<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-08340
---------
South Asia Portfolio
--------------------
(Exact Name of Registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Address of Principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Name and Address of Agent for Services)
(617) 482-8260
--------------
(Registrant's Telephone Number)
December 31
-----------
Date of Fiscal Year End
December 31, 2003
-----------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
[EV LOGO]
[GRAPHIC IMAGES]
ANNUAL REPORT DECEMBER 31, 2003
EATON VANCE
GREATER
INDIA
FUND
<Page>
EATON VANCE FUNDS
EATON VANCE MANAGEMENT
BOSTON MANAGEMENT AND RESEARCH
EATON VANCE DISTRIBUTORS, INC.
PRIVACY NOTICE
The Eaton Vance organization is committed to ensuring your financial privacy.
This notice is being sent to comply with privacy regulations of the
Securities and Exchange Commission. Each of the above financial institutions
has in effect the following policy with respect to nonpublic personal
information about its customers:
- Only such information received from you, through application forms or
otherwise, and information about your Eaton Vance fund transactions will
be collected.
- None of such information about you (or former customers) will be disclosed
to anyone, except as permitted by law (which includes disclosure to
employees necessary to service your account).
- Policies and procedures (including physical, electronic and procedural
safeguards) are in place that are designed to protect the confidentiality
of such information.
For more information about Eaton Vance's privacy policies, call:
1-800-262-1122.
IMPORTANT NOTICE
REGARDING DELIVERY OF
SHAREHOLDER DOCUMENTS
The Securities and Exchange Commission permits funds to deliver only one copy
of shareholder documents, including prospectuses, proxy statements and
shareholder reports, to fund investors with multiple accounts at the same
residential or post office box address. This practice is often called
"householding" and it helps eliminate duplicate mailings to shareholders.
EATON VANCE, OR YOUR FINANCIAL ADVISER, MAY HOUSEHOLD THE MAILING OF YOUR
DOCUMENTS INDEFINITELY UNLESS YOU INSTRUCT EATON VANCE, OR YOUR FINANCIAL
ADVISER, OTHERWISE.
If you would prefer that your Eaton Vance documents not be householded,
please contact Eaton Vance at 1-800-262-1122, or contact your financial
adviser.
Your instructions that householding not apply to delivery of your Eaton Vance
documents will be effective within 30 days of receipt by Eaton Vance or your
financial adviser.
From time to time, funds are required to vote proxies related to the securities
held by the funds. The Eaton Vance Funds or their underlying Portfolios vote
proxies according to a set of policies and procedures approved by the Funds' and
Portfolios' Boards. You may obtain a description of these policies and
procedures without charge, upon request, by calling 1-800-262-1122. This
description is also available on the Securities and Exchange Commission's
website at http://www.sec.gov.
<Page>
EATON VANCE GREATER INDIA FUND as of December 31, 2003
LETTER TO SHAREHOLDERS
[PHOTO OF THOMAS E. FAUST JR.]
Thomas E. Faust Jr.
President
Eaton Vance Greater India Fund, Class A shares, had a total return of 113.81%
for the year ended December 31, 2003. That return was the result of an increase
in net asset value per share (NAV) from $5.43 on December 31, 2002 to $11.61 on
December 31, 2003.(1)
The Fund's Class B shares had a total return of 113.98% during the year ended
December 31, 2003. That return resulted from an increase in NAV from $5.15 on
December 31, 2002 to $11.02 on December 31, 2003.(1)
The Bombay Stock Exchange (BSE 100) Index - an unmanaged index of common stocks
traded in the India market - had a total return of 94.55% for the year ended
December 31, 2003.(2)
A ROBUST ECONOMY, LOW INTEREST RATES AND TAX RELIEF PROVIDED THE BACKDROP FOR A
MARKET SURGE IN 2003...
The fiscal year ended December 31, 2003 witnessed a major turnaround in India's
economy and a strong rally in its stock market. The passage in February of the
government's Securitization Bill and Union Budget provided investors a much-
needed dose of confidence. Among the bill's features were some tax-reduction
measures, which created incentives for India-based investors. Meanwhile, the
economic backdrop was improving dramatically. Estimates for GDP growth were
revised upward; corporate profit growth proved better than expected; the Reserve
Bank of India maintained an accommodative interest rate policy; the Indian
government continued to make progress in its privatization campaign; and the
region's monsoon season - always a key to the agricultural sector and consumer
spending - was very favor- able. Together, these factors helped fuel a rally
that made India one of the world's top-performing markets in 2003.
INDIA CONTINUED TO ATTRACT FOREIGN OPERATIONS IN 2003...
With an increasing number of multinational companies establishing operations in
India or sending contract work to India-based companies, the nation's
outsourcing industry continued its remark- able growth in 2003. India has
created a major new industry in recent years with a low-cost, highly efficient
work force handling back-office operations, customer call-centers and payroll
processing for a growing roster of global companies. The industry has more than
doubled in the past two years, now employing more than 170,000 people. In our
view, that trend, among others, reflects the growth potential of the Indian
economy and suggests the still-emerging investment opportunities in the India
market. In the following pages, Portfolio Manager Zaheer Sitabkhan of Lloyd
George Investment Management reviews the India market and the Fund's highlights
during the past year.
Sincerely,
/s/ Thomas E. Faust Jr.
Thomas E. Faust Jr.
President
February 11, 2004
FUND INFORMATION
as of December 31, 2003
<Table>
<Caption>
PERFORMANCE(3) CLASS A CLASS B
- -------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
One Year 113.81% 113.98%
Five Years 14.97 14.25
Life of Fund+ 1.56 1.01
SEC Average Annual Total Returns (including sales
charge or applicable CDSC)
One Year 101.56% 108.98%
Five Years 13.63 14.02
Life of Fund+ 0.94 1.01
</Table>
+Inception date: 5/2/94
TEN LARGEST HOLDINGS(4)
<Table>
Gujurat Mineral Development Corp. Ltd. 4.7%
Divi's Laboratories Ltd. 3.8
Oil & Natural Gas Corp. Ltd. 3.8
Larsen & Toubro Ltd. 3.6
D-Link (India) Ltd. 3.5
Uniphos Enterprises Ltd. 3.2
Indian Oil Corp. Ltd. 3.1
Reliance Industries Ltd. 3.0
Satyam Computer Services Ltd. 2.9
Bharat Heavy Electricals Ltd. 2.9
</Table>
(1) These returns do not include the 5.75% maximum sales charge for the Fund's
Class A shares or the applicable contingent deferred sales charge (CDSC) for
Class B shares. (2) It is not possible to invest directly in an Index. (3)
Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. SEC returns for
Class A reflect the maximum 5.75% sales charge. SEC returns for Class B
reflect applicable CDSC based on the following schedule: 5% - 1st and 2nd
years; 4% - 3rd year; 3% - 4th year; 2% - 5th year; 1% - 6th year. Class A
shares redeemed within 3 months of purchase, including exchanges, are
subject to a 1% early redemption fee. The Fund's returns for 2003 reflect
the strong stock market period in the region during the period. (4) Ten
largest holdings account for 34.5% of the Portfolio's net assets, determined
by dividing the total market value of the holdings by the total investments
of the Portfolio. Holdings are subject to change.
Past Performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Performance is for the stated time
period only; due to market volatility, the Fund's current performance may be
higher or lower.
MUTUAL FUND SHARES ARE NOT INSURED BY THE FDIC AND ARE NOT DEPOSITS OR OTHER
OBLIGATIONS OF, OR GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE SUBJECT
TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL INVESTED.
2
<Page>
EATON VANCE GREATER INDIA FUND as of December 31, 2003
MANAGEMENT DISCUSSION
[PHOTO OF ZAHEER SITABKHAN]
Zaheer Sitabkhan
Portfolio Manager
AN INTERVIEW WITH ZAHEER SITABKHAN, DIRECTOR, LLOYD GEORGE INVESTMENT
MANAGEMENT, AND PORTFOLIO MANAGER, SOUTH ASIA PORTFOLIO.
Q: ZAHEER, INDIA'S STOCK MARKET RALLIED STRONGLY IN 2003, WITH THE BOMBAY STOCK
EXCHANGE INDEX(1) REACHING A NEW HISTORICAL HIGH. WHAT CONTRIBUTED TO THE
MARKET'S SURGE IN THE PAST YEAR?
A: The Indian economy registered better-than-expected growth in recent months.
India's Finance Ministry recently indicated that it expects that GDP growth
will exceed 7.0% in the fiscal year ending March 31, 2004, a significant
increase from previous official estimates. Other measures of the economy -
industrial production, wage growth, consumer spending - were equally robust
during the year ended 2003. The excellent monsoon season provided a boost to
the agricultural sector, which in turn raised rural incomes. Moreover, the
strong economy generated good earnings growth for India-based companies
during the period.
Separately, the political climate improved in the region, as India and
Pakistan restored diplomatic relations and resumed limited transportation
services between the two countries. Together with the government's
liberalization of investment rules, this helped attract domestic and foreign
investors alike.
Q: HOW HAVE YOU POSITIONED THE PORTFOLIO IN RECENT MONTHS?
A: The Portfolio's investment emphasis remained India. Of the nations in South
Asia, we believe India has the strongest and most modern economy. The
Portfolio maintained a broad diversification, with investments in cyclical
companies that benefit from an industrial and manufacturing recovery, as
well as an exposure to the expanding consumer markets.
At December 31, the Portfolio's largest sector weightings were: energy, at
11.5%; diversified industry, at 7.8%; auto and parts manufacturers, at 7.7%;
engineering, at 6.6% and chemicals, at 6.1%.(2)
Q: THE FUND TURNED IN A VERY STRONG PERFORMANCE IN 2003, OUTPACING ITS
BENCHMARK, THE BOMBAY STOCK EXCHANGE INDEX.(1) WHAT CONTRIBUTED TO THE
FUND'S STRONG SHOWING?
A: The Portfolio had a large exposure to deep cyclical stocks - companies that
are poised to benefit from an uptrend in capital spending, construction and
overall industrial activity. This segment of the market made powerful moves
in 2003 and performed very well for the Portfolio. Included in this group
were energy-related stocks, chemicals and metals producers. As the economic
climate strengthened, the demand for basic materials and their by-products -
including oil, natural gas, aluminum, steel, plastics and chemicals - rose
commensurately.
[CHART]
FIVE LARGEST INDUSTRY WEIGHTINGS(2)
<Table>
Energy 11.5%
Diversified Industry 7.8%
Auto & Parts 7.7%
Engineering 6.6%
Chemicals 6.1%
</Table>
[CHART]
REGIONAL DISTRIBUTION(2)
<Table>
India 100.0%
</Table>
(1) The Bombay Stock Exchange (BSE 100) Index is an unmanaged index of 100
common stocks traded in the India market. It is not possible to invest
directly in an Index.
(2) As a percentage of total net assets. Because the Portfolio is actively
managed, Five Largest Industry Weightings and Regional Distribution
presented at 12/31/03 are subject to change.
3
<Page>
Q: ENERGY-RELATED COMPANIES WERE AMONG THE PORTFOLIO'S LARGEST SECTOR
WEIGHTINGS. HOW DID THEY DO IN 2003?
A: Energy-related companies turned in a strong showing. Oil and gas prices
remained very high, due in part, we believe, to concerns over supply, but
more fundamentally, to very strong demand. Global economic growth has pushed
up demand, especially in surging economies like India and China. Rising
incomes produced more sales of passenger vehicles and a corresponding need
for fuel.
Diversified minerals also performed well, for many of the same reasons as
the energy stocks. The Portfolio's largest investment is a leading mining
company that produces key strategic minerals used in industrial production
and power generation. The company has secured valuable government leases
giving it vast mineral rights, a move that has given the company a
competitive edge in marketing its products.
Q: ENGINEERING COMPANIES WERE PROMINENT IN THE PORTFOLIO. HAVE THEY BENEFITED
FROM THE ECONOMIC REVIVAL?
A: Yes. We saw heightened demand for engineering services, as activity in the
construction and infrastructure-related industries heated up. Some of
India's leading engineering and construction companies were among the
Portfolio's largest holdings and best performers during the period. As
India's industrial production gained momentum, so did the need for a wide
range of infrastructural improvements, including transportation projects,
power generation and oil and gas facilities. In addition to their domestic
design and construction work, some of these engineering companies have a
growing portfolio of international projects, and joint ventures with some of
the leading engineering companies in Europe, Asia and the U.S.
Q: YOU INDICATED THAT THE PORTFOLIO ALSO HAD INVESTMENTS IN INDIA'S GROWING
CONSUMER MARKET. COULD YOU EXPAND ON THAT THEME?
A: Yes. As wealth levels have risen in India, we've seen an expanding market
for consumer goods, ranging from consumer staples to luxury items. As the
growth in these markets improved the prospects for manufacturers of
household products, clothing and textile producers and auto makers, these
stocks fared very well in 2003. For example, the Portfolio had investments
in some of India's major auto manufacturers. India represents one of the
fastest-growing auto markets in the world, driven by rising consumer
incomes. The Portfolio's investments included participants from its various
segments, including passenger cars, motorcycles, scooters and commercial and
utility vehicles.
Elsewhere, the Portfolio had investments in one of India's leading garment
and textile manufacturers. As consumer tastes have shifted from commodity
garments to branded garments, the company benefited from the growth of its
popular brands in 2003.
In the drug sector, the Portfolio had an investment in a company that
produces active pharmaceutical ingredients for generic drug manufacturers.
In a smaller portion of its business, the company also creates custom
synthesis of new molecules for multinational companies that are researching
new drug formulations. With many pharmaceutical manufacturers struggling,
the company has carved out a very attractive market niche, registering very
strong revenue growth in recent years and realizing earnings growth of more
than 60% in 2003.
Q: DID THE PORTFOLIO HAVE ANY STOCKS THAT WERE ESPECIALLY POOR PERFORMERS IN
2003?
A: Interestingly, in the major rally we saw in 2003, there were no outright
poor performers
4
<Page>
EATON VANCE GREATER INDIA FUND as of December 31, 2003
PERFORMANCE
in the Portfolio. There were, however, some stocks whose returns were more
modest on a relative basis. For example, the Portfolio had some investments in
beverage and tobacco companies. Because these companies are less tied to the
economic cycle, they are deemed to have defensive characteristics, and,
understandably, trailed some of the deep cyclical stocks.
THE VIEWS EXPRESSED IN THIS REPORT ARE THOSE OF THE PORTFOLIO MANAGER AND ARE
CURRENT ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THESE VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER
CONDITIONS, AND EATON VANCE DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS.
THESE VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE INVESTMENT
DECISIONS FOR AN EATON VANCE FUND ARE BASED ON MANY FACTORS, MAY NOT BE RELIED
ON AS AN INDICATION OF TRADING INTENT ON BEHALF OF ANY EATON VANCE FUND.
[CHART]
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN EATON VANCE GREATER
INDIA FUND CLASS A VS. THE BOMBAY STOCK EXCHANGE INDEX*
May 31, 1994 - December 31, 2003
EATON VANCE GREATER INDIA FUND- CLASS A
Inception: 5/2/94
<Table>
<Caption>
FUND FUND BOMBAY STOCK
VALUE AT VALUE WITH EXCHANGE
DATE NAV SALES CHARGE INDEX
- ------------------------------------------------------------------
5/31/1994 10,000 9,425 10,000
6/30/1994 10,090 9,510 10,566
7/31/1994 10,280 9,689 10,806
8/31/1994 11,359 10,706 11,723
9/30/1994 10,649 10,038 11,119
10/31/1994 10,609 10,000 11,043
11/30/1994 10,410 9,812 10,676
12/31/1994 9,840 9,275 10,163
1/31/1995 9,091 8,569 9,475
2/28/1995 8,561 8,070 9,030
3/31/1995 8,372 7,891 8,743
4/30/1995 7,792 7,345 8,307
5/31/1995 8,092 7,627 8,505
6/30/1995 8,112 7,646 8,336
7/31/1995 8,312 7,834 8,707
8/31/1995 7,932 7,476 8,240
9/30/1995 7,532 7,100 7,997
10/31/1995 7,103 6,695 7,775
11/30/1995 6,234 5,876 6,726
12/31/1995 6,553 6,177 6,960
1/31/1996 6,254 5,895 6,307
2/29/1996 7,013 6,610 7,744
3/31/1996 7,103 6,695 7,771
4/30/1996 7,772 7,326 8,536
5/31/1996 7,762 7,316 8,279
6/30/1996 7,792 7,345 8,467
7/31/1996 7,073 6,667 7,757
8/31/1996 6,953 6,554 7,614
9/30/1996 6,344 5,979 6,957
10/31/1996 6,104 5,753 6,770
11/30/1996 5,894 5,556 6,150
12/31/1996 6,054 5,706 6,493
1/31/1997 6,164 5,810 7,065
2/28/1997 6,384 6,017 7,554
3/31/1997 6,354 5,989 7,556
4/30/1997 6,873 6,478 7,875
5/31/1997 6,803 6,412 7,708
6/30/1997 7,493 7,062 8,732
7/31/1997 7,952 7,495 8,979
8/31/1997 7,053 6,648 7,980
9/30/1997 7,283 6,864 8,004
10/31/1997 6,973 6,573 7,971
11/30/1997 6,384 6,017 6,841
12/31/1997 6,334 5,970 6,868
1/31/1998 5,854 5,518 6,175
2/28/1998 6,354 5,989 6,820
3/31/1998 6,633 6,252 7,362
4/30/1998 6,943 6,544 7,585
5/31/1998 6,364 5,998 6,748
6/30/1998 5,435 5,122 5,761
7/31/1998 5,644 5,320 5,696
8/31/1998 5,435 5,122 5,272
9/30/1998 5,704 5,377 5,564
10/31/1998 5,405 5,094 5,091
11/30/1998 5,375 5,066 5,038
12/31/1998 5,774 5,443 5,470
1/31/1999 6,484 6,111 5,881
2/28/1999 6,513 6,139 5,753
3/31/1999 7,652 7,213 6,658
4/30/1999 6,743 6,356 5,797
5/31/1999 6,993 6,591 6,842
6/30/1999 7,403 6,977 7,053
7/31/1999 8,302 7,825 7,852
8/31/1999 9,241 8,710 8,626
9/30/1999 9,451 8,908 8,685
10/31/1999 8,731 8,230 8,163
11/30/1999 9,940 9,369 8,878
12/31/1999 11,978 11,290 10,316
1/31/2000 11,968 11,281 11,273
2/29/2000 12,767 12,034 12,918
3/31/2000 11,249 10,603 11,386
4/30/2000 9,401 8,861 9,389
5/31/2000 8,551 8,060 8,277
6/30/2000 9,301 8,766 9,179
7/31/2000 8,272 7,797 8,209
8/31/2000 8,571 8,079 8,620
9/30/2000 7,922 7,467 7,713
10/31/2000 7,562 7,128 7,041
11/30/2000 7,822 7,373 7,552
12/31/2000 7,383 6,959 7,771
1/31/2001 7,932 7,476 8,152
2/28/2001 7,542 7,109 7,862
3/31/2001 6,044 5,697 6,214
4/30/2001 5,944 5,603 6,144
5/31/2001 6,354 5,989 6,416
6/30/2001 5,974 5,631 5,927
7/31/2001 5,804 5,471 5,546
8/31/2001 5,684 5,358 5,566
9/30/2001 4,725 4,454 4,692
10/31/2001 4,965 4,680 4,904
11/30/2001 5,425 5,113 5,558
12/31/2001 5,455 5,141 5,523
1/31/2002 5,574 5,254 5,614
2/28/2002 5,854 5,518 5,994
3/31/2002 5,804 5,471 6,018
4/30/2002 5,714 5,386 5,843
5/31/2002 5,305 5,000 5,590
6/30/2002 5,574 5,254 5,793
7/31/2002 5,065 4,774 5,301
8/31/2002 5,285 4,981 5,586
9/30/2002 4,945 4,661 5,214
10/31/2002 4,715 4,444 5,163
11/30/2002 5,195 4,896 5,666
12/31/2002 5,425 5,113 5,949
1/31/2003 5,145 4,849 5,737
2/28/2003 5,295 4,991 5,854
3/31/2003 5,095 4,802 5,404
4/30/2003 5,185 4,887 5,319
5/31/2003 5,844 5,508 5,980
6/30/2003 6,593 6,215 6,725
7/31/2003 7,003 6,601 7,033
8/31/2003 7,892 7,439 8,329
9/30/2003 8,222 7,750 8,659
10/31/2003 9,191 8,663 9,401
11/30/2003 10,020 9,444 9,685
12/31/2003 11,598 10,932 11,573
</Table>
[CHART]
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN EATON VANCE GREATER
INDIA FUND CLASS B VS. THE BOMBAY STOCK EXCHANGE INDEX*
May 31, 1994 - December 31, 2003
EATON VANCE GREATER INDIA FUND- CLASS B
Inception: 5/2/94
<Table>
<Caption>
FUND FUND BOMBAY STOCK
VALUE AT VALUE WITH EXCHANGE
DATE NAV SALES CHARGE INDEX
- ------------------------------------------------------------------
5/31/1994 10,000 N/A 10,000
6/30/1994 10,080 10,566
7/31/1994 10,270 10,806
8/31/1994 11,349 11,723
9/30/1994 10,649 11,119
10/31/1994 10,599 11,043
11/30/1994 10,410 10,676
12/31/1994 9,830 10,163
1/31/1995 9,081 9,475
2/28/1995 8,551 9,030
3/31/1995 8,362 8,743
4/30/1995 7,782 8,307
5/31/1995 8,092 8,505
6/30/1995 8,112 8,336
7/31/1995 8,312 8,707
8/31/1995 7,922 8,240
9/30/1995 7,522 7,997
10/31/1995 7,103 7,775
11/30/1995 6,194 6,726
12/31/1995 6,543 6,960
1/31/1996 6,224 6,307
2/29/1996 6,853 7,744
3/31/1996 6,963 7,771
4/30/1996 7,622 8,536
5/31/1996 7,592 8,279
6/30/1996 7,622 8,467
7/31/1996 6,913 7,757
8/31/1996 6,793 7,614
9/30/1996 6,194 6,957
10/31/1996 5,954 6,770
11/30/1996 5,764 6,150
12/31/1996 5,904 6,493
1/31/1997 6,014 7,065
2/28/1997 6,224 7,554
3/31/1997 6,194 7,556
4/30/1997 6,703 7,875
5/31/1997 6,633 7,708
6/30/1997 7,313 8,732
7/31/1997 7,752 8,979
8/31/1997 6,883 7,980
9/30/1997 7,103 8,004
10/31/1997 6,843 7,971
11/30/1997 6,264 6,841
12/31/1997 6,224 6,868
1/31/1998 5,744 6,175
2/28/1998 6,234 6,820
3/31/1998 6,504 7,362
4/30/1998 6,803 7,585
5/31/1998 6,244 6,748
6/30/1998 5,335 5,761
7/31/1998 5,534 5,696
8/31/1998 5,325 5,272
9/30/1998 5,594 5,564
10/31/1998 5,305 5,091
11/30/1998 5,275 5,038
12/31/1998 5,654 5,470
1/31/1999 6,344 5,881
2/28/1999 6,374 5,753
3/31/1999 7,483 6,658
4/30/1999 6,593 5,797
5/31/1999 6,833 6,842
6/30/1999 7,233 7,053
7/31/1999 8,112 7,852
8/31/1999 9,011 8,626
9/30/1999 9,211 8,685
10/31/1999 8,502 8,163
11/30/1999 9,680 8,878
12/31/1999 11,638 10,316
1/31/2000 11,628 11,273
2/29/2000 12,398 12,918
3/31/2000 10,919 11,386
4/30/2000 9,121 9,389
5/31/2000 8,302 8,277
6/30/2000 9,021 9,179
7/31/2000 8,022 8,209
8/31/2000 8,312 8,620
9/30/2000 7,672 7,713
10/31/2000 7,323 7,041
11/30/2000 7,572 7,552
12/31/2000 7,133 7,771
1/31/2001 7,622 8,152
2/28/2001 7,223 7,862
3/31/2001 5,784 6,214
4/30/2001 5,694 6,144
5/31/2001 6,084 6,416
6/30/2001 5,714 5,927
7/31/2001 5,544 5,546
8/31/2001 5,435 5,566
9/30/2001 4,515 4,692
10/31/2001 4,745 4,904
11/30/2001 5,175 5,558
12/31/2001 5,195 5,523
1/31/2002 5,315 5,614
2/28/2002 5,574 5,994
3/31/2002 5,524 6,018
4/30/2002 5,445 5,843
5/31/2002 5,045 5,590
6/30/2002 5,295 5,793
7/31/2002 4,815 5,301
8/31/2002 5,015 5,586
9/30/2002 4,695 5,214
10/31/2002 4,476 5,163
11/30/2002 4,925 5,666
12/31/2002 5,145 5,949
1/31/2003 4,875 5,737
2/28/2003 5,015 5,854
3/31/2003 4,825 5,404
4/30/2003 4,905 5,319
5/31/2003 5,534 5,980
6/30/2003 6,234 6,725
7/31/2003 6,623 7,033
8/31/2003 7,453 8,329
9/30/2003 7,762 8,659
10/31/2003 8,681 9,401
11/30/2003 9,481 9,685
12/31/2003 11,009 11,573
</Table>
<Table>
<Caption>
PERFORMANCE** CLASS A CLASS B
---------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
One Year 113.81% 113.98%
Five Years 14.97 14.25
Life of Fund+ 1.56 1.01
SEC Average Annual Total Returns (including sales
charge or applicable CDSC)
One Year 101.56% 108.98%
Five Years 13.63 14.02
Life of Fund+ 0.94 1.01
</Table>
+Inception date: 5/2/94
* Source: Thomson Financial. Investment operations commenced 5/2/94. The chart
uses closest month-end after inception.
The chart compares the Fund's total return with that of the Bombay Stock
Exchange Index, a broad-based, unmanaged market index of common stocks
traded in the India market. Returns are calculated by determining the
percentage change in net asset value (NAV) with all distributions
reinvested. The lines on the chart represent the total returns of $10,000
hypothetical investments in the Fund and the Index. The Index's total return
does not reflect commissions or expenses that would have been incurred if an
investor individually purchased or sold the securities represented in the
Index. It is not possible to invest directly in an index.
** Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. SEC returns for
Class A reflect the maximum 5.75% sales charge. SEC returns for Class B
reflect applicable CDSC based on the following schedule: 5% - 1st and 2nd
years; 4% - 3rd year; 3% - 4th year; 2% - 5th year; 1% - 6th year. Class A
shares redeemed within 3 months of purchase, including exchanges, are
subject to a 1% early redemption fee. The Fund's returns for 2003 reflect
the strong stock market performance in the region during the period.
Past Performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. Performance is for the stated time
period only; due to market volatility, the Fund's current performance may be
higher or lower. The performance graphs and table above do not reflect the
deduction of taxes that a shareholder would incur on Fund distributions or
the redemption of Fund shares.
5
<Page>
EATON VANCE GREATER INDIA FUND as of December 31, 2003
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2003
<Table>
ASSETS
Investment in South Asia Portfolio, at value (identified cost, $33,547,990) $ 50,039,696
Receivable for Fund shares sold 3,119,423
Receivable for loss due to redemptions 25,793
Prepaid expenses 7,330
- -------------------------------------------------------------------------------------------
TOTAL ASSETS $ 53,192,242
- -------------------------------------------------------------------------------------------
LIABILITIES
Payable for Fund shares redeemed $ 250,903
Payable to affiliate for distribution and service fees 174
Payable to affiliate for Trustees' fees 75
Accrued expenses 39,921
- -------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 291,073
- -------------------------------------------------------------------------------------------
NET ASSETS $ 52,901,169
- -------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Paid-in capital $ 39,952,344
Accumulated net realized loss from Portfolio (computed on the basis of
identified cost) (3,218,647)
Accumulated net investment loss (324,234)
Net unrealized appreciation from Portfolio (computed on the basis of
identified cost) 16,491,706
- -------------------------------------------------------------------------------------------
TOTAL $ 52,901,169
- -------------------------------------------------------------------------------------------
CLASS A SHARES
NET ASSETS $ 31,345,644
SHARES OUTSTANDING 2,700,068
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of beneficial interest outstanding) $ 11.61
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 94.25 of $11.61) $ 12.32
- -------------------------------------------------------------------------------------------
CLASS B SHARES
NET ASSETS $ 21,555,525
SHARES OUTSTANDING 1,956,092
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of beneficial interest outstanding) $ 11.02
- -------------------------------------------------------------------------------------------
</Table>
On sales of $50,000 or more, the offering price of Class A shares is reduced.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED
DECEMBER 31, 2003
<Table>
INVESTMENT INCOME
Dividends allocated from Portfolio $ 297,446
Interest allocated from Portfolio 3,290
Expenses allocated from Portfolio (334,219)
- -------------------------------------------------------------------------------------------
NET INVESTMENT LOSS FROM PORTFOLIO $ (33,483)
- -------------------------------------------------------------------------------------------
EXPENSES
Management fee $ 45,858
Trustees' fees and expenses 195
Service fees --
Class A 39,103
Class B 105,228
Transfer and dividend disbursing agent fees 71,595
Registration fees 31,231
Legal and accounting services 14,642
Custodian fee 12,970
Printing and postage 11,008
Miscellaneous 5,171
- -------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 337,001
- -------------------------------------------------------------------------------------------
NET INVESTMENT LOSS $ (370,484)
- -------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM PORTFOLIO
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 1,631,662
Foreign currency transactions 10,688
- -------------------------------------------------------------------------------------------
NET REALIZED GAIN $ 1,642,350
- -------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 16,484,688
Foreign currency (628)
- -------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 16,484,060
- -------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 18,126,410
- -------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 17,755,926
- -------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
6
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
INCREASE (DECREASE) YEAR ENDED YEAR ENDED
IN NET ASSETS DECEMBER 31, 2003 DECEMBER 31, 2002
- -----------------------------------------------------------------------------------------
From operations --
Net investment loss $ (370,484) $ (378,824)
Net realized gain (loss) 1,642,350 (848,870)
Net change in unrealized
appreciation (depreciation) 16,484,060 1,117,681
- -----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 17,755,926 $ (110,013)
- -----------------------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 24,655,598 $ 1,181,912
Class B 6,445,949 297,679
Cost of shares redeemed
Class A (4,667,210) (1,078,500)
Class B (2,344,613) (2,152,081)
- -----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
FUND SHARE TRANSACTIONS $ 24,089,724 $ (1,750,990)
- -----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ 41,845,650 $ (1,861,003)
- -----------------------------------------------------------------------------------------
NET ASSETS
At beginning of year $ 11,055,519 $ 12,916,522
- -----------------------------------------------------------------------------------------
AT END OF YEAR $ 52,901,169 $ 11,055,519
- -----------------------------------------------------------------------------------------
ACCUMULATED NET INVESTMENT
LOSS INCLUDED IN NET ASSETS
AT END OF YEAR $ (324,234) $ --
- -----------------------------------------------------------------------------------------
</Table>
See notes to financial statements
7
<Page>
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
CLASS A
---------------------------------------------------------
YEAR ENDED DECEMBER 31,
---------------------------------------------------------
2003(1) 2002(1) 2001(1) 2000(1) 1999(1)
- -----------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year $ 5.430 $ 5.460 $ 7.390 $ 11.990 $ 5.780
- -----------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment loss $ (0.146) $ (0.150) $ (0.149) $ (0.212) $ (0.165)
Net realized and unrealized gain (loss) 6.326 0.120 (1.781) (4.388) 6.375
- -----------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 6.180 $ (0.030) $ (1.930) $ (4.600) $ 6.210
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 11.610 $ 5.430 $ 5.460 $ 7.390 $ 11.990
- -----------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 113.81% (0.55)% (26.12)% (38.36)% 107.44%
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (000's omitted) $ 31,346 $ 2,962 $ 2,889 $ 4,865 $ 11,640
Ratios (As a percentage of average daily net assets):
Expenses(3) 3.35% 4.75% 3.96% 2.98% 3.26%
Expenses after custodian fee reduction(3) 3.35% 4.75% 3.90% 2.91% 3.24%
Net investment loss (1.83)% (2.75)% (2.44)% (2.20)% (2.07)%
Portfolio Turnover of the Portfolio 87% 112% 141% 133% 80%
- -----------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares outstanding.
(2) Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of the Portfolio's allocated expenses.
Average Shares Calculated
See notes to financial statements
8
<Page>
<Table>
<Caption>
CLASS B
---------------------------------------------------------
YEAR ENDED DECEMBER 31,
---------------------------------------------------------
2003(1) 2002(1) 2001(1) 2000(1) 1999(1)
- -----------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning of year $ 5.150 $ 5.200 $ 7.140 $ 11.650 $ 5.660
- -----------------------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment loss $ (0.145) $ (0.171) $ (0.172) $ (0.255) $ (0.193)
Net realized and unrealized gain (loss) 6.015 0.121 (1.768) (4.255) 6.183
- -----------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM OPERATIONS $ 5.870 $ (0.050) $ (1.940) $ (4.510) $ 5.990
- -----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF YEAR $ 11.020 $ 5.150 $ 5.200 $ 7.140 $ 11.650
- -----------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 113.98% (0.96)% (27.17)% (38.71)% 105.83%
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (000's omitted) $ 21,556 $ 8,094 $ 10,028 $ 17,305 $ 34,671
Ratios (As a percentage of average daily net assets):
Expenses(3) 3.85% 5.26% 4.46% 3.50% 3.69%
Expenses after custodian fee reduction(3) 3.85% 5.26% 4.40% 3.43% 3.67%
Net investment loss (2.14)% (3.28)% (2.96)% (2.73)% (2.55)%
Portfolio Turnover of the Portfolio 87% 112% 141% 133% 80%
- -----------------------------------------------------------------------------------------------------------------
</Table>
(1) Net investment loss per share was computed using average shares outstanding.
(2) Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of the Portfolio's allocated expenses.
Average Shares Calculated
See notes to financial statements
9
<Page>
EATON VANCE GREATER INDIA FUND as of December 31, 2003
NOTES TO FINANCIAL STATEMENTS
1 SIGNIFICANT ACCOUNTING POLICIES
Eaton Vance Greater India Fund (the Fund) is a mutual fund seeking long-term
capital appreciation through the purchase of an interest in a separate
investment company which invests primarily in equity securities of companies
in India and surrounding countries of the Indian sub-continent. The Fund is a
diversified series of Eaton Vance Special Investment Trust (the Trust). The
Trust is an entity of the type commonly known as a Massachusetts business
trust and is registered under the Investment Company Act of 1940, as amended,
as an open-end management investment company. The Fund offers two classes of
shares. Class A shares are generally sold subject to a sales charge imposed
at time of purchase. Class B shares are sold at net asset value and are
subject to a contingent deferred sales charge (See Note 7). Each class
represents a pro rata interest in the Fund, but votes separately on
class-specific matters and (as noted below) is subject to different expenses.
Realized and unrealized gains and losses and net investment income, other
than class specific expenses, are allocated daily to each class of shares
based on the relative net assets of each class to the total net assets of the
Fund. Each class of shares differs in its distribution plan and certain other
class specific expenses. The Fund invests all of its investable assets in
interests in South Asia Portfolio (the Portfolio), a New York Trust, having
the same investment objective as the Fund. The value of the Fund's investment
in the Portfolio reflects the Fund's proportionate interest in the net assets
of the Portfolio (99.9% at December 31, 2003). The performance of the Fund is
directly affected by the performance of the Portfolio. The financial
statements of the Portfolio, including the portfolio of investments, are
included elsewhere in this report and should be read in conjunction with the
Fund's financial statements.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with accounting principles generally accepted in
the United States of America.
A INVESTMENT VALUATION -- Valuation of securities by the Portfolio is
discussed in Note 1A of the Portfolio's Notes to Financial Statements which
are included elsewhere in this report.
B INCOME -- The Fund's net investment income consists of the Fund's pro rata
share of the net investment income of the Portfolio, less all actual and
accrued expenses of the Fund determined in accordance with accounting
principles generally accepted in the United States of America.
C FEDERAL TAXES -- The Fund's policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable income, including any
net realized gain on investments, if any. Accordingly, no provision for
federal income or excise tax is necessary. At December 31, 2003, the Fund,
for federal income tax purposes had a capital loss carryover of $3,192,164
which will reduce the taxable income arising from future net realized gains
on investments, if any, to the extent permitted by the Internal Revenue Code,
and thus will reduce the amount of the distributions to shareholders which
would otherwise be necessary to relieve the Fund of any liability for federal
income or excise tax. The capital loss carryover of $2,488,708 and $703,456
will expire on December 31, 2009 and December 31, 2010, respectively.
D 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.
E INDEMNIFICATIONS -- Under the Trust'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 Fund and
shareholders are indemnified against personal liability for the obligations
of the Trust. Additionally, in the normal course of business, the Fund enters
into agreements with service providers that may contain indemnification
clauses. The Fund's maximum exposure under these arrangements is unknown as
this would involve future claims that may be made against the Fund that have
not yet occurred.
F EXPENSES -- The majority of expenses of the Trust are directly identifiable
to an individual fund. Expenses which are not readily identifiable to a
specific fund are allocated taking into consideration, among other things,
the nature and type of expense and the relative size of the funds.
G OTHER -- Investment transactions are accounted for on a trade-date basis.
H EXPENSE REDUCTION -- Investors Bank & Trust Company (IBT) serves as
custodian to the Fund and the Portfolio. Pursuant to the respective custodian
agreements, IBT receives a fee reduced by credits which are determined based
on the average daily cash balances the Fund or the
10
<Page>
Portfolio maintains with IBT. All significant credit balances used to reduce
the Fund's custodian fees are reported as a reduction of total expenses in
the Statement of Operations.
2 MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The management fee is earned by Eaton Vance Management (EVM) as compensation
for management of the business affairs of the Fund. The fee is based on a
percentage of average daily net assets. For the year ended December 31, 2003,
the fee was equivalent to 0.25% of the Fund's average net assets for such
period and amounted to $45,858. Except as to Trustees of the Fund who are not
members of EVM's organization, officers and Trustees receive remuneration for
their services to the Fund out of such management fee. In addition,
investment adviser and administrative fees are paid by the Portfolio to EVM
and its affiliates. See Note 2 of the Portfolio's Notes to Financial
Statements which are included elsewhere in this report. EVM serves as the
sub-transfer agent of the Fund and receives from the transfer agent an
aggregate fee based upon the actual expenses incurred by EVM in the
performance of those services. For the year ended December 31, 2003, EVM
earned $7,818. The Fund was informed that Eaton Vance Distributors, Inc.
(EVD), a subsidiary of EVM and the Funds' principal underwriter, received
$42,047 from the Eaton Vance Greater India Fund as its portion of the sales
charge on sales of Class A shares for the year ended December 31, 2003.
Certain officers and Trustees of the Fund and of the Portfolio are officers
of the above organization.
3 SHARES OF BENEFICIAL INTEREST
The Funds' Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest (without par
value). Such shares may be issued in a number of different series (such as
the Funds) and classes. Transactions in Fund shares were as follows:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
-----------------------
CLASS A 2003 2002
-----------------------------------------------------------------------------
Sales 2,779,616 216,656
Redemptions (625,115) (200,499)
-----------------------------------------------------------------------------
NET INCREASE 2,154,501 16,157
-----------------------------------------------------------------------------
<Caption>
YEAR ENDED DECEMBER 31,
-----------------------
CLASS B 2003 2002
-----------------------------------------------------------------------------
Sales 740,456 57,034
Redemptions (356,976) (411,818)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) 383,480 (354,784)
-----------------------------------------------------------------------------
</Table>
Redemptions or exchanges of Class A shares made within three months of
purchase are subject to a redemption fee equal to 1% of the amount redeemed.
For the year ended December 31, 2003 the Fund received $1,267 in redemption
fees on Class A shares.
4 DISTRIBUTIONS TO SHAREHOLDERS
It is the present policy of the Fund to make (a) at least one distribution
annually (normally in December) of all or substantially all of the net
investment income allocated to the Fund by the Portfolio, if any, less the
Fund's direct expenses and (b) at least one distribution annually of all or
substantially all of the net realized capital gains allocated by the
Portfolio to the Fund, if any (reduced by any available capital loss
carryforwards from prior years). Shareholders may reinvest all distributions
in shares of the Fund, without a sales charge, at the per share net asset
value as of the close of business on the ex-dividend date. The Fund
distinguishes between distributions on a tax basis and a financial reporting
basis. Accounting principles generally accepted in the United States of
America require that only distributions in excess of tax basis earnings and
profits be reported in the financial statements as a return of capital.
Differences in the recognition or classification of income between the
financial statement and tax earnings and profits which result in temporary
over-distributions for financial statement purposes are classified as
distributions in excess of net investment income or accumulated net realized
losses. Permanent differences between book and tax accounting are
reclassified to paid-in capital.
11
<Page>
5 INVESTMENT TRANSACTIONS
For the year ended December 31, 2003, increases and decreases in the Fund's
investment in the Portfolio aggregated $27,986,610 and $7,407,279,
respectively.
6 DISTRIBUTION AND SERVICE PLANS
The Fund has in effect distribution plans for Class A (Class A Plan) and
Class B (Class B Plan) (collectively, the Plans) pursuant to Rule 12b-1 under
the Investment Company Act of 1940.
The Class A Plan provides for the payment of a monthly distribution fee to
the Principal Underwriter, Eaton Vance Distributors, Inc. (EVD), in an amount
equal to the aggregate of (a) 0.50% of that portion of the Fund's average
daily net assets attributable to Class A shares which have remained
outstanding for less than one year and (b) 0.25% of that portion of the
Fund's average daily net assets attributable to Class A shares which have
remained outstanding for more than one year.
The Class B Plan provides for the payment of a monthly distribution fee to
EVD at an annual rate not to exceed 0.75% of the Fund's average daily net
assets attributable to Class B shares. The Fund will automatically
discontinue payments to EVD under the Class B Plan during any period in which
there are no outstanding Uncovered Distribution Charges, which are equivalent
to the sum of (i) 5% of the amount received by the Fund for each Class B
share sold plus, (ii) interest calculated by applying the rate of 1% over the
prevailing prime rate to the outstanding balance of Uncovered Distribution
Charges of EVD reduced by the aggregate amount of contingent deferred sales
charges (See Note 7), daily amounts theretofore paid to EVD by Lloyd George
Investment Management (Bermuda) Limited, investment adviser for the Portfolio
(Adviser), in consideration of EVD's distribution effort. At December 31,
2003, the amount of Uncovered Distribution Charges EVD calculated under the
Class B Plan was approximately $1,959,000. The amounts paid by the Adviser to
EVD are equivalent to 0.15% of the Fund's average daily net assets
attributable to Class B shares and are made from the Adviser's own resources,
not Fund assets.
Distribution fee payments are made for providing ongoing distribution
services to the Fund. The amount payable to EVD by the Fund with respect to
each day is accrued on such day as a liability of the Fund and, accordingly,
reduces the Fund's net assets. The Fund paid or accrued $32,765 and $78,921
for Class A and Class B shares, respectively, to or payable to EVD for the
year ended December 31, 2003, representing 0.42% and 0.75% of average daily
net assets attributable to Class A and Class B shares, respectively.
The Plans authorize the Fund to make payments of service fees to EVD,
investment dealers and other persons in an amount equal to 0.25%, on an
annual basis, of the Fund's average daily net assets attributable to Class A
shares which have remained outstanding for more than one year and in amounts
not exceeding 0.25% of the Fund's average daily net assets attributable to
Class B shares. Such payments are made for personal services and/or the
maintenance of shareholder accounts. Service fees are separate and distinct
from the sales commissions and distribution fees payable by the Fund to EVD
and, as such, are not subject to automatic discontinuance where there are no
outstanding Uncovered Distribution Charges of EVD. For the year ended
December 31, 2003, service fees amounted to $6,388 and $26,307 for Class A
and Class B shares, representing 0.08% and 0.25% of average daily net assets
attributable to Class A and Class B shares, respectively.
Certain officers and Trustees of the Fund are officers of the above
organization.
7 CONTINGENT DEFERRED SALES CHARGE
A contingent deferred sales charge (CDSC) generally is imposed on redemptions
of Class B shares made within six years of purchase. A CDSC of 1% is imposed
on any redemption of Class A shares made within 12 months of purchase that
were acquired at net asset value if the purchase amount was $1 million or
more. Investors who purchase Class A shares in a single fund purchase in a
single transaction at net asset value in amounts of $5 million or more will
not be subject to any CDSC for such investments or any subsequent investment
in the same fund. Generally, the CDSC is based upon the lower of the net
asset value at date of redemption or date of purchase. No charge is levied on
shares acquired by reinvestment of dividends or capital gains distributions.
The Class B CDSC is imposed at declining rates that begin at 5% in the case
of redemptions in the first and second year after purchase, declining one
percentage point each subsequent year. No CDSC is levied on shares which have
been sold to EVM or its affiliates or to their respective employees or
clients and may be waived under certain other limited conditions. CDSC
charges are paid to EVD to reduce the amount of Uncovered Distribution
Charges calculated under the Fund's Distribution Plans (See Note 5). CDSC
charges received when no Uncovered Distribution Charges exist will be
retained by the Fund. The Fund was informed that EVD received approximately
$31,000 of CDSC paid by shareholders for Class B shares, for the year ended
December 31, 2003.
12
<Page>
EATON VANCE GREATER INDIA FUND as of December 31, 2003
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES OF EATON VANCE SPECIAL INVESTMENT TRUST AND SHAREHOLDERS OF
EATON VANCE GREATER INDIA FUND:
We have audited the accompanying statement of assets and liabilities of Eaton
Vance Greater India Fund (the Fund) (one of the series of the Eaton Vance
Special Investment Trust) as of December 31, 2003, and the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended and the financial highlights for
each of the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Eaton
Vance Greater India Fund at December 31, 2003, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended, and the financial highlights for each of the five years
in the period then ended, in conformity with accounting principles generally
accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 19, 2004
13
<Page>
SOUTH ASIA PORTFOLIO as of December 31, 2003
PORTFOLIO OF INVESTMENTS
COMMON STOCKS -- 90.6%
<Table>
<Caption>
SHARES VALUE
- --------------------------------------------------------------------------------
INDIA -- 90.6%
APPLICATIONS SOFTWARE -- 6.0%
Infosys Technologies Ltd. 3,692 $ 450,218
India's second largest IT services provider with
offerings spanning banking & finance, insurance,
retail, manufacturing and telecoms. Services include
software development, maintenance, re-engineering,
package implementation and business process
outsourcing (BPO).
Satyam Computer Services 180,000 1,449,271
A SEI-CMM Level 5 company, the company is an
end-to-end global software services provider, with
expertise in key vertical segments such as
insurance, banking and telecom.
Wipro Ltd. 28,850 1,098,734
Wipro provides high-end R&D services and application
development & maintenance services to global
technology corporations. Business areas include
hardware design, system software and embedded
software, telecom software, e-commerce, web enabling
and customer management.
- --------------------------------------------------------------------------------
$ 2,998,223
- --------------------------------------------------------------------------------
AUTO AND PARTS -- 7.7%
Bajaj Auto Ltd. 48,500 $ 1,209,019
The company is the largest manufacturer of two &
three wheelers in India and has a tie-up with
Kawasaki for motorcycles. Bajaj Auto continues to
dominate the 3-wheeler segment with 90% market
share, while its market share in the motorcycle
segment is at 25%.
Maruti Udyog Ltd.(1) 159,000 1,311,380
A 54% subsidiary of Suzuki Motor Corp., Japan,
Maruti Udyog is India's largest car company with a
market share in excess of 55%.
Tata Engineering and Locomotive Co. Ltd. 133,421 1,322,659
A major commercial vehicle manufacturer in India,
its products include cars and utility vehicles.
- --------------------------------------------------------------------------------
$ 3,843,058
- --------------------------------------------------------------------------------
BANKING AND FINANCE -- 5.9%
HDFC Bank Ltd. 111,000 $ 892,014
HDFC Bank is the leading private sector bank in
India. HDFC Ltd, is the promoter of the bank. In a
span of eight years, HDFC Bank has emerged as a
significant player in the banking sector, with
nearly 2% market share. Its interest spans both
wholesale and retail lending.
Kotak Mahindra Finance Ltd. 90,000 758,367
One of the leading non-banking finance company
(NBFC) in India, the company was converted to a
commercial bank last year. It offers diverse
financial solutions ranging from corporate finance,
retail finance, investment banking, stock broking,
mutual funds to life insurance.
LIC Housing Finance(1) 273,000 1,310,400
Promoted by Life Insurance Corporation of India
(India's largest life insurance company), LIC
Housing Finance is the second largest housing
finance company in India, with a market share of
7.3%.
- --------------------------------------------------------------------------------
$ 2,960,781
- --------------------------------------------------------------------------------
BREWERY -- 0.5%
United Breweries Ltd.(1) 94,380 $ 261,058
India's largest beer company controlling over 45% of
the country's brewing capacity with a 40% market
share.
- --------------------------------------------------------------------------------
$ 261,058
- --------------------------------------------------------------------------------
CEMENT -- 0.8%
Associated Cement Cos. Ltd. 78,000 $ 419,790
One of the largest cement producers in India, with
an installed capacity aggregating 15mn tons.
- --------------------------------------------------------------------------------
$ 419,790
- --------------------------------------------------------------------------------
CHEMICALS -- 6.1%
Hindustan Inks and Resins Ltd. 102,500 $ 1,422,981
The company manufactures a wide range of printing,
publishing & packaging inks, resins, enamels &
adhesives.
Uniphos Enterprises Ltd. 157,000 1,614,906
A leading agrochemical manufacturer in the domestic
market. Currently the focus is to tap the growing &
profitable export market for generic (off-patent)
agrochemicals.
- --------------------------------------------------------------------------------
$ 3,037,887
- --------------------------------------------------------------------------------
</Table>
See notes to financial statements
14
<Page>
<Table>
<Caption>
SHARES VALUE
- --------------------------------------------------------------------------------
COMMUNICATIONS SOFTWARE -- 1.9%
Hughes Software Systems 74,000 $ 924,493
Hughes Software Systems offers a range of
communications-related software services, products
and solutions. The company's focus is on the
convergence market.
- --------------------------------------------------------------------------------
$ 924,493
- --------------------------------------------------------------------------------
COMPUTER HARDWARE - NETWORKING -- 3.5%
D-Link India Ltd. 401,000 $ 1,743,746
One of the top players in the domestic network and
communication market, with a complete range of
products for all networking and communication needs
of an organization. It is a leader in several
products like NICs, hubs, unmanaged switches and
dial-up modems.
- --------------------------------------------------------------------------------
$ 1,743,746
- --------------------------------------------------------------------------------
DIVERSIFIED INDUSTRY -- 7.8%
Bharat Electronics Ltd. 24,111 $ 321,806
India's largest defence equipment manufacturer with
products such as defence radars, defence
communications, telecommunication, sound & vision
broadcasting and semiconductors. Government holds a
76% stake in the company.
Grasim Industries Ltd. 41,400 910,981
The company operates in VSF (viscose staple fibre),
sponge iron and cement. Its recent acquisition of
Larsen & Toubro's cement business, will make it
India's largest cement group.
Indian Rayon and Industries Ltd. 146,000 864,000
The company operates in four major segments: VFY
(viscose filament yarn), garments, carbon black and
textiles. The company has been a vehicle for the
group's investments in branded garments, IT, BPO and
life insurance (second-largest private sector
life-insurance player).
Larsen & Toubro Ltd. 156,000 1,803,104
One of India's leading engineering and construction
companies. To focus on its core business, L&T has
recently hived-off its cement business.
- --------------------------------------------------------------------------------
$ 3,899,891
- --------------------------------------------------------------------------------
DIVERSIFIED MINERALS -- 4.7%
Gujarat Mineral Development Corporation 424,254 $ 2,364,664
The country's largest lignite merchant & second
largest producer of solid fuel (lignite). The
Gujarat State Government holds a 74% stake in the
company.
- --------------------------------------------------------------------------------
$ 2,364,664
- --------------------------------------------------------------------------------
DRUGS -- 4.6%
Divi's Laboratories Ltd. 55,000 $ 1,898,027
A research-focused custom manufacturer of bulk drug/
intermediates with few peers in Indian
pharmaceutical sector.
Dr. Reddy's Laboratories Ltd. 13,000 406,896
Dr Reddy's Laboratories is a research-based
pharmaceutical company focusing on the US generics
and domestic markets. Dr Reddy's has filed 39 ANDAs
(Abbreviated New Drug Applications) pending approval
with USFDA, including 14 patent challenges. The
company recently acquired BMS Labs in the UK, which
would be an entry vehicle for Europe.
- --------------------------------------------------------------------------------
$ 2,304,923
- --------------------------------------------------------------------------------
ENERGY -- 11.5%
Bharat Petroleum Corp. Ltd. 134,000 $ 1,322,378
The company is a refinery and marketing company with
a 8% market share in refining capacity. It has 5,025
retail outlets (petrol stations) throughout the
country and has a domestic market share of about
22%.
Hindustan Petroleum Corp. Ltd. 104,800 1,004,932
One of India's three premier R&M (refinery &
marketing) companies, the company refines crude oil
into constituent fuel products at its two refineries
in Mumbai & Vishakhpatnam. It has an installed
capacity of 13 mmtpa and a domestic market share of
20%.
Indian Oil Corporation 154,500 1,547,370
India's premier oil refinery and marketing company
with 82% stake held by the Government of India, the
company accounts for more than 50% of petroleum
product sales and 42% of the refining capacity in
the country.
Oil and Natural Gas Corp. Ltd. 108,000 1,892,515
India's dominant exploration & production company
and 84% owned by the Government of India. The
company has a virtual monopoly in the production of
crude oil & natural gas in the country.
- --------------------------------------------------------------------------------
$ 5,767,195
- --------------------------------------------------------------------------------
</Table>
See notes to financial statements
15
<Page>
<Table>
<Caption>
SHARES VALUE
- --------------------------------------------------------------------------------
ENGINEERING -- 6.6%
ABB Ltd. 96,500 $ 1,425,027
Asea Brown Boveri, a 51% subsidiary of ABB
worldwide, provides products and solutions for the
transmission & distribution and automation markets.
Engineers India Ltd. 62,000 532,690
The company provides engineering design and
consultancy services for refineries, oil and gas
projects, pipelines, petrochemical complexes and
other industries, and is 90% owned by the Government
of India.
Siemens India Ltd. 56,528 1,330,220
The company manufactures diversified products for
energy, industry, healthcare (a supplier of
high-tech medical electronics), transportation and
the component segments. It also has joint ventures
which supply equipment in the fields of
telecommunication and information technology.
- --------------------------------------------------------------------------------
$ 3,287,937
- --------------------------------------------------------------------------------
FOODS -- 1.4%
Balrampur Chini Mills Ltd. 117,685 $ 719,523
The company is engaged in the manufacturing and
marketing of sugar, alcohol, and bio-fertilizers. It
possesses an aggregate cane crushing capacity of
25000 tcd (tons crushed per day) across three
different locations.
- --------------------------------------------------------------------------------
$ 719,523
- --------------------------------------------------------------------------------
HEALTHCARE - BIOTECH -- 0.8%
Transgene Biotek Ltd.(1) 240,000 $ 416,877
Transgene Biotek works in close collaboration with
several US-based companies and research
organizations to develop and commercialize various
biotechnology products in the areas of vaccines and
therapeutics.
- --------------------------------------------------------------------------------
$ 416,877
- --------------------------------------------------------------------------------
INFORMATION SERVICES -- 1.1%
Geodesic Information Systems Ltd.(1) 68,396 $ 565,682
Geodesic is a forerunner in the area of unified
messaging. The messaging solution 'Mundu' messenger
is an 'Interoperable Instant Messaging' tool that
lets users communicate with one another instantly
and seamlessly communicate across other major
instant messaging services including AIM, ICQ, MSN
and Yahoo.
- --------------------------------------------------------------------------------
$ 565,682
- --------------------------------------------------------------------------------
METALS - ALUMINIUM -- 5.0%
Hindalco Industries Ltd. 38,841 $ 1,198,899
An integrated aluminium producer that has a low cost
copper smelter. It owns 96% of Indian Aluminium,
which sells alumina and high-end fabricated
aluminium products.
National Aluminium Co. Ltd. 303,500 1,301,807
Nalco is a leading producer of alumina and aluminium
in India, with integrated operations. The Government
is the principal shareholder, owning 87% of the
shares outstanding.
- --------------------------------------------------------------------------------
$ 2,500,706
- --------------------------------------------------------------------------------
METALS - NON-FERROUS -- 2.5%
Sterlite Industries (India) Ltd. 40,681 $ 1,249,141
The company is the only non-ferrous metals company
in India to have a presence across key base metal
businesses, namely copper, aluminum and zinc.
- --------------------------------------------------------------------------------
$ 1,249,141
- --------------------------------------------------------------------------------
METALS - STEEL -- 1.5%
Steel Authority of India Ltd.(1) 682,000 $ 763,840
The company is the largest domestic steel producer
and fifteenth largest global producer with an annual
crude steel production of 11mnt in FY03.
- --------------------------------------------------------------------------------
$ 763,840
- --------------------------------------------------------------------------------
MISCELLANEOUS -- 0.3%
United Breweries Holdings Ltd.(1) 141,570 $ 134,356
De-merged entity of United Breweries Ltd. United
Breweries Holdings is a holding company of United
Breweries Ltd.
- --------------------------------------------------------------------------------
$ 134,356
- --------------------------------------------------------------------------------
PETROCHEMICAL -- 4.3%
Finolex Industries Ltd. 355,500 $ 640,484
Finolex Industries is India's third largest producer
of PVC resin with a capacity of 130,000 tpa, a
significant portion of which is consumed by its
pipes/fittings business (49,000 tpa capacity).
Reliance Industries Ltd. 120,000 1,507,069
The 4th largest petrochemicals / energy company in
Asia, with respectable global rankings in each of
its major businesses. The group enjoys the
distinction of operating fully-integrated production
facilities, from oil to textile.
- --------------------------------------------------------------------------------
$ 2,147,553
- --------------------------------------------------------------------------------
</Table>
See notes to financial statements
16
<Page>
<Table>
<Caption>
SHARES VALUE
- --------------------------------------------------------------------------------
POWER CONVERTERS / POWER SUPPLY EQUIPMENT -- 2.9%
Bharat Heavy Electricals Ltd. 130,000 $ 1,447,310
A dominant player in the domestic power plant
equipment and electrical engineering industry,
BHEL supplies power plant equipment to central
utilities, state electricity boards & independent
power producers (IPPs) and undertakes turnkey
projects. It also supplies equipment like
turbines, generators and boilers.
- --------------------------------------------------------------------------------
$ 1,447,310
- --------------------------------------------------------------------------------
PROPERTY -- 0.0%
Gesco Corp. Ltd.(1) 2 $ 1
Engaged in real estate and property development.
De-merged entity of GE Shipping.
- --------------------------------------------------------------------------------
$ 1
- --------------------------------------------------------------------------------
TEXTILE PRODUCTS -- 2.0%
Alok Industries Ltd. 789,195 $ 1,013,629
Alok Industries Ltd has its presence in Home
textiles (9% of turnover), Woven fabric (74%), Knit
fabric (8%) & Texturised yarn (9%). Currently 30% of
its turnover from woven fabrics is through in-house
manufactured fabric, and balance is outsourced &
processed.
- --------------------------------------------------------------------------------
$ 1,013,629
- --------------------------------------------------------------------------------
TOBACCO -- 1.2%
ITC Ltd. 27,000 $ 582,638
A leader in the Indian cigarette market with 67%
market share. It has also diversified in various
other segments such as hotels, agri-exports and
paper.
- --------------------------------------------------------------------------------
$ 582,638
- --------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%
Great Eastern Shipping Co. Ltd. 90 $ 303
The largest private sector shipping company in
India.
- --------------------------------------------------------------------------------
$ 303
- --------------------------------------------------------------------------------
TOTAL INDIA
(IDENTIFIED COST $28,864,332) $ 45,355,205
- --------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $28,864,332) $ 45,355,205
- --------------------------------------------------------------------------------
WARRANTS -- 0.0%
<Caption>
SHARES VALUE
- --------------------------------------------------------------------------------
INDIA -- 0.0%
HEALTHCARE - BIOTECH -- 0.0%
Transgene Biotek Ltd.(1) 240,000 $ 0
- --------------------------------------------------------------------------------
$ 0
- --------------------------------------------------------------------------------
TOTAL INDIA
(IDENTIFIED COST $64,907) $ 0
- --------------------------------------------------------------------------------
TOTAL WARRANTS
(IDENTIFIED COST $64,907) $ 0
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 90.6%
(IDENTIFIED COST $28,929,239) $ 45,355,205
- --------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 9.4% $ 4,684,729
- --------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 50,039,934
- --------------------------------------------------------------------------------
</Table>
Company descriptions are unaudited.
(1) Non-income producing security.
See notes to financial statements
17
<Page>
TOP TEN HOLDINGS
<Table>
<Caption>
PERCENTAGE
COMPANY INDUSTRY SECTOR OF NET ASSETS VALUE
- --------------------------------------------------------------------------------------------
Gujarat Mineral Development
Corporation Diversified Minerals 4.7% $ 2,364,664
Divi's Laboratories Ltd. Drugs 3.8 1,898,027
Oil and Natural Gas Corp. Ltd. Energy 3.8 1,892,515
Larsen & Toubro Ltd. Diversified Industry 3.6 1,803,104
D-Link India Ltd. Computer Hardware -
Networking 3.5 1,743,746
Uniphos Enterprises Ltd. Chemicals 3.2 1,614,906
Indian Oil Corporation Energy 3.1 1,547,370
Reliance Industries Ltd. Petrochemical 3.0 1,507,069
Satyam Computer Services Applications Software 2.9 1,449,271
Bharat Heavy Electricals Ltd. Power Converters/Power
Supply Equipment 2.9 1,447,310
</Table>
INDUSTRY CONCENTRATION -- BELOW ARE THE TOP TEN INDUSTRY SECTORS REPRESENTED IN
THE PORTFOLIO OF INVESTMENTS
<Table>
<Caption>
PERCENTAGE
COMPANY OF NET ASSETS VALUE
- --------------------------------------------------------------------
Energy 11.5% $ 5,767,195
Diversified Industry 7.8 3,899,891
Auto and Parts 7.7 3,843,058
Engineering 6.6 3,287,937
Chemicals 6.1 3,037,887
Applications Software 6.0 2,998,223
Banking and Finance 5.9 2,960,781
Metals - Aluminium 5.0 2,500,706
Diversified Minerals 4.7 2,364,664
Drugs 4.6 2,304,923
</Table>
See notes to financial statements
18
<Page>
SOUTH ASIA PORTFOLIO as of December 31, 2003
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2003
<Table>
ASSETS
Investments, at value (identified cost, $28,929,239) $ 45,355,205
Cash 5,198,506
Foreign currency, at value (identified cost, $73,899) 73,656
Interest and dividends receivable 19,394
- ---------------------------------------------------------------------------------------
TOTAL ASSETS $ 50,646,761
- ---------------------------------------------------------------------------------------
LIABILITIES
Payable to affiliate for Trustees' fees $ 71
Accrued expenses 606,756
- ---------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 606,827
- ---------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS' INTEREST IN PORTFOLIO $ 50,039,934
- ---------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Net proceeds from capital contributions and withdrawals $ 33,614,218
Net unrealized appreciation (computed on the basis of identified cost) 16,425,716
- ---------------------------------------------------------------------------------------
TOTAL $ 50,039,934
- ---------------------------------------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED
DECEMBER 31, 2003
<Table>
INVESTMENT INCOME
Dividends (net of foreign taxes $990) $ 297,448
Interest 3,290
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 300,738
- ---------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 136,365
Administration fee 45,590
Trustees' fees and expenses 5,123
Custodian fee 103,500
Legal and accounting services 37,061
Miscellaneous 6,711
- ---------------------------------------------------------------------------------------
TOTAL EXPENSES $ 334,350
- ---------------------------------------------------------------------------------------
NET INVESTMENT LOSS $ (33,612)
- ---------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 1,634,180
Foreign currency transactions 10,696
- ---------------------------------------------------------------------------------------
NET REALIZED GAIN $ 1,644,876
- ---------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 16,740,752
Foreign currency (631)
- ---------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 16,740,121
- ---------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 18,384,997
- ---------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 18,351,385
- ---------------------------------------------------------------------------------------
</Table>
See notes to financial statements
19
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
INCREASE (DECREASE) YEAR ENDED YEAR ENDED
IN NET ASSETS DECEMBER 31, 2003 DECEMBER 31, 2002
- ---------------------------------------------------------------------------------------
From operations --
Net investment loss $ (33,612) $ (97,122)
Net realized gain (loss) 1,644,876 (918,095)
Net change in unrealized
appreciation (depreciation) 16,740,121 1,165,519
- ---------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 18,351,385 $ 150,302
- ---------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 27,986,610 $ 1,477,300
Withdrawals (7,465,206) (4,110,492)
- ---------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 20,521,404 $ (2,633,192)
- ---------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ 38,872,789 $ (2,482,890)
- ---------------------------------------------------------------------------------------
NET ASSETS
At beginning of year $ 11,167,145 $ 13,650,035
- ---------------------------------------------------------------------------------------
AT END OF YEAR $ 50,039,934 $ 11,167,145
- ---------------------------------------------------------------------------------------
</Table>
See notes to financial statements
20
<Page>
SUPPLEMENTARY DATA
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
---------------------------------------------------------
2003 2002 2001 2000 1999
- -----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratios (As a percentage of average daily net assets):
Expenses 1.82% 2.77% 2.52% 1.82% 2.09%
Expenses after custodian fee reduction 1.82% 2.77% 2.46% 1.75% 2.07%
Net investment loss (0.18)% (0.77)% (1.02)% (1.04)% (0.94)%
Portfolio Turnover 87% 112% 141% 133% 80%
- -----------------------------------------------------------------------------------------------------------------
Total Return(1) 120.47% 1.53% (25.70)% -- --
- -----------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S OMITTED) $ 50,040 $ 11,167 $ 13,650 $ 23,236 $ 48,278
- -----------------------------------------------------------------------------------------------------------------
</Table>
(1) Total return is required to be disclosed for fiscals years beginning after
December 15, 2000.
Other Calculated
See notes to financial statements
21
<Page>
SOUTH ASIA PORTFOLIO as of December 31, 2003
NOTES TO FINANCIAL STATEMENTS
1 SIGNIFICANT ACCOUNTING POLICIES
South Asia 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 January 18, 1994, seeks to achieve long-term capital appreciation
by investing primarily in equity securities of companies in India and
surrounding countries of the Indian sub-continent. The Declaration of Trust
permits the Trustees to issue interests in the Portfolio. At December 31,
2003, the Eaton Vance Greater India Fund held an approximate 99.9% interest
in the Portfolio. The following is a summary of the significant accounting
policies of the Portfolio. The policies are in conformity with accounting
principles generally accepted in the United States of America.
A INVESTMENT VALUATIONS -- Marketable securities, including options, that are
listed on foreign or U.S. securities exchanges are valued at closing sale
prices or, if there were no sales, at the mean between the closing bid and
asked prices on the exchange where such securities are principally traded.
(Such prices may not be used, however, where an active over-the-counter
market in an exchange listed security better reflects current market value).
Marketable securities listed in the NASDAQ National Market System are valued
at the NASDAQ official closing price. Unlisted or listed securities for which
closing sale prices are not available are valued at the mean between the
latest bid and asked prices. Futures positions on securities or currencies
are generally valued at closing settlement 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. Generally, trading in the foreign securities owned by the Portfolio
is substantially completed each day at various times prior to the close of
the Exchange. The values of these securities used in determining the net
asset value of the Portfolio generally are computed as of such times.
Occasionally, events affecting the value of foreign securities may occur
between such times and the close of the Exchange which will not be reflected
in the computation of a Portfolio's net asset value (unless the Portfolio
deems that such events would materially affect its net asset value, in which
case an adjustment would be made and reflected in such computation). A
Portfolio may rely on an independent fair valuation service in making any
such adjustment. Foreign securities and currency held by a Portfolio will be
valued in U.S. dollars; such values will be computed by the custodian based
on foreign currency exchange rate quotations supplied by an independent
quotation service.
B FEDERAL TAXES -- The Portfolio is treated as a partnership for Federal tax
purposes. No provision is made by the Portfolio for federal or state taxes on
any taxable income of the Portfolio because each investor in the Portfolio is
individually responsible for the payment of any taxes on its share of such
income. Since some of the 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 Portfolio's understanding of the applicable countries' tax rules and
rates.
In addition to the requirements of the Internal Revenue Code, the Portfolio
may also be subject to capital gains tax in India on gains realized upon
disposition of Indian securities, payable prior to repatriation of sales
proceeds. The tax is computed on net realized gains; any realized losses in
excess of gains may be carried forward to offset future gains. During the
year ended December 31, 2003, the Portfolio made no payments of tax subject
to such requirement. In addition, the Portfolio accrues a deferred tax
liability for net unrealized gains in excess of available carryforwards on
Indian securities. As of December 31, 2003, non-U.S. taxes provided on
unrealized gains were $480,203.
C FINANCIAL FUTURES CONTRACTS -- Upon entering into a financial futures
contract, the Portfolio is required to deposit (initial margin) either cash
or securities in 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
daily fluctuations in the value of the underlying security, and are recorded
for book purposes as unrealized gains or losses by the Portfolio. 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
22
<Page>
loss. If the Portfolio enters into a closing transaction, the Portfolio will
realize, for book purposes, a gain or loss equal to the difference between
the value of the financial futures contract to sell and financial futures
contract to buy.
D 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. Realized 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.
E 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. 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.
F EXPENSE REDUCTION -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolio. Pursuant to the custodian agreement, IBT receives
a fee reduced by credits which are determined based on the average daily cash
balance the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
total expenses in the Statement of Operations.
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 OTHER -- Investment transactions are accounted for on the date the
securities are purchased or sold. 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.
2 INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The investment adviser fee is earned by Lloyd George Investment Management
(Bermuda) Limited (the Adviser) as compensation for management and investment
advisory services rendered to the Portfolio. Under the advisory agreement,
the Adviser receives a monthly fee 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 year ended December 31, 2003, the
adviser fee was 0.75% of average daily net assets and amounted to $136,365.
In addition, an administration fee is earned by Eaton Vance Management (EVM)
for 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 year ended December 31, 2003, the administration fee was 0.25%
of average net assets and amounted to $45,590. Except as to Trustees of the
Portfolio who are not members of the Adviser's or EVM's organization,
officers and Trustees
23
<Page>
receive remuneration for their services to the Portfolio out of such
investment adviser and administrative fees. Certain officers and Trustees of
the Portfolio are officers of the above organizations.
3 INVESTMENT TRANSACTIONS
For the year ended December 31, 2003, purchases and sales of investments,
other than short-term obligations, aggregated $31,297,600 and $15,664,220
respectively.
4 FEDERAL INCOME TAX BASIS OF UNREALIZED APPRECIATION (DEPRECIATION)
The cost and unrealized appreciation (depreciation) in value of the
investments owned at December 31, 2003, as computed on a federal income tax
basis, are as follows:
<Table>
AGGREGATE COST $ 28,773,270
-----------------------------------------------------------------------------
Gross unrealized appreciation $ 17,718,121
Gross unrealized depreciation (1,136,186)
-----------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 16,581,935
-----------------------------------------------------------------------------
</Table>
The depreciation on currency is $250.
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 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.
Settlement of securities transactions in the Indian subcontinent may be
delayed and is generally less frequent than in the United States, which could
affect the liquidity of the Portfolio's assets. The Portfolio may be unable
to sell securities where the registration process is incomplete and may
experience delays in receipt of dividends.
6 INDIA TAXES
The Portfolio is subject to certain Indian income taxes in connection with
distributions from, and transactions in, Indian securities. The Portfolio has
been advised that the Indian tax authority is conducting a review of the
Portfolio's tax returns filed for the tax years ended March 31, 2002 and
2001. As of December 31, 2003, the Portfolio has not been advised of the
results of that review.
The focus of the review is the accounting method followed by the Portfolio in
the netting of capital gains and capital losses based on differing holding
periods of the securities sold. The netting convention followed by the
Portfolio during the period under review differs from the netting convention
adopted by the Indian taxing authorities during the year ended December 2002,
and currently being followed by the Portfolio. The Portfolio believes the
netting convention used during the period under review was appropriate and in
accordance with tax regulations existing at the time.
7 LINE OF CREDIT
The Portfolio participates with other portfolios and funds managed by EVM and
its affiliates in a committed $150 million unsecured line of credit agreement
with a group of banks. The Portfolio may temporarily borrow from the line of
credit to satisfy redemption requests or settle investment transactions.
Interest is charged to each portfolio or fund based on its borrowings at an
amount above the 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 year ended December 31, 2003.
24
<Page>
SOUTH ASIA PORTFOLIO as of December 31, 2003
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES AND INVESTORS OF SOUTH ASIA PORTFOLIO
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of South Asia Portfolio (the Portfolio) as of
December 31, 2003, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the supplementary data for each of the five years in the
period then ended. These financial statements and supplementary data are the
responsibility of the Portfolio's management. Our responsibility is to express
an opinion on these financial statements and supplementary data based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and supplementary data are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 2003, by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and supplementary data referred to
above present fairly, in all material respects, the financial position of South
Asia Portfolio at December 31, 2003, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended, and the supplementary data for each of the five years in the
period then ended, in conformity with accounting principles generally accepted
in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 19, 2004
25
<Page>
EATON VANCE GREATER INDIA FUND
MANAGEMENT AND ORGANIZATION
FUND MANAGEMENT. The Trustees of Eaton Vance Special Investment Trust (the
Trust) and South Asia Portfolio (the Portfolio) are responsible for the overall
management and supervision of the Trust's and Portfolio's affairs. The Trustees
and officers of the Trust and the Portfolio are listed below. Except as
indicated, each individual has held the office shown or other offices in the
same company for the last five years. Trustees and officers of the Trust and the
Portfolio hold indefinite terms of office. The "noninterested Trustees" consist
of those Trustees who are not "interested persons" of the Trust and the
Portfolio, as that term is defined under the 1940 Act. The business address of
each Trustee and officer is The Eaton Vance Building, 255 State Street, Boston,
Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV"
refers to Eaton Vance, Inc., "EVM" refers to Eaton Vance Management, "BMR"
refers to Boston Management and Research, "EVD" refers to Eaton Vance
Distributors, Inc., "LGM" refers to Lloyd George Management (B.V.I.) Limited,
and "Lloyd George" refers to Lloyd George Investment Management (Bermuda)
Limited. EVC and EV are the corporate parent and trustee, respectively, of EVM
and BMR. EVD is the Fund's principal underwriter, the Portfolio's placement
agent and a wholly-owned subsidiary of EVM. Lloyd George is a wholly-owned
subsidiary of LGM.
<Table>
<Caption>
NUMBER OF
POSITION(S) TERM OF PORTFOLIOS
WITH THE OFFICE AND IN FUND COMPLEX
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY OTHER DIRECTORSHIPS
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS TRUSTEE(1) HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE(S)
Jessica M. Bibliowicz Trustee Trustee of the Trust Chairman, President and 193 Director of National
11/28/59 since 1998; of the Chief Executive Officer Financial Partners
Portfolio since 2003 of National Financial
Partners (financial
services company) (since
April 1999). President
and Chief Operating
Officer of John A. Levin
& Co. (registered
investment adviser)
(July 1997 to April
1999) and a Director of
Baker, Fentress &
Company, which owns John
A. Levin & Co. (July
1997 to April 1999). Ms.
Bibliowicz is an
interested person
because of her
affiliation with a
brokerage firm.
James B. Hawkes Trustee of the Trustee of the Trust Chairman, President and 195 Director of EVC
11/9/41 Trust; Vice since 1989; of the Chief Executive Officer
President and Portfolio since 1994 of BMR, EVC, EVM and EV;
Trustee of Director of EV; Vice
the Portfolio President and Director
of EVD. Trustee and/or
officer of 195
registered investment
companies in the Eaton
Vance Fund Complex. Mr.
Hawkes is an interested
person because of his
positions with BMR, EVM,
EVC and EV, which are
affiliates of the Fund
and the Portfolio.
Hon. Robert Lloyd George Trustee and Since 1994 Chief Executive Officer 5 Chairman of LGM
8/13/52 President of of LGM and Lloyd George.
the Portfolio Mr. Lloyd George is an
interested person
because of his positions
with LGM and Lloyd
George, which are
affiliates of the
Portfolio.
NONINTERESTED TRUSTEE(S)
Edward K.Y. Chen Trustee of Since 1994 President of Lingnan 5 Director of First
1/14/45 the Portfolio University in Hong Kong. Pacific Company, Asia
Satellite
Telecommunications
Holdings Ltd. and Wharf
Holdings Limited
(property management
and communications)
Samuel L. Hayes, III Trustee Trustee of the Trust Jacob H. Schiff 195 Director of Tiffany &
2/23/35 since 1989; of the Professor of Investment Co. (specialty
Portfolio since 1994 Banking Emeritus, retailer) and Telect,
Harvard University Inc. (telecommunication
Graduate School of services company)
Business Administration.
William H. Park Trustee Since 2003 President and Chief 192 None
9/19/47 Executive Officer, Prizm
Capital Management, LLC
(investment management
firm) (since 2002).
Executive Vice President
and Chief Financial
Officer, United Asset
Management Corporation
(a holding company
owning institutional
investment management
firms) (1982-2001).
</Table>
26
<Page>
<Table>
<Caption>
NUMBER OF
POSITION(S) TERM OF PORTFOLIOS
WITH THE OFFICE AND IN FUND COMPLEX
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY OTHER DIRECTORSHIPS
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS TRUSTEE(1) HELD
- ------------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(S)
(CONTINUED)
Ronald A. Pearlman Trustee Since 2003 Professor of Law, 192 None
7/10/40 Georgetown University
Law Center (since 1999).
Tax Partner, Covington &
Burling, Washington, DC
(1991-2000).
Norton H. Reamer Trustee Trustee of the Trust President, Chief 195 None
9/21/35 since 1989; of the Executive Officer and
Portfolio since 1996 Director of Asset
Management Finance Corp.
(a specialty finance
company serving the
investment management
industry) (since October
2003). President,
Unicorn Corporation (an
investment and financial
advisory services
company) (since
September 2000).
Formerly, Chairman,
Hellman, Jordan
Management Co., Inc. (an
investment management
company) (2000-2003).
Formerly, Advisory
Director of Berkshire
Capital Corporation
(investment banking
firm) (2002-2003).
Formerly, Chairman of
the Board, United Asset
Management Corporation
(a holding company
owning institutional
investment management
firms) and Chairman,
President and Director,
UAM Funds (mutual funds)
(1980-2000).
Lynn A. Stout Trustee of Trustee of the Trust Professor of Law, 195 None
9/14/57 the Trust since 1998; of the University of California
Portfolio since 2003 at Los Angeles School of
Law (since July 2001).
Formerly, Professor of
Law, Georgetown
University Law Center.
</Table>
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
<Table>
<Caption>
POSITION(S) TERM OF
WITH THE OFFICE AND
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS
- ----------------------------------------------------------------------------------------------------------------------------
Thomas E. Faust Jr. President of the Trust Since 2002 Executive Vice President of EVM, BMR, EVC and
5/31/58 EV; Chief Investment Officer of EVM and BMR and
Director of EVC. Chief Executive Officer of
Belair Capital Fund LLC, Belcrest Capital Fund
LLC, Belmar Capital Fund LLC, Belport Capital
Fund LLC and Belrose Capital Fund LLC (private
investment companies sponsored by EVM). Officer
of 54 registered investment companies managed by
EVM or BMR.
William Walter Raleigh Kerr Vice President of Since 1994 Director, Finance Director and Chief Operating
8/17/50 the Portfolio Officer of Lloyd George. Director of LGM.
Officer of 4 registered investment companies
managed by EVM or BMR.
Duke E. Laflamme Vice President of Since 2001 Vice President of EVM and BMR. Officer of 11
7/8/69 the Trust registered investment companies managed by EVM
or BMR.
Thomas H. Luster Vice President of Since 2002 Vice President of EVM and BMR. Officer of 15
4/8/62 the Trust registered investment companies managed by EVM
or BMR.
Zaheer Sitabkhan Vice President of Since 1999 Director of the Lloyd George. Officer of 2
1/17/65 the Portfolio registered investment companies managed by EVM
or BMR.
Alan R. Dynner Secretary Since 1997 Vice President, Secretary and Chief Legal
10/10/40 Officer of BMR, EVM, EVD, EV and EVC. Officer of
195 registered investment companies managed by
EVM or BMR.
William J. Austin, Jr. Treasurer of Since 2002(2) Vice President of EVM and BMR. Officer of 58
12/27/51 the Portfolio registered investment companies managed by EVM
or BMR.
James L. O'Connor Treasurer of the Trust Since 1989 Vice President of BMR, EVM and EVD. Officer of
4/1/45 116 registered investment companies managed by
EVM or BMR.
</Table>
(1) Includes both master and feeder funds in a master-feeder structure.
(2) Prior to 2002, Mr. Austin served as Assistant Treasurer of the Portfolio
from 1994.
The SAI for the Fund includes additional information about the Trustees and
officers of the Fund and the Portfolio and can be obtained without charge by
calling 1-800-225-6265.
27
<Page>
INVESTMENT ADVISER OF SOUTH ASIA PORTFOLIO
LLOYD GEORGE INVESTMENT MANAGEMENT
(BERMUDA) LIMITED
3808 ONE EXCHANGE SQUARE
CENTRAL, HONG KONG
SPONSOR AND MANAGER OF EATON VANCE GREATER INDIA FUND
AND ADMINISTRATOR OF SOUTH ASIA PORTFOLIO
EATON VANCE MANAGEMENT
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
PRINCIPAL UNDERWRITER
EATON VANCE DISTRIBUTORS, INC.
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
(617) 482-8260
CUSTODIAN
INVESTORS BANK & TRUST COMPANY
200 CLARENDON STREET
BOSTON, MA 02116
TRANSFER AGENT
PFPC INC.
ATTN: EATON VANCE FUNDS
P.O. BOX 9653
PROVIDENCE, RI 02940-9653
(800) 262-1122
INDEPENDENT AUDITORS
DELOITTE & TOUCHE LLP
200 BERKELEY STREET
BOSTON, MA 02116-5022
EATON VANCE GREATER INDIA FUND
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
THIS REPORT MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS WHICH
CONTAINS MORE COMPLETE INFORMATION ON THE FUND, INCLUDING ITS SALES CHARGES AND
EXPENSES. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<Page>
142-2/04 GISRC
<Page>
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, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (a fixed income
investment management firm). Previously, he served as Executive Vice President
and Chief Financial Officer of United Asset Management Corporation ("UAM") (a
holding company owning institutional investment management firms). Mr. Hayes is
the Jacob H. Schiff Professor of
<Page>
Investment Banking Emeritus of the Harvard University Graduate School of
Business Administration. Mr. Reamer is the President, Chief Executive Officer
and a Director of Asset Management Finance Corp. (a specialty finance company
serving the investment management industry) and is President of Unicorn
Corporation (an investment and financial advisory services company). Formerly,
Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm), Chairman of the Board of UAM and Chairman, President
and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a)-(d)
The following table presents aggregate fees billed to the registrant for the
fiscal years ended December 31, 2002, and 2003 by the registrant's principal
accountant for professional services rendered for the audit of the registrant's
annual financial statements and fees billed for other services rendered by the
principal accountant during those periods.
<Table>
<Caption>
YEARS ENDED DECEMBER 31, 2003 2002
- --------------------------------------------------------------------------------
Audit Fees $ 20,991 $ 23,814
Audit-Related Fees(1) $ 0 $ 0
Tax Fees(2) $ 22,300 $ 4,600
All Other Fees(3) $ 0 $ 0
---------------------------
Total $ 43,291 $ 28,414
===========================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services that are reasonably related to the performance of the
audit of the registrant's financial statements and are not reported under
the category of audit fees.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax
advice, and tax planning and specifically include fees for tax return
preparation and other related tax compliance/planning matters.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the registrant's principal accountant other than
audit, audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics of the pre-approval process,
including the approval and monitoring of audit and non-audit service fees.
Unless a service is specifically pre-approved under the Pre-Approval Policies,
it must be separately pre-approved by the audit committee.
<Page>
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) Aggregate non-audit fees (i.e., fees for audit-related, tax, and other
services) billed by the registrant's principal accountant for services rendered
to the registrant for each of the registrant's last two fiscal years (2002 and
2003) were $4,600 and $22,300, respectively. No non-audit fees were billed by
the registrant's principal accountant for services rendered to Lloyd George
Investment Management (Bermuda) Limited, the registrant's investment adviser,
for each of the registrant's last two fiscal years (2002 and 2003). Aggregate
non-audit fees (i.e., fees for audit-related, tax, and other services) billed by
the registrant's principal accountant for services rendered to the Eaton Vance
organization (which includes certain entities providing ongoing services to the
registrant) for each of the registrant's last two fiscal years (2002 and 2003)
were $336,546 and $458,168, respectively.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 8. [RESERVED]
ITEM 9. 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 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.
<Page>
(b) There have been no significant changes in the registrant's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. 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.
<Page>
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.
SOUTH ASIA PORTFOLIO
By: /S/ Hon. Robert Lloyd George
----------------------------
Hon. Robert Lloyd George
President
Date: February 19, 2004
-----------------
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/ William J. Austin Jr.
-------------------------
William J. Austin Jr.
Treasurer
Date: February 19, 2004
-----------------
By: /S/ Hon. Robert Lloyd George
-------------------------------
Hon. Robert Lloyd George
President
Date: February 19, 2004
-----------------