EV Traditional Worldwide Health Sciences Fund
For the Worldwide Helath Sciences Fund Portfolio
[LOGO]
Annual Shareholder Report
August 31, 1996
<TABLE>
<CAPTION>
EV Traditional Worldwide Health Sciences Fund, Inc.
Portfolio of Investments
August 31, 1996
COMMON STOCKS AND WARRANTS - 93.7%
- ---------------------------------------------------------------------------------------------------
Market
Value Percentage of
Security Shares (Note 1-A) Net Assets
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MAJOR CAPITALIZATION - North America (11.5%)
Biogen, Inc. (a) 25,000 $1,743,750 3.2%
Centocor, Inc. (a) 40,000 1,355,000 2.5
Genetics Institute, Inc. (a) 21,000 1,302,000 2.4
Warner-Lambert Co. 32,000 1,904,000 3.4
----------- ------
6,304,750 11.5
----------- ------
SPECIALTY CAPITALIZATION - North America (27.6%)
Agouron Pharmaceuticals, Inc. (a).. 40,000 1,560,000 2.8
Alexion Pharmaceuticals, Inc. (a) 100,000 850,000 1.5
Arris Pharmaceutical Corp. (a) 90,000 967,500 1.7
Cytel Corp. (a) 167,000 480,125 0.9
CytoTherapeutics, Inc. (a) 82,500 948,750 1.7
Incyte Pharmaceuticals, Inc. (a) 30,000 1,218,750 2.2
Isis Pharmaceuticals, Inc. (a) 150,000 1,968,750 3.6
Millennium Pharmaceuticals (a) 50,000 912,500 1.7
Pharmacopeia, Inc. (a) 85,000 1,763,750 3.2
SangStat Medical Corp. (a) 100,000 1,962,500 3.6
Sequana Therapeutics, Inc. (a) 60,000 990,000 1.8
Vertex Pharmaceuticals, Inc. (a) 50,000 1,587,500 2.9
----------- ------
15,210,125 27.6
----------- ------
MAJOR CAPITALIZATION - Europe (10.7%)
Altana 3,000 2,278,110 4.1
Ciba-Geigy AG 1,400 1,801,548 3.3
Sandoz AG 1,500 1,792,305 3.3
----------- ------
5,871,963 10.7
----------- ------
SPECIALTY CAPITALIZATION - Europe (20.7%)
Ares-Serono 4,000 4,243,640 7.7
Cambridge Antibody Technology, Ltd. (a)(Note 5) 59,734 1,373,882 2.5
Cambridge Antibody Technology, Ltd.-
Warrants (a)(Note 5) 3,100 31,000 0.1
Celltech (a) 150,000 1,291,500 2.3
Ethical Holdings ADR (a) 150,000 1,181,250 2.2
Swiss Serum Institute (a) 232 3,262,440 5.9
----------- ------
11,383,712 20.7
----------- ------
MAJOR CAPITALIZATION - Far East (11.4%)
Banyu Pharmaceutical Co. 140,000 $1,828,400 3.30%
Sankyo Co. Ltd. 60,000 1,490,400 2.7
Takeda Chemical Industries 90,000 1,557,000 2.8
Taisho Pharmaceutical Co. 70,000 1,404,200 2.6
----------- ------
6,280,000 11.4
----------- ------
SPECIALTY CAPITALIZATION - Far East (11.8%)
Biota Holdings Limited (a) 644,640 2,037,062 3.7
Biota Holdings Limited - Warrants (a) 78,738 173,224 0.3
Rohto Pharmaceutical 191,000 2,074,260 3.8
Teikoku Hormone Manufacturing 160,000 2,193,600 4.0
----------- ------
6,478,146 11.8
----------- ------
TOTAL INVESTMENTS (Cost $42,475,495) 51,528,696 93.7
OTHER ASSETS, LESS LIABILITIES 2,487,146 6.3
----------- ------
NET ASSETS $55,015,842 100.00%
=========== ======
(a) Non-income producing security.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
August 31, 1996
- ----------------------------------------------------------------------------------------------------
<S> <C>
Assets:
Investments in securities at market (identified cost $42,475,495)(Note 1-A) $51,528,696
Cash 3,517,979
Receivables:
Capital stock sold 998,532
Investment securities sold 45,000
Dividends 11,040
-----------
Total Assets 56,101,247
-----------
Liabilities:
Payables:
Capital stock redeemed 509,612
Investment securities purchased 429,086
Accrued advisory and administrative fees 51,500
Other accrued expenses 95,207
-----------
Total Liabilities 1,085,405
-----------
Net Assets $55,015,842
===========
Net Asset Value; Offering Price and Redemption Price Per Share:
($55,015,842 (divided by) 4,063,933 shares outstanding) $0.001 par value,
1 billion shares authorized (Note 6) $ 13.54
===========
Sources of Net Assets:
Paid in capital $43,500,242
Undistributed net investment deficit (653,017)
Accumulated net realized gain on investments 3,115,416
Net unrealized appreciation of investments 9,053,201
------------
Total $55,015,842
============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
For the Year Ended August 31, 1996
- ----------------------------------------------------------------------------------
<S> <C> <C>
Investment Income:
Income:
Dividends (net of foreign taxes of $29,721) $ 138,857
----------
Expenses (Note 2):
Investment advisory fees 350,234
Administration fees 114,411
Transfer agent fees 96,009
Audit and legal fees 93,968
Distribution fees 90,449
Registration fees 22,877
Directors fees 14,389
Miscellaneous 15,272
----------
Total expenses 797,609
Less: Custodian fees paid indirectly (Note 4) 5,735
----------
Net expenses 791,874
----------
Net investment loss (653,017)
----------
Realized and Unrealized Gain on Investments:
Net realized gain on investments 4,038,381
Unrealized appreciation of investments:
Beginning of year $4,119,043
End of year 9,053,201
----------
Net increase in unrealized appreciation of investments 4,934,158
----------
Net realized and unrealized gain on investments 8,972,539
----------
Net increase in net assets resulting from operations $8,319,522
==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
- -------------------------------------------------------------------------------------------
Year Ended August 31,
1996 1995
----------- ----------
<S> <C> <C>
Operations:
Net investment loss $ (653,017) $ (250,511)
Net realized gain on investments 4,038,381 1,851,967
Net unrealized appreciation of investments 4,934,158 3,162,489
----------- -----------
Net increase in net assets resulting from
operations 8,319,522 4,763,945
Distributions to Shareholders:
Distributions from net realized gains from security
transactions (2,558,056) (995,491)
Capital Share Transactions:
Increase in net assets resulting from capital share
transactions (Note 3) 31,564,676 690,545
----------- -----------
Total increase in net assets 37,326,142 4,458,999
Net Assets:
Beginning of year 17,689,700 13,230,701
----------- -----------
End of year (including net investment deficit of
$653,017 and $215,599, respectively) $55,015,842 $17,689,700
=========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
- ----------------------------------------------------------------------------------------------------------------------------
The following table sets forth the per share operating performance data for a share of capital stock outstanding,
total return, ratios to average net assets and other supplemental data for each year indicated.
Adjusted for 100% stock dividend --
- --------------------------------------------
Record date September 23, 1996 (Note 6)
- --------------------------------------------
Year Ended August 31,
----------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Per Share Data1
Net asset value at beginning of year $ 11.71 $ 9.15 $ 9.64 $ 8.97 $ 8.57
------- ------- ------- ------- -------
Income from investment operations:
Net investment loss (0.23) (0.17) (0.16) (0.13) (0.13)
Net realized and unrealized gain (loss)
on investments 3.46 3.41 0.43 1.86 1.15
------- ------- ------- ------- -------
Total from investment operations 3.23 3.24 0.27 1.73 1.02
------- ------- ------- ------- -------
Less distributions from:
Net realized gain on investments 1.40 0.68 0.76 1.06 0.62
------- ------- ------- ------- -------
Net asset value at end of year $ 13.54 $ 11.71 $ 9.15 $ 9.64 $ 8.97
------- ------- ------- ------- -------
Total Return2 31.04% 38.13% 2.69% 21.37% 12.04%
======= ======= ======= ======= =======
Ratios/Supplemental Data
Net assets at end of year (in thousands) $55,016 $17,690 $13,231 $10,223 $11,415
Ratio of operating expenses to average net assets3:
Before expense reimbursement 2.21% 2.44% 2.67% 2.87% 2.59%
After expense reimbursement N/A N/A 2.50% 2.50% 2.48%
Ratio of net investment loss to average net assets:
Before expense reimbursement (1.81)% (1.80)% (1.82)% (1.90)% (1.56)%
After expense reimbursement N/A N/A (1.65)% (1.53)% (1.45)%
Portfolio turnover rate 66% 45% 49% 77% 71%
Average commission rate (per share of security)4 $0.0864 N/A N/A N/A N/A
1 Based on average month end shares outstanding
2 Calculated without sales charges
3 See Note 2 regarding a limitation on the advisory and administrative fees
4 Average commission rate (per share of security) as required by amended disclosure requirements effective September 1, 1995.
See notes to financial statements
</TABLE>
Notes to Financial Statements
August 31, 1996
Note 1 - Summary of Significant
Accounting Policies
EV Traditional Worldwide Health Sciences Fund, Inc. (the "Fund" )
(formerly Medical Research Investment Fund, Inc.) is a diversified,
open-end management investment company. The Fund's primary
investment objective is long-term growth of capital, a goal it seeks
by investing primarily in common stocks, and securities convertible
into common stocks, of domestic and foreign companies engaged in
medical research and the health care industry. Current income is a
secondary objective. The following is a summary of significant
accounting policies consistently followed by the Fund in the
preparation of its financial statements.
A) Security Valuation - Securities listed on a recognized stock
exchange, whether U.S. or foreign, are valued at the last reported
sale price on that exchange prior to the time when assets are valued
or prior to the close of trading on the New York Stock Exchange. In
the event there are no sales, the last available sale price will be
used. If a security is traded on more than one exchange, the
security is valued at the last sale price on the exchange where the
stock is primarily traded. Securities for which market quotations
are not readily available and other assets are valued on a
consistent basis at fair value as determined in good faith by or
under the supervision of the Fund's officers in a manner
specifically authorized by the Board of Directors.
B) Dividends and Distributions to Shareholders - Substantially all
of the Fund's net investment income, if any, and net realized
capital gains, if any, are distributed annually. Income dividends
and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to
differing treatments for net operating losses.
C) Federal Income Taxes - The Fund s policy is to comply with the
provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders each year all
of its taxable income, including any net realized gain on
investments. Accordingly, no provision for federal income or excise
tax is necessary.
D) Foreign Currency Translation - Investments denominated in foreign
currencies are translated into U.S. dollars at the bid price of such
currencies against U.S. dollars last quoted by a major bank on the
valuation date. The cost of foreign portfolio securities is
determined using historical exchange rates.
E) Use of Estimates - The preparation of the financial statements in
conformity with generally accepted accounting principles 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 revenue and expense
during the reporting period. Actual results could differ from those
estimates.
F) Other - Investment transactions are accounted for on the trade
date. The cost of investments sold is determined by use of the
specific identification method for both financial reporting and
income tax purposes. Dividend income is recorded on the ex-dividend
date, except that certain dividends from foreign securities are
recorded on the ex-dividend date or as soon thereafter as the Fund
is informed of the dividend.
Note 2 - Investment Advisory Fees, Administrator's Fees and Other
Transactions with Affiliates (See Note 7)
Pursuant to the Advisory Agreement, G/A Capital Management, Inc.
("G/ACM") served as the Investment Adviser of the Fund. Under this
agreement, G/ACM received a monthly fee at the annual rate of 1% of
the Fund's first $30 million in average net assets, 0.90% of the
next $20 million in average net assets, and 0.75% of average net
assets in excess of $50 million. The Investment Adviser had
voluntarily agreed to waive its fee until the assets of the Fund
reach a level permitting the Fund to pay these fees and still
maintain an expense ratio of 2.5% or less. For the fiscal year ended
August 31, 1996, no waiver was required pursuant to this provision.
Under an Administration Agreement between the Fund and its
Administrator, Capstone Asset Management Company ("CAMCO"), CAMCO
supervised all aspects of the Fund's operations other than the
management of its investments. For its services, CAMCO received a
fee at the annual rate of 0.25% of the Fund's average daily net
assets. CAMCO had voluntarily agreed to waive its fees until the
assets of the Fund reach a level permitting the Fund to pay these
fees and maintain an expense ratio of 2.5% or less. For the fiscal
year ended August 31, 1996, no waiver was required pursuant to this
provision. In addition, CAMCO was also paid a monthly fee of $2,000
for costs representing certain accounting and bookkeeping services.
These fees, which amounted to $24,000 for the year ended August 31,
1996, are not subject to the previously discussed waiver.
Capstone Asset Planning Company ("CAPCO") served as Distributor and
Underwriter to the Fund. CAPCO is an affiliate of CAMCO, and both
are wholly-owned subsidiaries of Capstone Financial Services, Inc.
("CFS").
Pursuant to a distribution plan established in accordance with Rule
12b-1 under the Investment Company Act of 1940, CAPCO paid certain
registered broker-dealers, financial institutions or other industry
professionals ("Service Organizations"), fees at the annual rate of
0.25% of the average daily net assets of the Fund for whom the
Service Organizations were the dealers or owners of record. The Fund
reimbursed CAPCO for the payment of such fees, which for the year
ended August 31, 1996, amounted to $90,450. Of this amount,
approximately 60% was paid to CAPCO and 14% was paid to G/ACM for
accounts on which they acted as servicers.
Certain officers of the Fund were also officers and directors of
G/ACM, CAMCO, CAPCO and CFS. During the year ended August 31, 1996,
Directors of the Fund who are not "interested persons" received
Directors' fees of $4,250. All other officers and Directors serve
without compensation from the Fund.
Note 3 - Capital Stock
<TABLE>
<CAPTION>
Capital stock has been adjusted to reflect a 100% stock dividend
declared to shareholders of record at the opening of business on
September 23, 1996 (See Note 6). Transactions in capital stock were
as follows:
Year Ended August 31,
------------------------------------------------
1996 1995
--------------------- -----------------------
Shares Amount Shares Amount
--------- ----------- ------- ----------
<S> <C> <C> <C> <C>
Shares sold 5,439,762 $68,676,368 253,786 $ 2,499,420
Shares issued to
shareholders in
reinvestment of
distributions 236,367 2,491,303 112,302 958,500
--------- ----------- ------- ----------
5,676,129 71,167,671 366,088 3,457,920
Shares redeemed (3,123,278) (39,602,995) (300,844) (2,767,375)
--------- ----------- ------- ----------
Net increase 2,552,851 $31,564,676 65,244 $ 690,545
========= =========== ======= ==========
</TABLE>
Note 4 - Investments/Custody
Purchases and sales of securities other than short-term notes
aggregated $47,894,452 and $23,071,509, respectively. At August 31,
1996 the cost of investments for Federal income tax purposes was
$42,475,495. Accumulated net unrealized appreciation on investments
was $9,053,201 consisting of $10,015,564 gross unrealized
appreciation and $962,363 gross unrealized depreciation. The Fund's
Custodian has provided credits in the amount of $5,735 against
custodian charges based on the uninvested cash balances of the Fund.
Note 5 - Restricted Securities
In February 1993, the Fund acquired 9,000 shares of common stock of
Cambridge Antibody Technology Limited ("CAT") at a cost of $297,000
by entering into a Subscription Agreement between the Fund, CAT and
Peptide Technology Limited ("Peptech"). The Subscription Agreement
granted to the Fund an option to require Peptech, the major
shareholder of CAT, to purchase up to 85% of the CAT shares owned by
the Fund on September 1, 1995 (the "Put Option"), subject to certain
conditions. The Put Option was exercised by the fund, but was
cancelled in December 1995 when the Fund received an additional
4,734 shares of CAT from Peptech in exchange for the Fund's
withdrawal of the Put Options.
In separate transactions that occurred in December 1995 and August
1996, the Fund acquired an additional 46,000 shares of CAT, bringing
the total number of shares owned by the Fund to 59,734. The value of
the CAT shares and warrants at August 31, 1996 is $1,404,882,
representing 2.6% of the Fund s net assets. Management has valued
the common stock at $23 per share and $10 per warrant, which
reflects recent market activity. Valuation of the security is
continually monitored and is reviewed by the Board of Directors at
least quarterly.
Note 6 - Subsequent Event
At the close of business, August 30, 1996, the Fund transferred
substantially all of its assets to the Worldwide Health Sciences
Portfolio in exchange for an interest in the Portfolio.
On September 18, 1996, the Fund's Directors declared a $1.22 capital
gain distribution payable September 20, 1996 to stockholders of
record September 18, 1996.
In addition, the Directors also declared a 100% stock dividend
payable to stockholders of record at the opening of business on
September 23, 1996.
Note 7 - Special Meeting of Stockholders (Unaudited)
Medical Research Investment Fund, Inc. (the "Fund") held a special
meeting of stockholders on August 29, 1996. On July 24, 1996, the
record date for the meeting, the Fund had 1,808,676.062 shares
outstanding, of which 1,208,275.755 shares were represented at the
meeting. The votes at the meeting were as follows:
Item 1: To approve a new investment policy and to supplement
investment restrictions to permit a new investment structure as
described in the Proxy Statement for the meeting.
Number of Shares
------------------------
Affirmative 916,238.573
Against 54,104,658
Abstain 16,084.524
Item 2A: To authorize the Fund to vote at a meeting of holders of
interests in the Portfolio to elect six trustees of the Portfolio.
Number of Shares
Nominees for Trustee Affirmative Withheld
- -------------------- -------------- ---------------
Donald R. Dwight 1,156,614.309 51,661.446
James B. Hawkes 1,155,608.488 52,667.267
Samuel L. Hayes, III 1,156,183.489 52,092.266
Norton H. Reamer 1,155,920.482 52,355.273
John L. Thorndike 1,156,074.581 52,201.174
Jack L. Treynor 1,156,120.696 52,155.059
Item 2B: To authorize the Fund to vote at a meeting of holders of
interests in the Portfolio to approve the Investment Advisory
Agreement between the Portfolio and Mehta and Isaly Asset
Management, Inc. (formerly G/A Capital Management, Inc.) as set
forth in Exhibit A to the Proxy Statement for the Meeting.
Number of Shares
------------------------
Affirmative 918,181.003
Against 49,286.807
Abstain 18,959.945
Item 3: To fix the number of Directors at six, and to elect
Directors
Number of Shares
Nominees for Director Affirmative Withheld
- -------------------- -------------- ---------------
Donald R. Dwight 1,151,350.596 56,925.159
James B. Hawkes 1,150,265.260 58,010.495
Samuel L. Hayes, III 1,150,902.001 57,373.754
Norton H. Reamer 1,150,896.841 57,378.914
John L. Thorndike 1,150,528.093 57,747.662
Jack L. Treynor 1,150,861.663 57,414.092
Item 4: To ratify the selection of Tait, Weller & Baker as
independent public accountants of the Fund for the current fiscal
year.
Number of Shares
------------------------
Affirmative 1,135,966.673
Against 52,652.749
Abstain 19,656.333
Item 5: To approve the revision of the Fund's investment objective
and certain of the Fund's investment policies as set forth in
Exhibit B to the Proxy Statement for the meeting as follows:
A. Reclassification and amendment of the investment objective and
basic policies.
Number of Shares
------------------------
Affirmative 899,960.065
Against 57,039.369
Abstain 29,428.321
B. Eliminate the restriction concerning investment in other
investment companies.
Number of Shares
------------------------
Affirmative 892,336.970
Against 64,541.221
Abstain 29,549.564
C. Eliminate the restriction concerning pledging.
Number of Shares
------------------------
Affirmative 890,847.723
Against 64,578.922
Abstain 31,001.110
D. Reclassify the restriction concerning investing in affiliated issuers.
Number of Shares
------------------------
Affirmative 888,931.129
Against 66,766.231
Abstain 30,730.395
E. Reclassify the restriction concerning investing for control.
Number of Shares
------------------------
Affirmative 893,771.863
Against 61,407.799
Abstain 31,248.093
F. Reclassify the restriction concerning options and futures.
Number of Shares
------------------------
Affirmative 888,272.290
Against 67,627.141
Abstain 30,528.324
G. Reclassify the restriction concerning warrants.
Number of Shares
------------------------
Affirmative 892,555.847
Against 63,372.559
Abstain 30,499.349
H. Reclassify the restriction concerning exploration programs.
Number of Shares
------------------------
Affirmative 890,200.791
Against 63,914.454
Abstain 32,312.510
I. Reclassify and amend the restriction concerning illiquid
securities.
Number of Shares
------------------------
Affirmative 887,411.339
Against 66,427.639
Abstain 32,588.777
J. Reclassify and amend the restriction concerning unseasoned
issuers.
Number of Shares
------------------------
Affirmative 887,198.540
Against 66,532.600
Abstain 32,696.615
K. Amend the restriction concerning underwriting.
Number of Shares
------------------------
Affirmative 893,596.085
Against 62,108.223
Abstain 30,723.447
L. Amend the restriction concerning real estate.
Number of Shares
------------------------
Affirmative 889,624.969
Against 67,558.294
Abstain 29,244.492
M. Amend the restriction concerning lending.
Number of Shares
------------------------
Affirmative 888,909.247
Against 67,463.039
Abstain 30,055.469
N. Amend the restriction concerning short sales.
Number of Shares
------------------------
Affirmative 888,815.265
Against 67,748.177
Abstain 29,864.313
O. Amend the restriction concerning senior securities.
Number of Shares
------------------------
Affirmative 891,259.867
Against 62,591.854
Abstain 32,576.034
P. Amend the restriction concerning borrowing.
Number of Shares
------------------------
Affirmative 887,394.141
Against 68,196.564
Abstain 30,837.050
Q. Amend the restriction concerning commodities.
Number of Shares
------------------------
Affirmative 887,389.408
Against 70,810.765
Abstain 28,227.582
Report of Independent Certified Public Accountants
To the Shareholders and Board of Directors
of EV Traditional Worldwide Health Sciences Fund, Inc.
We have audited the accompanying statement of assets and liabilities
of EV Traditional Worldwide Health Sciences Fund, Inc. (formerly
Medical Research Investment Fund, Inc.), including the portfolio of
investments, as of August 31, 1996, and the related statement of
operations for the year then ended, the statement of changes in net
assets for each of the two years in the period then ended, and
financial highlights for each of the periods presented. These
financial statements and financial highlights are the responsibility
of the Fund'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 principles. 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
August 31, 1996 by correspondence with the custodian and brokers. 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 EV Traditional Worldwide Health Sciences Fund,
Inc. as of August 31, 1996, and the results of its operations,
changes in its net assets and financial highlights for the periods
presented, in conformity with generally accepted accounting
principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
September 20, 1996
(except for Note 6 as to which
the date is September 23, 1996)
INVESTMENT MANAGEMENT FOR
WORLDWIDE HEALTH SCIENCES PORTFOLIO
EV Traditional
Worldwide Health
Sciences Fund, Inc.
Officers
- ----------------
James B. Hawkes
President, Director
James L. O'Connor
Treasurer
Thomas Otis
Secretary
Directors
- ----------------
Donald R. Dwight
President, Dwight Partners, Inc.
Chairman, Newspapers of New England, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking,
Harvard University Graduate School of Business Administration
Norton H. Reamer
President and Director, United Asset
Management Corporation
John L. Thorndike
Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
Worldwide Health
Science Portfolio
Officers
- ----------------
James B. Hawkes
President and Trustee
Samuel D. Isaly
Vice President and Portfolio Manager
James L. O'Connor
Vice President and Treasurer
Thomas Otis
Vice President and Assistant Secretary
Trustees
- ----------------
Donald R. Dwight
President, Dwight Partners, Inc.
Chairman, Newspapers of New England, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking,
Harvard University Graduate School of Business Administration
Norton H. Reamer
President and Director, United Asset
Management Corporation
John L. Thorndike
Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
Sponsor and Manager of
EV Traditional Worldwide Health
Sciences Fund, Inc. &
Administrator of Worldwide Health Sciences Portfolio
Eaton Vance Management
24 Federal Street
Boston, MA 02110
Adviser of
Worldwide Health Sciences Portfolio
Mehta and Isaly Asset Management, Inc.
41 Madison Avenue
New York, NY 10010-2202
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
89 South Street
P.O. Box 1537
Boston, MA 02205-1537
Transfer Agent
First Data Investors Services Group
Attn: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 1581-5123
This report must be preceded or accompanied by a current prospectus
which contains more complete information on the Fund, including its
distribution plan, sales charges and expenses. Please read the
prospectus carefully before you invest or send money.
EV Traditional
Worldwide Health Sciences Fund, Inc.
24 Federal Street
Boston, MA 02110 T-HSSRC-10/96
