --------------------------------------------------------------------------------
$ 3,946,250
- --------------------------------------------------------------------------------
Drugs -- 11.0%
- --------------------------------------------------------------------------------
Amgen, Inc.* 45,000 $ 2,435,625
Elan Corp., PLC, ADR* 50,000 2,559,375
Eli Lilly & Co. 60,000 4,177,500
Genzyme Corp. Class A* 50,000 1,384,375
Pfizer, Inc. 20,000 1,491,250
Warner-Lambert Co. 30,000 3,720,000
- --------------------------------------------------------------------------------
$15,768,125
- --------------------------------------------------------------------------------
Electronics - Semiconductors -- 1.0%
- --------------------------------------------------------------------------------
Intel Corp. 20,000 $ 1,405,000
- --------------------------------------------------------------------------------
$ 1,405,000
- --------------------------------------------------------------------------------
Financial - Miscellaneous -- 3.5%
- --------------------------------------------------------------------------------
Federal National Mortgage Association 65,000 $ 3,709,063
MGIC Investment Corp. 20,000 1,330,000
- --------------------------------------------------------------------------------
$ 5,039,063
- --------------------------------------------------------------------------------
Foods -- 8.2%
- --------------------------------------------------------------------------------
McCormick & Co., Inc. 130,000 $ 3,648,125
Sara Lee Corp. 60,000 3,378,750
Unilever ADR 76,000 4,745,249
- --------------------------------------------------------------------------------
$11,772,124
- --------------------------------------------------------------------------------
Health Services -- 0.6%
- --------------------------------------------------------------------------------
Trigon Healthcare, Inc.* 30,000 $ 783,750
- --------------------------------------------------------------------------------
$ 783,750
- --------------------------------------------------------------------------------
Household Products -- 2.6%
- --------------------------------------------------------------------------------
Gillette Co. 19,640 $ 1,972,593
Newell Co. 40,000 1,700,000
- --------------------------------------------------------------------------------
$ 3,672,593
- --------------------------------------------------------------------------------
Information Services -- 6.6%
- --------------------------------------------------------------------------------
Automatic Data Processing, Inc. 80,000 $ 4,909,999
Reuters Holdings PLC, ADR 60,000 3,975,000
SunGard Data Systems, Inc.* 20,000 620,000
- --------------------------------------------------------------------------------
$ 9,504,999
- --------------------------------------------------------------------------------
Insurance -- 9.5%
- --------------------------------------------------------------------------------
Allstate Corp. 44,540 $ 4,047,573
American International Group, Inc. 15,000 1,631,250
Marsh & McLennan Cos., Inc. 55,000 4,100,938
Progressive Corp. 32,000 3,836,000
- --------------------------------------------------------------------------------
$13,615,761
- --------------------------------------------------------------------------------
See notes to financial statements
14
<PAGE>
Stock Portfolio as of December 31, 1997
PORTFOLIO OF INVESTMENTS CONT'D
Security Shares Value
- --------------------------------------------------------------------------------
Leisure Equipment -- 0.6%
- --------------------------------------------------------------------------------
Sturm, Ruger & Co., Inc. 50,000 $ 921,875
- --------------------------------------------------------------------------------
$ 921,875
- --------------------------------------------------------------------------------
Medical Products -- 5.7%
- --------------------------------------------------------------------------------
Baxter International, Inc. 85,000 $ 4,287,187
Johnson & Johnson Co. 60,000 3,952,500
- --------------------------------------------------------------------------------
$ 8,239,687
- --------------------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 0.4%
- --------------------------------------------------------------------------------
Smith International, Inc.* 10,000 $ 613,750
- --------------------------------------------------------------------------------
$ 613,750
- --------------------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 5.6%
- --------------------------------------------------------------------------------
Anadarko Petroleum Corp. 25,000 $ 1,517,188
British Petroleum, PLC ADR 30,000 2,390,625
Meridian Resource Corp.* 300,000 2,868,750
USX-Marathon Group 35,000 1,181,250
- --------------------------------------------------------------------------------
$ 7,957,813
- --------------------------------------------------------------------------------
Publishing -- 4.9%
- --------------------------------------------------------------------------------
Dow Jones & Co., Inc. 70,000 $ 3,758,125
McGraw-Hill, Inc. 45,000 3,330,000
- --------------------------------------------------------------------------------
$ 7,088,125
- --------------------------------------------------------------------------------
REITS -- 5.1%
- --------------------------------------------------------------------------------
Camden Property Trust 20,000 $ 620,000
Equity Residential Properties Trust 10,000 505,625
Highwood Properties, Inc. 20,000 743,750
Liberty Property Trust, Inc. 25,000 714,063
Patriot America Hospitality, Inc. 70,000 2,016,875
Public Storage, Inc. 50,000 1,468,750
Security Capital Industrial Trust 25,000 621,875
Security Capital Pacific Trust, Inc. 25,000 606,250
- --------------------------------------------------------------------------------
$ 7,297,188
- --------------------------------------------------------------------------------
Retail - Food and Drug -- 5.6%
- --------------------------------------------------------------------------------
CVS Corp. 80,000 $ 5,124,999
Safeway, Inc.* 45,000 2,846,250
- --------------------------------------------------------------------------------
$ 7,971,249
- --------------------------------------------------------------------------------
Retail - Specialty and Apparel -- 3.7%
- --------------------------------------------------------------------------------
The Home Depot, Inc. 90,000 $ 5,298,749
- --------------------------------------------------------------------------------
$ 5,298,749
- --------------------------------------------------------------------------------
Specialty Chemicals and Materials -- 2.9%
- --------------------------------------------------------------------------------
Ecolab, Inc. 75,000 $ 4,157,813
- --------------------------------------------------------------------------------
$ 4,157,813
- --------------------------------------------------------------------------------
Telephone Utilities -- 3.8%
- --------------------------------------------------------------------------------
GTE Corp. 70,000 $ 3,657,500
SBC Communications, Inc. 25,000 1,831,250
- --------------------------------------------------------------------------------
$ 5,488,750
- --------------------------------------------------------------------------------
Total Common Stocks
(identified cost, $99,845,661) $133,454,642
- --------------------------------------------------------------------------------
Convertible Preferred Stocks -- 3.6%
Insurance -- 0.8%
- --------------------------------------------------------------------------------
Sun America, Inc., 3.188% 25,000 $ 1,164,063
- --------------------------------------------------------------------------------
$ 1,164,063
- --------------------------------------------------------------------------------
Metals - Gold -- 2.8%
- --------------------------------------------------------------------------------
Freeport McMoRan Copper & Gold,
Series CV, 5% 180,000 $ 3,903,750
- --------------------------------------------------------------------------------
$ 3,903,750
- --------------------------------------------------------------------------------
Total Convertible Preferred Stocks
(identified cost, $4,977,348) $ 5,067,813
- --------------------------------------------------------------------------------
Convertible Bonds -- 3.2%
Principal
Amount
(000's
Security Omitted) Value
- --------------------------------------------------------------------------------
INCO Ltd., 5.75%, 7/1/04 $ 3,920 $ 3,743,600
Scandinavian Broadcasting System,
7.25%, 8/1/05 840 844,200
- --------------------------------------------------------------------------------
Total Convertible Bonds
(identified cost, $5,038,992) $ 4,587,800
- --------------------------------------------------------------------------------
See notes to financial statements
15
<PAGE>
Stock Portfolio of December 31, 1997
PORTFOLIO OF INVESTMENTS CONT'D
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
- --------------------------------------------------------------------------------
Total Investments -- 99.9%
(identified cost, $109,912,001) $143,149,655
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.1% $ 198,180
- --------------------------------------------------------------------------------
Net Assets -- 100% $143,347,835
- --------------------------------------------------------------------------------
ADR -- American Depositary Receipt
REIT -- Real Estate Investment Trust
* Non-income producing security.
See notes to financial statements
16
<PAGE>
Stock Portfolio as of December 31, 1997
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
As of December 31, 1997
Assets
- --------------------------------------------------------------------------------
Investments, at value (Note 1A)
(identified cost, $109,912,001) $143,149,655
Cash 174
Interest and dividends receivable 373,245
Tax reclaim receivable 26,891
Deferred organization expenses (Note 1D) 5,195
- --------------------------------------------------------------------------------
Total assets $143,555,160
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Demand note payable (Note 5) $ 175,000
Payable to affiliate for Trustees' fees (Note 2) 2,000
Accrued expenses 30,325
- --------------------------------------------------------------------------------
Total liabilities $ 207,325
- --------------------------------------------------------------------------------
Net Assets applicable to investors' interest in Portfolio $143,347,835
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Net proceeds from capital contributions and withdrawals $110,110,181
Net unrealized appreciation of investments
(computed on the basis of identified cost) 33,237,654
- --------------------------------------------------------------------------------
Total $143,347,835
- --------------------------------------------------------------------------------
Statement of Operations
For the Year Ended
December 31, 1997
Investment Income (Note 1B)
- --------------------------------------------------------------------------------
Dividends (net of foreign taxes, $15,541) $ 2,449,371
Interest income 429,090
- --------------------------------------------------------------------------------
Total income $ 2,878,461
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Investment adviser fee (Note 2) $ 856,583
Compensation of Trustees not members of the
Investment Adviser's organization (Note 2) 8,656
Custodian fee 91,489
Legal and accounting services 30,382
Amortization of organization expenses (Note 1D) 3,266
Miscellaneous 5,118
- --------------------------------------------------------------------------------
Total expenses $ 995,494
- --------------------------------------------------------------------------------
Net investment income $ 1,882,967
- --------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
- --------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 27,030,018
Options 61,335
- --------------------------------------------------------------------------------
Net realized gain on investment transactions $ 27,091,353
- --------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 7,432,174
Options 181,789
- --------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation)
of investments $ 7,613,963
- --------------------------------------------------------------------------------
Net realized and unrealized gain on investments $ 34,705,316
- --------------------------------------------------------------------------------
Net increase in net assets from operations $ 36,588,283
- --------------------------------------------------------------------------------
See notes to financial statements
17
<PAGE>
Stock Portfolio as of December 31, 1997
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Increase (Decrease) Year Ended Year Ended
in Net Assets December 31, 1997 December 31, 1996
- --------------------------------------------------------------------------------
From operations --
Net investment income $ 1,882,967 $ 2,212,222
Net realized gain on
investment transactions 27,091,353 14,716,162
Net change in unrealized
appreciation (depreciation)
of investments 7,613,963 4,346,638
- --------------------------------------------------------------------------------
Net increase in net assets
from operations $ 36,588,283 $ 21,275,022
- --------------------------------------------------------------------------------
Capital transactions --
Contributions $ 11,266,958 $ 9,663,514
Withdrawals (27,470,554) (15,692,663)
- --------------------------------------------------------------------------------
Net decrease in net assets from
capital transactions $(16,203,596) $ (6,029,149)
- --------------------------------------------------------------------------------
Net increase in net assets $ 20,384,687 $ 15,245,873
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of year $122,963,148 $107,717,275
- --------------------------------------------------------------------------------
At end of year $143,347,835 $122,963,148
- --------------------------------------------------------------------------------
See notes to financial statements
18
<PAGE>
Stock Portfolio as of December 31, 1997
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Year Ended December 31,
-------------------------------------------------
1997 1996 1995 1994*
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ratios to average daily net assets
- ----------------------------------------------------------------------------------------------------------------------
Expenses 0.73% 0.73% 0.75% 0.73%+
Net investment income 1.37% 1.96% 2.30% 2.45%+
Portfolio Turnover 93% 114% 108% 28%
- ----------------------------------------------------------------------------------------------------------------------
Average commission rate (per share)/(1)/ $ 0.0584 $ 0.0579 $ -- $ --
- ----------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $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.
/(1)/ Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions
were charged. For fiscal years beginning on or after September 1, 1995, a
Fund is required to disclose its average commission rate per share for
security trades on which commissions were charged.
See notes to financial statements
19
<PAGE>
Stock Portfolio as of December 31, 1997
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
-----------------------------------------------------------------------------
Stock Portfolio (the 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 of
the Portfolio.
B 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 Internal Revenue Code) in order for its investors to satisfy them.
The Portfolio will allocate at least annually among its investors each
investors' distributive share of the Portfolio's net investment income, net
realized capital gains, and any other items of income, gain, loss, deduction
or credit.
C 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 in the Statement of Operations.
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 Other -- Investment transactions are accounted for on a trade date basis.
F Written Options -- The Portfolio may write call or put options for which
premiums are received and are recorded as liabilities, and are subsequently
adjusted to the current value of the options written. Premiums received from
writing options which expire are treated as realized gains. Premiums received
from writing options which are exercised or are closed are offset against the
proceeds or amount paid on the transaction to determine the realized gain or
loss. If a put option is exercised, the premium reduces the cost basis of the
securities purchased by the Portfolio. The Portfolio as a writer of an option
may have no control over whether the underlying securities may be sold (call)
or purchased (put) and as a result bears the market risk of an unfavorable
change in the price of the securities underlying the written option.
G Use of Estimates -- The preparation of the financial statements in
conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the reported
amounts of income and expenses during the reporting period. Actual results
could differ from those estimates.
20
<PAGE>
Stock Portfolio as of December 31, 1997
NOTES TO FINANCIAL STATEMENTS CONT'D
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 year ended December 31, 1997, the fee amounted to $856,583. 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 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 Investments Transactions
-----------------------------------------------------------------------------
Purchases and sales of investments, other than
short-term obligations, aggregated $122,748,987 and $129,415,241,
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 $110,023,493
-----------------------------------------------------------------------------
Gross unrealized appreciation $ 34,114,170
Gross unrealized depreciation (988,008)
-----------------------------------------------------------------------------
Net unrealized appreciation $ 33,126,162
-----------------------------------------------------------------------------
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. At December 31, 1997, the Portfolio had a balance
outstanding pursuant to this line of credit of $175,000.
6 Financial Instruments
-----------------------------------------------------------------------------
The Portfolio regularly trades in financial instruments with
off-balance-sheet risk in the normal course of its investing activities and
to assist in managing exposure to market risks such as interest rates and
foreign currency exchange rates. These financial instruments include written
options. The notional or contractual amounts of these instruments represent
the investment the Portfolio has in particular classes of financial
instruments and do 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.
A summary of obligations under these financial instruments at December 31,
1997 is as follows:
Number of
Contracts
(000's omitted) Premiums
-----------------------------------------------------------------------------
Outstanding, beginning of year 100 $ 61,335
Options expired (100) (61,335)
-----------------------------------------------------------------------------
Outstanding, end of year - $ -
-----------------------------------------------------------------------------
21
<PAGE>
Stock Portfolio as of December 31, 1997
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees and Investors
of Stock Portfolio:
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Stock
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 in the period then ended and the
supplementary data for each of the three years in the period then ended and for
the period from August 1, 1994 (start of business), to December 31, 1994. These
financial statements and supplementary data are the responsibility of the
Portfolio's management. Our responsibility is to express an opinion on these
financial statements and supplementary data based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 Stock
Portfolio, as of December 31, 1997, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended, and the supplementary data for each of the three years in the
period then ended and for the period from August 1, 1994 (start of business) to
December 31, 1994, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
February 6, 1998
22
<PAGE>
EV Stock Portfolio as of December 31, 1997
INVESTMENT MANAGEMENT
Stock Portfolio
Officers
James B. Hawkes
President and Trustee
Duncan W. Richardson
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
23
