<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 29, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
(EXPRESSED IN UNITED STATES DOLLARS)
COMMON STOCKS AND WARRANTS -- 91.76%
<TABLE>
<CAPTION>
PERCENTAGE OF
SECURITY SHARES VALUE NET ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------
Major Capitalization - Europe -- 14.75%
- -------------------------------------------------------------------------------
Altana 235,600 $ 14,838,524 3.53%
Ares-Serono 6,000 19,446,612 4.63%
Roche Holding AG 1,200 12,950,003 3.08%
Sanofi-Synthelabo(1) 382,000 14,733,875 3.51%
- -------------------------------------------------------------------------------
$ 61,969,014 14.75%
- -------------------------------------------------------------------------------
Major Capitalization - Far East -- 10.89%
- -------------------------------------------------------------------------------
Banyu Pharmaceutical Co. 550,000 $ 8,463,465 2.02%
Eisai Co., Ltd. 500,000 11,814,250 2.81%
Fujisawa Pharmaceutical 500,000 16,435,238 3.91%
Takeda Chemical Industries Ltd. 160,000 9,032,552 2.15%
- -------------------------------------------------------------------------------
$ 45,745,505 10.89%
- -------------------------------------------------------------------------------
Major Capitalization - North America -- 29.55%
- -------------------------------------------------------------------------------
Abgenix, Inc.(1) 100,000 $ 32,212,500 7.67%
Alza Corp.(1) 145,000 5,319,687 1.27%
American Home Products Corp. 200,000 8,700,000 2.07%
Chiron Corp.(1) 300,000 15,000,000 3.57%
Genzyme Corp., Class A(1) 200,000 11,487,500 2.74%
Gilead Sciences, Inc.(1) 130,000 9,945,000 2.37%
Lilly (Eli) & Co. 150,000 8,915,625 2.12%
Monsanto Co. 250,000 9,703,125 2.31%
Pharmacia & Upjohn, Inc. 120,000 5,715,000 1.36%
Warner-Lambert Co. 200,000 17,112,500 4.07%
- -------------------------------------------------------------------------------
$124,110,937 29.55%
- -------------------------------------------------------------------------------
Specialty Capitalization - Europe -- 1.07%
- -------------------------------------------------------------------------------
Swiss Serum Institute 328 $ 4,478,723 1.07%
- -------------------------------------------------------------------------------
$ 4,478,723 1.07%
- -------------------------------------------------------------------------------
Specialty Capitalization - Far East -- 4.43%
- -------------------------------------------------------------------------------
Chugai Pharmaceuticals, Co., Ltd. 600,000 $ 9,178,238 2.19%
Rohto Pharmaceutical 137,000 836,557 0.20%
Shionogi & Co., Ltd. 600,000 8,577,282 2.04%
- -------------------------------------------------------------------------------
$ 18,592,077 4.43%
- -------------------------------------------------------------------------------
Specialty Capitalization - North America -- 31.07%
- -------------------------------------------------------------------------------
Alexion Pharmaceuticals, Inc.(1) 270,000 $ 23,017,500 5.48%
Aviron(1) 250,000 10,140,625 2.41%
Bio-Technology General Corp.(1) 500,000 9,609,400 2.29%
Forest Laboratories Inc.(1) 140,000 9,563,750 2.28%
<CAPTION>
PERCENTAGE OF
SECURITY SHARES VALUE NET ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------
Specialty Capitalization - North America (continued)
- -------------------------------------------------------------------------------
Geltex Pharaceuticals, Inc.(1) 380,000 $ 8,336,250 1.99%
LJL Biosystems, Inc.(1) 150,000 5,662,500 1.35%
Orchid Biocomputer Warrants(1)(2)(3) 50,000 162,500 0.04%
Pathogenesis Corp.(1) 222,200 6,860,425 1.63%
Pharmacopeia, Inc.(1) 173,000 11,774,812 2.80%
Premier Research Worldwide(1) 293,600 4,994,625 1.19%
SangStat Medical Corp.(1) 190,000 8,217,500 1.96%
Tularik, Inc.(2)(3) 200,000 15,775,000 3.76%
Vertex Pharmaceuticals, Inc.(1) 225,000 16,340,625 3.89%
- -------------------------------------------------------------------------------
$130,455,512 31.07%
- -------------------------------------------------------------------------------
Total Common Stocks and Warrants
(identified cost $221,627,280) $385,351,768
- -------------------------------------------------------------------------------
</TABLE>
PREFERRED STOCKS -- 2.62%
<TABLE>
<CAPTION>
PERCENTAGE OF
SECURITY SHARES VALUE NET ASSETS
<S> <C> <C> <C>
- -------------------------------------------------------------------------------
Specialty Capitalization - North America -- 2.62%
- -------------------------------------------------------------------------------
Adolor, Inc.(1)(2)(3) 500,000 $ 500,000 0.12%
Arena Pharmaceuticals(1)(2)(3) 500,000 2,000,002 0.48%
Intrabiotics Pharm, Inc.(1)(2)(3) 333,334 1,333,336 0.32%
Net Genics, Inc. Convertible, Series D,
Preferred R(1)(2)(3) 250,000 575,000 0.14%
Net Genics, Inc., Series E(1)(2)(3) 652,173 1,499,998 0.36%
Ontogeny, Inc.(1)(2)(3) 600,000 1,830,000 0.43%
Orchid Biocomputer, Inc., Series
C(1)(2)(3) 180,180 1,278,410 0.30%
Orchid Biocomputer, Inc., Series
E(1)(2)(3) 457,203 1,999,999 0.47%
- -------------------------------------------------------------------------------
$ 11,016,745 2.62%
- -------------------------------------------------------------------------------
Total Preferred Stocks
(identified cost $10,411,351) $ 11,016,745
- -------------------------------------------------------------------------------
Total Investments
(identified cost $232,038,631) $396,368,513 94.38%
- -------------------------------------------------------------------------------
Other Assets, Less Liabilities $ 23,613,069 5.62%
- -------------------------------------------------------------------------------
Net Assets $419,981,582 100.00%
- -------------------------------------------------------------------------------
</TABLE>
(1) Non-income producing security.
(2) Security valued at fair value using methods determined in good faith by
or at the direction of the Trustees.
(3) Restricted security.
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF FEBRUARY 29, 2000
(EXPRESSED IN UNITED STATES DOLLARS)
<S> <C>
Assets
- ------------------------------------------------------
Investments, at value
(identified cost, $232,038,631) $396,368,513
Cash 22,804,675
Foreign currency, at value
(identified cost, $5,275,681) 5,126,962
Receivable for investments sold 650,636
Interest and dividends receivable 160,805
Receivable for open forward foreign
currency contracts 981
Deferred organization expenses 4,625
- ------------------------------------------------------
TOTAL ASSETS $425,117,197
- ------------------------------------------------------
Liabilities
- ------------------------------------------------------
Payable for investments purchased $ 5,126,963
Payable to affiliate for Trustees' fees 1,779
Accrued expenses 6,873
- ------------------------------------------------------
TOTAL LIABILITIES $ 5,135,615
- ------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $419,981,582
- ------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $255,694,044
Net unrealized appreciation (computed on
the basis of identified cost) 164,287,538
- ------------------------------------------------------
TOTAL $419,981,582
- ------------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
FEBRUARY 29, 2000
(EXPRESSED IN UNITED STATES DOLLARS)
<S> <C>
Investment Income
- ------------------------------------------------------
Dividends (net of foreign
taxes, $28,913) $ 386,009
Interest 31,129
Miscellaneous 5,263
- ------------------------------------------------------
TOTAL INVESTMENT INCOME $ 422,401
- ------------------------------------------------------
Expenses
- ------------------------------------------------------
Investment adviser fee $ 796,314
Administration fee 307,408
Trustees fees and expenses 10,157
Custodian fee 71,744
Legal and accounting services 13,698
Interest expense 8,361
Amortization of organization expenses 1,197
Miscellaneous 1,450
- ------------------------------------------------------
TOTAL EXPENSES $ 1,210,329
- ------------------------------------------------------
Deduct --
Reduction of custodian fee $ 70,478
- ------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 70,478
- ------------------------------------------------------
NET EXPENSES $ 1,139,851
- ------------------------------------------------------
NET INVESTMENT LOSS $ (717,450)
- ------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 26,266,901
Foreign currency and forward foreign
currency exchange
contract transactions (63,351)
- ------------------------------------------------------
NET REALIZED GAIN $ 26,203,550
- ------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $122,033,339
Foreign currency and forward foreign
currency exchange contracts (42,344)
- ------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $121,990,995
- ------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $148,194,545
- ------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $147,477,095
- ------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
(EXPRESSED IN UNITED STATES DOLLARS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
INCREASE (DECREASE) FEBRUARY 29, 2000 YEAR ENDED
IN NET ASSETS (UNAUDITED) AUGUST 31, 1999
<S> <C> <C>
- ----------------------------------------------------------------------------
From operations --
Net investment loss $ (717,450) $ (784,314)
Net realized gain 26,203,550 19,258,866
Net change in unrealized
appreciation (depreciation) 121,990,995 57,606,206
- ----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 147,477,095 $ 76,080,758
- ----------------------------------------------------------------------------
Capital transactions --
Contributions $ 98,009,569 $ 58,763,929
Withdrawals (30,585,723) (74,426,211)
- ----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL TRANSACTIONS $ 67,423,846 $ (15,662,282)
- ----------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 214,900,941 $ 60,418,476
- ----------------------------------------------------------------------------
Net Assets
- ----------------------------------------------------------------------------
At beginning of period $ 205,080,641 $ 144,662,165
- ----------------------------------------------------------------------------
AT END OF PERIOD $ 419,981,582 $ 205,080,641
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 29, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, 2000 -----------------------------------
(UNAUDITED) 1999 1998 1997
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
Ratios to average daily net assets
- ------------------------------------------------------------------------------------------
Operating expenses 0.97%(1) 0.95% 1.06% 1.25%
Expenses after custodian fee
reduction 0.92%(1) 0.90% 0.92% 1.18%
Interest expense 0.01%(1) 0.01% -- --
Net investment loss (0.58)%(1) (0.42)% (0.49)% (0.81)%
Portfolio Turnover 21% 41% 34% 14%
- ------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $419,982 $205,081 $144,662 $152,717
- ------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 29, 2000
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 Portfolio seeks long-term capital growth
by investing in a global and diversified portfolio of securities of health
sciences companies. 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 -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or accretion of discount when required
for federal income tax purposes. Dividend income is recorded on the ex-
dividend date for dividends received in cash and/or securities. However, if
the ex-dividend date has passed, certain dividends from foreign securities
are recorded as the Portfolio is informed of the ex-dividend date.
C Income 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 one of the Portfolio's investors is a regulated investment
company that invests all or substantially all of its assets in the Portfolio,
the Portfolio normally must satisfy the applicable source of income and
diversification requirements (under the Internal Revenue Code) in order for
its investors to satisfy them. The Portfolio will allocate at least annually
among its investors each investor's distributive share of the Portfolio's net
investment income, net realized capital gains, and any other items of income,
gain, loss, deduction or credit. Withholding taxes on foreign dividends and
capital gains have been provided for in accordance with the Portfolio's
understanding of the applicable countries' tax rules and rates.
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
balance the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reflected as a reduction of
total operating expenses 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 changes in foreign currency exchange
rates are recorded for financial statement purposes as net realized gains and
losses on investments. That portion of unrealized gains and losses on
investments that results from fluctuations in foreign currency exchange rates
is 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 foreign currency exchange contracts are adjusted by the daily
exchange rate of the underlying currency and any
15
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
(EXPRESSED IN UNITED STATES DOLLARS)
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.
Realized gains and losses are computed based on the specific identification
of the securities sold.
J Interim Financial Statements -- The interim financial statements relating to
February 29, 2000 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,
effective September 1, 1997, 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 29, 2000, the fee was
equivalent to 0.64% (annualized) of the Portfolio's average daily net assets
and amounted to $796,314.
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 million, and at reduced rates as daily net assets exceed that
level. For the six months ended February 29, 2000, the administration fee was
0.25% (annualized) of average net assets and amounted to $307,408.
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 officers 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 29, 2000, no significant
amounts have been deferred.
3 Investments
- -------------------------------------------
Purchases and sales of investments other than U.S. Government securities and
short-term obligations aggregated $98,399,864 and $53,066,023, respectively,
for the six months ended February 29, 2000.
4 Federal Income Tax Basis of Investments
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at February 29, 2000, as computed on a federal income tax
basis, were as follows:
<TABLE>
<S> <C>
AGGREGATE COST $232,038,631
------------------------------------------------------
Gross unrealized appreciation $169,822,940
Gross unrealized depreciation (5,493,058)
------------------------------------------------------
NET UNREALIZED APPRECIATION $164,329,882
------------------------------------------------------
</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
(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 $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the portfolios
16
<PAGE>
WORLDWIDE HEALTH SCIENCES PORTFOLIO AS OF FEBRUARY 29, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
(EXPRESSED IN UNITED STATES DOLLARS)
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 29, 2000.
7 Restricted Securities
- -------------------------------------------
At February 29, 2000, the Portfolio owned the following securities
(representing 6.42% 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. This valuation may differ from the value that
would be realized if the securities were sold and the difference could be
material to the financial statements.
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT
DATE OF (000'S
DESCRIPTION ACQUISITION OMITTED) COST FAIR VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------
COMMON STOCKS AND WARRANTS
------------------------------------------------------------------------------------------
Orchid Biocomputer Warrants 5/24/99 50,000 $ 0 $ 162,500
Tularik, Inc. 10/14/96 200,000 2,000,000 15,775,000
------------------------------------------------------------------------------------------
$ 2,000,000 $15,937,500
PREFERRED STOCKS
------------------------------------------------------------------------------------------
Adolor, Inc. 1/10/00 500,000 $ 500,000 $ 500,000
Arena Pharmaceuticals 1/28/99 500,000 1,411,354 2,000,002
Intrabiotics Pharm, Inc. 11/24/98 333,334 1,000,002 1,333,336
Net Genics, Inc. Convertible, Series D,
Preferred R 3/20/98 250,000 500,000 575,000
Net Genics, Inc., Series E 12/21/99 652,173 1,499,998 1,499,998
Ontogeny, Inc. 3/13/97 600,000 1,500,000 1,830,000
Orchid Biocomputer, Inc., Series C 12/19/97 180,180 1,999,998 1,278,410
Orchid Biocomputer, Inc., Series E 12/20/99 457,203 1,999,999 1,999,999
------------------------------------------------------------------------------------------
$10,411,351 $11,016,745
</TABLE>
8 Financial Instruments
- -------------------------------------------
The Portfolio regularly trades in financial instruments with off-balance
sheet risk in the normal course of its investing activities to assist in
managing exposure to various market risks. These financial instruments
include forward foreign currency exchange contracts and futures contracts and
may involve, to a varying degree, elements of risk in excess of the amounts
recognized for financial statement purposes. The notional or contractual
amounts of these instruments represent the investment the Portfolio has in
particular classes of financial instruments and does not necessarily
represent the amounts potentially subject to risk. The measurement of the
risks associated with these instruments is meaningful only when all related
and offsetting transactions are considered. A summary of obligations under
these financial instruments at February 29, 2000 is as follows:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
<TABLE>
<CAPTION>
SALES
------------------------------------------------------------------------------------------
SETTLEMENT IN EXCHANGE FOR NET UNREALIZED
DATE(S) DELIVER (IN U.S. DOLLARS) APPRECIATION
<S> <C> <C> <C>
------------------------------------------------------------------------------------------
3/1/00 Japanese Yen
16,855,754 154,484 981
------------------------------------------------------------------------------------------
$ 154,484 $ 981
------------------------------------------------------------------------------------------
</TABLE>
17
<PAGE>
EATON VANCE WORLDWIDE HEALTH SCIENCES FUND AS OF FEBRUARY 29, 2000
INVESTMENT MANAGEMENT
EATON VANCE WORLDWIDE HEALTH SCIENCES FUND
Officers
James B. Hawkes
President and Trustee
Thomas E. Faust, Jr.
Vice-President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Independent Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
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
Jack L. Treynor
Investment Adviser and Consultant
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 Executive Officer,
National Financial Partners
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
Jack L. Treynor
Investment Adviser and Consultant
18
