<Page>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-07303
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Global Growth 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)
August 31
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Date of Fiscal Year End
February 29, 2004
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Date of Reporting Period
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
GLOBAL GROWTH PORTFOLIO AS OF FEBRUARY 29, 2004
PORTFOLIO OF INVESTMENTS (Unaudited)
COMMON STOCKS -- 89.9%
<Table>
<Caption>
SECURITY SHARES VALUE
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ADVERTISING -- 3.8%
Havas Advertising 300,000 $ 1,666,192
WPP Group PLC 205,850 2,299,739
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$ 3,965,931
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AEROSPACE AND DEFENSE -- 2.5%
Precision Castparts Corp. 11,000 $ 496,650
Thales SA 57,000 2,168,585
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$ 2,665,235
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AUTOMOBILES -- 2.3%
CarMax, Inc.(1) 16,000 $ 544,000
Toyota Motor Corp. 53,000 1,828,757
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$ 2,372,757
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BIOTECHNOLOGY -- 0.5%
Celgene Corp.(1) 13,000 $ 532,870
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$ 532,870
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BROADCASTING -- 7.3%
British Sky Broadcasting Group PLC(1) 133,240 $ 1,782,794
Clear Channel Communications, Inc. 29,900 1,286,896
Cumulus Media, Inc., Class A(1) 14,700 292,530
ITV PLC(1) 899,690 2,312,458
Television Broadcasts, Ltd. 396,000 1,933,234
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$ 7,607,912
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BUSINESS SERVICES -- 6.0%
Cognizant Technology Solutions Corp.(1) 5,000 $ 237,200
Dun & Bradstreet Corp.(1) 25,600 1,362,432
E*Trade Financial Corp.(1) 44,000 629,640
H&R Block, Inc. 5,000 270,250
PMI Group, Inc., (The) 38,000 1,504,800
Providian Financial Corp.(1) 62,000 801,660
Rollins, Inc. 20,000 464,600
Sotheby's Holdings, Inc.(1) 72,000 1,038,240
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$ 6,308,822
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CHEMICALS -- 0.2%
IMC Global, Inc. 20,700 $ 233,910
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$ 233,910
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COMMERCIAL BANKS -- 2.4%
ABN AMRO Holdings NV 74,500 $ 1,720,807
Mitsubishi Tokyo Financial Group, Inc., ADR 100,000 780,000
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$ 2,500,807
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COMMUNICATIONS SOFTWARE -- 1.3%
WebEx Communications, Inc.(1) 52,300 $ 1,337,311
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$ 1,337,311
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COMPUTERS AND BUSINESS EQUIPMENT -- 6.2%
Dell, Inc.(1) 28,100 $ 917,465
Diebold, Inc. 4,950 260,815
Gateway, Inc.(1) 100,000 543,000
Lexmark International, Inc.(1) 15,400 1,267,266
Research in Motion Ltd.(1) 21,900 2,166,786
Sindo Ricoh Co. 25,400 1,367,194
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$ 6,522,526
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DATA PROCESSING & OUTSOURCED SERVICES -- 1.1%
Fiserv, Inc.(1) 31,000 $ 1,196,910
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$ 1,196,910
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DIVERSIFIED TELECOMMUNICATION SERVICES -- 7.6%
KT Corp. ADR 82,907 $ 1,576,891
Nextel Communications, Inc., Class A(1) 40,000 1,059,600
NII Holdings, Inc., Class B(1) 20,000 2,167,000
NTL, Inc.(1) 15,000 1,028,400
Swisscom AG 6,400 2,129,050
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$ 7,960,941
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EDUCATION -- 0.8%
Sylvan Learning Systems, Inc.(1) 28,000 $ 865,200
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$ 865,200
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ELECTRICAL EQUIPMENT -- 1.8%
Fujikura Ltd. 391,000 $ 1,900,247
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$ 1,900,247
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS
13
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<Table>
<Caption>
SECURITY SHARES VALUE
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ELECTRONIC COMPONENTS -- 3.0%
Min Aik Technology Co., Ltd. 387,000 $ 1,073,227
Nippon Electric Glass Co., Ltd. 104,000 2,113,125
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$ 3,186,352
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ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.5%
Cyberonics, Inc.(1) 29,000 $ 708,180
FLIR Systems, Inc.(1) 11,000 425,370
Motorola, Inc. 77,700 1,433,565
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$ 2,567,115
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ELECTRONIC PARTS & COMPONENTS -- 1.6%
LG Cable Ltd. 130,000 $ 1,669,218
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$ 1,669,218
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ENGINEERING AND CONSTRUCTION -- 0.3%
Rinker Group Ltd. 50,000 $ 271,200
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$ 271,200
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ENTERTAINMENT -- 1.1%
Shuffle Master, Inc.(1) 28,000 $ 1,167,040
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$ 1,167,040
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HEALTH CARE - PROVIDERS & SERVICES -- 1.6%
PacifiCare Health Systems, Inc.(1) 34,000 $ 1,213,800
WebMD Corp.(1) 60,000 513,600
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$ 1,727,400
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INSURANCE -- 2.2%
Prudential PLC 250,600 $ 2,289,275
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$ 2,289,275
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IT CONSULTING & SERVICES -- 1.5%
Affiliated Computer Services, Inc.(1) 10,000 $ 482,600
BroadVision, Inc.(1) 64,000 519,040
InterActiveCorp(1) 16,000 521,120
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$ 1,522,760
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MANUFACTURED HOUSING -- 1.3%
Fleetwood Enterprises, Inc.(1) 105,000 $ 1,380,750
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$ 1,380,750
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METALS - INDUSTRIAL -- 1.0%
Inco, Ltd.(1) 28,000 $ 1,040,480
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$ 1,040,480
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OIL COMPANIES - EXPLORATION & PRODUCTION -- 1.0%
Harvest Natural Resources, Inc.(1) 50,000 $ 584,000
Plains Exploration & Production Co.(1) 30,000 489,300
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$ 1,073,300
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PERSONAL PRODUCTS -- 2.1%
Estee Lauder Cos., Inc. (The), Class A 12,500 $ 532,500
Gillette Co. (The) 29,000 1,116,210
Weight Watchers International, Inc.(1) 14,000 525,280
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$ 2,173,990
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PHARMACEUTICALS -- 1.5%
American Pharmaceutical Partners, Inc.(1) 31,000 $ 1,106,700
Biovail Corp.(1) 24,000 491,040
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$ 1,597,740
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PRINTING -- 2.1%
St. Ives PLC 285,430 $ 2,224,744
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$ 2,224,744
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PUBLISHING -- 10.0%
EMAP PLC 134,880 $ 2,277,824
Pearson PLC 177,993 2,047,980
Promotora de Informaciones S.A. (Prisa) 145,740 2,670,959
Trinity Mirror PLC 215,650 2,381,209
Wolters Kluwer N.V.-CVA 60,650 1,082,889
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$ 10,460,861
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SEMICONDUCTOR EQUIPMENT AND PRODUCTS -- 0.2%
Asyst Technologies, Inc.(1) 24,200 $ 240,306
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$ 240,306
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SOFTWARE -- 3.8%
Callidus Software, Inc.(1) 65,000 $ 1,030,900
Microsoft Corp. 45,400 1,203,100
Symantec Corp.(1) 41,200 1,694,968
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$ 3,928,968
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS
14
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<Table>
<Caption>
SECURITY SHARES VALUE
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SPECIALTY RETAIL -- 7.3%
Foot Locker, Inc. 66,000 $ 1,729,200
MSC Industrial Direct Co. 18,000 515,700
NBTY, Inc.(1) 52,000 1,729,520
Tempur-Pedic International, Inc.(1) 62,000 1,029,200
Tesco PLC 433,000 2,069,171
Tweeter Home Entertainment Group, Inc.(1) 56,500 623,195
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$ 7,695,986
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TRANSPORTATION -- 2.0%
BAA PLC 212,000 $ 2,065,505
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$ 2,065,505
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TOTAL COMMON STOCKS
(IDENTIFIED COST $84,669,915) $ 94,254,369
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SHORT-TERM INVESTMENTS -- 10.7%
<Caption>
PRINCIPAL
AMOUNT
(000'S OMITTED) VALUE
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Investors Bank and Trust Time Deposit,
1.06%, 3/1/04 $ 4,000 $ 4,000,000
Sallie Mae Discount Note, 0.91%, 3/1/04 7,156 7,155,638
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TOTAL SHORT-TERM INVESTMENTS
(AT AMORTIZED COST, $11,155,638) $ 11,155,638
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TOTAL INVESTMENTS -- 100.6%
(IDENTIFIED COST $95,825,553) $ 105,410,007
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OTHER ASSETS, LESS LIABILITIES -- (0.6)% $ (585,334)
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NET ASSETS -- 100.0% $ 104,824,673
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</Table>
ADR - American Depositary Receipt
(1) Non-income producing security.
COUNTRY CONCENTRATION OF PORTFOLIO
<Table>
<Caption>
PERCENTAGE
COUNTRY OF NET ASSETS VALUE
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United States 51.5% $ 54,009,427
United Kingdom 20.7 21,750,699
Japan 6.3 6,622,129
Republic of Korea 4.4 4,613,303
France 3.7 3,834,777
Canada 3.5 3,698,306
Netherlands 2.7 2,803,696
Spain 2.5 2,670,959
Switzerland 2.0 2,129,050
Hong Kong 1.8 1,933,234
Taiwan 1.0 1,073,227
Australia 0.3 271,200
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
15
<Page>
GLOBAL GROWTH PORTFOLIO AS OF FEBRUARY 29, 2004
FINANCIAL STATEMENTS (Unaudited)
STATEMENT OF ASSETS AND LIABILITIES
AS OF FEBRUARY 29, 2004
<Table>
ASSETS
Investments, at value
(identified cost, $95,825,553) $ 105,410,007
Cash 1,935
Foreign currency, at value (identified cost, $39,815) 41,078
Receivable for investments sold 562,653
Interest and dividends receivable 180,418
Tax reclaim receivable 19,522
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TOTAL ASSETS $ 106,215,613
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LIABILITIES
Payable for investments purchased $ 1,374,253
Accrued expenses 16,687
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TOTAL LIABILITIES $ 1,390,940
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NET ASSETS APPLICABLE TO INVESTORS' INTEREST IN PORTFOLIO $ 104,824,673
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SOURCES OF NET ASSETS
Net proceeds from capital contributions and withdrawals 95,238,078
Net unrealized appreciation (computed on the basis of identified cost) 9,586,595
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TOTAL $ 104,824,673
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</Table>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED
FEBRUARY 29, 2004
<Table>
INVESTMENT INCOME
Dividends (net of foreign taxes, $51,763) $ 588,569
Interest 28,709
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TOTAL INVESTMENT INCOME $ 617,278
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EXPENSES
Investment adviser fee $ 384,266
Administration fee 127,493
Trustees' fees and expenses 7,755
Custodian fee 93,278
Legal and accounting services 18,308
Miscellaneous 2,347
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TOTAL EXPENSES $ 633,447
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NET INVESTMENT LOSS $ (16,169)
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REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 10,027,808
Foreign currency and forward foreign currency
exchange contract transactions (121,271)
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NET REALIZED GAIN $ 9,906,537
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Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 4,757,554
Foreign currency and forward foreign currency exchange contracts 3,713
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NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 4,761,267
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NET REALIZED AND UNREALIZED GAIN $ 14,667,804
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NET INCREASE IN NET ASSETS FROM OPERATIONS $ 14,651,635
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS
16
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) FEBRUARY 29, 2004 YEAR ENDED
IN NET ASSETS (UNAUDITED) AUGUST 31, 2003
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From operations --
Net investment income (loss) $ (16,169) $ 340,425
Net realized gain (loss) 9,906,537 (1,215,767)
Net change in unrealized
appreciation (depreciation) 4,761,267 13,858,554
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NET INCREASE IN NET ASSETS FROM OPERATIONS $ 14,651,635 $ 12,983,212
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Capital transactions --
Contributions $ 4,422,627 $ 45,660,906
Withdrawals (13,322,255) (69,128,396)
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NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (8,899,628) $ (23,467,490)
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NET INCREASE (DECREASE) IN NET ASSETS $ 5,752,007 $ (10,484,278)
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NET ASSETS
At beginning of period $ 99,072,666 $ 109,556,944
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AT END OF PERIOD $ 104,824,673 $ 99,072,666
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</Table>
SEE NOTES TO FINANCIAL STATEMENTS
17
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SUPPLEMENTARY DATA
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2004 --------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
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RATIOS/SUPPLEMENTAL DATA
Ratios (As a percentage of average daily
net assets):
Expenses 1.24%(1) 1.24% 1.15% 1.11% 1.13% 1.36%
Net investment income (loss) (0.03)%(1) 0.35% 0.08% 0.08% (0.13)% (0.38)%
Portfolio Turnover 78% 93% 107% 160% 173% 131%
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TOTAL RETURN(2) 15.46% 15.23% (17.67)% -- -- --
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NET ASSETS, END OF PERIOD (000'S OMITTED) $ 104,825 $ 99,073 $ 109,557 $ 204,969 $ 334,611 $ 97,262
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</Table>
(1) Annualized.
(2) Total return is required to be disclosed for fiscal years beginning after
December 15, 2000.
SEE NOTES TO FINANCIAL STATEMENTs
18
<Page>
GLOBAL GROWTH PORTFOLIO AS OF FEBRUARY 29, 2004
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 SIGNIFICANT ACCOUNTING POLICIES
Global Growth Portfolio (formerly known as 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 expected to grow in value. The
Declaration of Trust permits the Trustees to issue interests in the
Portfolio. At February 29, 2004 the Eaton Vance Global Growth 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. Generally, trading in
foreign securities is substantially completed each day at various times prior
to the close of the Exchange. The values of these securities used in
determining the net asset value of a Portfolio generally are computed as of
such times. Occasionally, events affecting the value of foreign securities
may occur between such times and the close of the Exchange which will not be
reflected in the computation of a Portfolio's net asset value (unless the
Portfolio deems that such events would materially affect its net asset value,
in which case an adjustment would be made and reflected in such computation).
The Portfolio may rely on an independent fair valuation service in making any
such adjustments. Foreign securities and currency held by a Portfolio will be
valued in U.S. dollars; such values will be computed by the custodian based
on foreign currency exchange rate quotations supplied by an independent
quotation service.
B 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.
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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 as of February 29,
2004 and losses on investments that results from fluctuations in foreign
currency exchange rates is not separately disclosed.
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.
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 INDEMNIFICATIONS -- Under the Portfolio's organizational documents, its
officers and Trustees may be indemnified against certain liabilities and
expenses arising out of the performance of their duties to the Portfolio.
Interestholders in the Portfolio are jointly and severally liable for the
liabilities and obligations of the Portfolio in the event that the Portfolio
fails to satisfy such liabilities and obligations; provided, however, that,
to the extent assets are available in the Portfolio, the Portfolio may, under
certain circumstances, indemnify interestholders from and against any claim
or liability to which such holder may become subject by reason of being or
having been an interestholder in the Portfolio. Additionally, in the normal
course of business, the Portfolio enters into agreements with service
providers that may contain indemnification clauses. The Portfolio's maximum
exposure under these arrangements is unknown as this would involve future
claims that may be made against the Portfolio that have not yet occurred.
J 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.
K INTERIM FINANCIAL STATEMENTS -- The interim financial statements relating
to February 29, 2004 and for the six months then ended have not been audited
by independent certified public accountants, but in the opinion of the
Portfolios' 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), 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 six months ended February 29,
2004, the adviser fee was 0.75% (annualized) of average net assets for such
period and amounted to $384,266. 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
20
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net assets exceed that level. For the six months ended February 29, 2004, the
administration fee was 0.25% (annualized) of average net assets for such
period and amounted to $127,493. 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 six months
ended February 29, 2004, 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 $74,577,335 and $89,620,874, respectively, for the six months
ended February 29, 2004.
4 FEDERAL INCOME TAX BASIS OF UNREALIZED APPRECIATION (DEPRECIATION)
The cost and unrealized appreciation (depreciation) in value of the
investments owned at February 29, 2004, as computed on a federal income tax
basis, are as follows:
<Table>
AGGREGATE COST $ 84,669,915
-----------------------------------------------
Gross unrealized appreciation $ 12,136,776
Gross unrealized depreciation (2,552,322)
-----------------------------------------------
NET UNREALIZED APPRECIATION $ 9,584,454
-----------------------------------------------
</Table>
The unrealized appreciation on foreign currency was $2,141.
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 February 29, 2004.
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 six months ended February
29, 2004.
8 NAME CHANGE
Effective January 1, 2004, Information Age Portfolio changed its name to
Global Growth Portfolio.
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GLOBAL GROWTH PORTFOLIO
OFFICERS
Duncan W. Richardson
President
Arieh Coll
Vice President
Hon. Robert Lloyd George
Vice President and Trustee
William J. Austin, Jr.
Treasurer
Alan R. Dynner
Secretary
TRUSTEES
Jessica M. Bibliowicz
Edward K.Y. Chen
James B. Hawkes
Samuel L. Hayes, III
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
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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, Chief Executive Officer and a Director of Asset Management Finance
Corp. (a specialty finance company serving the investment management industry)
and is President of Unicorn Corporation (an investment and financial advisory
services company). Formerly, Mr. Reamer was Chairman of Hellman, Jordan
Management Co., Inc. (an investment management company) and Advisory Director of
Berkshire Capital Corporation (an investment banking firm), Chairman of the
Board of UAM and Chairman, President and Director of the UAM Funds (mutual
funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
Not required in this filing
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable
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ITEM 10. 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 changes in the registrant's internal controls over
financial reporting during the period that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Global Growth Portfolio
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By: /S/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: April 13, 2004
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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: April 13, 2004
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By: /S/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: April 13, 2004
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