<PAGE>
Information Age Portfolio as of February 28, 1997
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks -- 93.08%
<TABLE>
<CAPTION>
Security Shares Value
- ------------------------------------------------------
<S> <C> <C>
Advertising -- 3.15%
- ------------------------------------------------------
Catalina Marketing Corp. 5,000 $ 251,250
Omnicom Group, Inc. 16,000 794,000
True North
Communications, Inc. 24,000 480,000
- ------------------------------------------------------
$ 1,525,250
- ------------------------------------------------------
Broadcasting and Cable -- 8.57%
- ------------------------------------------------------
Benpres Holdings GDR* 32,000 $ 280,000
Lin Television Corp. 17,000 705,500
Providence Journal Co.
Class A 5,000 160,000
TCA Cable TV, Inc. 15,000 480,000
Television Broadcasts,
Ltd.* 230,000 980,152
Westinghouse Electric,
Corp. 35,000 603,750
Yorkshire-Tyne Tees TV
Holdings* 45,000 937,010
- ------------------------------------------------------
$ 4,146,412
- ------------------------------------------------------
Business Services - Miscellaneous -- 3.65%
- ------------------------------------------------------
ADT Ltd. 30,000 $652,500
Corporate Express, Inc. 10,000 187,500
E*Trade Group, Inc. 15,000 360,000
Interim Services, Inc. 15,000 566,250
- ------------------------------------------------------
$ 1,766,250
- ------------------------------------------------------
Communications Services -- 13.70%
- ------------------------------------------------------
British Telecommunications
PLC* 125,000 $ 866,584
Cable and Wireless PLC* 145,000 1,177,699
Itochu Corp.* 50,000 246,832
Korea Mobile Telecom
Corp.* 299 302,045
Nippon Telegraph and
Telephone Corp.* 70 499,730
Orbital Sciences Corp. 35,000 603,750
Pathe SA* 2,100 526,429
PT Telekomunikasi* 160,000 278,624
STET* 300,000 1,272,791
Telco Communications
Group 25,000 453,125
Worldcom, Inc. 15,000 399,375
- ------------------------------------------------------
$ 6,626,984
- ------------------------------------------------------
Computer Software -- 9.37%
- ------------------------------------------------------
Computer Associates
International, Inc. 16,000 $ 696,000
Informix Corp. 33,000 573,375
Misys PLC* 33,000 661,333
Oracle Corp. 18,000 706,500
Oxford Molecular Group
PLC* 50,000 $ 366,593
Primark Corp. 20,000 497,500
USCS International, Inc. 22,000 456,500
VTECH Holdings Ltd.* 330,000 571,414
- ------------------------------------------------------
$ 4,529,215
- ------------------------------------------------------
Computers and Business Equipment -- 3.44%
- ------------------------------------------------------
Auspex Systems, Inc. 35,000 $ 406,875
DSC Communications 15,000 315,000
Informatics Ltd.* 547,000 262,852
Jacor Communications,
Inc. 10,000 294,375
Shiva Corp. 23,000 382,375
- ------------------------------------------------------
$ 1,661,477
- ------------------------------------------------------
Consumer Services -- 1.23%
- ------------------------------------------------------
CUC International, Inc. 25,000 $ 596,875
- ------------------------------------------------------
$ 596,875
- ------------------------------------------------------
Electronics - Instruments -- 13.05%
- ------------------------------------------------------
Avimo Group Ltd.* 200,000 $ 251,140
Electric and Eltek
International* 2,200,000 562,522
Hitachi Ltd.* 65,000 561,812
Mitsumi Electric Co.,
Ltd.* 31,000 579,680
Philips Electronics NV* 24,000 1,083,724
Roland* 3,000 52,358
Samsung Electronics* 3,300 270,634
Samsung Electronics GDR*2 1,205 53,924
Sumitomo Electric
Industries* 45,000 632,038
Tandberg Television ASA* 92,000 1,042,104
Thermo Electron Corp. 20,000 682,500
Venture Manufacturing* 200,000 538,758
- ------------------------------------------------------
$ 6,311,194
- ------------------------------------------------------
Electronics - Semiconductors -- 0.88%
- ------------------------------------------------------
Intel Corp. 3,000 $ 425,625
- ------------------------------------------------------
$ 425,625
- ------------------------------------------------------
Entertainment -- 6.22%
- ------------------------------------------------------
Carmike Cinemas, Inc. 20,000 $512,500
EMI Group PLC* 35,000 658,074
Sony Corp.* 19,100 1,382,596
Yoshimoto Kogyo* 42,000 453,771
- ------------------------------------------------------
$ 3,006,941
- ------------------------------------------------------
</TABLE>
See notes to financial statements
9
<PAGE>
Information Age Portfolio as of February 28, 1997
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
<TABLE>
<CAPTION>
Security Shares Value
- ------------------------------------------------------
<S> <C> <C>
- ------------------------------------------------------
Information Services -- 14.75%
Affiliated Computer
Services 30,000 $ 618,750
Automatic Data
Processing, Inc. 22,000 937,750
Bisys Group, Inc. 20,000 625,000
Ceridian Corp.1 16,000 626,000
Computer Sciences Corp. 11,000 742,500
DST Systems, Inc. 25,000 821,875
Fiserv Inc. 17,000 556,750
IDX Systems Corp. 15,000 472,500
Reuters Holdings PLC* 100,000 1,070,450
Sungard Data Systems,
Inc. 13,000 659,750
- ------------------------------------------------------
$ 7,131,325
- ------------------------------------------------------
Miscellaneous -- 2.84%
- ------------------------------------------------------
Boston Scientific Corp.1 5,000 $ 331,250
Eastman Kodak Co. 7,000 627,375
Healthdyne Technologies 30,000 416,250
- ------------------------------------------------------
$ 1,374,875
- ------------------------------------------------------
Publishing -- 12.23%
- ------------------------------------------------------
Dow Jones & Co., Inc. 20,000 $802,500
EMAP* 25,000 314,048
Flammarion SA* 15,000 724,129
John Fairfax Holdings* 250,000 600,117
McGraw-Hill, Inc. 15,000 778,125
Oriental Press Group*1 158,000 8,366
Pearson PLC* 105,000 1,315,577
Springer Alex Verlag AG* 800 557,698
Star Publications
(Malaysia)* 185,000 812,122
- ------------------------------------------------------
$ 5,912,682
- ------------------------------------------------------
Total Common Stocks
(identified cost $40,768,644) $45,015,105
- ------------------------------------------------------
Preferred Stocks -- 1.86%
Publishing -- 1.85%
- ------------------------------------------------------
News Corp., Ltd.* 199,500 $901,993
- ------------------------------------------------------
$901,993
- ------------------------------------------------------
Total Preferred Stocks
(identified cost $749,858) $901,993
- ------------------------------------------------------
</TABLE>
Short-Term Investments -- 8.24%
<TABLE>
<CAPTION>
Principle
Amount
Security (000 omitted) Value
- ----------------------------------------------------------------------
<S> <C> <C>
American General Finance Corp., 5.32%,
3/10/97 $ 861,000 $ 859,855
CIT Group Holdings, 5.40%, 3/3/97 2,000,000 1,999,400
GE Capital Co., 5.27%, 3/5/97 1,126,000 1,125,341
- ----------------------------------------------------------------------
Total Short-Term Investments
(identified cost $3,984,596) $ 3,984,596
- ----------------------------------------------------------------------
Total Investments -- 103.18%
(identified cost $45,503,098) $49,901,694
- ----------------------------------------------------------------------
Other Assets, Less Liabilities -- (3.18)% $(1,537,764)
- ----------------------------------------------------------------------
Net Assets -- 100% $48,363,930
- ----------------------------------------------------------------------
</TABLE>
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
* Foreign Security
1 Non-income producing security.
2 Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At February 28,
1997, the value of these securities amounted to $53,924 or 0.1% of net
assets.
See notes to financial statements
10
<PAGE>
Information Age Portfolio as of February 28, 1997
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
<TABLE>
<S> <C>
As of February 28, 1997
Assets
- ----------------------------------------------------------------
Investments, at value (Note 1A)
(identified cost, $45,503,098) $ 49,901,694
Cash 3,172
Receivable for investments sold 694,051
Dividends and interest receivable 23,832
Deferred organization expenses (Note 1C) 4,592
- ----------------------------------------------------------------
Total assets $ 50,627,341
- ----------------------------------------------------------------
Liabilities
- ----------------------------------------------------------------
Payable for investments purchased $ 2,056,634
Payable for open forward foreign
currency contracts 168,019
Payable to affiliate for Trustees' fees (Note 2) 1,097
Accrued expenses 37,661
- ----------------------------------------------------------------
Total liabilities $ 2,263,411
- ----------------------------------------------------------------
Net Assets applicable to investors'
interest in Portfolio $ 48,363,930
- ----------------------------------------------------------------
Sources of Net Assets
- ----------------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $ 43,969,041
Net unrealized appreciation of
investments and foreign currency
transactions (computed on the basis
of identified cost) 4,394,889
- ----------------------------------------------------------------
Total $ 48,363,930
- ----------------------------------------------------------------
<CAPTION>
Statement of Operations
For the Six Months Ended
February 28, 1997
Investment Income
- ----------------------------------------------------------------
<S> <C>
Dividends (net of foreign taxes, $18,787) $ 167,894
Interest income 40,037
- ----------------------------------------------------------------
Total income $ 207,931
- ----------------------------------------------------------------
Expenses
- ----------------------------------------------------------------
Investment adviser fee (Note 2) $ 174,311
Administration fee (Note 2) 57,605
Compensation of Trustees not members of the
Investment Adviser's organization (Note 2) 4,136
Custodian fee 84,480
Legal and accounting services 13,152
Amortization of organization expenses (Note 1C) 619
Miscellaneous 2,814
- ----------------------------------------------------------------
Total expenses $ 337,117
- ----------------------------------------------------------------
Net investment loss $ (129,186)
- ----------------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
- ----------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 2,664,808
Foreign currency transactions (25,377)
- ----------------------------------------------------------------
Net realized gain on investment transactions $ 2,639,431
- ----------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investment (identified cost basis) $ 1,925,219
Foreign currency transactions (3,896)
- ----------------------------------------------------------------
Net change in unrealized appreciation $ 1,921,323
- ----------------------------------------------------------------
Net realized and unrealized gain on investments $ 4,560,754
- ----------------------------------------------------------------
Net increase in net assets from operations $ 4,431,568
- ----------------------------------------------------------------
</TABLE>
See notes to financial statements
11
<PAGE>
Information Age 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 (loss) $ (129,186) $ 19,131
Net realized gain (loss) on
investment transactions 2,639,431 (269,074)
Net change in unrealized
appreciation 1,921,323 2,473,566
- --------------------------------------------------------------------------------
Net increase in net assets
from operations $ 4,431,568 $ 2,223,623
- -------------------------------------------------------------------------------
Capital transactions --
Contributions $ 9,685,489 $ 47,226,307
Withdrawals (8,456,512) (6,846,545)
- -------------------------------------------------------------------------------
Net increase in net assets from
capital transactions $ 1,228,977 $ 40,379,762
- -------------------------------------------------------------------------------
Net increase in net assets $ 5,660,545 $ 42,603,385
- -------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------
At beginning of period $ 42,703,385 $ 100,000
- -------------------------------------------------------------------------------
At end of period $ 48,363,930 $ 42,703,385
- -------------------------------------------------------------------------------
</TABLE>
* For the period from the start of business, September 18, 1995, to August 31,
1996.
See notes to financial statements
12
<PAGE>
Information Age Portfolio as of February 28, 1997
FINANCIAL STATEMENTS CONT'D
Supplementary Data
<TABLE>
<CAPTION>
Six Months Ended
February 28, 1997 Year Ended
(Unaudited) August 31, 1996*
- --------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------
<S> <C> <C>
Expenses 1.46%+ 1.52%+
Net investment income (loss) (0.56)%+ 0.07%+
Portfolio Turnover 95% 115%
- --------------------------------------------------------------------------------
Average commission rate paid per share /(1)/ $0.0137 $0.0303
- --------------------------------------------------------------------------------
Net assets, end of period (000s omitted) $48,364 $42,703
- --------------------------------------------------------------------------------
</TABLE>
* For the period from the start of business, September 18, 1995, to August
31, 1996.
+ Annualized.
/(1)/ Average commission rate paid per share 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.
See notes to financial statements
13
<PAGE>
Information Age Portfolio as of February 28, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Significant Accounting Policies
- --------------------------------------------------------------------------------
Information Age Portfolio (the "Portfolio") is registered under the
Investment Company Act of 1940 as a diversified, open-end management
investment company. The Portfolio which was organized as a trust under the
laws of the State of New York on September 1, 1992 seeks to provide long-term
capital growth by investing in a global and diversified portfolio of
securities of information age companies. 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 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
ultimately responsible for the payment of any taxes on its share of such
income. Since some of the Portfolio's investors are regulated investment
companies that invest all or substantially all of their assets in the
Portfolio, the Portfolio normally must satisfy the applicable source of
income and diversification requirements (under the Internal Revenue Code), in
order for its investors to satisfy them. The Portfolio will allocate, at
least annually among its investors, each investor's distributive share of the
Portfolio's net investment income, net realized capital gains, and any other
items of income, gain, loss, deduction or credit. Withholding taxes on
foreign dividends and capital gains have been provided for in accordance with
the Trust's understanding of the applicable countries' tax rules and rates.
C Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization are being amortized on the straight-line
basis over five years.
D Financial Futures Contracts -- Upon the entering of a financial futures
contract, the Portfolio is required to deposit ("initial margin") either in
cash or securities an amount equal to a certain percentage of the purchase
price indicated in the financial futures contract. Subsequent payments are
made or received by the Portfolio ("margin maintenance") each day, dependent
on the daily fluctuations in the value of the underlying security, and are
recorded for book purposes as unrealized gains or losses by the Portfolio.
The Portfolio's investment in financial futures contracts is designed only to
hedge against anticipated future changes in interest or currency exchange
rates. Should interest or currency exchange rates move unexpectedly, the
Portfolio may not achieve the anticipated benefits of the financial futures
contracts and may realize a loss.
E Options on Financial Futures -- Upon the purchase of a put option on
foreign currency by the Portfolio, the premium paid is recorded as an
investment, the value of which is marked-to-market daily. When a purchased
option expires, the Portfolio will realize a loss in the amount of the cost
of the option. When a Portfolio enters into a closing sales transaction, the
Portfolio will realize a gain or loss depending upon whether the sales
proceeds from the closing sales transaction are greater or less than the cost
of the option. When a Portfolio exercises a put option, settlement is made in
cash. The risk associated with purchasing options is limited to the premium
originally paid.
F Foreign Currency Translation -- Investment valuations, other assets, and
liabilities initially expressed in foreign currencies are converted each
business day into U.S. dollars based upon current exchange rates. Purchases
and sales of foreign investment securities and income and expenses are
converted into U.S. dollars based upon currency exchange rates prevailing on
the respective dates of such transactions. Recognized gains or losses on
investment transactions attributable to foreign currency rates are recorded
for financial statement purposes as net realized gains and losses on
investments. That portion of unrealized gains and losses on investments that
result from fluctuations in foreign currency exchange rates are not
separately disclosed.
14
<PAGE>
Information Age Portfolio as of February 28, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
G Forward Foreign Currency Exchange Contracts -- The Portfolio may enter into
forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. Risks may arise
upon entering these contracts from the potential inability of counterparties
to meet the terms of their contracts and from movements in the value of a
foreign currency relative to the U.S. dollar. The Portfolio will enter into
forward contracts for hedging purposes as well as non-hedging purposes. The
forward foreign currency exchange contracts are adjusted by the daily
exchange rate of the underlying currency and any gains or losses are recorded
for financial statement purposes as unrealized until such time as the
contracts have been closed or offset.
H 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.
I 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.
J Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolio. Pursuant to the custodian agreement, IBT receives
a fee reduced by credits which are determined based on the average daily cash
balances the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reflected as a reduction of
operating expense on the statement of operations.
K Interim Financial Information -- The interim financial statements relating
to February 28, 1997 and for the 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), and Lloyd George
Investment Management (Bermuda) Limited, an affiliate of EVM, (the Advisers)
as compensation for management and investment advisory services rendered to
the Portfolio. Under the advisory agreement, the Advisers receive a monthly
fee, divided equally between them, of 0.0625% (0.75% annually) of the average
daily net assets of the Portfolio up to $500,000,000, and at reduced rates as
daily net assets exceed that level. For the six months ended February 28,
1997 the adviser fee was 0.75% (annualized) of average net assets for such
period and amounted to $174,311. In addition, an administrative fee is earned
by EVM for managing and administering the business affairs of the Portfolio.
Under the administration agreement, EVM earns a monthly fee in the amount of
1/48th of 1% (equal to 0.25% annually) of the average daily net assets of the
Portfolio up to $500,000,000, and at reduced rates as daily net assets exceed
that level. For the six months ended February 28, 1997 the administration fee
was 0.25% (annualized) of average net assets for such period and amounted to
$57,605. Except as to the Trustees of the Portfolio who are not members of
the Advisers or EVM's organization, officers and Trustees receive
remuneration for their services to the Portfolio out of such investment
adviser and administrative fees.
Trustees of the Portfolio that are not affiliated with the Advisers 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 28, 1997, no significant amounts have been deferred.
Certain of the officers and Trustees of the Portfolio are officers and
directors/trustees of the above organizations.
3 Investment Transactions
-----------------------------------------------------------------------------
Purchase and sales of investments, other than short-term obligations,
aggregated $42,906,185 and $44,452,932, respectively.
15
<PAGE>
Information Age Portfolio as of February 28, 1997
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
4 Federal Income Tax Basis of Investments
- --------------------------------------------------------------------------------
The cost and unrealized appreciation/depreciation in value of the investments
owned at February 28, 1997, are as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate cost $45,503,098
- ------------------------------------------------------------
Gross unrealized appreciation $ 5,641,287
- ------------------------------------------------------------
Gross unrealized depreciation (1,242,691)
- ------------------------------------------------------------
Net unrealized appreciation $ 4,398,596
- ------------------------------------------------------------
</TABLE>
5 Risks Associated with Foreign Investments
- --------------------------------------------------------------------------------
Investing in securities issued by companies whose principal business
activities are outside the United States may involve significant risks not
present in domestic investments. For example, there is generally less
publicly available information about foreign companies, particularly those
not subject to the disclosure and reporting requirements of the U.S.
securities laws. Foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and standards of
practice comparable to those applicable to domestic issuers. Investments in
foreign securities also involve the risk of possible adverse changes in
investment or exchange control regulations, expropriation or confiscatory
taxation, limitation on the removal of funds or other assets of the
Portfolio, political or financial instability or diplomatic and other
developments which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as developed as
those in the United States, and securities of some foreign issuers
(particularly those located in developing countries) may be less liquid and
more volatile than securities of comparable U.S. companies. In general, there
is less overall governmental supervision and regulation of foreign securities
markets, broker-dealers, and issuers than in the United States.
6 Financial Instruments
- --------------------------------------------------------------------------------
The Portfolio regularly trades in financial instruments with off-balance
sheet risk in the normal course of its investing activities to assist in
managing exposure to various market risks. These financial instruments
include written options, forward foreign currency exchange contracts and
financial futures contracts and may involve, to a varying degree, elements of
risk in excess of the amounts recognized for financial statement purposes.
The notional or contractual amounts of these instruments represent the
investment the Portfolio has in particular classes of financial instruments
and does not necessarily represent the amounts potentially subject to risk.
The measurement of the risks associated with these instruments is meaningful
only when all related and offsetting transactions are considered. The
Portfolio did not have any open obligations under these financial instruments
at February 28,1997.
7 Line of Credit
- --------------------------------------------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $120 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 unanticipated short-term cash
requirements. Interest is charged to each portfolio or fund based on its
borrowings at the bank's base rate or at an amount above either the bank's
adjusted certificate of deposit rate, a Eurodollar rate, or a federal funds
effective rate. In addition, a fee computed at an annual rate of 0.15% on the
daily unused portion of the 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>
Information Age Portfolio
Officers Independent Trustees
James B. Hawkes Hon. Edward K.Y. Chen
President and Trustee Professor and Director, Center for
Asian Studies, University of Hong Kong
William Chisholm
Vice President Donald R. Dwight
President, Dwight Partners, Inc.
Michel Normandeau Chairman, Newspapers of New England, Inc.
Vice President
Samuel L. Hayes, III
Raymond O'Neill Jacob H. Schiff Professor of Investment
Vice President Banking, Harvard University Graduate School
of Business Administration
Duncan W. Richardson
Vice President and Norton H. Reamer
Co-Portfolio Manager President and Director, United Asset
Management Corporation
Hon. Robert Lloyd George
Vice President, Trustee and John L. Thorndike
Co-Portfolio Manager Formerly Director, Fiduciary Company
Incorporated
James L. O'Connor
Treasurer Jack L. Treynor
Investment Adviser and Consultant
Thomas Otis
Secretary
17
