<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10387
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Tax-Managed Value Portfolio
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(Exact Name of Registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Address of principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Name and Address of Agent for Services)
(617) 482-8260
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(Registrant's Telephone Number)
October 31, 2003
----------------
Date of Fiscal Year End
April 30, 2003
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Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
TAX-MANAGED VALUE PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMON STOCKS -- 97.5%
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------
Aerospace and Defense -- 3.1%
- -----------------------------------------------------------------------
General Dynamics Corp. 125,000 $ 7,758,750
Lockheed Martin Corp. 50,000 2,502,500
Northrop Grumman Corp. 50,000 4,397,500
United Technologies Corp. 50,000 3,090,500
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$ 17,749,250
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Auto Parts and Equipment -- 0.8%
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BorgWarner, Inc. 75,000 $ 4,400,250
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$ 4,400,250
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Banks - Regional -- 12.5%
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Bank of America Corp. 175,000 $ 12,958,750
Bank One Corp. 150,000 5,407,500
FleetBoston Financial Corp. 175,000 4,641,000
Golden West Financial Corp. 125,000 9,427,500
M&T Bank Corp. 25,000 2,111,750
Wachovia Corp. 300,000 11,463,000
Washington Mutual, Inc. 350,000 13,825,000
Wells Fargo & Co. 250,000 12,065,000
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$ 71,899,500
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Broadcasting and Cable -- 2.9%
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Clear Channel Communications, Inc.(1) 200,000 $ 7,822,000
Comcast Corp., Class A(1) 275,000 8,775,250
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$ 16,597,250
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Building Products -- 0.5%
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Lennar Corp. 50,000 $ 2,712,000
Lennar Corp., Class B 5,000 267,750
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$ 2,979,750
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Chemicals -- 1.9%
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Air Products and Chemicals, Inc. 250,000 $ 10,767,500
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$ 10,767,500
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<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------
Communications Services -- 5.9%
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ALLTEL Corp. 175,000 $ 8,200,500
BCE, Inc. 350,000 6,937,000
BellSouth Corp. 300,000 7,647,000
Verizon Communications, Inc. 300,000 11,214,000
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$ 33,998,500
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Computers and Business Equipment -- 2.9%
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Diebold, Inc. 75,000 $ 2,998,500
Hewlett-Packard Co. 125,000 2,037,500
International Business Machines Corp. 135,000 11,461,500
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$ 16,497,500
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Diversified Manufacturing -- 1.6%
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Emerson Electric Co. 125,000 $ 6,337,500
Tyco International Ltd. 200,000 3,120,000
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$ 9,457,500
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Electric Utilities -- 6.1%
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Dominion Resources, Inc. 150,000 $ 8,877,000
Entergy Corp. 175,000 8,156,750
Exelon Corp. 175,000 9,282,000
FPL Group, Inc. 150,000 9,130,500
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$ 35,446,250
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Electronic Manufacturing Services -- 0.3%
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Celestica, Inc.(1) 150,000 $ 1,734,000
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$ 1,734,000
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Financial Services -- 7.5%
- -----------------------------------------------------------------------
Citigroup, Inc. 350,000 $ 13,737,500
Countrywide Financial Corp. 50,000 3,380,000
Dun & Bradstreet Corp.(1) 75,000 2,835,000
Fannie Mae 100,000 7,239,000
First Data Corp. 175,000 6,865,250
Freddie Mac 75,000 4,342,500
J.P. Morgan Chase & Co. 175,000 5,136,250
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$ 43,535,500
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS
<Page>
TAX-MANAGED VALUE PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
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Foods -- 2.7%
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Nestle SA 30,000 $ 6,124,709
Sara Lee Corp. 550,000 9,229,000
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$ 15,353,709
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Health Care Services -- 0.6%
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Caremark Rx, Inc.(1) 175,000 $ 3,484,250
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$ 3,484,250
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Household Products -- 3.6%
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Kimberly-Clark Corp. 200,000 $ 9,954,000
Unilever NV 175,000 11,019,750
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$ 20,973,750
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Information Technology and Management Consulting -- 0.4%
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Accenture Ltd., Class A(1) 150,000 $ 2,403,000
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$ 2,403,000
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Insurance -- 6.2%
- -----------------------------------------------------------------------
Marsh & McLennan Cos., Inc. 125,000 $ 5,960,000
MetLife, Inc. 450,000 12,928,500
Progressive Corp. 100,000 6,800,000
XL Capital Ltd., Class A 125,000 10,287,500
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$ 35,976,000
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Investment Services -- 4.9%
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Franklin Resources, Inc. 100,000 $ 3,488,000
Goldman Sachs Group, Inc. 100,000 7,590,000
Merrill Lynch & Co., Inc. 200,000 8,210,000
Morgan Stanley 200,000 8,950,000
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$ 28,238,000
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Machinery -- 1.1%
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Deere and Co. 150,000 $ 6,604,500
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$ 6,604,500
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<Caption>
SECURITY SHARES VALUE
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Medical - Drugs -- 4.5%
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Biovail Corp.(1) 50,000 $ 1,807,500
Cardinal Health, Inc. 200,000 11,056,000
Pfizer, Inc. 175,000 5,381,250
Wyeth 175,000 7,617,750
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$ 25,862,500
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Metals - Industrial -- 2.0%
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Alcoa, Inc. 500,000 $ 11,465,000
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$ 11,465,000
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Oil and Gas - Equipment and Services -- 1.3%
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GlobalSantaFe Corp. 350,000 $ 7,406,000
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$ 7,406,000
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Oil and Gas - Exploration and Production -- 1.5%
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Anadarko Petroleum Corp. 200,000 $ 8,880,000
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$ 8,880,000
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Oil and Gas - Integrated -- 7.9%
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ConocoPhillips 250,000 $ 12,575,000
Exxon Mobil Corp. 125,000 4,400,000
Occidental Petroleum Corp. 325,000 9,701,250
Royal Dutch Petroleum Co. 225,000 9,198,000
Total Fina Elf SA ADR 150,000 9,855,000
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$ 45,729,250
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Paper and Forest Products -- 1.9%
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International Paper Co. 300,000 $ 10,725,000
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$ 10,725,000
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Publishing -- 2.7%
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Gannett Co., Inc. 150,000 $ 11,358,000
McGraw-Hill Co., Inc. (The) 75,000 4,379,250
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$ 15,737,250
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Restaurants -- 0.6%
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McDonald's Corp. 200,000 $ 3,420,000
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$ 3,420,000
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS
<Page>
TAX-MANAGED VALUE PORTFOLIO AS OF APRIL 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------
Retail - Specialty and Apparel -- 5.1%
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Home Depot, Inc. (The) 100,000 $ 2,813,000
Sears, Roebuck & Co. 150,000 4,251,000
Staples, Inc.(1) 100,000 1,904,000
Target Corporation 275,000 9,196,000
TJX Companies, Inc. 600,000 11,550,000
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$ 29,714,000
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Specialty Chemicals -- 0.4%
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Valspar Corp. 50,000 $ 2,159,500
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$ 2,159,500
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Telecommunication Equipment
Manufacturing -- 1.1%
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Nokia Oyj ADR 375,000 $ 6,213,750
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$ 6,213,750
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Transport - Services -- 1.0%
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FedEx Corp. 100,000 $ 5,988,000
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$ 5,988,000
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Transportation -- 1.5%
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Union Pacific Corp. 150,000 $ 8,928,000
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$ 8,928,000
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Trucks and Parts -- 0.5%
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Oshkosh Truck Corp. 50,000 $ 2,800,000
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$ 2,800,000
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Total Common Stocks
(identified cost $506,132,083) $563,124,209
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</Table>
COMMERCIAL PAPER -- 2.3%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- -----------------------------------------------------------------------
G.E. Capital Corp., 1.36%, 5/1/03 $ 12,970 $ 12,970,000
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Total Commercial Paper
(at amortized cost, $12,970,000) $ 12,970,000
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Total Investments -- 99.8%
(identified cost $519,102,083) $576,094,209
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Other Assets, Less Liabilities -- 0.2% $ 1,285,534
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Net Assets -- 100.0% $577,379,743
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</Table>
ADR - American Depositary Receipt
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
<Page>
TAX-MANAGED VALUE PORTFOLIO AS OF APRIL 30, 2003
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
AS OF APRIL 30, 2003
Assets
- ------------------------------------------------------
Investments, at value
(identified cost, $519,102,083) $576,094,209
Cash 1,252
Receivable for investments sold 1,576,634
Interest and dividends receivable 951,581
Prepaid expenses 2,004
Tax reclaim receivable 52,049
- ------------------------------------------------------
TOTAL ASSETS $578,677,729
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Liabilities
- ------------------------------------------------------
Payable for investments purchased $ 1,232,980
Payable to affiliate for Trustees' fees 2,796
Accrued expenses 62,210
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TOTAL LIABILITIES $ 1,297,986
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NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $577,379,743
- ------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $520,386,663
Net unrealized appreciation (computed on
the basis of identified cost) 56,993,080
- ------------------------------------------------------
TOTAL $577,379,743
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</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
APRIL 30, 2003
Investment Income
- ------------------------------------------------------
Dividends (net of foreign taxes,
$113,731) $ 5,513,379
Interest 129,348
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TOTAL INVESTMENT INCOME $ 5,642,727
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Expenses
- ------------------------------------------------------
Investment adviser fee $ 1,813,016
Trustees' fees and expenses 9,065
Custodian fee 123,979
Legal and accounting services 25,696
Miscellaneous 3,387
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TOTAL EXPENSES $ 1,975,143
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NET INVESTMENT INCOME $ 3,667,584
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Realized and Unrealized Gain (Loss)
- ------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $(11,316,426)
Foreign currency transactions 3,970
- ------------------------------------------------------
NET REALIZED LOSS $(11,312,456)
- ------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 13,200,376
Foreign currency (3,258)
- ------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ 13,197,118
- ------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 1,884,662
- ------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 5,552,246
- ------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
<Page>
TAX-MANAGED VALUE PORTFOLIO AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) APRIL 30, 2003 YEAR ENDED
IN NET ASSETS (UNAUDITED) OCTOBER 31, 2002
- ----------------------------------------------------------------------------
From operations --
Net investment income $ 3,667,584 $ 5,774,040
Net realized loss (11,312,456) (90,144,892)
Net change in unrealized
appreciation (depreciation) 13,197,118 20,856,370
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NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 5,552,246 $ (63,514,482)
- ----------------------------------------------------------------------------
Capital transactions --
Contributions $ 109,754,302 $ 331,362,431
Withdrawals (100,287,512) (147,934,370)
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NET INCREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ 9,466,790 $ 183,428,061
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NET INCREASE IN NET ASSETS $ 15,019,036 $ 119,913,579
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Net Assets
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At beginning of period $ 562,360,707 $ 442,447,128
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AT END OF PERIOD $ 577,379,743 $ 562,360,707
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS
<Page>
TAX-MANAGED VALUE PORTFOLIO AS OF APRIL 30, 2003
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 ------------------------
(UNAUDITED) 2002 2001(1)
- ------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.70%(2) 0.72% 0.70%(2)
Net investment income 1.31%(2) 0.99% 0.69%(2)
Portfolio Turnover 44% 213% 45%
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TOTAL RETURN(3) 1.17% (7.99)% --
- ------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $577,380 $562,361 $442,447
- ------------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, July 23, 2001, to October 31,
2001.
(2) Annualized.
(3) Total return is required to be disclosed for fiscal years beginning
after December 15, 2000.
SEE NOTES TO FINANCIAL STATEMENTS
<Page>
TAX-MANAGED VALUE PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Tax-Managed Value Portfolio (the Portfolio) is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company. The Portfolio, which was organized as a trust under the
laws of the State of New York on February 13, 2001, seeks to achieve
long-term after-tax returns by investing in a diversified portfolio of value
securities, primarily in well-established U.S. companies. The Declaration of
Trust permits the Trustees to issue interests in the Portfolio. At April 30,
2003, the Eaton Vance Tax-Managed Value Fund held approximately 93.1%
interest in the Portfolio. The following is a summary of significant
accounting policies consistently followed by the Portfolio 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 -- Marketable securities, including options, that are
listed on foreign or U.S. securities exchanges are valued at closing sale
prices on the exchange where such securities are principally traded.
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 generally 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, which approximates fair value. 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. Over-the-counter options are normally valued
at the mean between the latest bid and asked price. Investments for which
valuations or market quotations are unavailable are valued at fair value
using methods determined in good faith by or at the direction of
the Trustees.
B Income -- Dividend income is recorded on the ex-dividend date for dividends
received in cash and/or securities. However, if the ex-dividend date has
passed, certain dividends from foreign securities are recorded as the
Portfolio is informed of the ex-dividend date. Interest income is recorded on
the accrual basis.
C Income Taxes -- The Portfolio is treated as a partnership for federal tax
purposes. No provision is made by the Portfolio for federal or state taxes on
any taxable income of the Portfolio because each investor in the Portfolio is
ultimately responsible for the payment of any taxes on its share of taxable
income. Since the Portfolio's investors include 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.
D Financial Futures Contract -- Upon entering a financial futures contract, the
Portfolio is required to deposit (initial margin) either in cash or
securities an amount equal to a certain percentage of the purchase price
indicated in the financial futures contract. Subsequent payments are made or
received by the Portfolio (margin maintenance) each day, dependent on daily
fluctuations in the value of the underlying security and are recorded for
book purposes as unrealized gains or losses by the Portfolio. The Portfolio's
investment in financial futures contracts is designed to hedge against
anticipated future changes in price of current or anticipated Portfolio
positions. Should prices move unexpectedly, the Portfolio may not achieve the
anticipated benefits of the financial futures contracts and may realize a
loss.
E 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
expenses on the Statement of Operations.
F 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.
G Other -- Investment transactions are accounted for on a trade date basis.
H Interim Financial Statements -- The interim financial statements relating to
April 30, 2003 and for the six months then ended have not been audited by
<Page>
TAX-MANAGED VALUE PORTFOLIO AS OF APRIL 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
independent certified public accountants, but in the opinion of the
Portfolio's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to the Portfolio.
Under the advisory agreement, BMR receives a monthly advisory fee in the
amount of 13/240 of 1% (equal to 0.650% annually) of average daily net assets
of the Portfolio up to $500 million, and at reduced rates as daily net assets
exceed that level. For the six months ended April 30, 2003, the advisory fee
amounted to $1,813,016. Except for Trustees of the Portfolio who are not
members of EVM's or BMR's organization, officers and Trustees receive
remuneration for their services to the Portfolio out of the investment
adviser fee. Trustees of the Portfolio that are not affiliated with BMR may
elect to defer receipt of all or a percentage of their annual fees in
accordance with the terms of the Trustees Deferred Compensation Plan. For the
six months ended April 30, 2003, no significant amounts have been deferred.
Certain officers and Trustees of the Portfolio are officers of the above
organizations.
3 Investment Transactions
- -------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $251,337,338 and $238,150,345 respectively, for the six months
ended April 30, 2003.
4 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at April 30, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $519,102,083
------------------------------------------------------
Gross unrealized appreciation $ 59,562,371
Gross unrealized depreciation (2,570,245)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 56,992,126
------------------------------------------------------
</Table>
5 Financial Instruments
- -------------------------------------------
The Portfolio may trade in financial instruments with off-balance sheet risk
in the normal course of its investing activities to assist in managing
exposure to various market risks. These financial instruments include written
options, forward foreign currency exchange contracts, and financial futures
contracts and may involve, to a varying degree, elements of risk in excess of
the amounts recognized for financial statement purposes. The notional or
contractual amounts of these instruments represent the investment the
Portfolio has in particular classes of financial instruments and does not
necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered. The Portfolio
did not have any open obligations under these financial instruments at
April 30, 2003.
6 Line of Credit
- -------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each participating portfolio or fund
based on its borrowings at an amount above either the Eurodollar rate or
Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on
the daily unused portion of the line of credit is allocated among the
participating portfolios and funds at the end of each quarter. The Portfolio
did not have any significant borrowings or allocated fees during the six
months ended April 30, 2003.
<Page>
INVESTMENT MANAGEMENT
TAX-MANAGED VALUE PORTFOLIO
Officers
Duncan W. Richardson
President
Michael R. Mach
Vice President and
Portfolio Manager
Barbara E. Campbell
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
Donald R. Dwight
James B. Hawkes
Samuel L. Hayes, III
William H. Park
Norton H. Reamer
Lynn A. Stout
<Page>
ITEM 2. CODE OF ETHICS
Not Required in Filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not Required in Filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not Required in Filing.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not Required in 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.
(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) and (b) Exhibit is attached to Filing.
(c) Exhibit is attached to Filing.
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.
TAX-MANAGED VALUE PORTFOLIO
By: /s/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: June 18, 2003
<Page>
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Barbara E. Campbell
-----------------------
Barbara E. Campbell
Treasurer
Date: June 18, 2003
By: /s/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: June 18, 2003