<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 28, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
(EXPRESSED IN UNITED STATES DOLLARS)
<TABLE>
<S> <C> <C> <C>
COMMON STOCKS AND WARRANTS -- 94.20%
<CAPTION>
PERCENTAGE OF
SECURITY SHARES VALUE NET ASSETS
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------
Major Capitalization - Europe -- 20.00%
- ----------------------------------------------------------------------------------
Altana 135,000 $ 8,633,272 4.47%
Ares-Serono 4,700 7,751,708 4.01%
Roche Holding AG 800 10,130,425 5.25%
Sanofi SA 68,700 12,100,655 6.27%
- ----------------------------------------------------------------------------------
$ 38,616,060 20.00%
- ----------------------------------------------------------------------------------
Major Capitalization - Far East -- 10.51%
- ----------------------------------------------------------------------------------
Banyu Pharmaceutical Co. 400,000 $ 6,401,482 3.32%
Eisai Co., Ltd. 400,000 7,475,691 3.87%
Fujisawa Pharmaceutical 500,000 6,414,951 3.32%
- ----------------------------------------------------------------------------------
$ 20,292,124 10.51%
- ----------------------------------------------------------------------------------
Major Capitalization - North America -- 35.75%
- ----------------------------------------------------------------------------------
Biochem Pharma, Inc.(1) 211,000 $ 5,182,688 2.69%
Centocor, Inc.(1) 225,000 9,351,563 4.84%
Genentech, Inc.(1) 75,000 5,985,938 3.10%
Genzyme Corp.(1) 175,000 7,875,000 4.08%
Lilly (Eli) & Co. 80,000 7,575,000 3.92%
Merck & Co., Inc. 100,000 8,175,000 4.23%
Monsanto Co. 200,000 9,112,500 4.72%
Pharmacia & Upjohn, Inc. 150,000 8,175,000 4.23%
Warner-Lambert Co. 110,000 7,596,875 3.94%
- ----------------------------------------------------------------------------------
$ 69,029,564 35.75%
- ----------------------------------------------------------------------------------
Specialty Capitalization - Europe -- 3.22%
- ----------------------------------------------------------------------------------
Cambridge Antibody Technology, Ltd.(1) 521,040 $ 2,002,669 1.04%
Cambridge Antibody Technology, Ltd.
Warrants(1)(2)(3) 15,500 2,831 0.00%
Swiss Serum Institute 328 4,215,720 2.18%
- ----------------------------------------------------------------------------------
$ 6,221,220 3.22%
- ----------------------------------------------------------------------------------
Specialty Capitalization - Far East -- 4.18%
- ----------------------------------------------------------------------------------
Rohto Pharmaceutical 500,000 $ 3,619,986 1.88%
Teikoku Hormone Manufacturing 550,000 4,449,636 2.30%
- ----------------------------------------------------------------------------------
$ 8,069,622 4.18%
- ----------------------------------------------------------------------------------
Specialty Capitalization - North America -- 20.54%
- ----------------------------------------------------------------------------------
Abgenix, Inc.(1) 43,000 $ 688,000 0.35%
Agouron Pharmaceuticals, Inc.(1) 35,000 1,997,188 1.03%
Alexion Pharmaceuticals, Inc.(1) 270,000 $ 3,138,750 1.62%
<CAPTION>
PERCENTAGE OF
SECURITY SHARES VALUE NET ASSETS
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------
Specialty Capitalization - North America (continued)
- ----------------------------------------------------------------------------------
Aviron(1) 125,000 2,679,688 1.39%
Bio-Technology General Corp.(1) 400,000 2,487,520 1.29%
Gilead Sciences, Inc.(1) 153,500 6,331,875 3.28%
Incyte Pharmaceuticals, Inc.(1) 200,000 5,612,500 2.91%
Pharmacopeia, Inc.(1) 270,000 2,565,000 1.33%
Premier Research Worldwide(1) 235,000 1,233,750 0.64%
SangStat Medical Corp.(1) 225,000 5,034,375 2.61%
Triangle Pharmaceuticals, Inc.(1) 200,000 2,600,000 1.35%
Vertex Pharmaceuticals, Inc.(1) 225,000 5,287,500 2.74%
- ----------------------------------------------------------------------------------
$ 39,656,146 20.54%
- ----------------------------------------------------------------------------------
Total Common Stocks and Warrants
(identified cost $155,890,303) $ 181,884,736
- ----------------------------------------------------------------------------------
PREFERRED STOCKS -- 6.73%
<CAPTION>
PERCENTAGE OF
SECURITY SHARES VALUE NET ASSETS
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------
Specialty Capitalization - North America -- 6.73%
- ----------------------------------------------------------------------------------
Abgenix, Inc.(1)(2) 276,923 $ 4,430,768 2.29%
Arena Pharmaceuticals(1)(2)(3) 354,994 1,238,929 0.64%
Intrabiotics Pharm, Inc.(1)(2)(3) 333,334 1,000,002 0.52%
Net Genics, Inc. Convertible, Series D,
Preferred R(1)(2)(3) 250,000 500,000 0.26%
Ontogeny, Inc.(1)(2)(3) 600,000 1,830,000 0.95%
Orchid Biocomputer, Inc.(1)(2)(3) 180,180 1,999,998 1.03%
Tularik, Inc.(1)(2)(3) 200,000 2,000,000 1.04%
- ----------------------------------------------------------------------------------
$ 12,999,697 6.73%
- ----------------------------------------------------------------------------------
Total Preferred Stocks
(identified cost $10,038,929) $ 12,999,697
- ----------------------------------------------------------------------------------
Total Investments
(identified cost $165,929,232) $ 194,884,433 100.93%
- ----------------------------------------------------------------------------------
Other Assets, Less Liabilities $ (1,803,662) (0.93)%
- ----------------------------------------------------------------------------------
Net Assets $ 193,080,771 100.00%
- ----------------------------------------------------------------------------------
</TABLE>
(1) Non-income producing security.
(2) Restricted security.
(3) Security valued at fair value using methods determined in good faith by or
at the direction of the Trustees.
SEE NOTES TO FINANCIAL STATEMENTS
9
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 28, 1999
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF FEBRUARY 28, 1999
(EXPRESSED IN UNITED STATES DOLLARS)
<S> <C>
Assets
- -------------------------------------------------------
Investments, at value (identified cost,
$165,929,232) $ 194,884,433
Cash 1,726,197
Foreign currency, at value (identified
cost, $1,684,056) 1,678,088
Receivable for investments sold 1,248,951
Dividends receivable 46,400
Deferred organization expenses 7,033
- -------------------------------------------------------
TOTAL ASSETS $ 199,591,102
- -------------------------------------------------------
Liabilities
- -------------------------------------------------------
Payable for investments purchased $ 6,507,412
Payable to affiliate for Trustees' fees 56
Other accrued expenses 2,863
- -------------------------------------------------------
TOTAL LIABILITIES $ 6,510,331
- -------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $ 193,080,771
- -------------------------------------------------------
Sources of Net Assets
- -------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $ 164,140,982
Net unrealized appreciation (computed on
the basis of identified cost) 28,939,789
- -------------------------------------------------------
TOTAL $ 193,080,771
- -------------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
FEBRUARY 28, 1999
(EXPRESSED IN UNITED STATES DOLLARS)
<S> <C>
Investment Income
- ------------------------------------------------------
Dividends (net of foreign taxes,
$17,777) $ 289,860
- ------------------------------------------------------
TOTAL INVESTMENT INCOME $ 289,860
- ------------------------------------------------------
Expenses
- ------------------------------------------------------
Investment adviser fee $ 563,283
Administration fee 228,725
Custodian fee 62,157
Legal and accounting services 8,918
Amortization of organization expenses 1,191
Miscellaneous 12,662
- ------------------------------------------------------
TOTAL EXPENSES $ 876,936
- ------------------------------------------------------
Deduct --
Reduction of custodian fee $ 60,892
- ------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 60,892
- ------------------------------------------------------
NET EXPENSES $ 816,044
- ------------------------------------------------------
NET INVESTMENT LOSS $ (526,184)
- ------------------------------------------------------
Realized and Unrealized
Gain (Loss)
- ------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 13,160,446
Foreign currency transactions (8,930)
- ------------------------------------------------------
NET REALIZED GAIN $ 13,151,516
- ------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 44,264,864
Foreign currency (15,412)
- ------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ 44,249,452
- ------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 57,400,968
- ------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 56,874,784
- ------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
10
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 28, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
(EXPRESSED IN UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
Increase (Decrease) FEBRUARY 28, 1999 YEAR ENDED
in Net Assets (UNAUDITED) AUGUST 31, 1998
<S> <C> <C>
- -------------------------------------------------------------------------------
From operations --
Net investment loss $ (526,184) $ (887,400)
Net realized gain 13,151,516 9,778,649
Net change in unrealized appreciation
(depreciation) 44,249,452 (37,330,872)
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 56,874,784 $ (28,439,623)
- -------------------------------------------------------------------------------
Capital transactions --
Contributions $ 31,097,579 $ 79,343,537
Withdrawals (39,553,757) (58,958,737)
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL TRANSACTIONS $ (8,456,178) $ 20,384,800
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ 48,418,606 $ (8,054,823)
- -------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------
At beginning of period $ 144,662,165 $ 152,716,988
- -------------------------------------------------------------------------------
AT END OF PERIOD $ 193,080,771 $ 144,662,165
- -------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 28, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA (EXPRESSED IN UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 28, 1999 ---------------------
(UNAUDITED) 1998 1997
<C> <C> <C>
------------------------------------------------
Ratios to average daily
net assets
------------------------------------------------
Expenses 0.96%(1) 1.06% 1.25%
Expenses
after
custodian
fee
reduction 0.89%(1) 0.92% 1.18%
Net
investment
loss (0.57)%(1) (0.49)% (0.81)%
Portfolio
Turnover 28% 34% 14%
------------------------------------------------
NET
ASSETS,
END
OF
PERIOD
(000'S
OMITTED) $193,081 $144,662 $152,717
------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 28, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(EXPRESSED IN UNITED STATES DOLLARS)
1 Significant Accounting Policies
- -------------------------------------------
Worldwide Health Sciences 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 March 26, 1996. The Declaration of Trust permits the Trustees
to issue interests in the Portfolio. Investment operations began on September
1, 1996, with the acquisition of securities with a value of $51,528,696,
including unrealized appreciation of $9,053,201, in exchange for interest in
the Portfolio by one of the Portfolio's investors. 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 -- 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 that 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 Portfolio's officers in a manner specifically authorized
by the Board of Trustees.
B Income -- 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 Portfolio is informed of the dividend.
C Federal Taxes -- The Portfolio has elected to be treated as a partnership for
United States 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 some of the Portfolio's investors are regulated investment
companies that invest all or substantially all of their assets in the
Portfolio, the Portfolio 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.
D Expense Reduction -- Investors Bank & 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
balances the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reflected as a reduction of
operating expense on the Statement of Operations.
E Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization are being amortized on the straight-line
basis over five years.
F Use of Estimates -- The preparation of 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 revenue and expense during the
reporting period. Actual results could differ from those estimates.
G 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. Recognized gains or losses on
investment transactions attributable to foreign currency rates are recorded
for financial statement purposes as net realized gains and losses on
investments. That portion of unrealized gains and losses on investments that
result from fluctuations in foreign currency exchange rates are not
separately disclosed.
H 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 nonhedging purposes. The
forward
13
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 28, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
(EXPRESSED IN UNITED STATES DOLLARS)
foreign currency exchange contracts are adjusted by the daily exchange rate
of the underlying currency and any gains and losses are recorded for
financial statement purposes as unrealized until such time as the contracts
have been closed.
I Other -- Investment transactions are accounted for on a trade date basis.
J Interim Financial Statements -- The interim financial statements relating to
February 28, 1999 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolio's management, reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Advisory Fees, Administrator's Fees and Other Transactions with
Affiliates
- -------------------------------------------
Pursuant to the Advisory Agreement, OrbiMed Advisors, Inc. ("OrbiMed") serves
as the Investment Adviser of the Portfolio. Under this agreement, OrbiMed
receives a monthly fee at the annual rate of 1% of the Portfolio'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 fee
rate declines for net assets of $500 million and greater. In addition,
OrbiMed's fee is subject to an upward or downward performance fee adjustment
of up to 0.25% of the average daily net assets of the Portfolio based upon
the investment performance of the Portfolio compared to the Standard & Poor's
Index of 500 Common Stocks over specified periods. For the six months ended
February 28, 1999, the fee was equivalent to 0.61% (annualized) of the
Portfolio's average daily net assets and amounted to $563,283.
Under an Administration Agreement between the Portfolio and its
Administrator, Eaton Vance Management (EVM), EVM manages and administers the
affairs of the Portfolio. EVM earns a monthly fee in the amount of 1/48th of
1% (equal to 0.25% annually) of the average daily net assets of the Portfolio
up to $500,000,000, and at reduced rates as daily net assets exceed that
level. For the six months ended February 28, 1999, the administration fee was
0.25% (annualized) of average net assets and amounted to $228,725.
Except for Trustees of the Portfolio who are not members of the Adviser or
EVM's organization, officers and Trustees receive remuneration for their
services to the Portfolio out of such investment adviser and administrative
fees. Certain officers and Trustees of the Portfolio are also officers or
directors/trustees of the above organizations. Trustees of the Portfolio that
are not affiliated with the Investment Adviser may elect to defer receipt of
all or a portion of their annual fees in accordance with the terms of the
Trustee Deferred Compensation Plan. For the six months ended February 28,
1999, no significant amounts have been deferred.
3 Investments
- -------------------------------------------
Purchases and sales of investments other than U.S. Government securities and
short-term obligations aggregated $49,465,128 and $56,464,480, respectively,
for the six months ended February 28, 1999.
4 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation/(depreciation) in value of the
investments owned at February 28, 1999, as computed on a federal income tax
basis, were as follows:
<TABLE>
<S> <C>
AGGREGATE COST $ 165,929,232
- -------------------------------------------------------
Gross unrealized appreciation $ 38,480,632
Gross unrealized depreciation (9,525,431)
- -------------------------------------------------------
NET UNREALIZED APPRECIATION $ 28,955,201
- -------------------------------------------------------
</TABLE>
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
14
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 28, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
(EXPRESSED IN UNITED STATES DOLLARS)
(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 Line of Credit
- -------------------------------------------
The Portfolio participates with other portfolios and funds managed by EVM and
its affiliates in a committed $130 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the portfolios and funds
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 the Eurodollar rate or federal funds effective
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
portfolios and funds at the end of each quarter. The Portfolio did not have
any significant borrowings or allocated fees during the six months ended
February 28, 1999.
7 Restricted Securities
- -------------------------------------------
At February 28, 1999, the Portfolio owned the following securities
(representing 6.74% of net assets) which were restricted as to public resale
and not registered under the Securities Act of 1933. The Fund has various
registration rights (exercisable under a variety of circumstances) with
respect to these securities. The fair value of these securities is determined
based on valuations provided by brokers when available, or if not available,
they are valued at fair value using methods determined in good faith by or at
the direction of the Trustees.
<TABLE>
<CAPTION>
DATE OF
DESCRIPTION ACQUISITION SHARES COST FAIR VALUE
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
PREFERRED STOCKS
- ---------------------------------------------------------------------------------------------
Abgenix, Inc. 12/18/97 276,923 $ 1,800,000 $ 4,430,768
Arena Pharmaceuticals 1/28/99 354,994 1,238,929 1,238,929
Intrabiotics Pharm, Inc. 11/24/98 333,339 1,000,002 1,000,002
Net Genics, Inc. Convertible, Series D,
Preferred R 3/20/98 250,000 500,000 500,000
Ontogeny, Inc. 3/13/97 600,000 1,500,000 1,830,000
Orchid Biocomputer, Inc. 12/19/97 180,180 1,999,998 1,999,998
Tularik, Inc. 10/14/96 200,000 2,000,000 2,000,000
- ---------------------------------------------------------------------------------------------
$ 10,038,929 $ 13,001,697
- ---------------------------------------------------------------------------------------------
WARRANTS
- ---------------------------------------------------------------------------------------------
Cambridge Antibody Technology, Ltd. 08/28/96 15,500 $ 31,000 $ 2,831
- ---------------------------------------------------------------------------------------------
$ 31,000 $ 2,831
- ---------------------------------------------------------------------------------------------
</TABLE>
15
<PAGE>
Worldwide Health Sciences Portfolio
Officers
James B. Hawkes
President and Trustee
Samuel D. Isaly
Vice President and
Portfolio Manager
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Independent Trustees
Jessica M. Bibliowicz
President and Chief Operating Officer,
John A. Levin & Co.
Director, Baker, Fentress & Company
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking Emeritus, Harvard University Graduate
School of Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
John L. Thorndike
Former Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
