<PAGE> 1
UTILITY PORTFOLIO 8
-------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
=============================================================================================================
December 31, 1995
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
- -------------------------------------------------------------------------------------------------------------
Investments, at Value (Cost $7,786,053) $10,214,194
- -------------------------------------------------------------------------------------------------------------
Cash 5,500
- -------------------------------------------------------------------------------------------------------------
Dividends Receivable 32,107
- -------------------------------------------------------------------------------------------------------------
Due from Bankers Trust 6,204
- -------------------------------------------------------------------------------------------------------------
Total Assets 10,258,005
- -------------------------------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------------------------------
Accrued Expenses and Other 20,050
- -------------------------------------------------------------------------------------------------------------
Total Liabilities 20,050
- -------------------------------------------------------------------------------------------------------------
NET ASSETS $10,237,955
=============================================================================================================
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------------------
Paid-in Capital $ 7,809,814
- -------------------------------------------------------------------------------------------------------------
Net Unrealized Appreciation on Securities 2,428,141
- -------------------------------------------------------------------------------------------------------------
NET ASSETS, DECEMBER 31, 1995 $10,237,955
=============================================================================================================
STATEMENT OF OPERATIONS
=============================================================================================================
For the year ended December 31, 1995
- -------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- -------------------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding tax of $8,209) $709,522
- -------------------------------------------------------------------------------------------------------------
Interest 26,531
- -------------------------------------------------------------------------------------------------------------
Total Investment Income $ 736,053
- -------------------------------------------------------------------------------------------------------------
EXPENSES
- -------------------------------------------------------------------------------------------------------------
Advisory 95,386
- -------------------------------------------------------------------------------------------------------------
Administration and Services 14,675
- -------------------------------------------------------------------------------------------------------------
Professional 18,426
- -------------------------------------------------------------------------------------------------------------
Trustees 1,918
- -------------------------------------------------------------------------------------------------------------
Miscellaneous 3,179
- -------------------------------------------------------------------------------------------------------------
Total Expenses 133,584
- -------------------------------------------------------------------------------------------------------------
Less:Expenses Absorbed by Bankers Trust (45,535) 88,049
- -------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 648,004
- -------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES
- -------------------------------------------------------------------------------------------------------------
Net Realized Loss from SecuritiesTransactions (976,544)
- -------------------------------------------------------------------------------------------------------------
Net Unrealized Appreciation on Securities 4,040,966
- -------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN ON SECURITIES 3,064,422
- -------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 3,712,426
=============================================================================================================
</TABLE>
See Notes to Financial Statements on Page 13
<PAGE> 2
UTILITY PORTFOLIO 9
--------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
=============================================================================================================
For the For the
year ended year ended
December December
31, 1995 31, 1994
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM:
- -------------------------------------------------------------------------------------------------------------
OPERATIONS
- -------------------------------------------------------------------------------------------------------------
Net Investment Income $ 648,004 $ 1,587,451
- -------------------------------------------------------------------------------------------------------------
Net Realized Loss from Securities Transactions (976,544) (2,904,443)
- -------------------------------------------------------------------------------------------------------------
Net Unrealized Appreciation (Depreciation) on Securities 4,040,966 (2,717,788)
- -------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets from Operations 3,712,426 (4,034,780)
- -------------------------------------------------------------------------------------------------------------
CAPITAL TRANSACTIONS
- -------------------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 539,419 5,634,667
- -------------------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (12,746,962) (20,456,949)
- -------------------------------------------------------------------------------------------------------------
Net Decrease in Net Assets from Capital Transactions (12,207,543) (14,822,282)
- -------------------------------------------------------------------------------------------------------------
TOTAL DECREASE IN NET ASSETS (8,495,117) (18,857,062)
=============================================================================================================
NET ASSETS
- -------------------------------------------------------------------------------------------------------------
Beginning of Year 18,733,072 37,590,134
- -------------------------------------------------------------------------------------------------------------
End of Year $ 10,237,955 $18,733,072
=============================================================================================================
</TABLE>
FINANCIAL HIGHLIGHTS
================================================================================
Contained below are selected ratios and supplemental data for each of the
periods presented for the Utility Portfolio.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period
August 3, 1992
(Commencement
For the year ended December 31, of Operations)
----------------------------------- to December
1995 1994 1993 31, 1992
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RATIOS AND SUPPLEMENTAL DATA
Ratio of Net Investment Income to Average
Net Assets 4.42% 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 0.31% 0.27% 0.26% 0.57%*
Portfolio Turnover Rate 53.71% 11.43% 0.00% 0.00%
Net Assets, End of Period (000's omitted) $10,238 $18,733 $37,590 $16,002
</TABLE>
* Annualized
See Notes to Financial Statements on Page 13
<PAGE> 3
UTILITY PORTFOLIO 10
--------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
December 31, 1995
<TABLE>
<CAPTION>
SHARES DESCRIPTION VALUE
=============================================================================
<S> <C>
COMMON STOCKS - 97.35%
- -----------------------------------------------------------------------------
TELECOMMUNICATIONS - 47.75%
- -----------------------------------------------------------------------------
4,600 AirTouch Communications (a) $ 129,950
- -----------------------------------------------------------------------------
6,200 ALLTEL Corp. 182,900
- -----------------------------------------------------------------------------
10,400 Ameritech Corp. 613,600
- -----------------------------------------------------------------------------
1,800 BCE Inc. 62,100
- -----------------------------------------------------------------------------
5,600 Bell Atlantic Corp. 374,500
- -----------------------------------------------------------------------------
22,800 BellSouth Corp. 991,800
- -----------------------------------------------------------------------------
9,300 Frontier Corp. 279,000
- -----------------------------------------------------------------------------
12,950 GTE Corp. 569,800
- -----------------------------------------------------------------------------
1,800 MCI Communications 47,025
- -----------------------------------------------------------------------------
8,000 NYNEX Corp. 432,000
- -----------------------------------------------------------------------------
2,800 Southern New England
Telecommunications 111,300
- -----------------------------------------------------------------------------
15,400 SBC Communications 885,500
- -----------------------------------------------------------------------------
1,850 Telecom Corporation of
New Zealand, ADR 128,344
- -----------------------------------------------------------------------------
2,250 US West 80,437
- -----------------------------------------------------------------------------
4,888,256
=============================================================================
UTILITY-ELECTRIC - 36.36%
- -----------------------------------------------------------------------------
5,200 American Electric Power 210,600
- -----------------------------------------------------------------------------
4,300 Baltimore Gas & Electric 122,550
- -----------------------------------------------------------------------------
5,700 Carolina Power & Light 196,650
- -----------------------------------------------------------------------------
3,700 CILCORP Inc. 156,788
- -----------------------------------------------------------------------------
5,700 CINergy Corp. 174,562
- -----------------------------------------------------------------------------
5,200 CMS Energy 155,350
- -----------------------------------------------------------------------------
5,200 Detroit Edison 179,400
- -----------------------------------------------------------------------------
7,500 DPL Inc. 185,625
- -----------------------------------------------------------------------------
5,800 Duke Power 274,775
- -----------------------------------------------------------------------------
4,700 FPL Group 217,963
- -----------------------------------------------------------------------------
7,500 Houston Industries 181,875
- -----------------------------------------------------------------------------
3,600 Illinova Corp. 108,000
- -----------------------------------------------------------------------------
3,900 LG&E Energy 164,775
- -----------------------------------------------------------------------------
4,300 Ohio Edison 101,050
- -----------------------------------------------------------------------------
4,300 PacifiCorp 91,375
- -----------------------------------------------------------------------------
6,600 Pinnacle West Capital 189,750
- -----------------------------------------------------------------------------
2,800 Portland General Corp. 81,550
- -----------------------------------------------------------------------------
5,200 San Diego Gas &Electric 123,500
- -----------------------------------------------------------------------------
15,300 Southern Co. 376,762
- -----------------------------------------------------------------------------
2,800 Union Electric 116,900
- -----------------------------------------------------------------------------
5,600 Western Resources 186,900
- -----------------------------------------------------------------------------
3,700 WPS Resources 125,800
- -----------------------------------------------------------------------------
3,722,500
=============================================================================
UTILITY-GAS - 13.24%
- -----------------------------------------------------------------------------
5,700 Brooklyn Union Gas 166,725
- -----------------------------------------------------------------------------
2,200 Coastal Corp. 81,950
- -----------------------------------------------------------------------------
6,500 Enron Corp. 247,813
- -----------------------------------------------------------------------------
11,400 MCN Corp. 265,050
- -----------------------------------------------------------------------------
1,500 Pacific Enterprises 42,375
- -----------------------------------------------------------------------------
5,200 Questar Corp. 174,200
- -----------------------------------------------------------------------------
4,200 Sonat Inc. 149,625
- -----------------------------------------------------------------------------
5,200 Williams Cos. 228,150
- -----------------------------------------------------------------------------
1,355,888
=============================================================================
TOTAL COMMON STOCKS
(Cost $7,538,529) $ 9,966,644
=============================================================================
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
=============================================================================
<S> <C> <C>
SHORT-TERM INVESTMENT - 2.42%
- -----------------------------------------------------------------------------
$250,000U.S. Treasury Bill - 5.30%, 3/14/96
(Cost $247,524) $ 247,550
- -----------------------------------------------------------------------------
TOTAL INVESTMENTS
(Cost $7,786,053) 99.77% $10,214,194
- -----------------------------------------------------------------------------
Other Assets in Excess of Liabilities 0.23% 23,761
- -----------------------------------------------------------------------------
NET ASSETS 100.00% $10,237,955
=============================================================================
</TABLE>
(a) Non-Income Producing Security
See Notes to Financial Statements on Page 13
<PAGE> 4
UTILITY PORTFOLIO 13
--------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
================================================================================
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.
D. Federal Income Taxes
It is the Portfolio's policy to comply with the requirements of the Internal
Revenue Code. Therefore, no federal income tax provision is required.
E. Other
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts in the financial statements.
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 year ended December 31, 1995, this fee aggregated $14,675.
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 year ended December 31, 1995,
this fee aggregated $95,386.
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 year ended December 31,
1995, expenses of the Portfolio have been reduced by $45,535.
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 year ended December 31, 1995 were
$7,647,855 and $19,382,077, respectively. The cost of investments for federal
income tax purposes was $7,810,315. On December 31, 1995, the composition of
unrealized appreciation of investment securities based on aggregate cost of
investments for Federal income tax purposes was $2,403,879.
<PAGE> 5
UTILITY PORTFOLIO 14
--------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
================================================================================
To the Trustees and Holders of Beneficial
Interest of the Utility Portfolio:
We have audited the accompanying statement of assets and liabilities of the
Utility Portfolio, including the schedule of portfolio investments, as of
December 31, 1995, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the three years in
the period then ended and for the period August 3, 1992 (commencement of
operations) to December 31, 1992. These financial statements and financial
highlights are the responsibility of the Portfolio's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1995 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Utility Portfolio as of December 31, 1995, the results of its operations, the
changes in its net assets, and the financial highlights for the periods
referred to above, in conformity with generally accepted accounting principles.
/s/ COOPERS & LYBRAND L.L.P.
Kansas City, Missouri
February 7, 1996
