<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-8014
--------
Utilities Portfolio
-------------------
(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
--------------
Registrant's Telephone Number
December 31, 2003
-----------------
Date of Fiscal Year End
June 30, 2003
-------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
UTILITIES PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMON STOCKS -- 92.1%
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------
Broadcasting and Cable -- 1.5%
- -----------------------------------------------------------------------
Comcast Corp., Class A(1) 200,000 $ 6,036,000
- -----------------------------------------------------------------------
$ 6,036,000
- -----------------------------------------------------------------------
Business Services - Miscellaneous -- 0.0%
- -----------------------------------------------------------------------
Ovation, Inc.(1)(3) 16,482 $ 0
- -----------------------------------------------------------------------
$ 0
- -----------------------------------------------------------------------
Electric Utilities -- 30.2%
- -----------------------------------------------------------------------
ALLETE, Inc. 555,000 $ 14,735,250
American Electric Power Co., Inc. 150,000 4,474,500
Black Hills Corp. 200,000 6,140,000
Dominion Resources, Inc. 100,000 6,427,000
Edison International(1) 100,000 1,643,000
Energy East Corp. 685,000 14,220,600
Entergy Corp. 305,000 16,097,900
Exelon Corp. 280,625 16,784,181
Fortum Oyj(2) 450,000 3,613,249
FPL Group, Inc. 75,000 5,013,750
Hawaiian Electric Industries, Inc. 25,000 1,146,250
National Grid Transco plc(2) 1,009,000 6,855,389
Pepco Holdings, Inc. 576,800 11,051,488
PPL Corp. 45,000 1,935,000
Public Power Corp.(2) 65,000 1,173,932
Public Service Enterprise Group, Inc. 50,000 2,112,500
Scottish and Southern Energy PLC(2) 500,000 5,157,672
Texas Genco Holdings, Inc. 55,250 1,284,563
- -----------------------------------------------------------------------
$119,866,224
- -----------------------------------------------------------------------
Electrical and Electronic Equipment -- 0.1%
- -----------------------------------------------------------------------
Hubbell, Inc. 10,000 $ 331,000
- -----------------------------------------------------------------------
$ 331,000
- -----------------------------------------------------------------------
Gas Utilities -- 6.5%
- -----------------------------------------------------------------------
AGL Resources, Inc. 130,000 $ 3,307,200
Equitable Resources, Inc. 135,000 5,499,900
KeySpan Corp. 175,000 6,203,750
ONEOK, Inc. 275,000 5,398,250
TransAlta Corp.(2) 125,000 1,660,000
Williams Co., Inc. (The) 450,000 3,555,000
- -----------------------------------------------------------------------
$ 25,624,100
- -----------------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------
Integrated Oil -- 7.8%
- -----------------------------------------------------------------------
BP plc ADR 150,000 $ 6,303,000
ChevronTexaco Corp. 100,000 7,220,000
ConocoPhillips 115,000 6,302,000
Exxon Mobil Corp. 200,000 7,182,000
Total SA ADR 50,000 3,790,000
- -----------------------------------------------------------------------
$ 30,797,000
- -----------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 0.2%
- -----------------------------------------------------------------------
San Juan Basin Royalty Trust 35,000 $ 628,250
- -----------------------------------------------------------------------
$ 628,250
- -----------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 2.4%
- -----------------------------------------------------------------------
Occidental Petroleum Corp. 220,000 $ 7,381,000
Talisman Energy, Inc.(2) 40,000 1,834,000
Tatneft ADR 10,000 190,100
- -----------------------------------------------------------------------
$ 9,405,100
- -----------------------------------------------------------------------
Publishing -- 0.6%
- -----------------------------------------------------------------------
Pearson plc(2) 200,000 $ 1,871,309
Pearson plc ADR 75,000 720,000
- -----------------------------------------------------------------------
$ 2,591,309
- -----------------------------------------------------------------------
Telecommunications Services -- 13.7%
- -----------------------------------------------------------------------
AO VimpelCom ADR(1) 112,500 $ 5,224,500
AT&T Wireless Services, Inc.(1) 500,000 4,105,000
Deutsche Telekom AG(1)(2) 350,000 5,350,853
Elisa Oyj(1)(2) 336,250 2,893,303
France Telecom SA(1)(2) 231,000 5,676,011
Koninklijke (Royal) KPN NV(1)(2) 200,000 1,419,532
mm02 plc(1)(2) 1,500,000 1,407,201
TDC A/S(2) 300,600 9,007,666
Telecom Italia Mobile(2) 1,052,000 5,191,622
Telecom Italia SPA(2) 325,000 2,946,046
Telefonica SA(2) 250,000 2,907,510
Telekom Austria AG(1)(2) 4,598 52,258
Vodafone Group plc ADR 420,000 8,253,000
- -----------------------------------------------------------------------
$ 54,434,502
- -----------------------------------------------------------------------
Telephone Utilities -- 12.0%
- -----------------------------------------------------------------------
BCE, Inc.(2) 640,400 $ 14,799,644
BellSouth Corp. 225,000 5,991,750
CenturyTel, Inc. 50,000 1,742,500
Manitoba Telecom Services, Inc.(2) 80,000 2,345,581
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
11
<Page>
UTILITIES PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------
Telephone Utilities (continued)
- -----------------------------------------------------------------------
SBC Communications, Inc. 300,000 $ 7,665,000
Telefonos de Mexico SA de CV (Telmex)
ADR 240,000 7,540,800
Verizon Communications, Inc. 190,000 7,495,500
- -----------------------------------------------------------------------
$ 47,580,775
- -----------------------------------------------------------------------
Utilities - Electrical and Gas -- 16.5%
- -----------------------------------------------------------------------
Ameren Corp. 95,800 $ 4,224,780
Centrica plc(2) 700,000 2,033,726
Cinergy Corp. 250,000 9,197,500
E ON AG(2) 75,000 3,862,588
Firstenergy Corp. 360,000 13,842,000
MDU Resources Group, Inc. 208,900 6,996,061
NSTAR 50,000 2,277,500
PG&E Corp.(1) 425,000 8,988,750
SCANA Corp. 100,000 3,428,000
Scottish Power plc(2) 754,290 4,538,777
Sempra Energy 154,700 4,413,591
Xcel Energy, Inc. 100,000 1,504,000
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$ 65,307,273
- -----------------------------------------------------------------------
Water Utilities -- 0.6%
- -----------------------------------------------------------------------
Philadelphia Suburban Corp. 100,000 $ 2,438,000
- -----------------------------------------------------------------------
$ 2,438,000
- -----------------------------------------------------------------------
Total Common Stocks
(identified cost $321,188,417) $365,039,533
- -----------------------------------------------------------------------
</Table>
CONVERTIBLE PREFERRED STOCKS -- 7.1%
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------
Electric Utilities -- 2.3%
- -----------------------------------------------------------------------
FPL Group, Inc.(1) 150,000 $ 8,944,500
- -----------------------------------------------------------------------
$ 8,944,500
- -----------------------------------------------------------------------
Gas Utilities -- 1.7%
- -----------------------------------------------------------------------
KeySpan Corp.(1) 100,000 $ 5,295,000
Williams Companies Inc.(1)(4) 29,400 1,594,950
- -----------------------------------------------------------------------
$ 6,889,950
- -----------------------------------------------------------------------
Telecommunications Services -- 1.3%
- -----------------------------------------------------------------------
Alltel Corp. 100,000 $ 4,975,000
- -----------------------------------------------------------------------
$ 4,975,000
- -----------------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------
Utilities - Electrical and Gas -- 1.8%
- -----------------------------------------------------------------------
Cinergy Corp.(1) 120,000 $ 7,108,800
Reliant Resources, Inc.(4) 100,000 98,500
- -----------------------------------------------------------------------
$ 7,207,300
- -----------------------------------------------------------------------
Total Convertible Preferred Stocks
(identified cost $25,073,200) $ 28,016,750
- -----------------------------------------------------------------------
</Table>
PREFERRED STOCKS -- 0.0%
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------
Business Services - Miscellaneous -- 0.0%
- -----------------------------------------------------------------------
Ovation, Inc.(3) 807 $ 0
- -----------------------------------------------------------------------
$ 0
- -----------------------------------------------------------------------
Total Preferred Stocks
(identified cost $3,595,224) $ 0
- -----------------------------------------------------------------------
</Table>
SHORT-TERM INVESTMENTS -- 0.6%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- -----------------------------------------------------------------------
Investors Bank and Trust Time Deposit,
1.37%, 7/1/03 $ 2,451 $ 2,451,000
- -----------------------------------------------------------------------
Total Short-Term Investments
(at amortized cost, $2,451,000) $ 2,451,000
- -----------------------------------------------------------------------
Total Investments -- 99.8%
(identified cost $352,307,841) $395,507,283
- -----------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.2% $ 779,682
- -----------------------------------------------------------------------
Net Assets -- 100.0% $396,286,965
- -----------------------------------------------------------------------
</Table>
ADR - American Depositary Receipt
(1) Non-income producing security.
(2) Foreign security.
(3) Security valued at fair value using methods determined in good faith by
or at the direction of the Trustees.
(4) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
SEE NOTES TO FINANCIAL STATEMENTS
12
<Page>
UTILITIES PORTFOLIO AS OF JUNE 30, 2003
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
AS OF JUNE 30, 2003
Assets
- ------------------------------------------------------
Investments, at value
(identified cost, $352,307,841) $395,507,283
Cash 3,853
Receivable for investments sold 5,971,750
Interest and dividends receivable 942,628
Prepaid expenses 300
Tax reclaim receivable 112,097
- ------------------------------------------------------
TOTAL ASSETS $402,537,911
- ------------------------------------------------------
Liabilities
- ------------------------------------------------------
Payable for investments purchased $ 6,213,700
Payable to affiliate for Trustees' fees 5,336
Accrued expenses 31,910
- ------------------------------------------------------
TOTAL LIABILITIES $ 6,250,946
- ------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $396,286,965
- ------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $353,079,774
Net unrealized appreciation (computed on
the basis
of identified cost) 43,207,191
- ------------------------------------------------------
TOTAL $396,286,965
- ------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
JUNE 30, 2003
Investment Income
- -----------------------------------------------------
Dividends (net of foreign taxes,
$268,239) $ 7,598,989
Interest 64,660
- -----------------------------------------------------
TOTAL INVESTMENT INCOME $ 7,663,649
- -----------------------------------------------------
Expenses
- -----------------------------------------------------
Investment adviser fee $ 1,136,020
Trustees' fees and expenses 9,046
Custodian fee 99,656
Legal and accounting services 19,027
Interest expense 2,846
Miscellaneous 5,140
- -----------------------------------------------------
TOTAL EXPENSES $ 1,271,735
- -----------------------------------------------------
NET INVESTMENT INCOME $ 6,391,914
- -----------------------------------------------------
Realized and Unrealized
Gain (Loss)
- -----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 4,416,853
Foreign currency transactions 581
- -----------------------------------------------------
NET REALIZED GAIN $ 4,417,434
- -----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $31,530,207
Foreign currency 9,002
- -----------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $31,539,209
- -----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $35,956,643
- -----------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $42,348,557
- -----------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
13
<Page>
UTILITIES PORTFOLIO AS OF JUNE 30, 2003
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) JUNE 30, 2003 YEAR ENDED
IN NET ASSETS (UNAUDITED) DECEMBER 31, 2002
- -----------------------------------------------------------------------------
From operations --
Net investment income $ 6,391,914 $ 12,427,542
Net realized gain (loss) 4,417,434 (55,140,171)
Net change in unrealized appreciation
(depreciation) 31,539,209 (8,053,833)
- -----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 42,348,557 $ (50,766,462)
- -----------------------------------------------------------------------------
Capital transactions --
Contributions $ 43,813,685 $ 44,414,851
Withdrawals (40,953,045) (68,277,125)
- -----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL TRANSACTIONS $ 2,860,640 $ (23,862,274)
- -----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ 45,209,197 $ (74,628,736)
- -----------------------------------------------------------------------------
Net Assets
- -----------------------------------------------------------------------------
At beginning of period $ 351,077,768 $ 425,706,504
- -----------------------------------------------------------------------------
AT END OF PERIOD $ 396,286,965 $ 351,077,768
- -----------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
14
<Page>
UTILITIES PORTFOLIO AS OF JUNE 30, 2003
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2003 -------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
- -------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- -------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.73%(1) 0.73% 0.71% 0.71% 0.72% 0.72%
Interest expense --(1)(2) --(2) 0.01% 0.01% --(2) 0.16%
Net investment income 3.68%(1) 3.40% 2.00% 1.54% 1.68% 3.13%
Portfolio Turnover 79% 146% 169% 149% 93% 78%
- -------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 12.50% (12.13)% (18.61)% -- -- --
- -------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $396,287 $351,078 $425,707 $574,586 $579,090 $459,616
- -------------------------------------------------------------------------------------------------------------------
</Table>
(1) Annualized.
(2) Represents less than 0.01%.
(3) Total return is required to be disclosed for fiscal years beginning
after December 15, 2000.
SEE NOTES TO FINANCIAL STATEMENTS
15
<Page>
UTILITIES PORTFOLIO AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Utilities Portfolio (the Portfolio) is registered under the Investment
Company Act of 1940, as amended, 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 May 1, 1992, seeks to achieve total return
by investing principally in dividend-paying common stocks and dividend-paying
or interest-bearing securities that are convertible into common stock. The
Declaration of Trust permits the Trustees to issue beneficial interests in
the Portfolio. At June 30, 2003, the Eaton Vance Utilities Fund held
approximately 99.9% interest in the Portfolio. Under normal circumstances,
the Portfolio invests at least 80% of its total assets in common stocks of
utilities companies. The following is a summary of significant accounting
policies of the Portfolio. The policies are in conformity with accounting
principles generally accepted in the United States of America.
A Investment Valuation -- Securities listed on securities exchanges are valued
at closing sales prices or, if there has been no sale, at the mean between
the closing bid and asked prices. Marketable securities listed in the NASDAQ
Market System are valued at the NASDAQ official closing price. Unlisted
securities are valued at the mean between the latest available bid and asked
prices. Short-term obligations, maturing in 60 days or less, are valued at
amortized cost, which approximates 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. Securities for which market quotations are
unavailable are appraised at their fair value as determined in good faith by
or at the direction of the Trustees.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or accretion of discount. Dividend
income is recorded on the ex-dividend date for dividends received in cash
and/or securities. However, if the ex-dividend date has passed, certain
dividends from foreign securities are recorded as the Portfolio is informed
of the ex-dividend date. Dividend income may include dividends that represent
returns of capital for federal income tax purposes.
C 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. Since one of the
Portfolio's investors is a regulated investment company that invests all or
substantially all of its assets in the Portfolio, the Portfolio normally must
satisfy the applicable source of income and diversification requirements
(under the Internal Revenue Code) in order for its investors to satisfy them.
The Portfolio will allocate at least annually among its investors each
investor's distributive share of the Portfolio's net 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.
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 Delayed Delivery Transactions -- The Portfolio may purchase or sell
securities on a when-issued or forward commitment basis. Payment and delivery
may take place at a period in time after the date of the transaction. At the
time the transaction is negotiated, the price of the security that will be
delivered and paid for is fixed. Losses may arise due to changes in the
market value of the underlying securities if the counterparty does not
perform under the contract.
F Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
to the Portfolio. Pursuant to the custodian agreement, IBT receives a fee
reduced by credits which are determined based on the average daily cash
balances the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
expenses on the Statement of Operations. For the six months ended June 30,
2003, $31 in credit balances were used to reduce the Portfolio's custodian
fee.
G Other -- Investment transactions are accounted for on a trade date basis.
Realized gains and losses are computed based on the specific identification
of the securities sold.
16
<Page>
UTILITIES PORTFOLIO AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
H 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.
I Interim Financial Statements -- The interim financial statements relating to
June 30, 2003, and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolio's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to the Portfolio.
The fee is payable monthly at the annual rate of 0.75% of the Portfolio's
average daily net assets up to $500 million, 0.6875% from $500 million up to
$1 billion, and at reduced rates as daily net assets exceed that level. In
addition, the Trustees voted to accept a reduction of BMR's compensation so
that advisory fees paid will not exceed 0.65% (annualized) on an annual basis
on assets up to $500 million, 0.625% from $500 million up to $1 billion, and
at reduced rates thereafter. For the six months ended June 30, 2003, the fee
was equivalent to 0.65% of the Portfolio's average daily net assets for such
period and amounted to $1,136,020. Except as to Trustees of the Portfolio who
are not members of EVM's or BMR's organization, officers and Trustees receive
remuneration for their services to the Portfolio out of such investment
adviser fee. Certain officers and Trustees of the Portfolio are officers of
the above organizations. Trustees of the Portfolio that are not affiliated
with the investment adviser may elect to defer receipt of all or a percentage
of their annual fees in accordance with the terms of the Trustees Deferred
Compensation Plan. For the six months ended June 30, 2003, no significant
amounts have been deferred.
3 Investment Transactions
- -------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $295,521,488, and $270,852,242, respectively, for the six months
ended June 30, 2003.
4 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at June 30, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
AGGREGATE COST $352,307,841
------------------------------------------------------
Gross unrealized appreciation $ 50,633,566
Gross unrealized depreciation (7,434,124)
------------------------------------------------------
NET UNREALIZED APPRECIATION $ 43,199,442
------------------------------------------------------
</Table>
The net unrealized appreciation on foreign currency was $7,749 at June 30,
2003.
5 Line of Credit
- -------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. 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 six months ended
June 30, 2003.
6 Interestholders Meeting
- -------------------------------------------
The Portfolio held a Special Meeting of Interestholders on June 6, 2003. The
items considered at the meeting are set forth below. Results are rounded to
nearest whole number.
17
<Page>
UTILITIES PORTFOLIO AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
ITEM 1: To elect Trustees of the Portfolio. The results of the vote were as
follows:
<Table>
<Caption>
INTEREST IN THE PORTFOLIO
-------------------------
NOMINEE FOR TRUSTEE AFFIRMATIVE WITHHOLD
-------------------------------------------------------------------
Jessica M. Bibliowicz 97% 3%
Donald R. Dwight 97% 3%
James B. Hawkes 97% 3%
Samuel L. Hayes, III 97% 3%
William H. Park 97% 3%
Norton H. Reamer 97% 3%
Lynn A. Stout 97% 3%
</Table>
Donald R. Dwight retired as a Trustee effective July 1, 2003 pursuant to the
mandatory retirement policy of the Portfolio.
ITEM 2: To modify the investment objective of the Portfolio. The results of
the vote were as follows:
<Table>
AFFIRMATIVE 79%
AGAINST 5%
ABSTAIN 4%
BROKER NON-VOTES 12%
</Table>
18
<Page>
INVESTMENT MANAGEMENT
UTILITIES PORTFOLIO
Officers
Duncan W. Richardson
President
Judith A. Saryan
Vice President and
Portfolio Manager
William J. Austin, Jr.
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
James B. Hawkes
Samuel L. Hayes, III
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
19
<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 of Unicorn Capital (an
investment and financial advisory services company), Chairman of Hellman, Jordan
Management Co., Inc. (an investment management company) and Advisory Director of
Berkshire Capital Corporation (an investment banking firm). Previously,
Mr. Reamer was Chairman of the Board of UAM and Chairman, President and Director
of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [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.
(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.
Utilities Portfolio
By: /S/ Richard W. Richardson
-------------------------
Duncan W. Richardson
President
Date: August 18, 2003
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.
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William J. Austin Jr.
Treasurer
Date: August 18, 2003
By: /S/ Duncan W. Richarson
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Duncan W. Richardson
President
Date: August 18, 2003