<PAGE>
GROWTH & INCOME PORTFOLIO AS OF DECEMBER 31, 1999
PORTFOLIO OF INVESTMENTS
<TABLE>
<S> <C> <C>
COMMON STOCKS -- 99.5%
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Advertising -- 2.3%
- -----------------------------------------------------------------------
Omnicom Group, Inc. 40,000 $ 4,000,000
- -----------------------------------------------------------------------
$ 4,000,000
- -----------------------------------------------------------------------
Aerospace and Defense -- 1.4%
- -----------------------------------------------------------------------
General Motors Corp., Class H(1) 25,000 $ 2,400,000
- -----------------------------------------------------------------------
$ 2,400,000
- -----------------------------------------------------------------------
Banks - Regional -- 3.4%
- -----------------------------------------------------------------------
Banc One Corp. 80,000 $ 2,565,000
Mellon Financial Corp. 100,000 3,406,250
- -----------------------------------------------------------------------
$ 5,971,250
- -----------------------------------------------------------------------
Beverages -- 2.0%
- -----------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 50,000 $ 3,543,750
- -----------------------------------------------------------------------
$ 3,543,750
- -----------------------------------------------------------------------
Broadcasting and Cable -- 2.1%
- -----------------------------------------------------------------------
Sinclair Broadcast Group, Inc., Class
A(1) 300,000 $ 3,660,930
- -----------------------------------------------------------------------
$ 3,660,930
- -----------------------------------------------------------------------
Chemicals -- 1.8%
- -----------------------------------------------------------------------
Monsanto Co. 90,000 $ 3,206,250
- -----------------------------------------------------------------------
$ 3,206,250
- -----------------------------------------------------------------------
Communications Services -- 4.8%
- -----------------------------------------------------------------------
Alltel Corp. 60,000 $ 4,961,250
GTE Corp. 50,000 3,528,125
- -----------------------------------------------------------------------
$ 8,489,375
- -----------------------------------------------------------------------
Computers and Business Equipment -- 4.1%
- -----------------------------------------------------------------------
Lexmark International Group, Inc.(1) 55,000 $ 4,977,500
Xerox Corp. 100,000 2,268,750
- -----------------------------------------------------------------------
$ 7,246,250
- -----------------------------------------------------------------------
Consumer Non-Durables -- 1.1%
- -----------------------------------------------------------------------
Kimberly-Clark Corp. 30,000 $ 1,957,500
- -----------------------------------------------------------------------
$ 1,957,500
- -----------------------------------------------------------------------
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Drugs -- 2.1%
- -----------------------------------------------------------------------
American Home Products Corp. 60,000 $ 2,366,250
Lilly (Eli) & Co. 20,000 1,330,000
- -----------------------------------------------------------------------
$ 3,696,250
- -----------------------------------------------------------------------
Electric Utilities -- 3.1%
- -----------------------------------------------------------------------
Cinergy Corp. 80,000 $ 1,930,000
DQE, Inc. 40,000 1,385,000
TECO Energy, Inc. 120,000 2,227,500
- -----------------------------------------------------------------------
$ 5,542,500
- -----------------------------------------------------------------------
Financial - Miscellaneous -- 3.7%
- -----------------------------------------------------------------------
Associates First Capital Corp. 135,000 $ 3,704,062
Federal National Mortgage Association 45,000 2,809,687
- -----------------------------------------------------------------------
$ 6,513,749
- -----------------------------------------------------------------------
Foods -- 4.7%
- -----------------------------------------------------------------------
Flowers Industries, Inc. 200,000 $ 3,187,500
Nabisco Holdings Corp., Class A 75,000 2,371,875
Ralston Purina Group 100,000 2,787,500
- -----------------------------------------------------------------------
$ 8,346,875
- -----------------------------------------------------------------------
Household Products -- 4.4%
- -----------------------------------------------------------------------
Clorox Co. (The) 65,000 $ 3,274,375
Unilever ADR 82,500 4,491,094
- -----------------------------------------------------------------------
$ 7,765,469
- -----------------------------------------------------------------------
Information Services -- 2.1%
- -----------------------------------------------------------------------
Automatic Data Processing, Inc. 70,000 $ 3,771,250
- -----------------------------------------------------------------------
$ 3,771,250
- -----------------------------------------------------------------------
Insurance -- 4.7%
- -----------------------------------------------------------------------
American International Group, Inc. 20,983 $ 2,268,787
Marsh & McLennan Cos., Inc. 50,000 4,784,375
UnumProvident Corp. 40,000 1,282,500
- -----------------------------------------------------------------------
$ 8,335,662
- -----------------------------------------------------------------------
Investment Services -- 1.2%
- -----------------------------------------------------------------------
Merrill Lynch & Co., Inc. 25,000 $ 2,087,500
- -----------------------------------------------------------------------
$ 2,087,500
- -----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
GROWTH & INCOME PORTFOLIO AS OF DECEMBER 31, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Lodging and Gaming -- 6.3%
- -----------------------------------------------------------------------
Harrah's Entertainment, Inc.(1) 140,000 $ 3,701,250
Mandalay Resort Group(1) 200,000 4,025,000
Park Place Entertainment Corp.(1) 275,000 3,437,500
- -----------------------------------------------------------------------
$ 11,163,750
- -----------------------------------------------------------------------
Machinery -- 0.4%
- -----------------------------------------------------------------------
Pentair, Inc. 19,000 $ 731,500
- -----------------------------------------------------------------------
$ 731,500
- -----------------------------------------------------------------------
Medical Products -- 2.2%
- -----------------------------------------------------------------------
Abbott Laboratories 30,000 $ 1,089,375
Johnson & Johnson Co. 30,000 2,793,750
- -----------------------------------------------------------------------
$ 3,883,125
- -----------------------------------------------------------------------
Metals - Gold -- 1.2%
- -----------------------------------------------------------------------
Barrick Gold Corp. 125,000 $ 2,210,937
- -----------------------------------------------------------------------
$ 2,210,937
- -----------------------------------------------------------------------
Metals - Industrial -- 5.5%
- -----------------------------------------------------------------------
Alcan Aluminum Ltd. 110,000 $ 4,530,625
Phelps Dodge Corp. 20,000 1,342,500
Stillwater Mining Co.(1) 120,000 3,825,000
- -----------------------------------------------------------------------
$ 9,698,125
- -----------------------------------------------------------------------
Oil - Integrated -- 1.0%
- -----------------------------------------------------------------------
BP Amoco PLC, ADR 30,000 $ 1,779,375
- -----------------------------------------------------------------------
$ 1,779,375
- -----------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 3.1%
- -----------------------------------------------------------------------
Halliburton Co. 55,000 $ 2,213,750
Precision Drilling Corp.(1) 130,000 3,339,375
- -----------------------------------------------------------------------
$ 5,553,125
- -----------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 3.7%
- -----------------------------------------------------------------------
Apache Corp. 110,000 $ 4,063,125
Devon Energy Corp. 75,000 2,465,625
- -----------------------------------------------------------------------
$ 6,528,750
- -----------------------------------------------------------------------
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Printing and Business Products -- 2.9%
- -----------------------------------------------------------------------
Valassis Communications, Inc.(1) 120,000 $ 5,070,000
- -----------------------------------------------------------------------
$ 5,070,000
- -----------------------------------------------------------------------
Publishing -- 1.7%
- -----------------------------------------------------------------------
McGraw-Hill Companies, Inc. (The) 50,000 $ 3,081,250
- -----------------------------------------------------------------------
$ 3,081,250
- -----------------------------------------------------------------------
REITS -- 2.4%
- -----------------------------------------------------------------------
Equity Office Properties Trust 100,000 $ 2,462,500
Spieker Properties, Inc. 50,000 1,821,875
- -----------------------------------------------------------------------
$ 4,284,375
- -----------------------------------------------------------------------
Retail - Food and Drug -- 3.8%
- -----------------------------------------------------------------------
CVS Corp. 80,000 $ 3,195,000
Safeway, Inc.(1) 100,000 3,556,250
- -----------------------------------------------------------------------
$ 6,751,250
- -----------------------------------------------------------------------
Retail - Specialty and Apparel -- 5.8%
- -----------------------------------------------------------------------
Circuit City Stores-Circuit City Group 75,000 $ 3,379,688
Mens Wearhouse, Inc. (The)(1) 125,000 3,671,875
TJX Companies, Inc. (The) 160,000 3,270,000
- -----------------------------------------------------------------------
$ 10,321,563
- -----------------------------------------------------------------------
Specialty Chemicals and Materials -- 2.8%
- -----------------------------------------------------------------------
Bemis Co., Inc. 50,000 $ 1,743,750
Ecolab, Inc. 80,000 3,130,000
- -----------------------------------------------------------------------
$ 4,873,750
- -----------------------------------------------------------------------
Telecommunications Services -- 0.9%
- -----------------------------------------------------------------------
Sprint Corp. 25,000 $ 1,682,813
- -----------------------------------------------------------------------
$ 1,682,813
- -----------------------------------------------------------------------
Telephone Utilities -- 5.6%
- -----------------------------------------------------------------------
Bell Atlantic Corp. 30,000 $ 1,846,875
BellSouth Corp. 40,000 1,872,500
SBC Communications, Inc. 91,320 4,451,850
US West, Inc. 25,000 1,800,000
- -----------------------------------------------------------------------
$ 9,971,225
- -----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
GROWTH & INCOME PORTFOLIO AS OF DECEMBER 31, 1999
PORTFOLIO OF INVESTMENTS CONT'D
<TABLE>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Transportation -- 1.2%
- -----------------------------------------------------------------------
FDX Corp.(1) 50,000 $ 2,046,875
- -----------------------------------------------------------------------
$ 2,046,875
- -----------------------------------------------------------------------
Total Common Stocks
(identified cost $146,837,768) $176,166,348
- -----------------------------------------------------------------------
CORPORATE BONDS -- 0.0%
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
H. P. Hood & Son, 7.50%, 2/1/01(2) $ 50 $ 41,000
- -----------------------------------------------------------------------
Total Corporate Bonds
(identified cost, $50,000) $ 41,000
- -----------------------------------------------------------------------
COMMERCIAL PAPER -- 0.4%
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
SBC Communications, Inc., 4.70%, 1/3/00 $ 633 $ 632,752
- -----------------------------------------------------------------------
Total Commercial Paper
(at amortized cost, $632,752) $ 632,752
- -----------------------------------------------------------------------
Total Investments -- 99.9%
(identified cost $147,520,520) $176,840,100
- -----------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.1% $ 207,346
- -----------------------------------------------------------------------
Net Assets -- 100.0% $177,047,446
- -----------------------------------------------------------------------
</TABLE>
ADR - American Depositary Receipt
REIT - Real Estate Investment Trust
(1) Non-income producing security.
(2) Security valued at fair value using methods determined in good faith by or
at the direction of the Trustees.
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
GROWTH & INCOME PORTFOLIO AS OF DECEMBER 31, 1999
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF DECEMBER 31, 1999
<S> <C>
Assets
- ------------------------------------------------------
Investments, at value (identified cost,
$147,520,520) $176,840,100
Cash 1,790
Interest and dividends receivable 223,358
Tax reclaim receivable 2,598
- ------------------------------------------------------
TOTAL ASSETS $177,067,846
- ------------------------------------------------------
Liabilities
- ------------------------------------------------------
Payable to affiliate for Trustees' fees $ 4,329
Accrued expenses 16,071
- ------------------------------------------------------
TOTAL LIABILITIES $ 20,400
- ------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $177,047,446
- ------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $147,727,866
Net unrealized appreciation (computed on
the basis of identified cost) 29,319,580
- ------------------------------------------------------
TOTAL $177,047,446
- ------------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
DECEMBER 31, 1999
<S> <C>
Investment Income
- ------------------------------------------------------
Dividends (net of foreign taxes,
$117,108) $ 2,727,411
Interest 311,358
Miscellaneous 9,686
- ------------------------------------------------------
TOTAL INVESTMENT INCOME $ 3,048,455
- ------------------------------------------------------
Expenses
- ------------------------------------------------------
Investment adviser fee $ 1,121,768
Trustees' fees and expenses 15,612
Custodian fee 104,361
Legal and accounting services 28,163
Amortization of organization expenses 1,946
Miscellaneous 5,394
- ------------------------------------------------------
TOTAL EXPENSES $ 1,277,244
- ------------------------------------------------------
NET INVESTMENT INCOME $ 1,771,211
- ------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 30,011,809
- ------------------------------------------------------
NET REALIZED GAIN $ 30,011,809
- ------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(25,613,190)
- ------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(25,613,190)
- ------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 4,398,619
- ------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 6,169,830
- ------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
19
<PAGE>
GROWTH & INCOME PORTFOLIO AS OF DECEMBER 31, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Increase (Decrease) YEAR ENDED YEAR ENDED
in Net Assets DECEMBER 31, 1999 DECEMBER 31, 1998
<S> <C> <C>
- ------------------------------------------------------------------------------
From operations --
Net investment income $ 1,771,211 $ 1,473,633
Net realized gain 30,011,809 8,344,503
Net change in unrealized
appreciation (depreciation) (25,613,190) 21,695,116
- ------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 6,169,830 $ 31,513,252
- ------------------------------------------------------------------------------
Capital transactions --
Contributions $ 27,839,161 $ 19,532,064
Withdrawals (28,078,305) (23,276,391)
- ------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (239,144) $ (3,744,327)
- ------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 5,930,686 $ 27,768,925
- ------------------------------------------------------------------------------
Net Assets
- ------------------------------------------------------------------------------
At beginning of year $ 171,116,760 $ 143,347,835
- ------------------------------------------------------------------------------
AT END OF YEAR $ 177,047,446 $ 171,116,760
- ------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
20
<PAGE>
GROWTH & INCOME PORTFOLIO AS OF DECEMBER 31, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
------------------------------------------------
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------
Expenses 0.71% 0.72% 0.73% 0.73% 0.75%
Net investment income 0.99% 0.95% 1.37% 1.96% 2.30%
Portfolio Turnover 126% 95% 93% 114% 108%
- --------------------------------------------------------------------------------
NET ASSETS, END OF YEAR
(000'S OMITTED) $177,047 $171,117 $143,348 $122,963 $107,717
- --------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
21
<PAGE>
GROWTH & INCOME PORTFOLIO AS OF DECEMBER 31, 1999
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
- -------------------------------------------
Growth & Income 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 Valuation -- 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 one of the Portfolio's investors is a regulated investment
company that invests all or substantially all of its 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 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 year ended
December 31, 1999, $228 credit balances were used to reduce the Portfolio's
custodian fee.
E Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its oganization were amortized on the straight-line basis
over five years and are fully amortized at December 31, 1999.
F Other -- Investment transactions are accounted for on a trade date basis.
Realized gains and losses are computed based on the specific identification
of the securities sold.
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 expense during the reporting period. Actual results could
differ from those estimates.
2 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory
22
<PAGE>
GROWTH & INCOME PORTFOLIO AS OF DECEMBER 31, 1999
NOTES TO FINANCIAL STATEMENTS CONT'D
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, 1999, the fee
amounted to $1,121,768. 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. 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 year ended December 31, 1999, no significant
amounts have been deferred.
3 Investment Transactions
- -------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $223,649,762 and $218,558,679, respectively, for the year ended
December 31, 1999.
4 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at December 31, 1999, as computed on a federal income tax
basis, were as follows:
<TABLE>
<S> <C>
AGGREGATE COST $147,520,520
------------------------------------------------------
Gross unrealized appreciation $ 34,485,375
Gross unrealized depreciation (5,165,795)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 29,319,580
------------------------------------------------------
</TABLE>
5 Line of Credit
- -------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 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.
23
<PAGE>
GROWTH & INCOME PORTFOLIO DECEMBER 31, 1999
INDEPENDENT ACCOUNTANTS' REPORT
TO THE TRUSTEES AND INVESTORS OF GROWTH & INCOME PORTFOLIO
- ---------------------------------------------
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and supplementary data present fairly, in all material
respects, the financial position of Growth & Income Portfolio (the "Portfolio")
at December 31, 1999, and the results of its operations, the changes in its net
assets and the supplementary data for the periods indicated, in conformity with
accounting principles generally accepted in the United States. These financial
statements and supplementary data (hereafter referred to as "financial
statements") are the responsibility of the Portfolio's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States which require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at December 31, 1999 by correspondence with the custodian, provide
a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
January 31, 2000
24
<PAGE>
EATON VANCE GROWTH & INCOME FUND AS OF DECEMBER 31, 1999
INVESTMENT MANAGEMENT
GROWTH & INCOME PORTFOLIO
Officers
James B. Hawkes
President and Trustee
Michael R. Mach
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 and Chief Executive Officer,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
25
