-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TN7pEADzUshr6RJwsG7ThbRLa+8+2guLgCAcEc/rGWxYEIcKyO/PH56dNTMeMMQB qgQhsqpTT1Q8rUfCetAIxA== 0000950135-09-003199.txt : 20090428 0000950135-09-003199.hdr.sgml : 20090428 20090428163842 ACCESSION NUMBER: 0000950135-09-003199 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090228 FILED AS OF DATE: 20090428 DATE AS OF CHANGE: 20090428 EFFECTIVENESS DATE: 20090428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL GROWTH PORTFOLIO CENTRAL INDEX KEY: 0000946464 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07303 FILM NUMBER: 09776148 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174828260 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: INFORMATION AGE PORTFOLIO DATE OF NAME CHANGE: 19950608 0000946464 S000005231 GLOBAL GROWTH PORTFOLIO C000014256 GLOBAL GROWTH PORTFOLIO N-CSRS 1 b74678a1nvcsrs.htm EATON VANCE GLOBAL GROWTH FUND Eaton Vance Global Growth Fund
Table of Contents

 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-07303
Global Growth Portfolio
(Exact Name of registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(registrant’s Telephone Number)
August 31
Date of Fiscal Year End
February 28, 2009
Date of Reporting Period
 
 

 



Table of Contents

Global Growth Portfolio as of February 28, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
                     
Common Stocks — 94.8%
Security   Shares     Value      
 
 
 
Aerospace & Defense — 1.0%
 
BE Aerospace, Inc.(1)
    56,000     $ 417,760      
 
 
            $ 417,760      
 
 
 
Airlines — 0.1%
 
UAL Corp.(1)(2)
    9,400     $ 46,154      
 
 
            $ 46,154      
 
 
 
Automobiles — 0.8%
 
Honda Motor Co., Ltd. 
    14,000     $ 334,779      
 
 
            $ 334,779      
 
 
 
Beverages — 5.0%
 
Diageo PLC ADR
    17,400     $ 808,926      
Fomento Economico Mexicano SA de C.V. ADR
    22,000       506,880      
Foster’s Group, Ltd. 
    132,800       464,934      
Heckmann Corp.(1)(2)
    60,000       298,200      
 
 
            $ 2,078,940      
 
 
 
Biotechnology — 0.2%
 
Biogen Idec, Inc.(1)
    1,704     $ 78,452      
 
 
            $ 78,452      
 
 
 
Capital Markets — 1.4%
 
Aberdeen Asset Management PLC
    18,275     $ 34,290      
MF Global, Ltd.(1)(2)
    124,000       538,160      
 
 
            $ 572,450      
 
 
 
Chemicals — 4.6%
 
Agrium, Inc. 
    8,000     $ 278,240      
CF Industries Holdings, Inc. 
    2,500       160,825      
Lubrizol Corp. 
    13,300       365,617      
Mosaic Co. (The)
    8,800       378,840      
NewMarket Corp. 
    11,000       380,270      
Syngenta AG
    1,600       342,044      
 
 
            $ 1,905,836      
 
 
 
Commercial Banks — 2.8%
 
Banco Santander Central Hispano SA ADR(2)
    71,000     $ 427,420      
Boston Private Financial Holdings, Inc. 
    2,786       9,667      
DBS Group Holdings, Ltd. 
    63,000     $ 314,647      
Mitsubishi UFJ Financial Group, Inc. 
    94,000       424,657      
 
 
            $ 1,176,391      
 
 
 
Commercial Services & Supplies — 0.4%
 
Waste Management, Inc. 
    5,900     $ 159,300      
 
 
            $ 159,300      
 
 
 
Communications Equipment — 2.1%
 
Nokia Oyj ADR
    13,000     $ 121,680      
Research In Motion, Ltd.(1)
    12,326       492,300      
Riverbed Technology, Inc.(1)
    23,200       242,904      
 
 
            $ 856,884      
 
 
 
Computers & Peripherals — 0.9%
 
Apple, Inc.(1)
    4,400     $ 392,964      
 
 
            $ 392,964      
 
 
 
Construction & Engineering — 1.2%
 
Granite Construction, Inc.(2)
    10,200     $ 362,916      
Perini Corp.(1)
    737       11,291      
Vinci SA
    4,000       128,239      
 
 
            $ 502,446      
 
 
 
Consumer Finance — 0.9%
 
Promise Co., Ltd. 
    10,000     $ 133,569      
SLM Corp.(1)(2)
    48,745       224,227      
 
 
            $ 357,796      
 
 
 
Diversified Consumer Services — 2.5%
 
Corinthian Colleges, Inc.(1)
    22,200     $ 437,340      
H&R Block, Inc. 
    32,000       611,200      
 
 
            $ 1,048,540      
 
 
 
Diversified Telecommunication Services — 6.6%
 
Deutsche Telekom AG
    33,800     $ 406,401      
France Telecom SA ADR
    39,000       875,550      
Koninklijke KPN N.V. 
    54,000       690,868      
Nippon Telegraph & Telephone Corp. 
    5,000       213,797      
Telefonica SA
    30,000       552,123      
 
 
            $ 2,738,739      
 
 

 
See notes to financial statements

13


Table of Contents

 
Global Growth Portfolio as of February 28, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
 
Electric Utilities — 2.3%
 
E.ON AG ADR(2)
    13,400     $ 344,112      
Hong Kong Electric Holdings
    49,000       302,110      
Scottish and Southern Energy PLC
    19,000       309,615      
 
 
            $ 955,837      
 
 
 
Electrical Equipment — 2.0%
 
ABB, Ltd. ADR
    20,800     $ 250,640      
Energy Conversion Devices, Inc.(1)(2)
    4,800       105,264      
First Solar, Inc.(1)
    1,700       179,758      
GrafTech International, Ltd.(1)
    54,000       305,100      
 
 
            $ 840,762      
 
 
 
Electronic Equipment, Instruments & Components — 0.5%
 
FUJIFILM Holdings Corp. 
    11,000     $ 204,519      
 
 
            $ 204,519      
 
 
 
Energy Equipment & Services — 1.5%
 
Patterson-UTI Energy, Inc. 
    13,000     $ 111,670      
Pride International, Inc.(1)
    17,418       300,286      
Transocean, Ltd.(1)
    3,600       215,172      
 
 
            $ 627,128      
 
 
 
Food & Staples Retailing — 0.6%
 
Supervalu, Inc. 
    15,600     $ 243,516      
 
 
            $ 243,516      
 
 
 
Food Products — 3.3%
 
Nestle SA
    29,000     $ 948,024      
Unilever PLC
    21,800       421,126      
 
 
            $ 1,369,150      
 
 
 
Health Care Equipment & Supplies — 0.3%
 
Kinetic Concepts, Inc.(1)(2)
    3,933     $ 85,661      
Thoratec Corp.(1)
    2,200       50,248      
 
 
            $ 135,909      
 
 
 
Health Care Providers & Services — 2.3%
 
Catalyst Health Solutions, Inc.(1)
    5,000     $ 105,400      
CIGNA Corp. 
    22,700       357,752      
DaVita, Inc.(1)
    5,400       253,368      
Fresenius Medical Care AG & Co. KGaA
    6,400       260,944      
 
 
            $ 977,464      
 
 
 
Hotels, Restaurants & Leisure — 0.6%
 
Scientific Games Corp., Class A(1)
    22,000     $ 232,760      
 
 
            $ 232,760      
 
 
 
Household Durables — 0.3%
 
Desarrolladora Homex SA de C.V. ADR(1)(2)
    11,000     $ 137,720      
 
 
            $ 137,720      
 
 
 
Industrial Conglomerates — 0.4%
 
Keppel Corp., Ltd. 
    68,000     $ 188,724      
 
 
            $ 188,724      
 
 
 
Insurance — 6.2%
 
Aegon NV
    39,000     $ 138,806      
Allied World Assurance Holdings, Ltd.
    12,800       491,648      
AXA SA ADR
    23,700       215,196      
Fairfax Financial Holdings, Ltd.(2)
    600       147,600      
Fidelity National Financial, Inc., Class A
    33,800       560,066      
First American Corp. 
    5,672       131,420      
Muenchener Rueckversicherungs-Gesellschaft AG
    2,500       304,047      
Tokio Marine Holdings, Inc. 
    18,200       413,339      
Zurich Financial Services AG
    1,300       184,103      
 
 
            $ 2,586,225      
 
 
 
Internet Software & Services — 2.1%
 
Akamai Technologies, Inc.(1)
    7,700     $ 139,293      
Equinix, Inc.(1)
    9,200       426,972      
MercadoLibre, Inc.(1)(2)
    18,400       307,464      
 
 
            $ 873,729      
 
 
 
IT Services — 0.4%
 
Euronet Worldwide, Inc.(1)
    13,000     $ 127,270      
Wright Express Corp.(1)
    2,000       29,280      
 
 
            $ 156,550      
 
 
 
Life Sciences Tools & Services — 0.3%
 
Parexel International Corp.(1)
    15,000     $ 137,550      
 
 
            $ 137,550      
 
 

 
See notes to financial statements

14


Table of Contents

 
Global Growth Portfolio as of February 28, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
 
Media — 2.2%
 
Liberty Entertainment, Series A(1)
    33,000     $ 571,560      
McGraw-Hill Co., Inc. (The)
    11,000       217,030      
Virgin Media, Inc. 
    27,000       129,060      
 
 
            $ 917,650      
 
 
 
Metals & Mining — 1.5%
 
Anglo American PLC ADR
    19,110     $ 135,108      
Companhia Vale do Rio Doce ADR
    18,100       201,815      
Gammon Gold, Inc.(1)
    36,000       279,360      
 
 
            $ 616,283      
 
 
 
Multi-Utilities — 2.6%
 
National Grid PLC
    69,800     $ 621,331      
RWE AG
    7,400       464,807      
 
 
            $ 1,086,138      
 
 
 
Oil, Gas & Consumable Fuels — 6.8%
 
Enbridge Energy Management, LLC(1)
    2,582     $ 70,747      
Enbridge Energy Partners, LP
    4,800       136,656      
Goodrich Petroleum Corp.(1)(2)
    5,243       104,021      
Paladin Energy, Ltd.(1)
    165,000       315,163      
Petrohawk Energy Corp.(1)
    22,950       390,609      
Petroleo Brasileiro SA ADR
    24,000       537,120      
StatoilHydro ASA ADR
    13,495       224,827      
Total SA ADR
    18,000       849,600      
Walter Industries, Inc. 
    11,500       208,955      
 
 
            $ 2,837,698      
 
 
 
Pharmaceuticals — 7.0%
 
AstraZeneca PLC ADR
    15,800     $ 499,122      
GlaxoSmithKline PLC ADR
    11,900       358,547      
Novartis AG ADR
    25,200       913,500      
Perrigo Co. 
    4,000       80,360      
Roche Holding AG
    2,900       329,201      
Sanofi-Aventis SA
    11,000       565,368      
Shionogi & Co., Ltd. 
    11,000       178,629      
 
 
            $ 2,924,727      
 
 
 
Real Estate Investment Trusts (REITs) — 0.1%
 
Chimera Investment Corp.
    15,825     $ 47,317      
 
 
            $ 47,317      
 
 
 
Road & Rail — 0.4%
 
East Japan Railway Co. 
    3,000     $ 179,663      
 
 
            $ 179,663      
 
 
 
Semiconductors & Semiconductor Equipment — 3.5%
 
Atheros Communications, Inc.(1)
    19,900     $ 240,392      
Cypress Semiconductor Corp.(1)
    74,146       412,252      
MEMC Electronic Materials, Inc.(1)
    27,300       409,773      
ON Semiconductor Corp.(1)
    57,500       210,450      
Tessera Technologies, Inc.(1)
    18,720       202,176      
 
 
            $ 1,475,043      
 
 
 
Software — 4.2%
 
Ariba, Inc.(1)
    47,588     $ 416,395      
Check Point Software Technologies, Ltd.(1)
    5,600       123,032      
Concur Technologies, Inc.(1)
    17,300       363,127      
Nintendo Co., Ltd. 
    3,000       856,499      
 
 
            $ 1,759,053      
 
 
 
Specialty Retail — 5.1%
 
Advance Auto Parts, Inc. 
    12,388     $ 473,841      
Best Buy Co., Inc. 
    12,600       363,132      
GameStop Corp., Class A(1)
    32,800       882,976      
Urban Outfitters, Inc.(1)
    23,200       386,048      
 
 
            $ 2,105,997      
 
 
 
Textiles, Apparel & Luxury Goods — 0.6%
 
Gildan Activewear, Inc.(1)
    33,400     $ 247,160      
 
 
            $ 247,160      
 
 
 
Tobacco — 2.5%
 
British American Tobacco PLC
    36,300     $ 927,843      
Japan Tobacco, Inc. 
    40       95,410      
 
 
            $ 1,023,253      
 
 
 
Transportation Infrastructure — 0.7%
 
Aegean Marine Petroleum Network, Inc. 
    17,100     $ 280,440      
 
 
            $ 280,440      
 
 
 
Water Utilities — 1.1%
 
Cia de Saneamento Basico do Estado de Sao Paulo ADR
    22,425     $ 446,706      
 
 
            $ 446,706      
 
 

 
See notes to financial statements

15


Table of Contents

 
Global Growth Portfolio as of February 28, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D
 
                     
Security   Shares     Value      
 
 
 
Wireless Telecommunication Services — 2.9%
 
Crown Castle International Corp.(1)
    29,000     $ 508,660      
Turkcell Iletisim Hizmetleri AS ADR
    40,000       492,800      
Vodafone Group PLC ADR
    11,500       204,125      
 
 
            $ 1,205,585      
 
 
     
Total Common Stocks
   
(identified cost $50,976,904)
  $ 39,487,687      
 
 
                     
                     
Short-Term Investments — 11.0%
    Interest
           
Description   (000’s omitted)     Value      
 
 
Cash Management Portfolio, 0.05%(3)
  $ 1,512     $ 1,512,155      
Eaton Vance Cash Collateral Fund, LLC, 1.46%(3)(4)
    3,082       3,082,414      
 
 
     
Total Short-Term Investments
   
(identified cost $4,567,587)
  $ 4,594,569      
 
 
     
Total Investments — 105.8%
   
(identified cost $55,544,491)
  $ 44,082,256      
 
 
             
Other Assets, Less Liabilities — (5.8)%
  $ (2,416,611 )    
 
 
             
Net Assets — 100.0%
  $ 41,665,645      
 
 
 
ADR - American Depository Receipt
 
(1) Non-income producing security.
 
(2) All or a portion of this security was on loan at February 28, 2009.
 
(3) Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of February 28, 2009.
 
(4) The investment in Eaton Vance Cash Collateral Fund, LLC includes the value of invested cash collateral received for securities on loan at February 28, 2009. The related cost of the invested cash collateral, which represents the liability of the Portfolio to repay collateral amounts upon the return of loaned securities, is included in Other Assets, Less Liabilities. At February 28, 2009, the investment in Eaton Vance Cash Collateral Fund, LLC also includes an allocation of the change in unrealized depreciation from security loans that were terminated with the counterparty, for which the repayment obligations were settled by the Portfolio using other available cash.
                     
Country Concentration of Portfolio
    Percentage
           
Country   of Net Assets     Value      
 
 
United States
    37.4 %   $ 15,593,562      
United Kingdom
    10.4       4,320,033      
Switzerland
    7.6       3,182,684      
Japan
    7.3       3,034,861      
France
    6.3       2,633,953      
Germany
    4.3       1,780,311      
Canada
    3.5       1,444,660      
Brazil
    2.8       1,185,641      
Bermuda
    2.5       1,029,808      
Spain
    2.4       979,544      
Netherlands
    2.0       829,674      
Australia
    1.9       780,097      
Mexico
    1.5       644,600      
Singapore
    1.2       503,370      
Turkey
    1.2       492,800      
Hong Kong
    0.7       302,110      
Greece
    0.7       280,440      
Norway
    0.5       224,827      
Israel
    0.3       123,032      
Finland
    0.3       121,680      
 
 
Long-Term Investments
    94.8 %   $ 39,487,687      
 
 
Short-Term Investments
          $ 4,594,569      
 
 
Total Investments
          $ 44,082,256      
 
 

 
See notes to financial statements

16


Table of Contents

Global Growth Portfolio as of February 28, 2009
 
FINANCIAL STATEMENTS (Unaudited)
 
Statement of Assets and Liabilities
 
             
As of February 28, 2009          
 
Assets
 
Unaffiliated investments, at value including $2,807,833 of securities on loan (identified cost, $50,976,904)
  $ 39,487,687      
Affiliated investments, at value (identified cost, $4,567,587)
    4,594,569      
Foreign currency, at value (identified cost, $1,587)
    1,467      
Receivable for investments sold
    561,699      
Dividends receivable
    108,215      
Interest receivable from affiliated investment
    68      
Securities lending income receivable
    8,806      
Tax reclaims receivable
    91,748      
 
 
Total assets
  $ 44,854,259      
 
 
             
             
 
Liabilities
 
Collateral for securities loaned
  $ 3,065,151      
Payable for investments purchased
    27,290      
Payable to affiliate for investment adviser fee
    27,725      
Payable to affiliate for administration fee
    8,891      
Accrued expenses
    59,557      
 
 
Total liabilities
  $ 3,188,614      
 
 
Net Assets applicable to investors’ interest in Portfolio
  $ 41,665,645      
 
 
             
             
 
Sources of Net Assets
 
Net proceeds from capital contributions and withdrawals
  $ 53,127,176      
Net unrealized depreciation (computed on the basis of identified cost)
    (11,461,531 )    
 
 
Total
  $ 41,665,645      
 
 
 
 
Statement of Operations
 
             
For the Six Months Ended
         
February 28, 2009          
 
Investment Income
 
Dividends (net of foreign taxes, $32,347)
  $ 500,661      
Securities lending income, net
    89,368      
Interest income allocated from affiliated investments
    17,941      
Expenses allocated from affiliated investment
    (4,990 )    
 
 
Total investment income
  $ 602,980      
 
 
             
             
 
Expenses
 
Investment adviser fee
  $ 210,545      
Administration fee
    71,257      
Trustees’ fees and expenses
    1,435      
Custodian fee
    96,325      
Legal and accounting services
    28,121      
Miscellaneous
    1,605      
 
 
Total expenses
  $ 409,288      
 
 
Deduct —
           
Reduction of investment adviser fee
  $ 897      
 
 
Total expense reductions
  $ 897      
 
 
             
Net expenses
  $ 408,391      
 
 
             
Net investment income
  $ 194,589      
 
 
             
             
 
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) —
           
Investment transactions (identified cost basis)
  $ (27,354,115 )    
Investment transactions allocated from affiliated investment
    (64,384 )    
Foreign currency transactions
    (25,640 )    
 
 
Net realized loss
  $ (27,444,139 )    
 
 
Change in unrealized appreciation (depreciation) —
           
Investments (identified cost basis)
  $ (22,706,837 )    
Foreign currency
    (8,997 )    
 
 
Net change in unrealized appreciation (depreciation)
  $ (22,715,834 )    
 
 
             
Net realized and unrealized loss
  $ (50,159,973 )    
 
 
             
Net decrease in net assets from operations
  $ (49,965,384 )    
 
 

 
See notes to financial statements

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Table of Contents

 
Global Growth Portfolio as of February 28, 2009
 
FINANCIAL STATEMENTS (Unaudited) CONT’D
 
 
Statements of Changes in Net Assets
 
                     
    Six Months Ended
           
Increase (Decrease)
  February 28, 2009
    Year Ended
     
in Net Assets   (Unaudited)     August 31, 2008      
 
From operations —
                   
Net investment income
  $ 194,589     $ 1,196,687      
Net realized gain (loss) from investment and foreign currency transactions
    (27,444,139 )     2,658,634      
Net change in unrealized appreciation (depreciation) of investments and foreign currency
    (22,715,834 )     (8,095,719 )    
 
 
Net decrease in net assets from operations
  $ (49,965,384 )   $ (4,240,398 )    
 
 
Capital transactions —
                   
Contributions
  $ 8,131,168     $ 28,366,278      
Withdrawals
    (13,690,096 )     (23,520,635 )    
 
 
Net increase (decrease) in net assets from capital transactions
  $ (5,558,928 )   $ 4,845,643      
 
 
                     
Net increase (decrease) in net assets
  $ (55,524,312 )   $ 605,245      
 
 
                     
                     
 
Net Assets
 
At beginning of period
  $ 97,189,957     $ 96,584,712      
 
 
At end of period
  $ 41,665,645     $ 97,189,957      
 
 

 
See notes to financial statements

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Global Growth Portfolio as of February 28, 2009
 
FINANCIAL STATEMENTS (Unaudited) CONT’D
 
 
Supplementary Data
 
                                                     
    Six Months Ended
    Year Ended August 31,
    February 28, 2009
   
    (Unaudited)     2008     2007     2006     2005     2004      
 
 
 
Ratios/Supplemental Data
 
Ratios (As a percentage of average daily net assets):
                                                   
Expenses before custodian fee reduction(1)
    1.46 %(2)     1.26 %     1.28 %     1.29 %(3)     1.29 %(3)     1.25 %    
Net investment income
    0.69 %(2)     1.17 %(4)     0.70 %(5)     0.22 %     0.40 %     0.55 %    
Portfolio Turnover
    94 %(6)     124 %     94 %     186 %     130 %     164 %    
 
 
Total Return
    (52.43 )%(6)     (3.42 )%     29.26 %     13.43 %     19.06 %     5.42 %    
 
 
Net assets, end of period (000’s omitted)
  $ 41,666     $ 97,190     $ 96,585     $ 83,316     $ 82,344     $ 86,617      
 
 
 
(1) Excludes the effect of custody fee credits, if any, of less than 0.005%.
 
(2) Annualized.
 
(3) The investment adviser(s) voluntarily waived a portion of its investment adviser fee (equal to less than 0.01%, 0.04% and less than 0.01% of average daily net assets for the six months ended February 28, 2009 and the years ended August 31, 2006 and 2005, respectively).
 
(4) Includes a dividend resulting from a corporate action equal to 0.46% of average daily assets.
 
(5) Includes special dividends equal to 0.35% of average daily net assets.
 
(6) Not annualized.

 
See notes to financial statements

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Supplementary Data
 
Global Growth Portfolio as of February 28, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
1   Significant Accounting Policies
 
Global Growth Portfolio (the Portfolio) is a New York trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to seek long-term capital growth. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At February 28, 2009, Eaton Vance Global Growth Fund held a 99.9% interest in the Portfolio.
 
The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America.
 
A  Investment Valuation — Equity securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Short-term debt securities with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more that sixty days, they will be valued by a pricing service. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. The independent service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments for which valuations or market quotations are not readily available are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
 
The Portfolio may invest in Cash Management Portfolio (Cash Management) and Eaton Vance Cash Collateral Fund, LLC (Cash Collateral Fund), affiliated investment companies managed by Boston Management and Research (BMR) and Eaton Vance Management (EVM), respectively. Cash Management and Cash Collateral Fund normally value their investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 of the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Management and Cash Collateral Fund may value their investment securities based on available market quotations provided by a pricing service. At February 28, 2009, Cash Collateral Fund valued its investments based on available market quotations.
 
B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
 
C  Income — 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. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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Global Growth Portfolio as of February 28, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
 
D  Federal Taxes — The Portfolio has elected to be 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 taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and any other items of income, gain, loss, deduction or credit.
 
In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Tax expense attributable to unrealized appreciation is included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.
 
As of February 28, 2009, the Portfolio has no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Portfolio’s federal tax returns filed in the 3-year period ended August 31, 2008 remains subject to examination by the Internal Revenue Service.
 
E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Portfolio. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Portfolio maintains with SSBT. All credit balances, if any, used to reduce the Portfolio’s custodian fees are reported as a reduction of expenses in the Statement of Operations.
 
F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange 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 results from fluctuations in foreign currency exchange rates is not separately disclosed.
 
G  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.
 
H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Interestholders in the Portfolio are jointly and severally liable for the liabilities and obligations of the Portfolio in the event that the Portfolio fails to satisfy such liabilities and obligations; provided, however, that, to the extent assets are available in the Portfolio, the Portfolio may, under certain circumstances, indemnify interestholders from and against any claim or liability to which such holder may become subject by reason of being or having been an interestholder in the Portfolio. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.
 
I  Interim Financial Statements — The interim financial statements relating to February 28, 2009 and for the six months then ended have not been audited by an independent registered public accounting firm, 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 BMR, a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.75% of the Portfolio’s average daily net assets up to and including $500 million, and at reduced rates as daily net assets exceed that level, and is payable monthly. Pursuant to a sub-advisory agreement, BMR pays Eagle Global Advisors, L.L.C. (Eagle), a portion of its adviser fee for sub-advisory services provided to the Portfolio. The portion of the adviser fee payable by Cash

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Global Growth Portfolio as of February 28, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
 
Management on the Portfolio’s investment of cash therein is credited against the Portfolio’s adviser fee. For the six months ended February 28, 2009, the Portfolio’s adviser fee totaled $215,329 of which $4,784 was allocated from Cash Management and $210,545 was paid or accrued directly by the Portfolio. For the six months ended February 28, 2009, the Portfolio’s adviser fee, including the portion allocated from Cash Management, was 0.75% (annualized) of the Portfolio’s average daily net assets.
 
BMR has also agreed to reduce the investment adviser fee by an amount equal to that portion of commissions paid to broker-dealers in execution of security transactions attributed to the Portfolio that is consideration for third-party research services. For the six months ended February 28, 2009, BMR waived $897 of its adviser fee.
 
In addition, an administration fee is earned by EVM for administering the business affairs of the Portfolio and is computed at an annual rate of 0.25% of the Portfolio’s average daily net assets up to $500 million, and at reduced rates as daily net assets exceed that level. For the six months ended February 28, 2009, the administration fee was 0.25% (annualized) of the Portfolio’s average daily net assets and amounted to $71,257.
 
Except for Trustees of the Portfolio who are not members of EVM’s, BMR’s or Eagle’s organizations, officers and Trustees receive remuneration for their services to the Portfolio out of the investment adviser and administration fees. Trustees of the Portfolio who are not affiliated with EVM, BMR and Eagle 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, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.
 
3   Purchases and Sales of Investments
 
Purchases and sales of investments, other than short-term obligations, aggregated $54,285,319 and $60,358,118, respectively, for the six months ended February 28, 2009.
 
4   Federal Income Tax Basis of Investments
 
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at February 28, 2009, as determined on a federal income tax basis, were as follows:
 
             
Aggregate cost
  $ 55,796,114      
 
 
Gross unrealized appreciation
  $ 1,324,565      
Gross unrealized depreciation
    (13,038,423 )    
 
 
Net unrealized depreciation
  $ (11,713,858 )    
 
 
 
5   Line of Credit
 
The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $450 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio 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 28, 2009.
 
6   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. Certain 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 securities 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.
 
7   Securities Lending Agreement
 
The Portfolio has established a securities lending agreement with SSBT as securities lending agent in which the Portfolio lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or U.S. Government securities in an amount at least equal to the market value of the securities on loan. Cash collateral is invested in Cash Collateral Fund. The Portfolio earns interest on the amount invested in Cash Collateral Fund but it must pay the broker a loan rebate fee computed as a varying percentage of the collateral received. The loan rebate fee paid by the Portfolio

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Global Growth Portfolio as of February 28, 2009
 
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D
 
amounted to $18,070 for the six months ended February 28, 2009. At February 28, 2009, the value of the securities loaned and the value of the collateral received amounted to $2,807,833 and $3,065,151, respectively. In the event of counterparty default, the Portfolio is subject to potential loss if it is delayed or prevented from exercising its right to dispose of the collateral. The Portfolio bears risk in the event that invested collateral is not sufficient to meet obligations due on loans.
 
8   Fair Value Measurements
 
The Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective September 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
  •  Level 1 – quoted prices in active markets for identical investments
 
  •  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
  •  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At February 28, 2009, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
 
                 
        Investments in
     
    Valuation Inputs   Securities      
 
Level 1
  Quoted Prices   $ 32,147,800      
Level 2
  Other Significant Observable Inputs     11,934,456      
Level 3
  Significant Unobservable Inputs          
 
 
Total
      $ 44,082,256      
 
 
 
The Portfolio held no investments or other financial instruments as of August 31, 2008 whose fair value was determined using Level 3 inputs.

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Eaton Vance Global Growth Fund
Global Growth Portfolio
 
 
SPECIAL MEETING OF SHAREHOLDERS (Unaudited)
 
Eaton Vance Global Growth Fund
 
The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:
 
                     
    Number of Shares      
Nominee for Trustee   For     Withheld      
 
 
Benjamin C. Esty
    3,377,436       68,302      
Thomas E. Faust Jr. 
    3,375,953       69,786      
Allen R. Freedman
    3,375,502       70,236      
William H. Park
    3,378,319       67,420      
Ronald A. Pearlman
    3,376,381       69,357      
Helen Frame Peters
    3,377,620       68,118      
Heidi L. Steiger
    3,376,201       69,538      
Lynn A. Stout
    3,377,620       68,118      
Ralph F. Verni
    3,378,319       67,420      
 
Each nominee was also elected a Trustee of Global Growth Portfolio.
 
Global Growth Portfolio
 
The Portfolio held a Special Meeting of Interestholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:
 
                     
    Interest in the Portfolio      
Nominee for Trustee   For     Withheld      
 
 
Benjamin C. Esty
    98%       2%      
Thomas E. Faust Jr. 
    98%       2%      
Allen R. Freedman
    98%       2%      
William H. Park
    98%       2%      
Ronald A. Pearlman
    98%       2%      
Helen Frame Peters
    98%       2%      
Heidi L. Steiger
    98%       2%      
Lynn A. Stout
    98%       2%      
Ralph F. Verni
    98%       2%      
 
Results are rounded to the nearest whole number.

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Eaton Vance Global Growth Fund 
 
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
 
Overview of the Contract Review Process
 
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.
 
At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 21, 2008, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2008. Such information included, among other things, the following:
 
Information about Fees, Performance and Expenses
 
  •  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
  •  An independent report comparing each fund’s total expense ratio and its components to comparable funds;
  •  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
  •  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;
  •  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;
  •  Profitability analyses for each adviser with respect to each fund;
 
Information about Portfolio Management
 
  •  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;
  •  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
  •  Data relating to portfolio turnover rates of each fund;
  •  The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;
 
Information about each Adviser
 
  •  Reports detailing the financial results and condition of each adviser;
  •  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
  •  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
  •  Copies of or descriptions of each adviser’s proxy voting policies and procedures;
  •  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
  •  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
 
Other Relevant Information
 
  •  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
  •  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and
  •  The terms of each advisory agreement.

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Eaton Vance Global Growth Fund 
 
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D
 
 
In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2008, the Board met eleven times and the Contract Review Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, seven and five times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective. The Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee are newly established and did not meet during the twelve-month period ended April 30, 2008.
 
For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.
 
The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.
 
Results of the Process
 
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Special Committee concluded that the continuance of the investment advisory agreement between the Global Growth Portfolio (the “Portfolio”) and Boston Management and Research (“BMR” or the “Adviser”) and the sub-advisory agreement with Eagle Global Advisors, L.L.C. (“Eagle” or the “Sub-adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Special Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and sub-advisory agreements for the Portfolio.
 
Nature, Extent and Quality of Services
 
In considering whether to approve the investment advisory agreement with BMR and sub-advisory agreement with Eagle for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by BMR and by Eagle.
 
The Board considered BMR’s and Eagle’s management capabilities and investment process with respect to the types of investments held by the Portfolio, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio and who also supervise Eagle’s management of the foreign portion of the Portfolio. The Board specifically noted BMR’s in-house equity research capabilities. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Portfolio by senior management.
 
The Board also reviewed the compliance programs of BMR, relevant affiliates thereof, and Eagle. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of BMR and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the National Association of Securities Dealers.
 
The Board considered shareholder and other administrative services provided or managed by BMR and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
 
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by BMR and Eagle, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement with respect to BMR, and consistent with the investment sub-advisory agreement with respect to Eagle.

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Eaton Vance Global Growth Fund 
 
BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D
 
Fund Performance
 
The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board noted that the domestic portion of the Portfolio has been managed by BMR since the Fund’s inception and that the foreign portion of the Portfolio has been managed by Eagle since April 1, 2006. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods with respect to the domestic portion of the Portfolio and concluded that such performance was satisfactory. With regard to the foreign portion of the Portfolio, the Board concluded that it would be appropriate to allow additional time to evaluate the performance of Eagle.
 
Management Fees and Expenses
 
The Board reviewed management fee rates, including any administrative fee rates, payable by the Portfolio and by the Fund (referred to collectively as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2007, as compared to a group of similarly managed funds selected by an independent data provider.
 
After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by BMR, the Board concluded that the management fees charged for advisory and related services and the Fund’s total expense ratio are reasonable.
 
Profitability
 
The Board reviewed the level of profits realized by BMR and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, the Portfolio and all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by BMR and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by BMR and its affiliates in connection with its relationship with the Fund and the Portfolio, including the benefits of research services that may be available to BMR as a result of securities transactions effected for the Portfolio and other advisory clients. The Board also concluded that, in light of its role as a sub-adviser not affiliated with the Adviser, the Sub-adviser’s profitability in managing the Portfolio was not a material factor.
 
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by BMR and its affiliates are reasonable.
 
Economies of Scale
 
In reviewing management fees and profitability, the Board also considered the extent to which BMR and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of BMR and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by BMR and its affiliates and the Fund. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Portfolio, the structure of the Portfolio advisory fee, which includes breakpoints at several asset levels, can be expected to cause BMR and its affiliates, Eagle, and the Fund and the Portfolio to continue to share such benefits equitably.

27


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Eaton Vance Global Growth Fund 
 
OFFICERS AND TRUSTEES
 
Eaton Vance Global Growth Fund
 
     
Officers
Thomas E. Faust Jr. 
Trustee and President

Barbara E. Campbell
Treasurer

Maureen A. Gemma
Secretary and Chief Legal Officer

Paul M. O’Neil
Chief Compliance Officer
 
Trustees
Ralph F. Verni
Chairman

Benjamin C. Esty

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Heidi L. Steiger

Lynn A. Stout
 
Global Growth Portfolio
 
     
Officers
Duncan W. Richardson
President

Edward R. Allen, III
Vice President

Arieh Coll
Vice President

Thomas N. Hunt, III
Vice President

Barbara E. Campbell
Treasurer

Maureen A. Gemma
Secretary and Chief Legal Officer

Paul M. O’Neil
Chief Compliance Officer
 
Trustees
Ralph F. Verni
Chairman

Benjamin C. Esty

Thomas E. Faust Jr.

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Heidi L. Steiger

Lynn A. Stout

28

28


Table of Contents

Sponsor and Manager of Eaton Vance Global Growth Fund
and Administrator of Global Growth Portfolio
Eaton Vance Management
Two International Place
Boston, MA 02110
 
 
 
Investment Adviser of Global Growth Portfolio
Boston Management and Research
Two International Place
Boston, MA 02110
 
 
 
Sub-Adviser of Global Growth Portfolio
Eagle Global Advisors, L.L.C.
5847 San Felipe, Suite 930
Houston, TX 77057
 
 
 
Principal Underwriter
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
 
 
 
Custodian
State Street Bank and Trust Company
200 Clarendon Street
Boston, MA 02116
 
 
 
Transfer Agent
PNC Global Investment Servicing
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
 
 
 
 
 
 
 
 
Eaton Vance Global Growth Fund
Two International Place
Boston, MA 02110
This report must be preceded or accompanied by a current prospectus. Before investing, investors should consider carefully the Fund’s investment objective(s), risks, and charges and expenses. The Fund’s current prospectus contains this and other information about the Fund and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 1-800-262-1122.


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424-04/09 IASRC


Table of Contents

Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).
Item 4. Principal Accountant Fees and Services
Not required in this filing
Item 5. Audit Committee of Listed registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not required in this filing.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that

 


Table of Contents

the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
     
(a)(1)
  Registrant’s Code of Ethics – Not applicable (please see Item 2).
 
   
(a)(2)(i)
  Treasurer’s Section 302 certification.
 
   
(a)(2)(ii)
  President’s Section 302 certification.
 
   
(b)
  Combined Section 906 certification.

 


Table of Contents

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Global Growth Portfolio
         
By:
  /s/ Duncan W. Richardson
 
   
 
  Duncan W. Richardson    
 
  President    
 
       
Date:
  April 9, 2009    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Barbara E. Campbell
 
   
 
  Barbara E. Campbell    
 
  Treasurer    
 
       
Date:
  April 9, 2009    
 
       
By:
  /s/ Duncan W. Richardson
 
   
 
  Duncan W. Richardson    
 
  President    
 
       
Date:
  April 9, 2009    

 

EX-99.CERT 2 b74678a1exv99wcert.htm EX-99.CERT SECTION 302 CERTIFICATIONS EX-99.CERT Section 302 Certifications
Global Growth Portfolio
FORM N-CSR
Exhibit 12(a)(2)(i)
CERTIFICATION
I, Barbara E. Campbell, certify that:
1. I have reviewed this report on Form N-CSR of Global Growth Portfolio;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
     (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 


 

     (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
     (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: April 9, 2009
         
     
  /s/ Barbara E. Campbell    
  Barbara E. Campbell   
  Treasurer   
 

 


 

Global Growth Portfolio
FORM N-CSR
Exhibit 12(a)(2)(ii)
CERTIFICATION
I, Duncan W. Richardson, certify that:
1. I have reviewed this report on Form N-CSR of Global Growth Portfolio;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
     (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 


 

     (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
     (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: April 9, 2009
         
     
  /s/ Duncan W. Richardson    
  Duncan W. Richardson   
  President   
 

 

EX-99.906CERT 3 b74678a1exv99w906cert.htm EX-99.906CERT SECTION 906 CERTIFICATIONS EX-99.906CERT Section 906 Certifications
8Fom N-CSR Item 12(b) Exhibit
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
          The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Global Growth Portfolio (the “Portfolio”) that:
  (a)   the Semiannual Report of the Portfolio on Form N-CSR for the period ended February 28, 2009 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
  (b)   the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Portfolio for such period.
A signed original of this written statement required by section 906 has been provided to the Portfolio and will be retained by the Portfolio and furnished to the Securities and Exchange Commission or its staff upon request.
Global Growth Portfolio
Date: April 9, 2009
     
/s/ Barbara E. Campbell
 
   
Barbara E. Campbell
   
Treasurer
   
Date: April 9, 2009
     
/s/ Duncan W. Richardson
 
   
Duncan W. Richardson
   
President
   

 

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