<PAGE>
Growth Portfolio as of February 28, 1997
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks -- 95.33%
<TABLE>
<CAPTION>
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Aerospace and Defense -- 2.46%
- --------------------------------------------------------------------------------
Boeing Co. 40,000 $4,070,000
Makes the Boeing 737, 747, 757, 767, and 777
jets,which represent a variety of passenger and
cargo configurations and capabilities. Boeing's
Defense & Space Group has jointly developed the
F-22 fighter (with Lockheed Martin), the V-22
Osprey tiltrotor aircraft (Bell Helicopter Textron)
and the RAH-66 Comanche helicopter (with Sikorsky).
- --------------------------------------------------------------------------------
$4,070,000
- --------------------------------------------------------------------------------
Banks - International -- 0.93%
- --------------------------------------------------------------------------------
Banco Latinoamericano de Exportaciones 30,000 $1,533,750
This specialized multinational bank, based
in Panama City, primarily provides
short-term, trade related financing to
stockholder banks from 22 member countries
in Latin America and the Carribean.
- --------------------------------------------------------------------------------
$1,533,750
- --------------------------------------------------------------------------------
Banks - Regional -- 2.41%
- --------------------------------------------------------------------------------
Norwest Corp. 80,000 $3,980,000
Provides community banking through more than
700 branches in a 16 state region.
- --------------------------------------------------------------------------------
$3,980,000
- --------------------------------------------------------------------------------
Beverages -- 2.28%
- --------------------------------------------------------------------------------
PepsiCo, Inc. 115,000 $3,780,625
Global soft drink producer with businesses
in snack foods and fast food restaurants.
- --------------------------------------------------------------------------------
$3,780,625
- --------------------------------------------------------------------------------
Chemicals -- 3.67%
- --------------------------------------------------------------------------------
Monsanto Co. 100,000 $3,637,500
Produces a range of products for the
agricultural, home furnishings, automobile,
construction and personal care markets.
Praxair Inc. 50,000 2,431,250
The largest producer of industrial gases in
North and South America.
- --------------------------------------------------------------------------------
$6,068,750
- --------------------------------------------------------------------------------
Computers and Business Equipment -- 4.19%
- --------------------------------------------------------------------------------
Hewlett Packard Co. 40,000 $2,240,000
One of the world's most successful high tech
companies. Products include servers, computers,
and workstations for home and business.
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Computers and Business Equipment (continued)
- --------------------------------------------------------------------------------
Xerox Corp. 75,000 $4,687,500
The dominant producer of high end document
processing machines.
- --------------------------------------------------------------------------------
$6,927,500
- --------------------------------------------------------------------------------
Drugs -- 10.71%
- --------------------------------------------------------------------------------
American Home Products Corp. 40,000 $2,560,000
Leading manufacturer of prescription drugs,
medical supplies and diagnostics, as
well as agricultural herbicides, consumer
medications and branded food products.
Astra AB A Free Shares 80,000 3,840,984
Swedish based international pharmaceutical
firm with drugs for the control of ulcers
and asthma.
Elan Corp. PLC ADR1 95,000 3,289,375
Develops drug delivery systems designed to
improve and control the absorption
and utilization of pharmaceutical compounds.
Eli Lilly & Co. 50,000 4,368,750
A major U.S. drug company, researches, produces
and markets pharmaceuticals spanning the entire
drug spectrum.
Pfizer, Inc. 40,000 3,665,000
A large international ethical pharmaceutical
manufacturer with important positions in
hospital products and animal health.
- --------------------------------------------------------------------------------
$17,724,109
- --------------------------------------------------------------------------------
Electronics - Semiconductors -- 3.59%
- --------------------------------------------------------------------------------
Intel Corp. 35,000 $4,965,625
A manufacturer of semiconductors and other
microcomputer components and systems which
comprise the heart of the personal computer.
MEMC Electronic Materials, Inc. 40,000 980,000
Worldwide producer of silicon wafers used
in the production of semiconductors.
- --------------------------------------------------------------------------------
$5,945,625
- --------------------------------------------------------------------------------
Financial - Miscellaneous -- 7.69%
- --------------------------------------------------------------------------------
Federal National Mortgage Association 120,000 $4,800,000
U.S. Government sponsored mortgage lender
and provider of secondary mortgage market.
MBNA Corp. 112,500 3,600,000
Dominant issuer of MasterCard/Visa credit
cards to affinity groups.
MGIC Investment Corp. 55,000 4,324,375
The leading provider of private mortgage
insurance coverage to U.S. banks and
other mortgage suppliers.
- --------------------------------------------------------------------------------
$12,724,375
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
9
<PAGE>
Growth Portfolio as of February 28, 1997
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
<TABLE>
<CAPTION>
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Health Services -- 0.81%
- --------------------------------------------------------------------------------
Covance, Inc./1/ 21,250 $ 403,750
The second largest contract research
organization in the world offering a full
range of drug development services
to pharmaceutical and biotechnology
companies worldwide.
Quest Diagnostics, Inc./1/ 10,625 179,297
A major provider of clinical laboratory
testing services in the U.S. with over 30
regional and branch laboratories that
process more than 60 million patient
requisitions each year.
Vencor, Inc./1/ 21,900 758,288
Managers of acute long-term care hospitals.
- --------------------------------------------------------------------------------
$1,341,335
- --------------------------------------------------------------------------------
Information Services -- 7.37%
- --------------------------------------------------------------------------------
Automatic Data Processing, Inc. 80,000 $3,410,000
The leading independent computing and payroll
processing services firm in the U.S.
Ceridian Corp./*//1/ 110,000 4,303,750
Provides payroll processing and other employer
services, media and market research.
Reuters Holdings, PLC ADR 70,000 4,488,750
Worldwide provider of proprietary financial
data and information.
- --------------------------------------------------------------------------------
$12,202,500
- --------------------------------------------------------------------------------
Insurance -- 7.91%
- --------------------------------------------------------------------------------
Allstate Corp. 95,000 $6,020,625
Leading underwriter of automotive and
homeowners insurance as well as a life
insurance carrier.
General Re Corp. 25,000 4,240,625
Is the parent company of General Reinsurance,
the largest property/casualty reinsurer in the
U.S. and one of the 3 largest in the world.
Mutual Risk Management Ltd. 80,000 2,830,000
Provides risk management services to clients
seeking an alternative to traditonal
commercial insurance, particularly for
workers' compensation.
- --------------------------------------------------------------------------------
$13,091,250
- --------------------------------------------------------------------------------
Investment Services -- 2.65%
- --------------------------------------------------------------------------------
Franklin Resources, Inc. 75,000 $4,387,500
Provides investment management and related
services to a family of equity and fixed
income mutual funds.
- --------------------------------------------------------------------------------
$4,387,500
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Lodging and Gaming -- 2.05%
- --------------------------------------------------------------------------------
ITT Corp.1 60,000 $3,390,000
Operator of Sheraton hotels, Caesar's Palace
resort casinos and Madison Square Garden.
- --------------------------------------------------------------------------------
$3,390,000
- --------------------------------------------------------------------------------
Machinery -- 2.32%
- --------------------------------------------------------------------------------
Deere & Co. 90,000 $3,836,250
The largest agricultural equipment company
and also producer of earthmoving and
forestry machinery.
- --------------------------------------------------------------------------------
$3,836,250
- --------------------------------------------------------------------------------
Medical Products -- 9.04%
- --------------------------------------------------------------------------------
Baxter International, Inc. 85,000 $3,910,000
Leading U.S. maker and distributor of health
care products used in hospitals and other
medical facilities.
Boston Scientific Corp./1/ 65,000 4,306,250
Medical device manufacturer focusing
primarily on disposable products in less
invasive surgery procedures.
Sofamor Danek Group, Inc./1/ 170,000 6,736,250
The dominant supplier of spinal implant
devices used in surgical treatment of
spinal diseases and deformities.
- --------------------------------------------------------------------------------
$14,952,500
- --------------------------------------------------------------------------------
Metals and Minerals -- 5.47%
- --------------------------------------------------------------------------------
Freeport McMoran Copper & Gold, Inc. 100,000 $3,262,500
Operator of third largest copper mine in
the world with world's largest gold
reserves.
J & L Specialty Steel, Inc. 190,000 2,636,250
Manufactures flat rolled stainless steel.
The company's products are used in a
variety of industrial, commercial and
consumer products including chemical and
refining equipment, cargo containers &
beer kegs.
Potash Corp. of Saskatchewan, Inc./*/ 40,000 3,145,000
The global leader of potash production and
number three in phosphates, two of the three
components of fertilizer nutrients.
- --------------------------------------------------------------------------------
$9,043,750
- --------------------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 4.06%
- --------------------------------------------------------------------------------
Anadarko Petroleum Corp. 60,000 $3,375,000
Leading independent natural gas and crude
oil production company.
</TABLE>
See notes to financial statements.
10
<PAGE>
Growth Portfolio as of February 28, 1997
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
<TABLE>
<CAPTION>
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Oil and Gas - Exploration and
Production (continued)
- --------------------------------------------------------------------------------
Triton Energy Ltd. 80,000 $3,350,000
Independent oil and gas producer with major
developments in Colombia and Thailand.
- --------------------------------------------------------------------------------
$6,725,000
- --------------------------------------------------------------------------------
Photography -- 1.62%
- --------------------------------------------------------------------------------
Eastman Kodak Co. 30,000 $2,688,750
Largest producer of photographic products
in the world.
- --------------------------------------------------------------------------------
$2,688,750
- --------------------------------------------------------------------------------
Publishing -- 1.68%
- --------------------------------------------------------------------------------
McGraw-Hill, Inc. 53,500 $2,775,312
Supplies informational products and services
for businesses, education and industry through
a broad range of media.
- --------------------------------------------------------------------------------
$2,775,312
- --------------------------------------------------------------------------------
Retail - Food and Drug -- 2.24%
- --------------------------------------------------------------------------------
CVS Corp. 80,000 $3,700,000
Is the largest drugstore chain in the Northeast.
- --------------------------------------------------------------------------------
$3,700,000
- --------------------------------------------------------------------------------
Retail - Specialty and Apparel -- 3.41%
- --------------------------------------------------------------------------------
Home Depot, Inc. 50,000 $2,725,000
A chain of do-it-yourself warehouse style stores.
Lowes Companies 80,000 2,920,000
Operator of discount stores that cater to home
building and the home improvement market.
- --------------------------------------------------------------------------------
$5,645,000
- --------------------------------------------------------------------------------
Specialty Chemicals and Materials -- 5.21%
- --------------------------------------------------------------------------------
Corning, Inc. 85,000 $3,198,125
Manufactures specialty glass. Its consumer
products division makes Corelle dinnerware,
Corning Ware cookware, Pyrex glassware,
Serengeti sunglasses, and Steuben crystal.
Millipore Corp. 40,000 1,725,000
Products use membrane separations technology
to analyze and purify fluids for a variety of
high tech industries.
Sealed Air Corp./1/ 90,000 3,701,250
Global manufacturer of a broad line of
protective and specialty packaging
materials and systems.
- --------------------------------------------------------------------------------
$8,624,375
- --------------------------------------------------------------------------------
Transportation -- 1.56%
- --------------------------------------------------------------------------------
Southwest Airlines Co. 110,000 $2,585,000
Discount airline expanding throughout the U.S.
- --------------------------------------------------------------------------------
$2,585,000
- --------------------------------------------------------------------------------
Total Common Stocks
(identified cost $113,366,143) $157,743,256
- --------------------------------------------------------------------------------
Short-Term Investments -- 4.31%
<CAPTION>
Principal
Amount
(000 omitted) Value
- --------------------------------------------------------------------------------
<S> <C> <C>
American General Finance Corp.,
5.32%, 3/10/97 $3,146 $ 3,141,816
CIT Group Holdings, 5.40%, 3/3/97 4,000 3,998,800
- --------------------------------------------------------------------------------
Total Short-Term Investments
(identified cost $7,140,616) $ 7,140,616
- --------------------------------------------------------------------------------
Total Investments -- 99.64%
(identified cost $120,506,759) $164,883,872
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities-- 0.36% $ 592,046
- --------------------------------------------------------------------------------
Net Assets -- 100% $165,475,918
- --------------------------------------------------------------------------------
</TABLE>
ADR -- American Depositary Receipt
/1/ Non-income producing security.
/*/ Foreign Security
11
<PAGE>
Growth Portfolio as of February 28, 1997
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
As of February 28, 1997
Assets
- ----------------------------------------------------------------
<S> <C>
Investments, at value (Note 1A)
(identified cost, $120,506,759) $164,883,872
Cash 6,464
Receivable for investments sold 381,384
Dividends and interest receivable 213,025
Other assets 12,110
Deferred organization expenses (Note 1D) 7,911
- ----------------------------------------------------------------
Total assets $165,504,766
- ----------------------------------------------------------------
Liabilities
- ----------------------------------------------------------------
Payable to affiliate for Trustees' fees $ 1,922
Accrued expenses 26,926
- ----------------------------------------------------------------
Total liabilities $ 28,848
- ----------------------------------------------------------------
Net Assets applicable to investors' interest $165,475,918
in Portfolio
- ----------------------------------------------------------------
Sources of Net Assets
- ----------------------------------------------------------------
Net proceeds from capital contributions and $121,099,539
withdrawals
Net unrealized appreciation of investments
and foreign currency transactions
(computed on the basis of identified cost) 44,376,379
- ----------------------------------------------------------------
Total $165,475,918
- ----------------------------------------------------------------
<CAPTION>
Statement of Operations
For the Six Months Ended
February 28, 1997
Investment Income
- ----------------------------------------------------------------
<S> <C>
Dividends (net of foreign taxes, $347) $ 786,596
Interest 67,618
- ----------------------------------------------------------------
Total income $ 854,214
- ----------------------------------------------------------------
Expenses
- ----------------------------------------------------------------
Investment adviser fee (Note 2) $ 492,924
Compensation of Trustees not members of the
Administrator's organization (Note 2) 6,792
Custodian fee 47,372
Legal and accounting services 14,069
Amortization of organization expenses (Note 1D) 1,629
Registration fees 275
Miscellaneous 3,952
- ----------------------------------------------------------------
Total expenses $ 567,013
- ----------------------------------------------------------------
Net investment income $ 287,201
- ----------------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
- ----------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost
basis) $ 11,036,803
Foreign currency transactions (279)
- ----------------------------------------------------------------
Net realized gain on investment transactions $ 11,036,524
- ----------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 13,971,707
Foreign currency transactions (2,142)
- ----------------------------------------------------------------
Net change in unrealized appreciation of
investments $ 13,969,565
- ----------------------------------------------------------------
Net realized and unrealized gain on investments $ 25,006,089
- ----------------------------------------------------------------
Net increase in net assets from operations $ 25,293,290
- ----------------------------------------------------------------
</TABLE>
See notes to financial statements
12
<PAGE>
Growth Portfolio as of February 28, 1997
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
Increase (Decrease) February 28, 1997 Year Ended
in Net Assets (Unaudited) August 31, 1996
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment income $ 287,201 $ 1,045,595
Net realized gain on investments
and foreign currency transactions 11,036,524 15,075,037
Change in unrealized
appreciation (depreciation) 13,969,565 4,390,133
- ---------------------------------------------------------------------------------------------
Net increase in net assets
from operations $ 25,293,290 $ 20,510,765
- ---------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 6,053,597 $ 12,571,319
Withdrawals (12,602,859) (20,352,794)
- ---------------------------------------------------------------------------------------------
Net decrease in net assets from
capital transactions $ (6,549,262) $ (7,781,475)
- ---------------------------------------------------------------------------------------------
Net increase in net assets $ 18,744,028 $ 12,729,290
- ---------------------------------------------------------------------------------------------
Net Assets
- ---------------------------------------------------------------------------------------------
At beginning of period $146,731,890 $134,002,600
- ---------------------------------------------------------------------------------------------
At end of period $165,475,918 $146,731,890
- ---------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
13
<PAGE>
Growth Portfolio as of February 28, 1997
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Six Months Ended
February 28, 1997 Year Ended August 31,
(Unaudited) 1996 1995 1994*
- -----------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Expenses 0.72%+ 0.72% 0.73% 0.73%+
Net investment income 0.37%+ 0.73% 0.67% 0.66%+
Portfolio Turnover 25% 62% 84% 4%
- -----------------------------------------------------------------------------------------------------------------------
Average commission rate (per share) /(1)/ $0.0598 $ 0.0595 $ -- $ --
- -----------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000s omitted) $165,476 $146,732 $134,003 $131,536
</TABLE>
+ Annualized.
* For the period from the start of business, August 2, 1994, to August 31,
1994.
/(1)/Average commission rate paid is computed 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
14
<PAGE>
Growth Portfolio as of February 28, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
- -------------------------------------------------------------------------------
Growth Portfolio (the "Portfolio") is registered under the Investment Company
Act of 1940 as a diversified, open-end management investment company which
was organized as a trust under the laws of the State of New York on August 2,
1994, with the acquisition of investments with a value of $127,122,709,
including unrealized appreciation of $6,444,330 in exchange for an interest
in the Portfolio by one of the Portfolio's investors. The following is a
summary of the significant accounting policies of the Portfolio. The policies
are in conformity with generally accepted accounting principles.
A Investment Valuations -- Marketable securities, including options, that
are listed on foreign or U.S. securities exchanges or in the NASDAQ National
Market System are valued at closing sale prices, on the exchange where such
securities are principally traded. Futures positions on securities or
currencies are generally valued at closing settlement prices. Unlisted or
listed securities for which closing sale prices are not available are
valued at the mean between the latest bid and asked prices. Short debt
securities with a remaining maturity of 60 days or less are values at
amortized cost. 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. Investments for which valuations or market quotations are
unavailable are valued at fair value using methods determined in good faith
by or at the direction of the Trustees.
B Federal 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 individually responsible for the payment of any taxes on its
share of such income. Since some of the Portfolios' 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 Portfolios' net taxable (if any) and tax-exempt 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 Trust's understanding of the
applicable countries' tax rules and rates.
C Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolios. Pursuant to the respective custodian
agreements, IBT receives a fee reduced by the credits which are determined
based on the average daily cash balances each Portfolio maintains with IBT.
All significant credit balances used to reduce the Portfolios' custodian
fees are reflected as a reduction of operating expense on 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.
Dividend income is recorded on the ex-dividend date. 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. Interest
income is recorded on the accrual basis.
F 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 revenue 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 services rendered to the
Portfolio. The fee is based upon a percentage of average daily net assets.
For the six months ended February 28, 1997, the fee was equivalent to 0.625%
of the Portfolio's average daily net assets for such period and amounted to
$492,924. Except as to the 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 Portfolios are officers and
directors/trustees of the above organizations. Trustees of the Portfolios
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
15
<PAGE>
Growth Portfolio as of February 28, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
Trustees Deferred Compensation Plan. For the period ended February 28, 1997,
no significant amounts have been deferred.
3 Investment Transactions
- ------------------------------------------------------------------------------
Purchase and sales of investments, other than short-term obligations,
aggregated $37,486,014 and $41,881,534, respectively.
4 Federal Income Tax Basis of Investments
- ------------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in value of the
investments owned at February 28, 1997, as computed on a federal income tax
basis, were as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate cost $120,506,759
- --------------------------------------------------------------------------------
Gross unrealized appreciation $ 46,291,673
Gross unrealized depreciation (1,914,560)
- --------------------------------------------------------------------------------
Net unrealized appreciation $ 44,377,113
- --------------------------------------------------------------------------------
</TABLE>
5 Line of Credit
- -------------------------------------------------------------------------------
The Portfolios participate with other portfolios and funds managed by BMR
and EVM and its affiliates in a $120 million unsecured line of credit
agreement with a bank. The line of credit consists of a $20 million
committed facility and a $100 million discretionary facility. Borrowings
will be made by the Portfolio solely to facilitate the handling of unusual
and/or unanticipated short-term cash requirements. Interest is charged to
each portfolio based on its borrowings at an amount above either the bank's
adjusted certificate of deposit rate, a variable adjusted certificate of
deposit rate, or a federal funds effective rate. In addition, a fee computed
at an annual rate of 1/4 of 1% on the $20 million committed facility and on
the daily unused portion of the $100 million discretionary facility is
allocated among the participating funds and portfolios at the end of each
quarter. The Portfolio did not have any significant borrowings or allocated
fees during the period.
16
<PAGE>
<TABLE>
<CAPTION>
Growth Portfolio
<S> <C>
Officers Independent Trustees
James B. Hawkes Donald R. Dwight
President and Trustee President, Dwight Partners, Inc.
Chairman, Newspapers of New England, Inc.
M. Dozier Gardner
Vice President Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking,
Thomas E. Faust, Jr. Harvard University Graduate School of
Vice President and Business Administration
Portfolio Manager
Norton H. Reamer
James L. O'Connor President and Director, United Asset
Treasurer Management Corporation
Thomas Otis John L. Thorndike
Secretary Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
</TABLE>
17
