<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-7303
Information Age 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
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(Registrant's Telephone Number)
August 31
Date of Fiscal Year End
August 31, 2003
Date of Reporting Period
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ITEM 1. REPORTS TO STOCKHOLDERS
[[NOTE TO FILERS: INSERT SHAREHOLDER REPORT HERE]]
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
PORTFOLIO OF INVESTMENTS
COMMON STOCKS -- 95.4%
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------------
Advertising -- 3.0%
- ----------------------------------------------------------------------
Getty Images, Inc.(1) 38,800 $ 1,583,040
Havas Advertising(2) 300,000 1,401,161
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$ 2,984,201
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Aerospace and Defense -- 2.4%
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General Dynamics Corp. 9,100 $ 783,601
Thales SA(2) 57,000 1,635,534
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$ 2,419,135
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Biotechnology -- 1.3%
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Amgen, Inc.(1) 19,500 $ 1,285,050
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$ 1,285,050
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Broadcasting -- 11.4%
- ----------------------------------------------------------------------
Citadel Broadcasting Co.(1) 32,800 $ 724,224
Clear Channel Communications, Inc.(1) 29,900 1,349,088
Cumulus Media, Inc., Class A(1) 76,900 1,458,793
Granada PLC(2) 989,690 1,599,861
Nippon Television Network Corp.(2) 8,840 1,353,127
Television Broadcasts, Ltd.(2) 539,000 2,273,693
Univision Communications, Inc.(1) 37,700 1,413,373
XM Satellite Radio Holdings, Inc.(1) 84,000 1,150,800
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$11,322,959
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Broadcasting and Cable -- 3.3%
- ----------------------------------------------------------------------
Comcast Corp., Class A(1) 44,705 $ 1,329,974
Cox Communications, Inc., Class A(1) 40,600 1,328,432
Liberty Media Corp., Class A(1) 54,000 653,400
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$ 3,311,806
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Business Services -- 3.7%
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Arbitron, Inc.(1) 32,800 $ 1,212,944
Dun & Bradstreet Corp.(1) 25,600 1,077,760
Moody's Corp. 26,400 1,369,104
- ----------------------------------------------------------------------
$ 3,659,808
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<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------------
Commercial Banks -- 0.6%
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W Holding Company, Inc. 35,000 $ 617,400
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$ 617,400
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Communications Software -- 1.1%
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NEC Mobiling Ltd.(2) 53,900 $ 1,117,290
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$ 1,117,290
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Computers & Peripherals -- 0.5%
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International Business Machines Corp. 6,400 $ 524,864
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$ 524,864
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Computers and Business Equipment -- 8.9%
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Canon, Inc.(2) 30,000 $ 1,441,604
Cray, Inc.(1) 104,000 1,317,680
Dell, Inc.(1) 28,100 916,903
Lexmark International, Inc.(1) 11,500 770,960
Proview International Holdings Ltd.(2) 7,584,000 1,555,842
Sindo Ricoh Co.(2) 44,500 2,799,957
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$ 8,802,946
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Data Processing & Outsourced Services -- 2.5%
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First Data Corp. 33,300 $ 1,278,720
Fiserv, Inc.(1) 31,000 1,204,350
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$ 2,483,070
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Diversified Telecommunication Services -- 5.9%
- ----------------------------------------------------------------------
BCE, Inc. 38,000 $ 824,600
BT Group PLC(2) 438,000 1,271,016
Itochu Corp.(2) 525,000 1,573,943
KT Corp. ADR(2) 82,907 1,562,797
Telefonos de Mexico SA de CV (Telmex)
ADR(2) 20,700 627,417
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$ 5,859,773
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Electric Products -- 0.3%
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Icom, Inc.(2) 14,800 $ 271,926
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$ 271,926
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS
18
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
PORTFOLIO OF INVESTMENTS CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------------
Electronic Components -- 0.7%
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Min Aik Technology Co., Ltd.(2) 387,000 $ 698,167
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$ 698,167
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Electronic Equipment & Instruments -- 2.6%
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Flextronics International Ltd.(1)(2) 122,900 $ 1,657,921
Identix, Inc.(1) 135,544 868,973
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$ 2,526,894
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Electronic Parts & Components -- 1.7%
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LG Cable Ltd.(2) 130,000 $ 1,638,144
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$ 1,638,144
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Entertainment -- 6.3%
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AOL Time Warner, Inc.(1) 79,800 $ 1,305,528
GMM Grammy Public Company Ltd.(2) 2,384,700 1,259,382
Sky City Entertainment Group Ltd.(2) 302,500 1,570,259
Viacom, Inc., Class A 23,300 1,048,267
Walt Disney Co. (The) 53,800 1,102,900
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$ 6,286,336
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Health Care Providers & Services -- 0.5%
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WebMD Corp.(1) 50,000 $ 515,000
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$ 515,000
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Information Services -- 1.8%
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FactSet Research Systems, Inc. 16,800 $ 815,640
Thomson Corp. (The)(2) 32,700 979,365
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$ 1,795,005
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Insurance -- 1.1%
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Axis Capital Holdings Ltd.(1) 43,585 $ 1,070,012
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$ 1,070,012
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IT Consulting & Services -- 1.4%
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Accenture Ltd., Class A(1) 40,000 $ 846,400
SunGard Data Systems, Inc.(1) 19,200 541,440
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$ 1,387,840
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<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------------
Machinery -- 0.7%
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Danaher Corp. 8,900 $ 687,525
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$ 687,525
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Pharmaceuticals -- 0.7%
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BioMarin Pharmaceutical, Inc.(1) 70,800 $ 669,060
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$ 669,060
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Printing -- 2.6%
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St. Ives PLC(2) 416,930 $ 2,531,136
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$ 2,531,136
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Publishing -- 14.9%
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E.W. Scripps Co., Class A 10,100 $ 874,559
EMAP PLC(2) 176,880 2,383,691
Gannett Co., Inc. 11,600 909,672
John Fairfax Holdings Ltd.(2) 705,000 1,433,109
Pearson PLC(2) 206,993 2,017,453
Promotora de Informaciones S.A.
(Prisa)(2) 257,740 2,651,158
Reed Elsevier PLC(2) 210,570 1,610,636
Trinity Mirror PLC(2) 236,150 1,936,647
Wolters Kluwer N.V. - CVA(2) 60,650 944,449
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$14,761,374
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Retail -- 3.0%
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HMV Group PLC(2) 665,400 $ 1,652,809
Hollywood Entertainment Corp.(1) 77,000 1,337,490
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$ 2,990,299
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Semiconductor Equipment and Products -- 2.9%
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Linear Technology Corp. 27,900 $ 1,150,038
Microchip Technology, Inc. 61,500 1,722,615
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$ 2,872,653
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Software -- 3.9%
- ----------------------------------------------------------------------
Adobe Systems, Inc. 14,600 $ 566,918
McDATA Corp., Class A(1) 95,700 971,355
Microsoft Corp. 45,400 1,204,008
Symantec Corp.(1) 18,600 1,068,198
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$ 3,810,479
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS
19
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
PORTFOLIO OF INVESTMENTS CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- ----------------------------------------------------------------------
Specialty Retail -- 3.0%
- ----------------------------------------------------------------------
Best Buy Co., Inc.(1) 27,100 $ 1,409,471
Tweeter Home Entertainment Group,
Inc.(1) 181,500 1,586,310
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$ 2,995,781
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Telecommunication Equipment -- 1.7%
- ----------------------------------------------------------------------
Ace Technology Corp.(2) 103,403 $ 405,864
Coweaver Co., Ltd.(2) 216,000 649,195
Young Woo Telecom Co., Ltd.(1)(2) 200,000 578,970
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$ 1,634,029
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Transportation -- 1.0%
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Expeditors International of Washington,
Inc. 26,600 $ 1,003,086
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$ 1,003,086
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Total Common Stocks
(identified cost $89,685,841) $94,533,048
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</Table>
SHORT-TERM INVESTMENTS -- 4.7%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- ----------------------------------------------------------------------
Investors Bank and Trust Time Deposit,
1.12%, 9/2/03 $ 4,600 $ 4,600,000
- ----------------------------------------------------------------------
Total Short-Term Investments
(at amortized cost, $4,600,000) $ 4,600,000
- ----------------------------------------------------------------------
Total Investments -- 100.1%
(identified cost $94,285,841) $99,133,048
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Other Assets, Less Liabilities -- (0.1)% $ (60,382)
- ----------------------------------------------------------------------
Net Assets -- 100.0% $99,072,666
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</Table>
(1) Non-income producing security.
(2) Foreign security.
SEE NOTES TO FINANCIAL STATEMENTS
20
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
PORTFOLIO OF INVESTMENTS CONT'D
COUNTRY CONCENTRATION OF PORTFOLIO
<Table>
<Caption>
PERCENTAGE
OF TOTAL
COUNTRY INVESTMENTS VALUE
- ------------------------------------------------------------------
United States 50.8% $50,362,113
United Kingdom 15.1% 15,003,249
Republic of Korea 7.7% 7,634,927
Japan 5.8% 5,757,890
Hong Kong 3.9% 3,829,535
France 3.1% 3,036,695
Spain 2.7% 2,651,158
Singapore 1.7% 1,657,921
New Zealand 1.6% 1,570,259
Australia 1.4% 1,433,109
Thailand 1.3% 1,259,382
Bermuda 1.1% 1,070,012
Canada 1.0% 979,365
Netherlands 1.0% 944,449
Taiwan 0.7% 698,167
Mexico 0.6% 627,417
Puerto Rico 0.6% 617,400
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
21
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
AS OF AUGUST 31, 2003
Assets
- ------------------------------------------------------
Investments, at value (identified cost,
$94,285,841) $ 99,133,048
Cash 534,397
Foreign currency, at value (identified
cost, $43,255) 43,662
Receivable for investments sold 1,568,733
Interest and dividends receivable 128,990
Tax reclaims receivable 9,180
- ------------------------------------------------------
TOTAL ASSETS $101,418,010
- ------------------------------------------------------
Liabilities
- ------------------------------------------------------
Payable for investments purchased $ 2,297,513
Capital gains taxes accrued 20,307
Accrued expenses 27,524
- ------------------------------------------------------
TOTAL LIABILITIES $ 2,345,344
- ------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $ 99,072,666
- ------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $ 94,247,338
Net unrealized appreciation (computed on
the basis of identified cost) 4,825,328
- ------------------------------------------------------
TOTAL $ 99,072,666
- ------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE YEAR ENDED
AUGUST 31, 2003
Investment Income
- -----------------------------------------------------
Dividends (net of foreign taxes,
$161,793) $ 1,455,411
Interest 82,327
- -----------------------------------------------------
TOTAL INVESTMENT INCOME $ 1,537,738
- -----------------------------------------------------
Expenses
- -----------------------------------------------------
Investment adviser fee $ 723,675
Administration fee 241,391
Trustees' fees and expenses 10,893
Custodian fee 178,548
Legal and accounting services 37,032
Miscellaneous 5,774
- -----------------------------------------------------
TOTAL EXPENSES $ 1,197,313
- -----------------------------------------------------
NET INVESTMENT INCOME $ 340,425
- -----------------------------------------------------
Realized and Unrealized Gain (Loss)
- -----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $(1,096,158)
Foreign currency and forward foreign
currency exchange
contract transactions (119,609)
- -----------------------------------------------------
NET REALIZED LOSS $(1,215,767)
- -----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (net of foreign taxes of
$20,307)
(identified cost basis) $13,872,539
Foreign currency and forward foreign
currency exchange contracts (13,985)
- -----------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $13,858,554
- -----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $12,642,787
- -----------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $12,983,212
- -----------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
22
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
INCREASE (DECREASE) YEAR ENDED YEAR ENDED
IN NET ASSETS AUGUST 31, 2003 AUGUST 31, 2002
- --------------------------------------------------------------------------
From operations --
Net investment income $ 340,425 $ 131,671
Net realized loss (1,215,767) (36,257,664)
Net change in unrealized
appreciation (depreciation) 13,858,554 5,008,298
- --------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 12,983,212 $ (31,117,695)
- --------------------------------------------------------------------------
Capital transactions --
Contributions $ 45,660,906 $ 58,848,639
Withdrawals (69,128,396) (123,142,649)
- --------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (23,467,490) $ (64,294,010)
- --------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (10,484,278) $ (95,411,705)
- --------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------
At beginning of year $ 109,556,944 $ 204,968,649
- --------------------------------------------------------------------------
AT END OF YEAR $ 99,072,666 $ 109,556,944
- --------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
23
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<Table>
<Caption>
YEAR ENDED AUGUST 31,
-----------------------------------------------------------
2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ---------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 1.24% 1.15% 1.11% 1.13% 1.36%
Net investment income (loss) 0.35% 0.08% 0.08% (0.13)% (0.38)%
Portfolio Turnover 93% 107% 160% 173% 131%
- ---------------------------------------------------------------------------------------------
TOTAL RETURN(1) 15.23% (17.67)% -- -- --
- ---------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S
OMITTED) $99,073 $109,557 $204,969 $334,611 $97,262
- ---------------------------------------------------------------------------------------------
</Table>
(1) Total return is required to be disclosed for fiscal years beginning
after December 15, 2000.
SEE NOTES TO FINANCIAL STATEMENTS
24
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
- -------------------------------------------
Information Age Portfolio (the Portfolio) is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company,
which was organized as a trust under the laws of the State of New York on
June 1, 1995. The Portfolio seeks to provide long-term capital growth by
investing in a global and diversified portfolio of securities of information
age companies. The Declaration of Trust permits the Trustees to issue
interests in the Portfolio. At August 31, 2003, the Eaton Vance Information
Age 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 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. 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. For foreign
investments, if trading or events occurring in other markets after the close
of the principal exchange in which the securities are traded are expected to
materially affect the value of the investments, then those investments are
valued, taking into consideration these events, at their fair value following
procedures approved by the Trustees.
B Income Taxes -- The Portfolio has elected to be treated as a partnership for
federal tax purposes. No provision is made by the Portfolio for federal or
state taxes on any taxable income of the Portfolio because each investor in
the Portfolio is ultimately responsible for the payment of any taxes. 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.
C Financial Futures Contracts -- Upon the entering of a financial futures
contract, the Portfolio is required to deposit (initial margin) either in
cash or securities an amount equal to a certain percentage of the purchase
price indicated in the financial futures contract. Subsequent payments are
made or received by the Portfolio (margin maintenance) each day, dependent on
the daily fluctuations in the value of the underlying security, and are
recorded for book purposes as unrealized gains or losses by the Portfolio.
The Portfolio's investment in financial futures contracts is designed only to
hedge against anticipated future changes in interest or currency exchange
rates. Should interest or currency exchange rates move unexpectedly, the
Portfolio may not achieve the anticipated benefits of the financial futures
contracts and may realize a loss.
D Options on Financial Futures -- Upon the purchase of a put option on foreign
currency by the Portfolio, the premium paid is recorded as an investment, the
value of which is marked-to-market daily. When the purchased option expires,
the Portfolio will realize a loss in the amount of the cost of the option.
When the Portfolio enters into a closing sales transaction, the Portfolio
will realize a gain or loss depending upon whether the sales proceeds from
the closing sales transaction are greater or less than the cost of the
option. When the Portfolio exercises a put option, settlement is made in
cash. The risk associated with purchasing options is limited to the premium
originally paid.
E 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.
25
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
NOTES TO FINANCIAL STATEMENTS CONT'D
F Forward Foreign Currency Exchange Contracts -- The Portfolio may enter into
forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. Risks may arise
upon entering these contracts from the potential inability of counterparties
to meet the terms of their contracts and from movements in the value of a
foreign currency relative to the U.S. dollar. The Portfolio will enter into
forward contracts for hedging purposes as well as non-hedging purposes. The
forward foreign currency exchange contracts are adjusted by the daily
exchange rate of the underlying currency and any gains or losses are recorded
for financial statement purposes as unrealized until such time as the
contracts have been closed or offset.
G Expense Reduction -- Investors Bank and 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. For the year ended August 31,
2003, $423 credit balances were used to reduce the Portfolio's custodian fee.
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 Other -- Investment transactions are accounted for on a trade-date basis.
Dividend income is recorded on the ex-dividend date. However, if the
ex-dividend date has passed, certain dividends from foreign securities are
recorded as the Portfolio is informed of the ex-dividend date. Interest
income is recorded on the accrual basis.
2 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), and Lloyd George
Investment Management (Bermuda) Limited, an affiliate of EVM (the Advisers),
as compensation for management and investment advisory services rendered to
the Portfolio. Under the advisory agreement, the Advisers receive a monthly
fee, divided equally between them, of 0.0625% (0.75% annually) of the average
daily net assets of the Portfolio up to $500,000,000, and at reduced rates as
daily net assets exceed that level. For the year ended August 31, 2003, the
adviser fee was 0.75% of average net assets for such period and amounted to
$723,675. In addition, an administrative fee is earned by EVM for managing
and administering the business affairs of the Portfolio. Under the
administration agreement, EVM earns a monthly fee in the amount of 1/48th of
1% (equal to 0.25% annually) of the average daily net assets of the Portfolio
up to $500,000,000, and at reduced rates as daily net assets exceed that
level. For the year ended August 31, 2003, the administration fee was 0.25%
of average net assets for such period and amounted to $241,391. Except as to
the Trustees of the Portfolio who are not members of the Advisers or EVM's
organization, officers and Trustees receive remuneration for their services
to the Portfolio out of such investment adviser and administrative fees.
Trustees of the Portfolio that are not affiliated with the Advisers may elect
to defer receipt of all or a percentage of their annual fees in accordance
with the terms of the Trustees Deferred Compensation Plan. For the year ended
August 31, 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 $84,257,049 and $104,354,953, respectively, for the year ended
August 31, 2003.
4 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at August 31, 2003, as computed on a federal income tax
basis, are as follows:
<Table>
AGGREGATE COST $94,348,797
-----------------------------------------------------
Gross unrealized appreciation $10,992,312
Gross unrealized depreciation (6,208,061)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 4,784,251
-----------------------------------------------------
</Table>
The unrealized depreciation on foreign currency was $1,572.
26
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
NOTES TO FINANCIAL STATEMENTS CONT'D
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.
6 Financial Instruments
- -------------------------------------------
The Portfolio regularly trades in financial instruments with off-balance
sheet risk in the normal course of its investing activities to assist in
managing exposure to various market risks. These financial instruments may
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 August 31, 2003.
7 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 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 facility is allocated among the participating funds and
portfolios at the end of each quarter. The Portfolio did not have any
significant borrowings or allocated fees during the year ended August 31,
2003.
8 Interestholder Meeting (Unaudited)
- -------------------------------------------
The Portfolio held a Special Meeting of Interestholders on June 6, 2003 to
elect Trustees. The results of the vote were as follows:
<Table>
<Caption>
INTEREST IN THE PORTFOLIO
--------------------------
NOMINEE FOR TRUSTEE AFFIRMATIVE WITHHOLD
--------------------------------------------------------------------
Jessica M. Bibliowicz 99% 1%
Edward K.Y. Chen 99% 1%
Donald R. Dwight 99% 1%
James B. Hawkes 99% 1%
Samuel L. Hayes, III 99% 1%
Hon. Robert Lloyd George 99% 1%
William H. Park 99% 1%
Norton H. Reamer 99% 1%
Lynn A. Stout 99% 1%
</Table>
Results are rounded to the nearest whole number. Donald R. Dwight retired as
a Trustee effective July 1, 2003 pursuant to the mandatory retirement policy
of the Portfolio.
27
<Page>
INFORMATION AGE PORTFOLIO AS OF AUGUST 31, 2003
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES AND INVESTORS
OF INFORMATION AGE PORTFOLIO:
- ---------------------------------------------
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the supplementary data present fairly, in all material
respects, the financial position of Information Age Portfolio (the "Portfolio")
at August 31, 2003, and the results of its operations, the changes in its net
assets and the supplementary data for the periods indicated, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and supplementary data (hereafter referred to as "financial
statements") are the responsibility of the Portfolio's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at August 31, 2003 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 14, 2003
28
<Page>
EATON VANCE INFORMATION AGE FUND
MANAGEMENT AND ORGANIZATION
FUND MANAGEMENT. The Trustees of Eaton Vance Growth Trust (the Trust) and
Information Age 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 business address of each Trustee
and officer, with the exception of Messrs. Chen and Lloyd George, 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., "Atlanta Capital"
refers to Atlanta Capital Management Company, LLC, "LGM" refers to Lloyd George
Management (B.V.I.) Limited and "Lloyd George" refers to Lloyd George 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>
POSITION(S) TERM OF NUMBER OF PORTFOLIOS
WITH THE OFFICE AND IN FUND COMPLEX
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
-----------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE(S)
Jessica M. Trustee Trustee of the President and Chief 191 None
Bibliowicz Trust since 1998; Executive Officer of
11/28/59 of the Portfolio National Financial
since 2003 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 Trustee of the Chairman, President and 193 Director of EVC
11/9/41 Trust since 1989; Chief Executive Officer
of the Portfolio of BMR, EVC, EVM and
since 1995 EV; Director of EV;
Vice President and
Director of EVD.
Trustee and/or officer
of 193 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
Trust and the
Portfolio.
Hon. Robert Lloyd Trustee and Vice Trustee since Chief Executive Officer 5 Chairman of LGM
George(2) President of the 1996; Vice of LGM and Lloyd
8/13/52 Portfolio President since George. Mr. Lloyd
1995 George is an interested
person because of his
positions with LGM and
Lloyd George, which are
affiliates of the
Portfolio.
</Table>
29
<Page>
EATON VANCE INFORMATION AGE FUND
MANAGEMENT AND ORGANIZATION CONT'D
<Table>
<Caption>
POSITION(S) TERM OF NUMBER OF PORTFOLIOS
WITH THE OFFICE AND IN FUND COMPLEX
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
-----------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(S)
Edward K.Y. Trustee of Since 1996 President of Lingnan 5 Director of First
Chen(2) the Portfolio University in Hong Pacific Company, Asia
1/14/45 Kong. Satellite
Telecommunications
Holdings Ltd. and Wharf
Holdings Limited
(property management
and communications)
Samuel L. Hayes, Trustee Trustee of the Jacob H. Schiff 193 Director of Tiffany &
III Trust since 1989; Professor of Investment Co. (specialty retailer)
2/23/35 of the Portfolio Banking Emeritus, and Telect, Inc.
since 1995 Harvard University (telecommunication
Graduate School of services company)
Business
Administration.
William H. Park Trustee Since 2003 President and Chief 190 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).
Ronald A. Pearlman Trustee Since 2003 Professor of Law, 190 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 President, Unicorn 193 None
9/21/35 Trust since 1989; Corporation (an
of the Portfolio investment and
since 1995 financial advisory
services company)
(since September 2000).
Chairman, Hellman,
Jordan Management
Co., Inc. (an
investment management
company) (since
November 2000).
Advisory Director of
Berkshire Capital
Corporation (investment
banking firm) (since
June 2002). 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).
Lynn A. Stout Trustee Since 1998 Professor of Law, 193 None
9/14/57 University of
California at Los
Angeles School of Law
(since July 2001).
Formerly, Professor of
Law, Georgetown
University Law Center.
</Table>
30
<Page>
EATON VANCE INFORMATION AGE FUND
MANAGEMENT AND ORGANIZATION CONT'D
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 President of the Since 2002(3) Executive Vice President of
Jr. Trust EVM, BMR, EVC and EV; Chief
5/31/58 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 53
registered investment
companies managed by EVM or
BMR.
Gregory L. Coleman Vice President Since 2001 Partner of Atlanta Capital.
10/28/49 of the Trust Officer of 10 registered
investment companies managed
by EVM or BMR.
Martha G. Locke Vice President Since 2001 Vice President of EVM and BMR.
6/21/52 of the Portfolio Officer of 5 registered
investment companies managed
by EVM and BMR.
Duncan W. President Since 2002 Senior Vice President and
Richardson of the Portfolio Chief Equity Investment
10/26/57 Officer of EVM and BMR.
Officer of 42 registered
investment companies managed
by EVM or BMR.
James A. Womack Vice President Since 2001 Vice President of Atlanta
11/20/68 of the Trust Capital. Officer of 10
registered investment
companies managed by EVM or
BMR.
Alan R. Dynner Secretary Since 1997 Vice President, Secretary and
10/10/40 Chief Legal Officer of BMR,
EVM, EVD, EV and EVC. Officer
of 193 registered investment
companies managed by EVM or
BMR.
William J. Austin, Treasurer of Since 2002(3) Assistant Vice President of
Jr. the Portfolio EVM and BMR. Officer of 58
12/27/51 registered investment
companies managed by EVM or
BMR.
James L. O'Connor Treasurer of the Since 1989 Vice President of BMR, EVM and
4/1/45 Trust EVD. Officer of 115 registered
investment companies managed
by EVM or BMR.
</Table>
(1) Includes both master and feeder funds in a master-feeder structure.
(2) The business address for Mr. Lloyd George is 3803 One Exchange Square,
Central, Hong Kong and for Mr. Chen is President's Office, Lingnan
College, Tuen Mun, Hong Kong.
(3) Prior to 2002, Mr. Faust served as Vice President of the Trust since
1999 and Mr. Austin served as Assistant Treasurer of the Portfolio since
2001.
The SAI for the Fund includes additional information about the Trustees and
officers of the Fund and Portfolio and can be obtained without charge by calling
1-800-225-6265.
31
<Page>
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<Page>
THIS PAGE INTENTIONALLY LEFT BLANK
<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 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.
Information Age Portfolio
By: /s/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: October 16, 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.
-------------------------
William J. Austin Jr.
Treasurer
Date: October 16, 2003
By: /s/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: October 16, 2003