<PAGE>
GROWTH PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMON STOCKS -- 93.7%
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Banks - International -- 0.4%
- -----------------------------------------------------------------------
Banco Latinoamericano de Exportaciones 30,000 $ 759,375
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.
- -----------------------------------------------------------------------
$ 759,375
- -----------------------------------------------------------------------
Banks and Money Services -- 1.5%
- -----------------------------------------------------------------------
Metris Companies, Inc. 110,556 $ 2,860,637
An information based direct marketer of
consumer credit products and fee-based
services primarily to moderate
income consumers.
- -----------------------------------------------------------------------
$ 2,860,637
- -----------------------------------------------------------------------
Beverages -- 0.5%
- -----------------------------------------------------------------------
Seagrams Co. Ltd. 17,500 $ 1,028,125
Operates spirits and wine entertainment
businesses worldwide.
- -----------------------------------------------------------------------
$ 1,028,125
- -----------------------------------------------------------------------
Broadcasting and Cable -- 0.4%
- -----------------------------------------------------------------------
Cablevision Systems Corp.(1) 12,000 $ 770,250
Provides telecommunications and
entertainment services.
- -----------------------------------------------------------------------
$ 770,250
- -----------------------------------------------------------------------
Business Services - Miscellaneous -- 6.2%
- -----------------------------------------------------------------------
Complete Business Solutions, Inc.(1) 42,000 $ 834,750
Provides information technology services
to large and mid-size organizations.
Concord EFS, Inc.(1) 312,500 6,113,281
Provides electronic transaction
authorization, processing, settlement
and funds transfer services across the
United States.
Critical Path, Inc.(1) 6,000 516,750
Provides e-mail hosting services to a
variety of organizations.
Heidrick and Struggles International,
Inc.(1) 27,500 1,127,500
Executive search firm with operations
around the world.
Interim Services, Inc.(1) 50,000 1,246,875
Capital management company that
maximizes talent, processes and
technology for client organizations
seeking increased efficiency.
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Business Services - Miscellaneous (continued)
- -----------------------------------------------------------------------
Manpower, Inc. 55,000 $ 1,797,812
Provides non-governmental employment
services through offices located around
the world.
- -----------------------------------------------------------------------
$ 11,636,968
- -----------------------------------------------------------------------
Commercial Services -- 0.7%
- -----------------------------------------------------------------------
META Group, Inc.(1) 45,227 $ 1,402,037
Provides information technology (IT)
research and analyst consultation
services relevant to its clients
specific needs.
- -----------------------------------------------------------------------
$ 1,402,037
- -----------------------------------------------------------------------
Communications Services -- 2.2%
- -----------------------------------------------------------------------
MCI Worldcom, Inc.(1) 83,444 $ 3,723,688
Provides consumers and businesses with
local, long distance internet, data, and
international communications services.
Via Networks, Inc.(1) 5,000 330,156
Provides internet access and services
focused on small and mid-sized
businesses in Europe and Latin America.
- -----------------------------------------------------------------------
$ 4,053,844
- -----------------------------------------------------------------------
Computer Software -- 7.5%
- -----------------------------------------------------------------------
Accrue Software, Inc.(1) 25,000 $ 1,173,437
Provides Internet data collection and
analysis software.
Computer Associates International, Inc. 13,000 836,062
Designs, develops, markets, licenses and
supports standardized computer
software products.
Legato Systems, Inc.(1) 30,000 1,067,814
Develops, markets, and supports network
storage management software products for
heterogeneous client/server computing
environments and large
scale enterprises.
Microsoft Corp.(1) 84,000 7,507,500
Develops, manufactures, licenses, sells,
and supports software products.
MTI Technology Corp.(1) 50,000 2,621,875
Provides high-performance data storage
management solutions for the open
systems market.
Tecnomatix Technologies Ltd.(1) 20,000 918,750
Israeli company concentrating in
computer aided production
equipment technology.
- -----------------------------------------------------------------------
$ 14,125,438
- -----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
GROWTH PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Computer Software - Services -- 0.5%
- -----------------------------------------------------------------------
NCR Corp.(1) 25,000 $ 948,437
Provides information technology
hardware, software, and consulting and
support services.
- -----------------------------------------------------------------------
$ 948,437
- -----------------------------------------------------------------------
Computers and Business Equipment -- 2.5%
- -----------------------------------------------------------------------
Dell Computer Corp.(1) 70,000 $ 2,856,875
Designs, develops, manufactures,
markets, services and supports a variety
of computer systems.
EMC Corp.(1) 8,000 952,000
Provides enterprise storage systems,
software, networks, and services.
Pitney Bowes, Inc. 20,000 990,000
Sells and finances mailing equipment and
related supplies as well as rents
postage meters.
- -----------------------------------------------------------------------
$ 4,798,875
- -----------------------------------------------------------------------
Consumer Services -- 4.1%
- -----------------------------------------------------------------------
H&R Block, Inc. 177,000 $ 7,765,875
Provides a wide range of financial
products and services through
its subsidiaries.
- -----------------------------------------------------------------------
$ 7,765,875
- -----------------------------------------------------------------------
Distribution -- 1.9%
- -----------------------------------------------------------------------
Cardinal Health, Inc. 87,745 $ 3,619,481
Provides complementary products and
services to health care providers
and manufacturers.
- -----------------------------------------------------------------------
$ 3,619,481
- -----------------------------------------------------------------------
Drugs -- 9.8%
- -----------------------------------------------------------------------
Alpharma, Inc. 58,963 $ 2,041,594
Develops, manufactures, and markets
specialty generic and proprietary human
pharmaceutical and animal
health products.
Biovail Corp. International(1) 9,400 620,400
International, fully-integrated
pharmaceutical company that develops,
tests and manufactures drugs.
Bristol-Myers Squibb Co. 46,803 2,658,995
Diversified worldwide health and
personal care company that manufactures
medicines and other products.
Elan Corp., PLC ADR(1) 177,000 7,279,125
Develops drug delivery systems designed
to improve and control the absorption
and utilization of
pharmaceutical compounds.
ICN Pharmaceuticals, Inc. 1,000 19,875
Manufactures and markets a variety of
prescription and
non-prescriptions pharmaceuticals.
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Drugs (continued)
- -----------------------------------------------------------------------
Lilly (Eli) & Co. 36,963 $ 2,196,988
Discovers, develops, manufactures, and
sells pharmaceutical products for humans
and animals.
Sepracor, Inc.(1) 12,000 1,216,500
Develops and markets drugs designed to
be safer, purer, and more effective
versions of existing pharmaceuticals.
Teva Pharmaceutical Industries Ltd. 55,278 2,383,864
Fully integrated pharmaceutical company
producing drugs in all major
therapeutic categories.
- -----------------------------------------------------------------------
$ 18,417,341
- -----------------------------------------------------------------------
Electric Utilities -- 0.2%
- -----------------------------------------------------------------------
Avista Corp. 15,000 $ 450,937
Energy services company with utility and
subsidiary operations located through
North America.
- -----------------------------------------------------------------------
$ 450,937
- -----------------------------------------------------------------------
Electronic Components - Instruments -- 2.7%
- -----------------------------------------------------------------------
Intersil Holding Corp. 2,000 $ 118,750
Designs and manufactures analog and
digital integrated circuits and discrete
semiconductors for the communications
and power management end-user markets.
KEMET Corp.(1) 39,500 2,426,781
Manufactures and sells solid tantalum
and multilayer ceramic capacitors.
Koninklijke (Royal) Philips Electric.
N.V. 13,000 2,489,500
Manufactures lighting, consumer
electronics, multimedia devices,
domestic appliances and personal care
items, semiconductors medical devices,
communication systems and
industrial electronics.
- -----------------------------------------------------------------------
$ 5,035,031
- -----------------------------------------------------------------------
Electronics - Instruments -- 3.4%
- -----------------------------------------------------------------------
Mechanical Technology, Inc.(1) 7,000 $ 475,782
Manufactures advanced products that
combine sensing capabilities with
proprietary software to serve a variety
of applications.
SCI Systems, Inc.(1) 16,800 676,200
Designs, manufactures, markets,
distributes, and services
electronic products.
Three-Five Systems, Inc.(1) 50,000 3,068,750
Designs and manufactures display modules
for use in the end products of original
equipment manufacturers.
Waters Corp.(1) 22,000 2,157,375
Provides high-performance liquid
chromatography products and services.
- -----------------------------------------------------------------------
$ 6,378,107
- -----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
GROWTH PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Electronics - Semiconductors -- 7.9%
- -----------------------------------------------------------------------
Intel Corp. 40,000 $ 4,520,000
A manufacturer of semiconductors and
other microcomputer components which
comprise the heart of the
personal computer.
Motorola, Inc. 10,500 1,790,250
Provides integrated communications
solutions and embedded
electronic solutions.
National Semiconductor Corp.(1) 113,000 8,489,125
Designs, develops, manufactures and
markets a wide variety of
semiconductor products.
- -----------------------------------------------------------------------
$ 14,799,375
- -----------------------------------------------------------------------
Entertainment -- 0.5%
- -----------------------------------------------------------------------
Hollywood Entertainment Corp.(1) 100,000 $ 1,025,000
Owns and operates video
retail superstores.
- -----------------------------------------------------------------------
$ 1,025,000
- -----------------------------------------------------------------------
Health Services -- 2.6%
- -----------------------------------------------------------------------
Caremark Rx, Inc.(1) 300,000 $ 1,350,000
Provides pharmaceutical services in the
United States.
Express Scripts, Inc.(1) 32,000 1,474,000
A full service pharmacy benefit
management and specialty managed care
company serving clients through
North America.
MedQuist, Inc.(1) 80,000 2,060,000
Provides electronic transcription and
health information management solutions
to the health care industry.
- -----------------------------------------------------------------------
$ 4,884,000
- -----------------------------------------------------------------------
Information Services -- 3.6%
- -----------------------------------------------------------------------
Affiliated Computer Services, Inc.,
Class A(1) 40,000 $ 1,266,876
Nationwide provider of information
processing services.
Banyan Systems, Inc.(1) 75,000 2,493,750
Designs, develops and markets networking
directory and messaging products and
services that help people to communicate
across networks, intranets and
the Internet.
Lante Corp.(1) 2,750 219,484
Internet services company, develops
technology-based solutions for
electronic markets.
Lycos, Inc.(1) 12,500 745,312
Develops and provides guides to online
content, third party content, Web search
and directory services, and community
and personalization services.
Matrix One, Inc.(1) 500 12,500
A provider of Internet business
collaboration software that facilitates
collaboration among different depts and
geographical locations of
global organizations.
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Information Services (continued)
- -----------------------------------------------------------------------
net.Genesis Corp.(1) 750 $ 13,500
Provides software and professional
services that help customers improve
their online business.
Unisys Corp.(1) 65,000 1,945,938
Provides information technology
solutions to customers located
throughout the world.
- -----------------------------------------------------------------------
$ 6,697,360
- -----------------------------------------------------------------------
Information Technology -- 2.2%
- -----------------------------------------------------------------------
Audiovox Corp.(1) 20,000 $ 1,285,000
Markets and supplies a diverse line of
portable and vehicle cellular telephones
and accessories.
DigitalThink, Inc.(1) 2,000 81,500
Provides online learning solutions.
Globix Corp.(1) 20,000 1,048,750
Provides internet connectivity for
businesses in the U.S. and Europe.
SalesLogix Corp.(1) 64,000 1,784,000
Provides software that enables
mid-market businesses to create
interactive selling networks that
automate prospective and
customer interactions.
- -----------------------------------------------------------------------
$ 4,199,250
- -----------------------------------------------------------------------
Investment Management -- 0.6%
- -----------------------------------------------------------------------
Pioneer Group, Inc.(1) 55,000 $ 1,103,438
Involved in financial services
businesses, including acting as
investment manager, mutual fund
distribution, servicing agent and
venture capital investor manager.
- -----------------------------------------------------------------------
$ 1,103,438
- -----------------------------------------------------------------------
Investment Services -- 2.5%
- -----------------------------------------------------------------------
Knight/Trimark Group, Inc.(1) 100,000 $ 4,687,500
Market maker in Nasdaq securities.
Savvis Communications Corp.(1) 50 1,002
Provides global data networking and
internet related services to medium and
large businesses, multinational
corporations, and Internet
services providers.
- -----------------------------------------------------------------------
$ 4,688,502
- -----------------------------------------------------------------------
Machinery -- 0.7%
- -----------------------------------------------------------------------
Varian Semiconductor Equipment
Associates, Inc.(1) 23,500 $ 1,365,938
Designs, manufactures, markets and
services semiconductor processing
equipment used in the fabrication of
integrated circuits.
- -----------------------------------------------------------------------
$ 1,365,938
- -----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
GROWTH PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Medical Products -- 2.9%
- -----------------------------------------------------------------------
Bausch & Lomb, Inc. 14,000 $ 738,500
Develops, manufactures and markets
healthcare products for the eye.
Medtronic, Inc. 98,642 4,777,972
A medical technology company which
provides therapeutic, diagnostic, and
monitoring products for cardiac rhythm
management, other cardiovascular, and
neurological markets.
- -----------------------------------------------------------------------
$ 5,516,472
- -----------------------------------------------------------------------
Metals - Industrial -- 1.0%
- -----------------------------------------------------------------------
Alcoa, Inc. 26,600 $ 1,822,100
Integrated aluminum company which is
also involved in mining refining,
smelting fabricating and recycling.
- -----------------------------------------------------------------------
$ 1,822,100
- -----------------------------------------------------------------------
Metals and Minerals -- 0.7%
- -----------------------------------------------------------------------
Freeport McMoran Copper & Gold, Inc.(1) 100,000 $ 1,281,250
Operator of third largest copper mine in
the world with world's largest
gold reserves.
- -----------------------------------------------------------------------
$ 1,281,250
- -----------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 4.3%
- -----------------------------------------------------------------------
Baker Hughes, Inc. 85,000 $ 2,199,375
Supplies reservoir-centered products,
services and systems to the worldwide
oil and gas industry.
Halliburton Co. 48,000 1,833,000
Provides energy services and engineering
and construction services.
Precision Drilling Corp.(1) 100,000 2,862,500
Provides land drilling services and
integrated oilfield and industrial
contract services.
Williams Companies, Inc. 29,000 1,212,563
Transports natural gas and provides a
full range of energy
communications services.
- -----------------------------------------------------------------------
$ 8,107,438
- -----------------------------------------------------------------------
Oil and Gas - Integrated -- 2.9%
- -----------------------------------------------------------------------
Exxon Mobil Corp. 72,000 $ 5,422,500
Operates petroleum and petrochemical
businesses on a worldwide basis.
- -----------------------------------------------------------------------
$ 5,422,500
- -----------------------------------------------------------------------
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Optical Components -- 0.0%
- -----------------------------------------------------------------------
Avanex Corp.(1) 100 $ 20,838
Designs, manufactures, and markets fiber
optic-based products known as
photonic processors.
- -----------------------------------------------------------------------
$ 20,838
- -----------------------------------------------------------------------
Pharmaceuticals - Generic -- 1.0%
- -----------------------------------------------------------------------
Alza Corp.(1) 53,784 $ 1,973,201
Research-based pharmaceutical products
company with drug
delivery technologies.
- -----------------------------------------------------------------------
$ 1,973,201
- -----------------------------------------------------------------------
Printing and Business Products -- 0.3%
- -----------------------------------------------------------------------
Electronics for Imaging(1) 10,000 $ 593,750
Provides short-production run color
printing in an office environment.
- -----------------------------------------------------------------------
$ 593,750
- -----------------------------------------------------------------------
Publishing -- 1.2%
- -----------------------------------------------------------------------
Playboy Enterprises, Inc.(1) 100,000 $ 2,206,250
International media and
entertainment company.
- -----------------------------------------------------------------------
$ 2,206,250
- -----------------------------------------------------------------------
Retail - Food and Drug -- 2.9%
- -----------------------------------------------------------------------
CVS Corp. 50,000 $ 1,750,000
The largest drugstore chain in
the Northeast.
Duane Reade, Inc.(1) 75,000 1,795,313
New York City drugstore chain.
Safeway, Inc.(1) 50,000 1,928,125
The nation's second-largest food
retailer with over 1,350 stores located
in the western regions of the U.S.
and Canada.
- -----------------------------------------------------------------------
$ 5,473,438
- -----------------------------------------------------------------------
Semiconductor Equipment -- 0.7%
- -----------------------------------------------------------------------
Electro Scientific Industries, Inc.(1) 24,000 $ 1,360,500
Designs and manufactures products used
worldwide in electronics manufacturing.
- -----------------------------------------------------------------------
$ 1,360,500
- -----------------------------------------------------------------------
Semiconductors -- 2.2%
- -----------------------------------------------------------------------
Actel Corp.(1) 100,000 $ 3,256,250
Designs, develops and markets field
programmable gate arrays and associated
development software and
programming hardware.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
GROWTH PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Semiconductors (continued)
- -----------------------------------------------------------------------
Galileo Technology Ltd.(1) 50,000 $ 974,375
Develops and markets advanced digital
semiconductor devices that perform
critical functions or network systems.
- -----------------------------------------------------------------------
$ 4,230,625
- -----------------------------------------------------------------------
Specialty Chemicals and Materials -- 3.3%
- -----------------------------------------------------------------------
FLAG Telecom Holdings Limited(1) 34,250 $ 983,619
A global carriers' carrier, develops and
offers a variety of telecommunications
products and services to licensed
international carriers.
Millipore Corp. 95,500 5,103,281
Products use membrane separations
technology to analyze and purify fluids
for a variety of high tech industries.
MRV Communications, Inc.(1) 1,000 138,000
A manufacturer and marketer of optical
high-speed networks that integrate
switching routing, remote access and
fiber optic transmission systems.
- -----------------------------------------------------------------------
$ 6,224,900
- -----------------------------------------------------------------------
Telecommunication Equipment -- 1.4%
- -----------------------------------------------------------------------
AudioCodes Ltd.(1) 33,000 $ 2,547,188
Designs, develops and markets enabling
technologies and products for voiceover
packet networks.
- -----------------------------------------------------------------------
$ 2,547,188
- -----------------------------------------------------------------------
Telecommunications -- 0.3%
- -----------------------------------------------------------------------
PanAmSat Corp. 10,000 $ 488,125
Commercial provider of global
satellite-based
communications services.
- -----------------------------------------------------------------------
$ 488,125
- -----------------------------------------------------------------------
Telecommunications Services -- 0.4%
- -----------------------------------------------------------------------
USA Networks, Inc.(1) 36,000 $ 807,750
Diversified media and electronic
commerce company.
- -----------------------------------------------------------------------
$ 807,750
- -----------------------------------------------------------------------
Telephone Utilities -- 1.0%
- -----------------------------------------------------------------------
Voicestream Wireless Corp.(1) 13,500 $ 1,796,344
Provides personal communication services
under the "VoiceStream" brand names.
- -----------------------------------------------------------------------
$ 1,796,344
- -----------------------------------------------------------------------
<CAPTION>
SECURITY SHARES VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Tobacco -- 0.9%
- -----------------------------------------------------------------------
Philip Morris Co., Inc. 82,833 $ 1,661,837
Manufactures and sells a variety of
consumer products.
- -----------------------------------------------------------------------
$ 1,661,837
- -----------------------------------------------------------------------
Utilities -- 1.2%
- -----------------------------------------------------------------------
AES Corp.(1) 10,000 $ 838,125
Provides electricity to
customers worldwide.
Montana Power Co. 12,000 472,500
Involved in various diversified energy
and communication related businesses.
PG&E Corp.(1) 50,000 1,031,250
Provides energy services throughout
North America.
- -----------------------------------------------------------------------
$ 2,341,875
- -----------------------------------------------------------------------
Total Common Stocks
(identified cost $162,140,548) $176,690,002
- -----------------------------------------------------------------------
</TABLE>
COMMERCIAL PAPER -- 5.4%
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
<S> <C> <C>
- -----------------------------------------------------------------------
Ford Motor Credit Corp., 5.75% Provides
wholesale financing and capital loans to
Ford Motor company retail dealerships
and associated non-Ford dealerships
around the world., 3/2/00 $ 4,325 $ 4,324,309
GE Capital Corp., 5.83% Provides
financing, mortgage and insurance
services., 3/1/00 5,765 5,765,000
- -----------------------------------------------------------------------
Total Commercial Paper
(at amortized cost, $10,089,309) $ 10,089,309
- -----------------------------------------------------------------------
Total Investments -- 99.1%
(identified cost $172,229,857) $186,779,311
- -----------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.9% $ 1,745,140
- -----------------------------------------------------------------------
Net Assets -- 100.0% $188,524,451
- -----------------------------------------------------------------------
</TABLE>
ADR - American Depositary Receipt
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
EATON VANCE GROWTH PORTFOLIO AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF FEBRUARY 29, 2000
<S> <C>
Assets
- ------------------------------------------------------
Investments, at value
(identified cost, $172,229,857) $186,779,311
Cash 966
Receivable for investments sold 12,874,410
Dividends receivable 148,426
Tax reclaim receivable 289
- ------------------------------------------------------
TOTAL ASSETS $199,803,402
- ------------------------------------------------------
Liabilities
- ------------------------------------------------------
Payable for investments purchased $ 11,264,464
Accrued expenses 14,487
- ------------------------------------------------------
TOTAL LIABILITIES $ 11,278,951
- ------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $188,524,451
- ------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $173,974,997
Net unrealized appreciation (computed on
the basis of identified cost) 14,549,454
- ------------------------------------------------------
TOTAL $188,524,451
- ------------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
FEBRUARY 29, 2000
<S> <C>
Investment Income
- ------------------------------------------------------
Dividends
(net of foreign taxes, $7,042) $ 751,943
Interest 227,096
- ------------------------------------------------------
TOTAL INVESTMENT INCOME $ 979,039
- ------------------------------------------------------
Expenses
- ------------------------------------------------------
Investment adviser fee $ 600,549
Trustees fees and expenses 7,537
Custodian fee 53,940
Legal and accounting services 18,095
Miscellaneous 2,888
- ------------------------------------------------------
TOTAL EXPENSES $ 683,009
- ------------------------------------------------------
NET INVESTMENT INCOME $ 296,030
- ------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 44,882,593
- ------------------------------------------------------
NET REALIZED GAIN $ 44,882,593
- ------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $(38,192,633)
- ------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(38,192,633)
- ------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 6,689,960
- ------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 6,985,990
- ------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
EATON VANCE GROWTH PORTFOLIO AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
INCREASE (DECREASE) FEBRUARY 29, 2000 YEAR ENDED
IN NET ASSETS (UNAUDITED) AUGUST 31, 1999
<S> <C> <C>
- ----------------------------------------------------------------------------
From operations --
Net investment income $ 296,030 $ 815,130
Net realized gain 44,882,593 6,475,018
Net change in unrealized
appreciation (depreciation) (38,192,633) 31,511,271
- ----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 6,985,990 $ 38,801,419
- ----------------------------------------------------------------------------
Capital transactions --
Contributions $ 5,080,963 $ 15,501,714
Withdrawals (17,366,529) (40,737,098)
- ----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (12,285,566) $ (25,235,384)
- ----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ (5,299,576) $ 13,566,035
- ----------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------
At beginning of period $ 193,824,027 $ 180,257,992
- ----------------------------------------------------------------------------
AT END OF PERIOD $ 188,524,451 $ 193,824,027
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
EATON VANCE GROWTH PORTFOLIO AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------------
Expenses 0.72%(1) 0.71% 0.71% 0.72% 0.72% 0.73%
Net investment income 0.31%(1) 0.40% 0.73% 0.48% 0.73% 0.67%
Portfolio Turnover 110% 34% 55% 28% 62% 84%
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $188,524 $193,824 $180,258 $179,785 $146,732 $134,003
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
EATON VANCE GROWTH PORTFOLIO AS OF FEBRUARY 29, 2000
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 May 1,
1992. The Declaration of Trust permits the Trustees to issue interests in the
Portfolio. 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 Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or accretion of 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 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 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 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.
D Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
of the Portfolio. Pursuant to the custodian agreement, IBT receives a fee
reduced by credits which are determined based on the average daily cash
balance the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
total expenses in the Statement of Operations.
For the six months ended February 29, 2000, $310 credit balances were used to
reduce the Portfolio's custodian fee.
E Other -- Investment transactions are accounted for on a trade date basis.
Realized gains and losses are computed based on the specific indentification
of the securities sold.
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 income and expense during the reporting period. Actual results could
differ from those estimates.
G Interim Financial Statements -- The interim financial statements relating to
February 29, 2000 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolio'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
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<PAGE>
EATON VANCE GROWTH PORTFOLIO AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
services rendered to the Portfolio. Pursuant to the advisory agreement, BMR
receives a monthly fee at the annual rate of 0.625% of the Portfolio's
average daily net assets. For the six months ended February 29, 2000, the fee
amounted to $600,549. 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 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 percentage
of their annual fees in accordance with the terms of the Trustees Deferred
Compensation Plan. For the six months ended February 29, 2000, no significant
amounts have been deferred.
3 Investment Transactions
- -------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $200,553,025 and $225,585,046, respectively, for the six months
ended February 29, 2000.
4 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at March 31, 2000, as computed on a federal income tax
basis, were as follows:
<TABLE>
<S> <C>
AGGREGATE COST $172,229,857
------------------------------------------------------
Gross unrealized appreciation $ 27,814,420
Gross unrealized depreciation (13,264,966)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 14,549,454
------------------------------------------------------
</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. Borrowings will be made by the Portfolio solely to
facilitate the handling of unusual and/or unparticipated short-term cash
requirements. Interest is charged to each participating portfolio or fund
based on its borrowings at an amount above either 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 six
months ended February 29, 2000.
20
<PAGE>
GROWTH PORTFOLIO
Officers
James B. Hawkes
President and Trustee
Arieh Coll
Vice President and
Portfolio Manager
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Operating 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
21
