<PAGE> 1
UTILITY PORTFOLIO 10
------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
==========================================================================================================
June 30, 1995 (unaudited)
- ----------------------------------------------------------------------------------------------------------
<S> <C>
ASSETS
- ----------------------------------------------------------------------------------------------------------
Investments, at Value (Cost $13,570,048) $14,203,694
- ----------------------------------------------------------------------------------------------------------
Cash 591
- ----------------------------------------------------------------------------------------------------------
Receivable for Securities Sold 768,268
- ----------------------------------------------------------------------------------------------------------
Dividends Receivable 60,490
- ----------------------------------------------------------------------------------------------------------
Prepaid Expenses 861
- ----------------------------------------------------------------------------------------------------------
Due from Bankers Trust 2,714
- ----------------------------------------------------------------------------------------------------------
Total Assets 15,036,618
- ----------------------------------------------------------------------------------------------------------
LIABILITIES
- ----------------------------------------------------------------------------------------------------------
Accrued Expenses and Accounts Payable 13,045
- ----------------------------------------------------------------------------------------------------------
Total Liabilities 13,045
- ----------------------------------------------------------------------------------------------------------
NET ASSETS $15,023,573
==========================================================================================================
COMPOSITION OF NET ASSETS
- ----------------------------------------------------------------------------------------------------------
Paid-in Capital $14,389,927
- ----------------------------------------------------------------------------------------------------------
Net Unrealized Appreciation on Securities 633,646
- ----------------------------------------------------------------------------------------------------------
NET ASSETS, JUNE 30, 1995 $15,023,573
==========================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 2
UTILITY PORTFOLIO 11
------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
====================================================================================================================
For the six months ended June 30, 1995 (unaudited)
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
- --------------------------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding tax of $5,932) $416,029
- --------------------------------------------------------------------------------------------------------------------
Interest 19,768
- --------------------------------------------------------------------------------------------------------------------
Total Investment Income $ 435,797
- --------------------------------------------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------------------------------------------
Advisory Fee 52,503
- --------------------------------------------------------------------------------------------------------------------
Administration and Services Fee 8,077
- --------------------------------------------------------------------------------------------------------------------
Professional Fees 8,142
- --------------------------------------------------------------------------------------------------------------------
Trustees Fees 732
- --------------------------------------------------------------------------------------------------------------------
Insurance 1,314
- --------------------------------------------------------------------------------------------------------------------
Miscellaneous 583
- --------------------------------------------------------------------------------------------------------------------
Total Expenses 71,351
- --------------------------------------------------------------------------------------------------------------------
Less: Expenses Absorbed by Bankers Trust (22,887) 48,464
- --------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 387,333
- --------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES
- --------------------------------------------------------------------------------------------------------------------
Net Realized (Loss) from Securities Transactions (1,298,580)
- --------------------------------------------------------------------------------------------------------------------
Net Unrealized Appreciation on Securities 2,246,471
- --------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN ON SECURITIES 947,891
- --------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,335,224
====================================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 3
UTILITY PORTFOLIO 12
------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
=============================================================================================================
For the
For the six months year ended
ended June 30, 1995 December
(unaudited) 31, 1994
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
- -------------------------------------------------------------------------------------------------------------
FROM OPERATIONS
- -------------------------------------------------------------------------------------------------------------
Net Investment Income $ 387,333 $ 1,587,451
- -------------------------------------------------------------------------------------------------------------
Net Realized (Loss) from Securities Transactions (1,298,580) (2,904,443)
- -------------------------------------------------------------------------------------------------------------
Net Unrealized Appreciation (Depreciation) on Securities 2,246,471 (2,717,788)
- -------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets from Operations 1,335,224 (4,034,780)
- -------------------------------------------------------------------------------------------------------------
FROM CAPITAL TRANSACTIONS
- ------------------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 319,357 5,634,667
- -------------------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (5,364,080) (20,456,949)
- -------------------------------------------------------------------------------------------------------------
Net (Decrease) in Net Assets from Capital Transactions (5,044,723) (14,822,282)
- -------------------------------------------------------------------------------------------------------------
TOTAL (DECREASE) IN NET ASSETS (3,709,499) (18,857,062)
=============================================================================================================
NET ASSETS
- ------------------------------------------------------------------------------------------------------------
Beginning of Period 18,733,072 37,590,134
- -------------------------------------------------------------------------------------------------------------
End of Period $15,023,573 $18,733,072
=============================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 4
UTILITY PORTFOLIO 13
------------------------------------------------------
FINANCIAL HIGHLIGHTS
===============================================================================
Contained below are selected ratios and supplemental data for each of the
periods indicated for the Utility Portfolio.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
For the period
August 3, 1992
For the For the (Commencement
For the six months year ended year ended of Operations)
ended June 30, 1995 December December to December
(unaudited) 31, 1994 31, 1993 31, 1992
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RATIOS AND SUPPLEMENTAL DATA
Ratio of Net Investment Income to Average
Net Assets 4.80%* 5.21% 4.60% 5.20%*
Ratio of Expenses to Average Net Assets 0.60%* 0.60% 0.60% 0.60%*
Decrease Reflected in Above Ratio of Expenses to
Average Net Assets Due to Absorption of
Expenses by Bankers Trust 0.28%* 0.27% 0.26% 0.57%*
Portfolio Turnover Rate 33.30% 11.43% 0.00% 0.00%
Net Assets, End of Period (000's omitted) $15,024 $18,733 $37,590 $16,002
</TABLE>
* Annualized
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 5
UTILITY PORTFOLIO 14
------------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
============================================================================
June 30, 1995 (unaudited)
SHARES DESCRIPTION VALUE
============================================================================
<S> <C> <C>
COMMON STOCKS - 90.71%
- ----------------------------------------------------------------------------
TELECOMMUNICATIONS - 36.53%
- ----------------------------------------------------------------------------
6,300 AirTouch Communications (a) $ 179,550
- ----------------------------------------------------------------------------
7,500 ALLTEL 190,313
- ----------------------------------------------------------------------------
17,000 Ameritech 748,000
- ----------------------------------------------------------------------------
10,000 Bell Atlantic 560,000
- ----------------------------------------------------------------------------
18,000 BellSouth 1,143,000
- ----------------------------------------------------------------------------
9,000 Frontier 216,000
- ----------------------------------------------------------------------------
16,250 GTE 554,531
- ----------------------------------------------------------------------------
2,600 MCI Communications 57,200
- ----------------------------------------------------------------------------
25,000 SBC Communications 1,190,625
- ----------------------------------------------------------------------------
8,100 Southern New England
Telecommunications 285,525
- ----------------------------------------------------------------------------
2,750 Telecom Corporation of
New Zealand, ADR 166,719
- ----------------------------------------------------------------------------
1,600 Telefonica de Espana, ADS 62,000
- ----------------------------------------------------------------------------
3,250 US West 135,281
- ----------------------------------------------------------------------------
5,488,744
============================================================================
UTILITY-ELECTRIC - 37.03%
- ----------------------------------------------------------------------------
10,700 Allegheny Power System 251,450
- ----------------------------------------------------------------------------
7,750 American Electric Power 272,219
- ----------------------------------------------------------------------------
7,500 Carolina Power & Light 226,875
- ----------------------------------------------------------------------------
5,200 CILCORP 189,150
- ----------------------------------------------------------------------------
6,035 CINergy 158,419
- ----------------------------------------------------------------------------
7,500 CIPSCO 224,062
- ----------------------------------------------------------------------------
7,000 CMS Energy 172,375
- ----------------------------------------------------------------------------
7,000 Detroit Edison 206,500
- ----------------------------------------------------------------------------
10,700 DPL 236,738
- ----------------------------------------------------------------------------
8,600 Duke Power 356,900
- ----------------------------------------------------------------------------
7,000 Eastern Utilities 158,375
- ----------------------------------------------------------------------------
6,850 Entergy 165,256
- ----------------------------------------------------------------------------
8,000 FPL Group 309,000
- ----------------------------------------------------------------------------
4,900 Illinova 124,338
- ----------------------------------------------------------------------------
5,500 KU Energy 153,312
- ----------------------------------------------------------------------------
5,500 LG&E Energy 214,500
- ----------------------------------------------------------------------------
10,950 PacifiCorp 205,313
- ----------------------------------------------------------------------------
8,000 PECO Energy 221,000
- ----------------------------------------------------------------------------
11,400 Pinnacle West Capital 279,300
- ----------------------------------------------------------------------------
7,100 Puget Sound Power & Light 162,413
- ----------------------------------------------------------------------------
9,000 San Diego Gas & Electric 186,750
- ----------------------------------------------------------------------------
17,700 Southern 396,037
- ----------------------------------------------------------------------------
7,750 Texas Utilities 266,406
- ----------------------------------------------------------------------------
9,000 Western Resources 277,875
- ----------------------------------------------------------------------------
5,100 WPS Resources 149,175
- ----------------------------------------------------------------------------
5,563,738
============================================================================
UTILITY-GAS - 16.56%
- ----------------------------------------------------------------------------
7,500 Brooklyn Union Gas 196,875
- ----------------------------------------------------------------------------
3,200 Coastal 97,200
- ----------------------------------------------------------------------------
8,000 Connecticut Natural Gas 176,000
- ----------------------------------------------------------------------------
6,750 Delta Natural Gas 116,437
- ----------------------------------------------------------------------------
5,700 Energen 122,550
- ----------------------------------------------------------------------------
6,000 Enron 210,750
- ----------------------------------------------------------------------------
6,400 Equitable Resources 184,800
- ----------------------------------------------------------------------------
16,100 MCN 317,975
- ----------------------------------------------------------------------------
5,500 MDU Resources Group 163,625
- ----------------------------------------------------------------------------
6,500 Pacific Enterprises 159,250
- ----------------------------------------------------------------------------
11,900 Public Service Company of
North Carolina 194,862
- ----------------------------------------------------------------------------
7,000 Questar 201,250
- ----------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 6
UTILITY PORTFOLIO 15
------------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
============================================================================
June 30, 1995 (unaudited)
SHARES DESCRIPTION VALUE
============================================================================
<S> <C>
5,900 Sonat $ 179,950
- ----------------------------------------------------------------------------
5,900 WICOR 165,938
- ----------------------------------------------------------------------------
2,487,462
============================================================================
UTILITY-WATER - 0.59%
- ----------------------------------------------------------------------------
5,250 Consumers Water 88,594
============================================================================
TOTAL COMMON STOCKS
(Cost $12,984,324) $13,628,538
============================================================================
PREFERRED STOCK - 0.29%
- ----------------------------------------------------------------------------
3,996 United Water Resources, 5.0%, Conv.
Series A (Cost $54,787) $ 44,105
============================================================================
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT DESCRIPTION VALUE
============================================================================
<S> <C> <C>
SHORT-TERM INVESTMENTS - 3.54%
- ----------------------------------------------------------------------------
U.S. TREASURY BILLS - 3.54%
- ----------------------------------------------------------------------------
$ 19,000 5.65%, 7/6/95 $ 18,985
- ----------------------------------------------------------------------------
18,000 5.60%, 7/13/95 17,967
- ----------------------------------------------------------------------------
12,000 5.60%, 8/17/95 11,912
- ----------------------------------------------------------------------------
488,000 5.83%, 9/21/95 482,187
- ----------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(Amortized Cost $530,937) $ 531,051
============================================================================
TOTAL INVESTMENTS
(Cost $13,570,048) 94.54% $14,203,694
- ----------------------------------------------------------------------------
Other Assets in Excess of Liabilities 5.46% 819,879
- ----------------------------------------------------------------------------
NET ASSETS 100.00% $15,023,573
============================================================================
</TABLE>
(a) Non-Income Producing Security
See Notes to Financial Statements on Pages 18 and 19
<PAGE> 7
UTILITY PORTFOLIO 18
------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
===============================================================================
NOTE 1 - ORGANIZATION AND SIGNIFICANT
ACCOUNTING POLICIES
A. Organization
The Utility Portfolio (the "Portfolio") is registered under the Investment
Company Act of 1940 (the "Act"), as amended, as an open-end management
investment company. The Portfolio was organized on December 11, 1991 as an
unincorporated trust under the laws of New York and commenced operations on
August 3, 1992. The Declaration of Trust permits the Board of Trustees (the
"Trustees") to issue beneficial interests in the Portfolio.
B. Security Valuation
The Portfolio's investments are valued each business day by an independent
pricing service approved by the Trustees. Securities traded on national
exchanges or traded in the NASDAQ National Market System are valued at the last
sales prices reported at the close of business each day. Over-the-counter
securities not included in the NASDAQ National Market System and listed
securities for which no sale was reported are valued at the mean of the bid and
asked prices. Short-term obligations with remaining maturities of 60 days or
less, are valued at amortized cost which with accrued interest approximates
value. Securities for which quotations are not available are stated at fair
value as determined by the Trustees.
C. Security Transactions and Investment Income
Security transactions are accounted for on a trade date basis (date the order
to buy or sell is executed). Dividend income is recorded on the ex-dividend
date. Interest income is recorded on the accrual basis and includes
amortization of premium and discount on investments. Realized gains and losses
from securities transactions are recorded on the identified cost basis.
All of the net investment income and realized and unrealized gains and losses
from the security transactions of the Portfolio are allocated pro rata among
the investors in the Portfolio at the time of such determination.
D. Federal Income Taxes
It is the Portfolio's policy to comply with the requirements of the Internal
Revenue Code applicable to it. Therefore, no federal income tax provision is
required.
<PAGE> 8
UTILITY PORTFOLIO 19
------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
===============================================================================
NOTE 2 - FEES AND TRANSACTIONS WITH AFFILIATES
The Portfolio has entered into an Administration and Services Agreement with
Bankers Trust Company ("Bankers Trust"). Under this Administration and Services
Agreement, Bankers Trust provides administrative, custody, transfer agency and
shareholder services to the Portfolio in return for a fee computed daily and
paid monthly at annual rate of 0.10 of 1% of the Portfolio's average daily net
assets. For the six months ended June 30, 1995, this fee aggregated $8,077.
The Portfolio has entered into an Advisory Agreement with Bankers Trust. Under
this Advisory Agreement, the Portfolio pays Bankers Trust an advisory fee
computed daily and paid monthly at an annual rate of 0.65 of 1% of the
Portfolio's average daily net assets. For the six months ended June 30, 1995,
this fee aggregated $52,503.
Bankers Trust has voluntarily undertaken to waive and reimburse expenses of the
Portfolio, to the extent necessary, to limit all expenses to 0.60 of 1% of the
average daily net assets of the Portfolio. For the six months ended June 30,
1995, expenses of the Portfolio have been reduced $22,887.
Certain trustees and officers of the Portfolio are also directors, officers
and/or employees of Signature. None of the trustees so affiliated received
compensation for services as trustee of the Portfolio. Similarly, none of the
Portfolio's officers received compensation from the Portfolio.
NOTE 3 - PURCHASES AND SALES OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales of investments, other
than short-term obligations, for the six months ended June 30, 1995 were
$5,291,784 and $11,200,801, respectively. The aggregate gross unrealized
appreciation for all investments was $939,000, and the aggregate gross
unrealized depreciation for all investments was $305,354.
