<PAGE>
Growth Portfolio as of February 28, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks -- 95.9%
Shares Value
- --------------------------------------------------------------------------------
Aerospace and Defense -- 2.0%
- --------------------------------------------------------------------------------
General Motors Corp., Class H 100,000 $ 4,143,750
Is the telecommunications and space subsidiary
of automaker General Motors.
- --------------------------------------------------------------------------------
$ 4,143,750
- --------------------------------------------------------------------------------
Auto and Parts -- 1.7%
- --------------------------------------------------------------------------------
Magna International, Inc. Class A 60,000 $ 3,630,000
Based in Canada, Magna International is a diversified
supplier of advanced automotive systems.
- --------------------------------------------------------------------------------
$ 3,630,000
- --------------------------------------------------------------------------------
Banks - International -- 0.6%
- --------------------------------------------------------------------------------
Banco Latinoamericano de Exportaciones 30,000 $ 1,224,375
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 Caribbean.
- --------------------------------------------------------------------------------
$ 1,224,375
- --------------------------------------------------------------------------------
Banks - Regional -- 3.2%
- --------------------------------------------------------------------------------
Norwest Corp. 160,000 $ 6,549,999
Provides community banking through more than
700 branches in a 16 state region.
- --------------------------------------------------------------------------------
$ 6,549,999
- --------------------------------------------------------------------------------
Beverages -- 2.0%
- --------------------------------------------------------------------------------
PepsiCo, Inc. 115,000 $ 4,204,688
Global soft drink producer with businesses
in snack foods and fast food restaurants.
- --------------------------------------------------------------------------------
$ 4,204,688
- --------------------------------------------------------------------------------
Building Materials -- 0.3%
- --------------------------------------------------------------------------------
Fastenal Co. 16,000 $ 702,000
Owns and operates more than 600 Fastenal
stores and eight distribution centers
in 48 states, Puerto Rico, and Canada
that sell products to construction and
manufacturing markets.
- --------------------------------------------------------------------------------
$ 702,000
- --------------------------------------------------------------------------------
Chemicals -- 2.4%
- --------------------------------------------------------------------------------
Monsanto Corp. 40,000 $ 2,035,000
Major chemical producer.
Praxair, Inc. 50,000 2,390,625
The largest producer of industrial gases in
North and South America.
Solutia, Inc. 20,000 546,250
Makes chemical-based products for applications as
varied as toothpaste, baked goods and windshields.
- --------------------------------------------------------------------------------
$ 4,971,875
- --------------------------------------------------------------------------------
Computers and Business Equipment -- 1.3%
- --------------------------------------------------------------------------------
Hewlett-Packard Co. 40,000 $ 2,680,000
One of the world's most successful high tech
companies. Products include servers, computers and
workstations for home and business.
- --------------------------------------------------------------------------------
$ 2,680,000
- --------------------------------------------------------------------------------
Drugs -- 13.2%
- --------------------------------------------------------------------------------
Astra AB Class A 213,333 $ 4,303,183
Swedish based international pharmaceutical firm
with drugs for the control of ulcers and asthma.
Elan Corp., PLC, ADR* 95,000 5,895,938
Develops drug delivery systems designed to
improve and control the absorption and
utilization of pharmaceutical compounds.
Eli Lilly & Co. 75,000 4,935,938
A major U.S. drug company, researches,
produces and markets pharmaceuticals spanning
the entire drug spectrum.
Pfizer, Inc. 65,000 5,752,500
A large international ethical pharmaceutical
manufacturer with important positions in
hospital products and animal health.
Warner-Lambert Co. 45,000 6,581,249
Manufactures and markets drugs, health care
products, and confectionery.
- --------------------------------------------------------------------------------
$ 27,468,808
- --------------------------------------------------------------------------------
Electronics - Semiconductors -- 4.7%
- --------------------------------------------------------------------------------
Intel Corp. 70,000 $ 6,278,125
A manufacturer of semiconductors and other
microcomputer components and systems which comprise
the heart of the personal computer.
See notes to financial statements
9
<PAGE>
Growth Portfolio as of February 28, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Shares Value
- --------------------------------------------------------------------------------
Electronics - Semiconductors (continued)
- --------------------------------------------------------------------------------
LSI Logic, Inc.* 150,000 $ 3,553,125
The "system-on-a-chip" company designs and
makes application specific integrated circuits.
- --------------------------------------------------------------------------------
$ 9,831,250
- --------------------------------------------------------------------------------
Environmental Services -- 2.0%
- --------------------------------------------------------------------------------
U.S.A. Waste Services, Inc.* 100,000 $ 4,162,500
Operator of solid-waste land fills and
collection services, integrating several
large recent acquisitions.
- --------------------------------------------------------------------------------
$ 4,162,500
- --------------------------------------------------------------------------------
Financial - Miscellaneous -- 5.2%
- --------------------------------------------------------------------------------
Federal National Mortgage Association 60,000 $ 3,828,750
U.S. Government sponsored mortgage lender and
provider of secondary mortgage market.
MBNA Corp. 93,750 3,357,422
Dominant issuer of MasterCard/Visa credit cards
to affinity groups.
MGIC Investment Corp. 50,000 3,684,375
The leading provider of private mortgage
insurance coverage to U.S. banks and other
mortgage suppliers.
- --------------------------------------------------------------------------------
$ 10,870,547
- --------------------------------------------------------------------------------
Foods -- 2.1%
- --------------------------------------------------------------------------------
Unilever ADR 68,000 $ 4,373,250
One of the world's largest packaged consumer goods
companies.
- --------------------------------------------------------------------------------
$ 4,373,250
- --------------------------------------------------------------------------------
Information Services -- 2.9%
- --------------------------------------------------------------------------------
Automatic Data Processing, Inc. 100,000 $ 6,106,250
The leading independent computing and payroll
processing services firm in the U.S.
- --------------------------------------------------------------------------------
$ 6,106,250
- --------------------------------------------------------------------------------
Insurance -- 10.8%
- --------------------------------------------------------------------------------
Allstate Corp. 65,000 $ 6,061,250
Leading underwriter of automotive and homeowners
insurance as well as a life insurance carrier.
General RE Corp. 25,000 5,325,000
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. 160,000 $ 5,120,000
Provides risk management services to clients
seeking an alternative to traditional commercial
insurance, particularly for workers' compensation.
Sunamerica, Inc. 130,000 5,890,625
A financial services company specializing in
tax deferred retirement savings plans and
investment products and services.
- --------------------------------------------------------------------------------
$ 22,396,875
- --------------------------------------------------------------------------------
Investment Services -- 4.7%
- --------------------------------------------------------------------------------
Franklin Resources, Inc. 120,000 $ 6,120,000
Provides investment management and related
services to a family of equity and fixed income
mutual funds.
Reuters Group, PLC, ADR 60,667 3,632,431
The company is a general
news agency and a financial information distributor.
- --------------------------------------------------------------------------------
$ 9,752,431
- --------------------------------------------------------------------------------
Machinery -- 1.6%
- --------------------------------------------------------------------------------
Deere & Co. 60,000 $ 3,367,500
The largest agricultural equipment company and
also producer of earthmoving and forestry machinery.
- --------------------------------------------------------------------------------
$ 3,367,500
- --------------------------------------------------------------------------------
Medical Products -- 8.2%
- --------------------------------------------------------------------------------
Baxter International, Inc. 60,000 $ 3,397,500
Leading U.S. maker and distributor of health care
products used in hospitals and other medical
facilities.
Boston Scientific Corp.* 65,000 3,883,750
Medical device manufacturer focusing primarily on
disposable products in less invasive surgery
procedures.
Sofamor Danek Group, Inc.* 130,000 9,782,499
The dominant supplier of spinal implant devices
used in surgical treatment of spinal diseases and
deformities.
- --------------------------------------------------------------------------------
$ 17,063,749
- --------------------------------------------------------------------------------
See notes to financial statements
10
<PAGE>
Growth Portfolio as of February 28, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Shares Value
- --------------------------------------------------------------------------------
Metals and Minerals -- 7.1%
- --------------------------------------------------------------------------------
Freeport McMoran Copper & Gold, Inc. 100,000 $ 1,437,500
Operator of third largest copper mine in the
world with world's largest gold reserves.
J & L Specialty Steel, Inc. 190,000 1,745,625
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.
Oregon Metallurgical* 150,000 5,175,000
Produces titanium sponge, engineered products,
ingot, mill products and castings.
Potash Corp. of Saskatchewan, Inc./1/ 40,000 3,575,000
The global leader of potash production and
number three in phosphates, two of the three
components of fertilizer nutrients.
Steel Dynamics Corp.* 150,000 2,850,000
Owns and operates a steel minimill, the first
in the world to make thin-slab/flat-rolled steel.
- --------------------------------------------------------------------------------
$ 14,783,125
- --------------------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 3.1%
- --------------------------------------------------------------------------------
Anadarko Petroleum Corp. 60,000 $ 3,870,000
Leading independent natural gas and crude oil
production company.
Triton Energy Ltd.* 80,000 2,530,000
Independent oil and gas producer with major
developments in Colombia and Thailand.
- --------------------------------------------------------------------------------
$ 6,400,000
- --------------------------------------------------------------------------------
Publishing -- 4.7%
- --------------------------------------------------------------------------------
Central Newspapers, Inc. Class A 80,000 $ 5,715,000
Publishes the Arizona Republic, the Arizona
Business Gazette, the Indianapolis Star, the
Indianapolis News, and community newspapers in
Indiana and Louisiana.
McGraw-Hill Companies, Inc. 53,500 4,045,938
Supplies informational products and services
for businesses, education and industry
through a broad range of media.
- --------------------------------------------------------------------------------
$ 9,760,938
- --------------------------------------------------------------------------------
Restaurants -- 0.2%
- --------------------------------------------------------------------------------
Tricon Global Restaurants* 11,500 $ 326,313
The former PepsiCo subsidiary that operates
PepsiCo's KFC, Pizza Hut, and Taco Bell
restaurant chains. Is #2 in world fast food sales.
- --------------------------------------------------------------------------------
$ 326,313
- --------------------------------------------------------------------------------
Retail - Food and Drug -- 4.9%
- --------------------------------------------------------------------------------
CVS Corp. 80,000 $ 5,925,000
The largest drugstore chain in the Northeast.
Safeway, Inc. 120,000 4,185,000
Is the nation's second-largest food
retailer with over 1,350 stores located in
the western regions of the U.S. and Canada.
- --------------------------------------------------------------------------------
$ 10,110,000
- --------------------------------------------------------------------------------
Retail - Specialty and Apparel -- 2.3%
- --------------------------------------------------------------------------------
Home Depot, Inc. 75,000 $ 4,785,938
A chain of do-it-yourself warehouse style stores.
- --------------------------------------------------------------------------------
$ 4,785,938
- --------------------------------------------------------------------------------
Specialty Chemicals and Materials -- 3.5%
- --------------------------------------------------------------------------------
Corning, Inc. 85,000 $ 3,453,125
Manufactures specialty glass. Its consumer products
division makes Corelle dinnerware, Corning Ware
cookware, Pyrex glassware, Serengeti sunglasses,
and Steuben crystal.
Millipore Corp. 100,000 3,781,250
Products use membrane separations technology to
analyze and purify fluids for a variety of high
tech industries.
- --------------------------------------------------------------------------------
$ 7,234,375
- --------------------------------------------------------------------------------
Transportation -- 1.2%
- --------------------------------------------------------------------------------
Southwest Airlines, Inc. 85,000 $ 2,438,438
Discount airline expanding throughout the U.S.
- --------------------------------------------------------------------------------
$ 2,438,438
- --------------------------------------------------------------------------------
Total Common Stocks
(identified cost $124,981,323) $199,338,974
- --------------------------------------------------------------------------------
See notes to financial statements
11
<PAGE>
Growth Portfolio as of February 28, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Commercial Paper -- 4.2%
Principal
Amount
(000's omitted) Value
- --------------------------------------------------------------------------------
American Express Credit $4,213 $ 4,211,682
Corp., 5.63%, 3/2/98
General Electric Capital 4,513 4,511,576
Corp., 5.68%, 3/2/98
- --------------------------------------------------------------------------------
Total Commercial Paper
(amortized cost $8,723,258) $ 8,723,258
- --------------------------------------------------------------------------------
Total Investments -- 100.1%
(identified cost $133,704,581) $ 208,062,232
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities -- (0.1)% $ (242,718)
- --------------------------------------------------------------------------------
Net Assets -- 100% $ 207,819,514
- --------------------------------------------------------------------------------
ADR -- American Depositary Receipt
* Non-income producing security.
/1/ Foreign Security.
See notes to financial statements
12
<PAGE>
Growth Portfolio as of February 28, 1998
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of February 28, 1998
Assets
- --------------------------------------------------------------------------------
Investments, at value (Note 1A)
(identified cost, $133,704,581) $ 208,062,232
Cash 2,621
Interest and dividends receivable 177,119
Tax reclaim receivable 11,470
Deferred organization expenses (Note 1D) 4,590
- --------------------------------------------------------------------------------
Total assets $ 208,258,032
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Payable for investments purchased $ 412,363
Accrued expenses 26,155
- --------------------------------------------------------------------------------
Total liabilities $ 438,518
- --------------------------------------------------------------------------------
Net Assets applicable to investors' interest in Portfolio $ 207,819,514
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Net proceeds from capital
contributions and withdrawals $ 133,463,238
Net unrealized appreciation of
investments (computed on the basis
of identified cost) 74,356,276
- --------------------------------------------------------------------------------
Total $ 207,819,514
- --------------------------------------------------------------------------------
Statement of Operations
For the Six Months Ended
February 28, 1998
Investment Income (Note 1B)
- --------------------------------------------------------------------------------
Dividends (net of foreign taxes, $15,031) $ 1,365,930
Interest income 312,852
- --------------------------------------------------------------------------------
Total income $ 1,678,782
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Investment adviser fee (Note 2) $ 602,735
Custodian fee (Note 1C) 33,477
Legal and accounting services 9,887
Amortization of organization expenses (Note 1D) 1,665
Miscellaneous 29,977
- --------------------------------------------------------------------------------
Total expenses $ 677,741
- --------------------------------------------------------------------------------
Net investment income $ 1,001,041
- --------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
- --------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 16,647,111
- --------------------------------------------------------------------------------
Net realized gain on investment transactions $ 16,647,111
- --------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 11,478,129
Foreign currency (166)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation
(depreciation) of investments $ 11,477,963
- --------------------------------------------------------------------------------
Net realized and unrealized gain on investments $ 28,125,074
- --------------------------------------------------------------------------------
Net increase in net assets from operations $ 29,126,115
- --------------------------------------------------------------------------------
See notes to financial statements
13
<PAGE>
Growth Portfolio as of February 28, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Six Months Ended
Increase (Decrease) February 28, 1998 Year Ended
in Net Assets (Unaudited) August 31, 1997
- --------------------------------------------------------------------------------
From operations --
Net investment income $ 1,001,041 $ 793,297
Net realized gain on
investment transactions 16,647,111 13,698,858
Net change in unrealized
appreciation (depreciation)
of investments 11,477,963 32,471,499
- --------------------------------------------------------------------------------
Net increase in net assets
from operations $ 29,126,115 $ 46,963,654
- --------------------------------------------------------------------------------
Capital transactions --
Contributions $ 10,009,106 $ 12,015,988
Withdrawals (11,100,453) (25,926,786)
- --------------------------------------------------------------------------------
Net decrease in net assets from
capital transactions $ (1,091,347) $(13,910,798)
- --------------------------------------------------------------------------------
Net increase in net assets $ 28,034,768 $ 33,052,856
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of period $179,784,746 $146,731,890
- --------------------------------------------------------------------------------
At end of period $207,819,514 $179,784,746
- --------------------------------------------------------------------------------
See notes to financial statements
14
<PAGE>
Growth Portfolio as of February 28, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Six Months Ended Year Ended August 31,
February 28, 1998 -----------------------------------------------------
(Unaudited) 1997 1996 1995 1994*
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Ratios to average daily net assets
- ---------------------------------------------------------------------------------------------------------------------------------
Expenses 0.71%+ 0.72% 0.72% 0.73% 0.73%+
Net investment income 1.06%+ 0.48% 0.73% 0.67% 0.66%+
Portfolio Turnover 23% 28% 62% 84% 4%
- ---------------------------------------------------------------------------------------------------------------------------------
Average commission rate (per share)/(1)/ $0.0572 $0.0599 $0.0595 $ -- $ --
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $207,820 $179,785 $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 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
15
<PAGE>
Growth Portfolio as of February 28, 1998
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-term debt
securities with a remaining maturity of 60 days or less are valued 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 Portfolio. Pursuant to the custodian agreement, IBT receives
a fee reduced by the 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 reflected as a
reduction of operating expenses 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.
G Interim Financial Information -- The interim financial statements relating
to February 28, 1998 and for the six-month period then ended have not been
audited by independent certified public accountants, but in the opinion of
the Fund's management, reflect all adjustments, consisting only of normal
recurring adjustments necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
-----------------------------------------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to the Portfolio.
The fee is based upon a
16
<PAGE>
Growth Portfolio as of February 28, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
percentage of average daily net assets. For the period ended February 28,
1998, the fee was equivalent to 0.625% of the Portfolio's average daily net
assets for such period and amounted to $602,735. 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
Portfolio are officers and directors/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
period ended February 28, 1998, no significant amounts have been deferred.
3 Investment Transactions
-----------------------------------------------------------------------------
Purchase and sales of investments, other than short-term obligations,
aggregated $42,760,532 and $41,334,813, respectively.
4 Federal Income Tax Basis of Investments
-----------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in value of the investments
owned at February 28, 1998, as computed on a federal income tax basis, were
as follows:
Aggregate cost $133,704,581
-----------------------------------------------------------------------------
Gross unrealized appreciation $ 80,896,487
Gross unrealized depreciation (6,540,211)
-----------------------------------------------------------------------------
Net unrealized appreciation $ 74,356,276
-----------------------------------------------------------------------------
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 banks' adjusted certificate of deposit rate, 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
ended February 28, 1998.
17
<PAGE>
Growth Portfolio as of February 28, 1998
INVESTMENT MANAGEMENT
Growth Portfolio
Officers
James B. Hawkes
President and Trustee
M. Dozier Gardner
Vice President
Thomas E. Faust, Jr.
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
18
