<PAGE>
[PHOTO OF EV DOORS APPEARS HERE]
Investing
for the
21st
Century(R)
[PHOTO OF GLOBE APPEARS HERE]
Annual Report August 31, 1998
[PHOTO OF FOREST AND ROAD APPEARS HERE]
EATON VANCE
WORLDWIDE
DEVELOPING
RESOURCES FUND
Global Management-Global Distribution
[PHOTO OF OIL RIGS AT OCEAN]
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
LETTER TO SHAREHOLDERS
[PHOTO OF JAMES B. HAWKES, PRESIDENT APPEARS HERE]
Eaton Vance Worldwide Developing Resources Fund Class A shares had a total
return of -61.1% for the year ended August 31, 1998. That return was the result
of a decline in net asset value per share (NAV) from $9.43 on August 31, 1997 to
$3.67 on August 31, 1998/1/
Class B shares had a total return of -61.3% for the year, the result of a
decline in NAV from $15.57 to $6.03./1/
By comparison, the S&P500 Index - a widely recognized, unmanaged index of U.S.
common stocks - had a total return of 8.1% for the same period, while the Morgan
Stanley Capital International Europe, Australasia, and Far East Index - an index
composed of global common stocks - had a return of 0.1%./2/
Global economic uncertainty, coupled with deflation, has restrained demand for
natural resources stocks...
Natural resources stocks were badly hurt in 1998 by an across-the-board
worldwide slowdown in demand, the result of the economic turmoil in Asia,
Russia, and Latin America. Weakness in oil prices, in particular, and a period
of sustained low inflation set the tone for the rest of the sector. Moreover,
the Consumer Price Index was 1.6%, further indicating a very soft environment
for commodities.
Following an extraordinary three-year run of 20%-plus annual returns, the stock
market has entered a period of severe volatility - the tumble the Dow took in
late August erased the gains made to date in 1998. Stocks in the Portfolio
participated in the market's instability.
...there are signs that several key commodities may have bottomed and begun an
encouraging recovery...
There is evidence that in the early days of fiscal year 1999, some crucial
commodities may make a comeback. Oil services stocks were up 40% in September;
gold prices continue a cautious rally. Yet volatility continues to be a fact of
life in the equity and commodities markets. Eaton Vance believes that this is a
normal and healthy part of investing, and that it is important to take a
long-term view. In the following pages, Co-Portfolio Managers William D. Burt
and Barclay Tittmann answer questions about the Fund and the natural resources
sector over the past year.
Sincerely,
/s/ James B. Hawkes
James B. Hawkes,
President
October 18, 1998
- --------------------------------------------------------------------------------
Fund Information
as of August 31, 1998
Performance/3/ Class A Class B
- -------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- -------------------------------------------------------------------------------
One Year -61.1% -61.3%
Five Years N.A. -10.3
Ten Years N.A. -1.4
Life of Fund+ -51.5 0.20
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- -------------------------------------------------------------------------------
One Year -63.3% -63.2%
Five Year N.A. -10.6
Ten Year N.A. -1.4
Life of Fund+ -53.6 0.2
+Inception Dates - Class A: 4/17/97; Class B: 10/21/87.
/1/ These returns do not include the 5.75% maximum sales charge for the Fund's
Class A shares or the applicable contingent deferred sales charges (CDSC)
for Class B shares.
/2/ It is not possible to invest directly in an Index.
/3/ Returns are historical and are calculated by determining the percentage
change in net asset value with all distributions reinvested. SEC returns for
Class A reflect the maximum 5.75% sales charge. SEC returns for Class B
reflect applicable CDSC based on the following schedule: 5% - 1st and 2nd
years; 4% -3rd year; 3% - 4th year; 2% - 5th year; 1% - 6th year.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost.
- --------------------------------------------------------------------------------
Mutual fund shares are not insured by the FDIC and are not deposits or other
obligations of, or guaranteed by, any depository institution. Shares are
subject to investment risks, including possible loss of principal invested.
- --------------------------------------------------------------------------------
2
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
MANAGEMENT DISCUSSION
An interview with William D. Burt and Barclay Tittmann, Co-Portfolio Managers of
the Worldwide Developing Resources Portfolio.
Q: The past year has been a difficult one for the natural resources sector.
Can you elaborate?
[PHOTO OF BARCLAY TITTMANN, CO-PORTFOLIO MANAGER APPEARS HERE]
A: Mr. Tittmann: Stocks have declined across the board for the entire natural
resource sector. It's possibly the worst bear market ever in natural
resources, certainly as bad as the last major downturn in 1982. The unusual
thing about this period is the huge disparity in the performance of natural
resources stocks and the rest of the market. The disparity has never been
this wide, and it reflects the pervasive weakness of commodity prices in
the face of the Asian crisis, which has now spread to Russia and, more
importantly, to Latin America.
It's a little early to say that there's a fundamental change for the better
in the natural resources sector, but there are signs that things have, at
least, stopped getting worse. If you look at the charts, it seems that a
very significant bottom was reached in August for many commodities. Gold in
particular made a an 18-year low in August and has recovered since, which
is a good sign for all commodities, and for the performance of our Fund.
Q: Bill, would you elaborate with regard to the oil sector?
A: Mr. Burt: In the energy arena, we have had declining oil prices since the
third quarter of 1997, nearly a year, coming from the low 20's down to $11
or $12 a barrel. Over that interim, the market has progressively recognized
the significance of the weakness in Southeast Asia. And now, through the
financial panic in Russia and heightened risk in Latin America, the market
recognizes slower world energy consumption growth. Southeast Asian oil
demand, which recently accounted for nearly 50% of world energy growth, has
plummeted, with countries like Indonesia, Thailand, and South Korea showing
consumption down earlier in the year, the Japanese economy in recession,
and China slowing. The market senses slower long-term demand growth.
[PHOTO OF WILLIAM D. BURT, CO-PORTFOLIO MANAGER APPEARS HERE]
Q: What about oil production?
A: Mr. Burt: OPEC has curtailed production twice this year and inventories are
being reduced. As evidence of this has come through industry statistics in
recent weeks, oil prices have turned up. On that basis, we've had an
enormous rally in the oil service stocks, 15-50% in the third quarter of
1998.
- -------------------------------------------------------------------------------
Sector Distribution/1/
- -------------------------------------------------------------------------------
As a percentage of total investments
[PIE CHART APPEARS HERE]
Oil & Gas 32.4%
Gold 22.9%
Other Metals 23.0%
Warrants / Other 12.8%
Diamonds 9.0%
Fertilizer 3.9%
Ten Largest Equity Holdings/1/
- -------------------------------------------------------------------------------
As a percentage of portfolio net assets
Meridian Gold Inc. 4.2%
Asia Pacific Resources Ltd.-Com. 4.0
Seven Seas Petroleum 3.6
Reliance Steel & Aluminum Co. 3.6
FX Energy Inc. 3.5
Anadarko Petroleum Corp. 3.4
Louis Dreyfus Natural Gas 2.6
Steel Dynamics Corp. 2.6
AMT International Mining Corp. 2.4%
Meridian Resource Corp. 2.4%
/1/ As of 8/31/98. Ten largest holdings accounted for 32.3% of total net assets.
Sector weightings and holdings are subject to change.
3
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
MANAGEMENT DISCUSSION CONT'D
The exploration/production stocks have risen 5-50%, and the big integrated
oil stocks have been acting better also. In this general period of market
decline, energy was one of the first sectors down, and may be one of the
first to stabilize and recover. The rally that we've had, as with the
precious metals, is encouraging.
Q: Has the portfolio had any noteworthy oil-stock performers?
A: Mr. Burt: Yes. Anadarko Petroleum, which has been a long-standing major
stock in our portfolio, hit a significant new high recently. This
performance was driven by exploration news, and it shows how the market
will pay for good company management, good news, and strong seasonal
expectations for its basic business, which is still natural gas-oriented.
Things may be looking up.
Q: Bill, how about natural gas prices?
A: Mr. Burt: Natural gas is a more secure commodity. For much of this year, it
stayed above $2 per thousand cubic feet because North America is a discrete
geographical market not subject to substantial imports. Only in the late
summer months did gas prices dip under $2 per thousand, but not by much. We
anticipate a normal winter, which will provide an almost 10% weather
variance on last year's demand. Even though inventories are high, demand
should be good; there are no great production increments, so people are
expecting a pleasant winter from the standpoint of a gas seller. So natural
gas stocks, which weakened along with the other energy sectors, indeed were
very attractive recently and were rally leaders.
Q: Barclay, what would make gold really move?
A: Mr. Tittmann: The best thing for gold prices would be if the world, in the
face of a spreading financial crisis, loses confidence in all currencies.
Right now the safe haven is the U.S. dollar. However, if it's perceived
that the U.S. dollar is no longer such a great place to be - after all, we
have a huge and growing trade deficit - then there could be a return to
gold. In fact, the U.S. dollar looks a bit as if it made a top at the same
time that gold was making a bottom.
Q: Barclay, what is behind the recent rally?
A: Mr. Tittmann: At this point I would say that the rally is mainly a
reflection of the decline of the dollar. The price of gold is denominated
in dollars, so if the dollar goes down then the price of gold goes up. I
don't think you can make the case yet that people are buying gold for
safety. However, the psychology could change quickly, and because gold is a
relatively small market, the effect on gold prices can be dramatic.
Q: What is your largest gold investment?
A: Mr. Tittmann: Our largest gold holding is an intermediate producer called
Meridian Gold, which has recently made some significant discoveries on its
property in Chile. And the stock has reacted quite positively on that. This
is a very good operation.
Q: Barclay, any other stocks with interesting stories?
A: Mr. Tittmann: We have recently established a position in Stillwater, the
only producer in the U.S. of palladium and platinum. It's a very strong
story, one of the few in the metals area, because palladium is needed to
make catalytic converters for cars, and environmental rules here and in
Europe are requiring greater usage of catalytic converters. Palladium
production doesn't come close to meeting demand, and users have recently
signed 5-year contracts with Stillwater at a minimum price that guarantees
a profit. Stillwater is tripling production over the next 3 years, so it
looks like earnings will move ahead rapidly.
4
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
MANAGEMENT DISCUSSION CONT'D
Q: Any final comments?
A: Mr. Burt: It's important to note that after the horrible year and a half
the natural resources sectors have experienced, they may be rebounding.
Both energy and precious metals sectors were taken to extreme lows -- not
just annual valuations, but historic valuations. Of course, there is no way
to guarantee what's going to happen, but the market punished most resource
sectors beginning in 1997 as it discounted the risks and problems now
evident in 1998. The market may be indicating, both in a relative and an
absolute sense, that we can begin discounting better future times.
[LINE GRAPH APPEARS HERE]
Comparison of Change in Value of a $10,000 Investment in
Eaton Vance Worldwide Developing Resources Fund, Class B vs. the Standard &
Poor's 500 Index, mand the Consumer Price Index
Date Fund/NAV S&P 500 CPI
---- -------- ------- ---
8/31/88 $10,000 $10,000 $10,000
9/30/88 $9,879 $10,491 $10,067
10/31/88 $10,157 $10,764 $10,101
11/30/88 $10,226 $10,560 $10,109
12/31/88 $10,334 $10,811 $10,126
1/31/89 $11,067 $11,580 $10,176
2/28/89 $11,183 $11,245 $10,218
3/31/89 $11,200 $11,576 $10,277
4/30/89 $11,343 $12,156 $10,345
5/31/89 $10,931 $12,583 $10,403
6/30/89 $10,886 $12,596 $10,429
7/31/89 $11,390 $13,709 $10,454
8/31/89 $12,119 $13,922 $10,471
9/30/89 $12,147 $13,943 $10,504
10/31/89 $11,840 $13,592 $10,555
11/30/89 $12,427 $13,816 $10,580
12/31/89 $12,776 $14,226 $10,597
1/31/90 $12,449 $13,247 $10,706
2/28/90 $12,548 $13,361 $10,756
3/31/90 $12,477 $13,796 $10,815
4/30/90 $11,692 $13,425 $10,832
5/31/90 $12,477 $14,660 $10,857
6/30/90 $12,050 $14,660 $10,916
7/31/90 $13,008 $14,584 $10,958
8/31/90 $12,569 $13,208 $11,059
9/30/90 $12,148 $12,655 $11,151
10/31/90 $10,937 $12,570 $11,218
11/30/90 $10,847 $13,324 $11,244
12/31/90 $11,361 $13,783 $11,244
1/31/91 $11,082 $14,356 $11,311
2/28/91 $11,910 $15,321 $11,328
3/31/91 $11,858 $15,778 $11,345
4/30/91 $11,702 $15,784 $11,361
5/31/91 $12,065 $16,392 $11,395
6/30/91 $12,076 $15,744 $11,429
7/31/91 $12,377 $16,450 $11,445
8/31/91 $11,961 $16,773 $11,479
9/30/91 $11,619 $16,585 $11,529
10/31/91 $12,244 $16,781 $11,546
11/30/91 $11,556 $16,044 $11,580
12/31/91 $12,097 $17,965 $11,588
1/31/92 $12,631 $17,607 $11,605
2/28/92 $12,631 $17,775 $11,647
3/31/92 $12,182 $17,513 $11,706
4/30/92 $12,375 $18,001 $11,723
5/31/92 $12,727 $18,019 $11,739
6/30/92 $12,878 $17,846 $11,782
7/31/92 $13,156 $18,549 $11,807
8/31/92 $12,824 $18,104 $11,840
9/30/92 $12,716 $18,409 $11,874
10/31/92 $12,598 $18,447 $11,916
11/30/92 $12,298 $19,006 $11,933
12/31/92 $12,652 $19,331 $11,924
1/31/92 $12,737 $19,468 $11,983
2/28/93 $13,414 $19,672 $12,025
3/31/93 $13,725 $20,173 $12,067
4/30/93 $13,982 $19,660 $12,101
5/31/93 $14,379 $20,107 $12,118
6/30/93 $14,819 $20,269 $12,134
7/31/93 $15,109 $20,161 $12,134
8/31/93 $15,045 $20,855 $12,168
9/30/93 $14,208 $20,790 $12,193
10/31/93 $14,851 $21,194 $12,244
11/30/93 $14,798 $20,920 $12,252
12/31/93 $15,886 $21,271 $12,252
1/31/94 $16,771 $21,962 $12,286
2/28/94 $15,932 $21,303 $12,328
3/31/94 $15,139 $20,471 $12,370
4/30/94 $15,047 $20,707 $12,387
5/31/94 $15,564 $20,964 $12,395
6/30/94 $15,426 $20,559 $12,437
7/31/94 $15,978 $21,206 $12,471
8/31/94 $16,587 $22,004 $12,521
9/30/94 $17,116 $21,564 $12,555
10/31/94 $16,415 $22,014 $12,563
11/30/94 $15,162 $21,144 $12,580
12/31/94 $15,553 $21,560 $12,580
1/31/95 $14,748 $22,083 $12,630
2/28/95 $15,576 $22,880 $12,681
3/31/95 $16,656 $23,653 $12,723
4/30/95 $16,610 $24,314 $12,765
5/31/95 $17,289 $25,197 $12,790
6/30/95 $17,932 $25,903 $12,815
7/31/95 $18,840 $26,726 $12,815
8/31/95 $18,875 $26,718 $12,849
9/30/95 $18,427 $27,955 $12,874
10/31/95 $17,266 $27,816 $12,916
11/30/95 $18,358 $28,958 $12,908
12/31/95 $18,937 $29,633 $12,899
1/31/96 $19,964 $30,599 $12,975
2/28/96 $20,868 $30,812 $13,017
3/31/96 $21,467 $31,221 $13,084
4/30/96 $23,495 $31,641 $13,134
5/31/96 $25,205 $32,364 $13,160
6/30/96 $22,444 $32,619 $13,168
7/31/96 $22,114 $31,127 $13,193
8/31/96 $26,366 $31,713 $13,218
9/30/96 $26,842 $33,620 $13,261
10/31/96 $26,549 $34,498 $13,303
11/30/96 $27,795 $37,030 $13,328
12/31/96 $27,820 $36,419 $13,328
1/31/97 $28,073 $38,652 $13,370
2/28/97 $27,848 $38,881 $13,412
3/31/97 $24,936 $37,402 $13,445
4/30/97 $23,178 $39,586 $13,462
5/31/97 $24,261 $41,905 $13,454
6/30/97 $22,869 $43,917 $13,471
7/31/97 $22,222 $47,348 $13,487
8/31/97 $22,545 $44,628 $13,513
9/30/97 $23,559 $47,201 $13,546
10/31/97 $21,807 $45,574 $13,580
11/30/97 $18,100 $47,606 $13,571
12/31/97 $17,318 $48,552 $13,555
1/31/98 $16,667 $49,045 $13,580
2/28/98 $17,753 $52,500 $13,605
3/31/98 $17,622 $55,310 $13,630
4/30/98 $18,013 $55,812 $13,655
5/31/98 $15,841 $54,761 $13,681
6/30/98 $13,901 $57,131 $13,697
7/31/98 $11,743 $56,467 $13,714
8/31/98 $8,731 $48,235 $13,731
Performance/1/ Class A Class B
- -------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- -------------------------------------------------------------------------------
One Year -61.1% -61.3%
Five Years N.A. -10.3%
Ten Years N.A. -1.4%
Life of Fund+ -51.5% 0.2%
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- -------------------------------------------------------------------------------
One Year -63.3% -63.2%
Five Year N.A.% -10.6%
Ten Year N.A.% -1.4%
Life of Fund+ -53.6% 0.2%
+ Inception Dates - Class A: 4/17/97; Class B: 10/21/87.
* Source: Towers Data Systems, Bethesda, MD. Investment operations commenced
10/21/87. Index information is available only at month-end; therefore, the
line comparison begins at the next month-end following the commencement of the
Fund's investment operations.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, are worth more
or less their original cost.
The performance chart above compares the Fund's total return with that of a
broad-based securities market index. The lines on the chart represent the
total returns of $10,000 hypothetical investments in the Fund, the Consumer
Price Index, and the S&P 500 Index, a broad-based, widely recognized,
unmanaged index of 500 common stocks. An investment in the Fund's Class A
shares on 4/30/97 at net asset value would have been worth $3,546 on August
31, 1998. The S&P 500 Index's total return does not reflect any commissions or
expenses that would have been incurred if an investor individually purchased
or sold the securities represented in the Index. It is not possible to invest
directly in an index.
/1/ Returns are calculated by determining the percentage change in net
asset value (NAV) with all distributions reinvested. SEC Returns reflect
applicable sales charge or contingent deferred sales charge (CDSC).
5
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
As of August 31, 1998
Assets
- --------------------------------------------------------------------------------
Investment in Worldwide Developing Resources Portfolio,
at value (identified cost, $17,688,642) $ 6,307,362
Receivable for Fund shares sold 10,922
Receivable from Distributor 34,100
Deferred organization expenses 20,406
Other assets 105
- --------------------------------------------------------------------------------
Total assets $ 6,372,895
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Payable for Fund shares redeemed $ 43,343
Other accrued expenses 56,641
- --------------------------------------------------------------------------------
Total liabilities $ 99,984
- --------------------------------------------------------------------------------
Net Assets $ 6,272,911
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Paid-in capital $ 18,135,420
Accumulated net realized loss from Portfolio
(computed on the basis of identified cost) (480,007)
Accumulated net investment loss (1,222)
Net unrealized depreciation from Portfolio (computed
on the basis of identified cost) (11,381,280)
- --------------------------------------------------------------------------------
Total $ 6,272,911
- --------------------------------------------------------------------------------
Class A Shares
- --------------------------------------------------------------------------------
Net Assets $ 337,515
Shares Outstanding 92,018
Net Asset Value and Redemption Price Per Share
(net assets / shares of beneficial interest outstanding) $ 3.67
Maximum Offering Price Per Share
(100 / 94.25 of $3.67) $ 3.89
- --------------------------------------------------------------------------------
Class B Shares
- --------------------------------------------------------------------------------
Net Assets $ 5,935,396
Shares Outstanding 984,316
Net Asset Value, Offering Price and Redemption Price
Per Share (net assets / shares of beneficial interest
outstanding) $ 6.03
- --------------------------------------------------------------------------------
On sales of $50,000 or more, the offering price of Class A shares is reduced.
Statement of Operations
For the Year Ended
August 31, 1998
Investment Income
- --------------------------------------------------------------------------------
Dividends allocated from Portfolio
(net of foreign taxes, $1,445) $ 18,644
Interest allocated from Portfolio 14,260
Expenses allocated from Portfolio (224,433)
- --------------------------------------------------------------------------------
Net investment loss from Portfolio $ (191,529)
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Distribution and Service fees
Class A $ 88
Class B 135,090
Transfer and dividend disbursing agent fees 36,180
Registration fees 25,864
Printing and postage 15,281
Legal and accounting services 14,763
Custodian fee 11,113
Amortization of organization expenses 8,724
Miscellaneous 9,223
- --------------------------------------------------------------------------------
Total expenses $ 256,326
- --------------------------------------------------------------------------------
Deduct --
Allocation of expenses to the Distributor $ 34,100
- --------------------------------------------------------------------------------
Total expense reductions $ 34,100
- --------------------------------------------------------------------------------
Net expenses $ 222,226
- --------------------------------------------------------------------------------
Net investment loss $ (413,755)
- --------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) from Portfolio
- --------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (451,902)
Foreign currency transactions (1,260)
- --------------------------------------------------------------------------------
Net realized loss $ (453,162)
- --------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments $ (10,831,401)
Foreign currency (14)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $ (10,831,415)
- --------------------------------------------------------------------------------
Net realized and unrealized loss $ (11,284,577)
- --------------------------------------------------------------------------------
Net decrease in net assets from operations $ (11,698,332)
- --------------------------------------------------------------------------------
See notes to financial statements
6
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets
Increase (Decrease) Year Ended Year Ended
in Net Assets August 31, 1998 August 31, 1997
- --------------------------------------------------------------------------------
From operations --
Net investment loss $ (413,755) $ (497,332)
Net realized gain (loss) (453,162) 1,029,394
Net change in unrealized
appreciation (depreciation) (10,831,415) (5,411,345)
- --------------------------------------------------------------------------------
Net decrease in net assets
from operations $(11,698,332) $ (4,879,283)
- --------------------------------------------------------------------------------
Distributions to shareholders --
From net realized gain
Class B $ -- $ (4,169,529)
- --------------------------------------------------------------------------------
Total distributions to shareholders $ -- $ (4,169,529)
- --------------------------------------------------------------------------------
Transactions in shares of
beneficial interest --
Proceeds from sale of shares
Class A $ 602,271 $ --
Class B 3,221,071 22,007,503
Issued in reorganization of EV
Traditional
Worldwide Developing
Resources Fund
Class A 355,723 --
Net asset value of shares issued
to shareholders in payment
of distributions declared
Class A 2,711 --
Class B 569,625 2,940,572
Cost of shares redeemed
Class A (249,415) --
Class B (9,195,237) (13,363,551)
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets
from Fund share transactions $ (4,693,251) $ 11,584,524
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets $(16,391,583) $ 2,535,712
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of year $ 22,664,494 $ 20,128,782
- --------------------------------------------------------------------------------
At end of year $ 6,272,911 $ 22,664,494
- --------------------------------------------------------------------------------
Accumulated net
investment loss
included in net assets
- --------------------------------------------------------------------------------
At end of year $ (1,222) $ (1,708)
- --------------------------------------------------------------------------------
See notes to financial statements
7
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
FINANCIAL STATEMENTS CONT'D
Financial Highlights
<TABLE>
<CAPTION>
Year Ended
----------------------------------------------------------------------------
August 31,
----------------------------------------------------------------------------
1998 1997 1996 1995 (1)(2)
- -----------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class B Class B Class B
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- beginning of year $ 9.430 $ 15.570 $ 21.580 $ 16.420 $ 14.890
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment loss $ (0.064) $ (0.415) $ (0.248) $ (0.261) $ (0.100)
Net realized and unrealized gain (loss) (5.696) (9.125) (2.427) 6.371 1.630
- -----------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from operations $ (5.760) $ (9.540) $ (2.675) $ 6.110 $ 1.530
- -----------------------------------------------------------------------------------------------------------------------------------
Less distributions
- -----------------------------------------------------------------------------------------------------------------------------------
In excess of net investment loss $ -- $ -- $ -- $ -- $ --
From net realized gain -- -- (3.335) (0.950) --
In excess of net realized gain -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ -- $ (3.335) $ (0.950) $ --
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value -- end of year $ 3.670 $ 6.030 $ 15.570 $ 21.580 $ 16.420
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return (3) (61.08)% (61.27)% (14.49)% 39.69% 10.28%
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data +
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $ 338 $ 5,935 $ 22,664 $ 20,129 $ 15,259
Ratios (As a percentage of average daily net assets):
Net expenses (4)(5) 1.89% 2.98% 2.44% 2.49% 2.43%(6)
Net expenses after custodian
fee reduction (4) 1.89% 2.98% 2.40% 2.47% --
Net investment loss (1.70)% (2.76)% (1.92)% (1.60)% (0.74)%(6)
Portfolio turnover (7) -- -- -- 86% 49%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
+ The operating expenses of the Fund and the Portfolio may reflect a reduction of the investment adviser fee, an allocation of
expenses to the Distributor, or both. Had such actions not been taken, the ratios and net investment loss per share would have
been as follows:
Ratios (As a percentage of average daily net assets):
<S> <C> <C> <C> <C> <C>
Expenses (4) 2.11% 3.20% -- -- --
Net investment loss (4) (1.92)% (2.98)% -- -- --
Net investment loss per share $ (0.073) $ (0.450) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
September 30,
---------------------------------
1994 1993
- -----------------------------------------------------------------------------------------------
Class B Class B
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of year $ 13.240 $ 11.850
- -----------------------------------------------------------------------------------------------
Income (loss) from operations
- -----------------------------------------------------------------------------------------------
Net investment loss $ (0.050) $ (0.090)
Net realized and unrealized gain (loss) 2.650 1.480
- -----------------------------------------------------------------------------------------------
Total income (loss) from operations $ 2.600 $ 1.390
- -----------------------------------------------------------------------------------------------
Less distributions
- -----------------------------------------------------------------------------------------------
In excess of net investment loss $ (0.020) $ --
From net realized gain -- --
In excess of net realized gain (0.930) --
- -----------------------------------------------------------------------------------------------
Total distributions $ (0.950) $ --
- -----------------------------------------------------------------------------------------------
Net asset value -- end of year $ 14.890 $ 13.240
- -----------------------------------------------------------------------------------------------
Total Return (3) 20.47% 11.73%
- -----------------------------------------------------------------------------------------------
Ratios/Supplemental Data +
- -----------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $ 13,055 $ 5,792
Ratios (As a percentage of average daily net assets):
Net expenses (4)(5) 2.64% 3.15%
Net expenses after custodian
fee reduction (4) -- --
Net investment loss (0.96)% (0.92)%
Portfolio turnover (7) 17% 57%
- -----------------------------------------------------------------------------------------------
<CAPTION>
+ The operating expenses of the Fund and the Portfolio may reflect a reduction of the
investment adviser fee, an allocation of expenses to the Distributor, or both. Had such
actions not been taken, the ratios and net investment loss per share would have been as
follows:
Ratios (As a percentage of average daily net assets):
<S> <C> <C>
Expenses (4) -- 3.90%
Net investment loss (4) -- (1.67)%
Net investment loss per share -- $ (0.210)
- -----------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment loss per share was computed using average shares outstanding.
(2) For the eleven months ended August 31, 1995.
(3) Total return is calculated assuming a purchase at the net asset value on
the first day and a sale at the net asset value on the last day of each
period reported. Dividends and distributions, if any, are assumed
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(4) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(5) The expense ratios for the year ended August 31, 1996 and periods
thereafter have been adjusted to reflect a change in reporting
requirements. The new reporting guidelines require the Fund, as well as its
corresponding Portfolio, to increase its expense ratio by the effect of any
expense offset arrangements with its service provider. The expense ratios
for each of the prior periods have not been adjusted to reflect this
change.
(6) Annualized.
(7) Portfolio Turnover represents the rate of portfolio activity for the period
while the Fund was making investments directly in securities. The portfolio
turnover rate for the period since the Fund transferred all of its
investable assets to the Portfolio is shown in the Portfolio's financial
statements which are included elsewhere in this report.
See notes to financial statements
8
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS
1 Significant Accounting Policies
----------------------------------------------------------------------------
Eaton Vance Worldwide Developing Resources Fund (the Fund) is a
non-diversified series of Eaton Vance Growth Trust (the Trust). The Fund is
an entity of the type commonly known as a Massachusetts business trust and
is registered under the Investment Company Act of 1940, as amended, as an
open-end investment management company. On April 10, 1997, the Fund
transferred substantially all of its investable assets to the Worldwide
Developing Resources Portfolio (the Portfolio). The Fund offers two classes
of shares. Class A shares are sold subject to a sales charge imposed at the
time of purchase. Class B shares are sold at net asset value and are subject
to a declining contingent deferred sales charge (see Note 6). All classes of
shares have equal rights to assets and voting privileges. Realized and
unrealized gains and losses and net investment income, other than class
specific expenses, are allocated daily to each class of shares based on the
relative net assets of each class to the total net assets of the Fund. Each
class of shares differs in its distribution plan and certain other class
specific expenses. The Fund invests all of its investable assets in
interests in the Portfolio, a New York Trust, having the same investment
objective as the Fund. The value of the Fund's investment in the Portfolio
reflects the Fund's proportionate interest in the net assets of the
Portfolio (73.8% at August 31, 1998). The performance of the Fund is
directly affected by the performance of the Portfolio. The financial
statements of the Portfolio, including the portfolio of investments, are
included elsewhere in this report and should be read in conjunction with the
Fund's financial statements.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles.
A Investment Valuation -- Valuation of securities by the Portfolio is
discussed in Note 1A of the Portfolio's Notes to Financial Statements which
are included elsewhere in this report.
B Income -- The Fund's net investment income consists of the Fund's pro rata
share of the net investment income of the Portfolio, less all actual and
accrued expenses of the Fund determined in accordance with generally
accepted accounting principles. Prior to the Fund's investment in the
Portfolio, the Fund held its investments directly.
C Federal 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 Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Fund and the Portfolio. Pursuant to the respective
custodian agreements, IBT receives a fee reduced by credits which are
determined based on the average daily cash balances the Fund or the
Portfolio maintains with IBT. All significant credit balances used to reduce
the Fund's custodian fees are reported as a reduction of expenses on the
Statement of Operations.
E Deferred Organization Expenses -- Costs incurred by the Fund in connection
with its organization, including registration costs, are being amortized on
the straight-line basis over five years.
F Use of Estimates -- The preparation of 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.
G Other -- Investment transactions are accounted for on a trade date basis.
Gain or loss on the sale of investments is determined on the identified cost
basis.
2 Distributions to Shareholders
----------------------------------------------------------------------------
It is the present policy of the Fund to make (a) at least one distribution
annually (normally in December) of all or substantially all of the
investment income allocated to the Fund by the Portfolio, if any, less the
Fund's direct and allocated expenses and (b) at least one distribution
annually of all or substantially all of the net realized capital gains
allocated by the Portfolio to the Fund, if any (reduced by any available
capital loss carryforwards from prior years). Shareholders may reinvest all
distributions in shares of the Fund without a sales charge at the per share
net asset value as of the close of business on the ex-dividend date.
The Fund distinguishes between distributions on a tax basis and a financial
reporting basis. Generally accepted accounting principles require that only
distributions in
9
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
excess of tax basis earnings and profits be reported in the financial
statements as a return of capital. Differences in the recognition or
classification of income between the financial statement and tax earnings
and profits which result in temporary over distributions for financial
statement purposes are classified as distributions in excess of net
investment income or accumulated net realized losses. Permanent differences
between book and tax accounting are reclassified to paid-in capital.
3 Shares of Beneficial Interest
----------------------------------------------------------------------------
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Such shares may be issued in a number of different classes. Transactions in
Fund shares were as follow:
Year Ended Year Ended
August 31, 1998 August 31, 1997
----------------------------------------
Class A Class B Class B
- --------------------------------------------------------------------------------
Shares sold 84,938 257,618 1,108,712
Shares issued to shareholders
in reinvestment of distributions 287 36,656 154,604
Shares redeemed (30,936) (765,838) (740,328)
Issued to EV Traditional
Worldwide Developing
Resources Fund shareholders 37,729 -- --
- --------------------------------------------------------------------------------
Net increase (decrease) 92,018 (471,564) 522,988
- --------------------------------------------------------------------------------
4 Transactions with Affiliates
----------------------------------------------------------------------------
Eaton Vance Management (EVM) serves as the Administrator of the Fund, but
receives no compensation. The Portfolio has engaged Boston Management and
Research (BMR), a subsidiary of EVM, to render investment advisory services.
See Note 2 of the Portfolio's Notes to Financial Statements which are
included elsewhere in this report. Except as to Trustees of the Fund who are
not members of EVM's organization, officers and Trustees receive
remuneration for their services to the Fund out of such investment adviser
fee. Eaton Vance Distributors, Inc., (EVD), a subsidiary of EVM and the
Fund's principal underwriter, received approximately $2,535 as its portion
of the sales charge on sales of Class A shares of the Fund for the year
ended August 31, 1998.
Certain officers and Trustees of the Fund and the Portfolio are
directors/trustees of the above organizations.
5 Distribution Plans
----------------------------------------------------------------------------
The Fund has adopted distribution plans (Class A Plan, Class B Plan, the
Plans) pursuant to Rule 12b-1 under the Investment Company Act of 1940. The
Plans require the Fund to pay the Principal Underwriter, Eaton Vance
Distributors, Inc. (EVD) amounts equal to 1/365 of 0.75% of the Fund's Class
B daily net assets, for providing ongoing distribution services and
facilities to the Fund. The Fund will automatically discontinue payments to
EVD during any period in which there are no outstanding Uncovered
Distribution Charges, which are equivalent to the sum of (i) 5% of the
aggregate amount received by the Fund for Class B shares sold plus (ii)
distribution fees calculated by applying the rate of 1% over the prevailing
prime rate to the outstanding balance of Uncovered Distribution Charges of
EVD, reduced by the aggregate amount of contingent deferred sales charges
(see Note 6) and daily amounts theretofore paid to EVD. The amount payable
to EVD with respect to each day is accrued on such day as a liability of the
Fund and, accordingly, reduces the Fund's net assets. The Fund paid or
accrued $111,132 for the year ended August 31, 1998, representing 0.75% of
average daily net assets attributable to Class B shares. At August 31, 1998,
the amount of Uncovered Distribution Charges EVD calculated under the Plan
was approximately $685,000.
In addition, the Plans authorize the Fund to make monthly payments of
service fees to EVD, Authorized Firms and other persons in amounts not
exceeding 0.25% of the Fund's average daily net assets for any fiscal year.
The Trustees have initially implemented the Plans by authorizing the Fund to
make quarterly payments of service fees to EVD and Authorized Firms in
amounts not expected to exceed 0.25% per annum, of the Fund's average daily
net assets attributable to both Class A and Class B shares based on the
value of Fund shares sold by such persons and remaining outstanding for at
least one year. Service fee payments will be made for personal services
and/or the maintenance of shareholder accounts. Service fees are separate
and distinct from the sales commissions and distribution fees payable by the
Fund to EVD, and, as such are not subject to automatic discontinuance where
there are no outstanding Uncovered Distribution Charges of EVD. Service fee
payments for the year ended August 31, 1998 amounted to $88 and $23,958 for
Class A and Class B shares, respectively.
10
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
6 Contingent Deferred Sales Charge
----------------------------------------------------------------------------
A contingent deferred sales charge (CDSC) is imposed on any redemption of
Class B shares made within six years of purchase. Generally, the CDSC is
based upon the lower of the net asset value at date of redemption or date of
purchase. No charge is levied on Class B shares acquired by reinvestment of
dividends or capital gains distributions. The CDSC is imposed at declining
rates that begin at 5% in the case of redemptions in the first and second
year after purchase, declining one percentage point each subsequent year. No
CDSC is levied on Class B shares which have been sold to EVM or its
affiliates or to their respective employees or clients. CDSC charges are
paid to EVD to reduce the amount of Uncovered Distribution Charges
calculated under the Fund's Distribution Plan. CDSC charges received when no
Uncovered Distribution Charges exist will be credited to the Fund. For the
year ended August 31, 1998, EVD received approximately $130,000 of CDSC paid
by shareholders.
7 Investment Transactions
----------------------------------------------------------------------------
For the year ended August 31, 1998, increases and decreases of the Fund's
investment in the Portfolio aggregated $4,039,598 and $9,857,014,
respectively.
8 Transfer of Net Assets
----------------------------------------------------------------------------
On September 1, 1997, EV Marathon Worldwide Developing Resources Fund
acquired the net assets of EV Traditional Worldwide Developing Resources
Fund pursuant to an Agreement and Plan of Reorganization dated June 23,
1997. In accordance with the agreement, the Fund at the closing, issued
37,729 Class A shares with an aggregate value of $355,723 (including
unrealized depreciation of $3,670) and a net asset value per share of $9.43.
The transaction was structured for tax purposes to qualify as a tax free
reorganization under the Internal Revenue Code. Directly after the merger,
the combined net assets of the Fund were $23,020,217, with net asset values
of $9.43 and $15.57 for Class A shares and Class B shares, respectively.
9 Name Change
----------------------------------------------------------------------------
Effective September 1, 1997, EV Marathon Worldwide Developing Resources Fund
changed its name to Eaton Vance Worldwide Developing Resources Fund.
11
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of Eaton Vance
Worldwide Developing Resources Fund:
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Eaton Vance Worldwide Developing Resources Fund
(the Fund) (one of the series of Eaton Vance Growth Trust) as of August 31,
1998, and the related statements of operations for year then ended, the
statement of changes in net assets for the years ended August 31, 1998 and 1997
and the financial highlights for each of the years in the four-year period ended
August 31, 1998, and for each of the years in the two year period ended
September 30, 1994. 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
standards. Those standards require that we plan and perform the audits 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. 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, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Eaton Vance
Worldwide Developing Resources Fund at August 31, 1998, the results of its
operations, the changes in its net assets and its financial highlights for the
respective stated period, in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
October 2, 1998
12
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1998
PORTFOLIO OF INVESTMENTS
(Expressed in United States Dollars)
Common Stocks -- 89.1%
Security Shares Value
- --------------------------------------------------------------------------------
Diamonds -- 5.1%
- --------------------------------------------------------------------------------
Canabrava Diamond Corp./(1)/ 100,000 $ 54,980
Diamondworks, Ltd./(1)(2)/ 150,000 81,510
Diamondworks, Ltd./(1)/ 150,000 81,510
Namibian Minerals Corp./(1)/ 75,000 84,375
Southernera Resources, Ltd./(1)/ 34,700 130,888
- --------------------------------------------------------------------------------
$ 433,263
- --------------------------------------------------------------------------------
Fertilizer -- 4.0%
- --------------------------------------------------------------------------------
Asia Pacific Resources/(1)/ 150,000 $ 340,439
- --------------------------------------------------------------------------------
$ 340,439
- --------------------------------------------------------------------------------
Metals - Gold -- 23.2%
- --------------------------------------------------------------------------------
Argosy Mining Corp./(2)(3)/ 100,000 $ 11,510
Ashanti Goldfields Co., Ltd./(3)/ 8,889 57,781
Barrick Gold Corp./(3)/ 15,000 195,000
Black Hawk Mining, Inc. 50,000 4,155
Black Hawk Mining, Inc./(2)/ 30,000 2,493
Black Swan Gold Mines, Ltd. 200,000 16,620
Canarc Resource Corp./(1)(2)/ 150,000 11,505
Crystallex International Corp./(1)(3)/ 150,000 65,625
Etruscan Enterprises, Ltd./(1)/ 150,000 172,620
Global Pacific Minerals, Inc./(1)/ 400,000 30,680
Golden Gram Resources, Inc./(1)/ 250,000 39,950
Greenstone Resources, Ltd./(1)/ 50,000 62,500
Iamgold International African Mining/(2)/ 25,000 39,638
Intrepid Minerals Corp./(2)/ 300,000 28,770
Kazakhstan Minerals Corp. 40,000 5,600
Meridian Gold/(1)/ 120,000 358,140
Minefinders Corp./(1)/ 100,000 53,700
Minorca Resources, Inc./(1)(2)/ 50,000 14,385
Nevsun Resources, Ltd. 40,000 10,740
Queenstake Resources, Ltd./(2)/ 150,000 19,185
Repadre Capital Corp./(1)/ 70,000 111,881
Rio Narcea Gold Mines, Ltd./(1)(3)/ 60,000 91,440
Rio Narcea Gold Mines, Ltd./(1)(2)(3)/ 60,000 91,440
Romarco Minerals, Inc./(1)(3)/ 125,000 119,063
Southwestern Gold Corp./(1)(3)/ 80,000 162,640
Steppe Gold Resources, Ltd./(1)/ 200,000 30,040
Steppe Gold Resources, Ltd./(1)(2)/ 200,000 30,040
Sutton Resources Ltd./(2)/ 20,000 46,670
Tanganyika Gold NL 300,000 14,829
Tombstone Explorations Co., Ltd./(2)(3)/ 225,000 25,898
TVX Gold, Inc./(1)/ 5,000 5,625
TVX Gold, Inc./(1)(2)/ 45,000 50,625
- --------------------------------------------------------------------------------
$1,980,788
- --------------------------------------------------------------------------------
Metals - Industrial -- 12.1%
- --------------------------------------------------------------------------------
AMT International Mining Corp./(1)(3)/ 817,200 $ 203,728
Billiton PLC/(2)(3)/ 75,000 127,646
Breakwater Resources, Ltd./(1)/ 100,000 51,150
Corriente Resources, Inc./(1)(2)(3)/ 75,000 26,370
Corriente Resources, Inc./(2)(3)/ 84,500 29,710
First Quantum Minerals/(1)/ 159,091 111,873
First Quantum Minerals/(1)(2)/ 100,000 70,320
Formation Capital Corp./(2)/ 400,000 191,800
Freeport McMoran Copper & Gold, Inc. 16,300 185,413
Tiomin Resources, Inc./(2)(3)/ 200,000 38,360
- --------------------------------------------------------------------------------
$1,036,370
- --------------------------------------------------------------------------------
Metals - Silver -- 3.0%
- --------------------------------------------------------------------------------
Apex Silver Mines, Ltd./(1)/ 20,000 $ 135,000
Pan American Silver Corp./(1)/ 10,000 51,250
Silver Standard Resources, Inc./(1)/ 100,000 75,000
- --------------------------------------------------------------------------------
$ 261,250
- --------------------------------------------------------------------------------
Metals - Steel -- 8.1%
- --------------------------------------------------------------------------------
Ispat International 15,000 $ 162,188
Reliance Steel and Aluminum Co. 10,000 305,000
Steel Dynamics Corp./(1)/ 20,000 222,500
- --------------------------------------------------------------------------------
$ 689,688
- --------------------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 1.0%
- --------------------------------------------------------------------------------
Unifab International, Inc. 10,000 $ 85,000
- --------------------------------------------------------------------------------
$ 85,000
- --------------------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 31.9%
- --------------------------------------------------------------------------------
Abacan Resources Corp./(1)/ 70,000 $ 24,066
Anadarko Petroleum Corp. 10,000 287,500
Arakis Energy Corp./(1)/ 170,000 180,625
Beau Canada Exploration, Ltd./(1)(3)/ 100,000 100,370
Bellator Exploration, Inc./(2)/ 300,000 105,480
See notes to financial statements
13
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1998
PORTFOLIO OF INVESTMENTS CONT'D
(Expressed in United States Dollars)
Security Shares Value
- --------------------------------------------------------------------------------
Oil and Gas - Exploration and Production (continued)
- --------------------------------------------------------------------------------
EEX Corp./(1)/ 35,000 $ 155,313
FX Energy, Inc./(1)/ 50,000 300,000
Louis Dreyfus Natural Gas/(1)/ 20,000 226,250
Mercantile International Petroleum/(1)(3)/ 342,000 30,780
Meridian Resource Corp./(1)/ 70,000 201,250
Pease Oil and Gas Co./(2)/ 150,000 23,445
Petsec Energy, Ltd., ADR/(1)/ 25,000 139,063
Probe Exploration, Inc./(1)/ 60,000 103,572
Ranger Oil, Ltd. 30,000 159,375
Remington Energy, Ltd./(3)/ 20,000 83,820
Seagull Energy Corp. 20,000 177,500
Seven Seas Petroleum Co./(3)/ 20,000 206,000
Seven Seas Petroleum Co./(2)(3)/ 10,000 103,000
Triton Energy, Ltd./(1)/ 10,000 115,000
- --------------------------------------------------------------------------------
$2,722,409
- --------------------------------------------------------------------------------
Paper and Forest Products -- 0.7%
- --------------------------------------------------------------------------------
Saint Laurent Paperboard, Inc./(2)/ 10,000 $ 63,500
- --------------------------------------------------------------------------------
$ 63,500
- --------------------------------------------------------------------------------
Total Common Stocks
(identified cost $22,986,986) $7,612,707
- --------------------------------------------------------------------------------
Installment Receipts -- 0.0%
Security Shares Value
- --------------------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 0.0%
- --------------------------------------------------------------------------------
Fracmaster, Ltd./(2)/ 11,000 $ --
- --------------------------------------------------------------------------------
$ --
- --------------------------------------------------------------------------------
Total Installment Receipts
(identified cost $77,552) $ --
- --------------------------------------------------------------------------------
Preferred Stocks -- 0.0%
Security Shares Value
- --------------------------------------------------------------------------------
Metals - Gold -- 0.0%
Ashanti Goldfields Co., Ltd., Class B, 3/31/99/(4)/ 8,889 $ --
Ashanti Goldfields Co., Ltd., Class C, 3/31/00/(4)/ 8,889 --
Ashanti Goldfields Co., Ltd., Class D, 3/31/01/(4)/ 8,889 --
Ashanti Goldfields Co., Ltd., Class E, 3/31/02/(4)/ 8,889 --
- --------------------------------------------------------------------------------
$ --
- --------------------------------------------------------------------------------
Total Preferred Stock
(identified cost $--) $ --
- --------------------------------------------------------------------------------
Private Placements and Special
Warrants -- 12.2%
Security Shares Value
- --------------------------------------------------------------------------------
Metals - Gold -- 12.2%
- --------------------------------------------------------------------------------
Nevada Pacific Mining Co./(2)(4)/ 80,000 $ 80,000
Quincunx Gold Exploration/(2)(4)/ 300,000 285,751
Western Exploration and Development, Ltd./(1)(2)(4)/ 600,000 674,999
- --------------------------------------------------------------------------------
$1,040,750
- --------------------------------------------------------------------------------
Total Private Placements and Special Warrants
(identified cost $969,101) $1,040,750
- --------------------------------------------------------------------------------
Warrants -- 0.0%
Security Shares Value
- --------------------------------------------------------------------------------
Diamonds -- 0.0%
- --------------------------------------------------------------------------------
Diamondworks, Ltd./(1)(2)(4)/ 150,000 $ --
- --------------------------------------------------------------------------------
$ --
- --------------------------------------------------------------------------------
Metals - Gold -- 0.0%
- --------------------------------------------------------------------------------
Golden Gram Resources, Inc./(1)(4)/ 250,000 $ --
Iamgold International African Mining/(1)(2)(4)/ 12,500 --
Minorca Resources, Inc./(1)(4)/ 12,500 --
Queenstake Resources, Ltd./(1)(2)(4)/ 75,000 --
- --------------------------------------------------------------------------------
$ --
- --------------------------------------------------------------------------------
Metals - Industrial -- 0.0%
- --------------------------------------------------------------------------------
Formation Capital Corp./(1)(2)(4)/ 400,000 $ --
- --------------------------------------------------------------------------------
$ --
- --------------------------------------------------------------------------------
Total Warrants
(identified cost $--) $ --
- --------------------------------------------------------------------------------
Total Investments -- 101.3%
(identified cost $24,033,639) $8,653,457
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities -- (1.3)% $ (108,076)
- --------------------------------------------------------------------------------
Net Assets -- 100% $8,545,381
- --------------------------------------------------------------------------------
ADR -- American Depositary Receipt
/(1)/Non-income producing security.
/(2)/Restricted security.
/(3)/Foreign security.
/(4)/Security valued at fair value using methods determined in good faith by or
at the direction of the Trustees.
See notes to financial statements
14
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1998
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
As of August 31, 1998
(Expressed in United States Dollars)
Assets
- --------------------------------------------------------------------------------
Investments, at value (identified cost, $24,033,639) $ 8,653,457
Cash 17,512
Foreign currency, at value (identified cost, $60) 52
Interest and dividends receivable 1,688
- --------------------------------------------------------------------------------
Total assets $ 8,672,709
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Demand note payable $ 100,000
Payable to affiliate for Trustees' fees 47
Other accrued expenses 27,281
- --------------------------------------------------------------------------------
Total liabilities $ 127,328
- --------------------------------------------------------------------------------
Net Assets applicable to investors' interest in Portfolio $ 8,545,381
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Net proceeds from capital contributions and withdrawals $ 23,925,571
Net unrealized depreciation (computed on the basis of
identified cost) (15,380,190)
- --------------------------------------------------------------------------------
Total $ 8,545,381
- --------------------------------------------------------------------------------
Statement of Operations
For the Year Ended
August 31, 1998
(Expressed in United States Dollars)
Investment Income
- --------------------------------------------------------------------------------
Dividends (net of foreign taxes, $2,013) $ 25,983
Interest 19,039
- --------------------------------------------------------------------------------
Total investment income $ 45,022
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Investment adviser fee $ 158,955
Trustees fees and expenses 1,022
Interest 65,382
Custodian fee 55,748
Legal and accounting services 29,897
Miscellaneous 2,486
- --------------------------------------------------------------------------------
Total expenses $ 313,490
- --------------------------------------------------------------------------------
Net investment loss $ (268,468)
- --------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- --------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (920,945)
Foreign currency transactions (1,797)
- --------------------------------------------------------------------------------
Net realized loss $ (922,742)
- --------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $(14,899,190)
Foreign currency (8)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $(14,899,198)
- --------------------------------------------------------------------------------
Net realized and unrealized loss $(15,821,940)
- --------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(16,090,408)
- --------------------------------------------------------------------------------
See notes to financial statements
15
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets (Expressed in United States Dollars)
Increase (Decrease) Year Ended For the Period Ended
in Net Assets August 31, 1998 August 31, 1997/(1)/
- --------------------------------------------------------------------------------
From operations --
Net investment loss $ (268,468) $ (88,261)
Net realized gain (loss) (922,742) 839,952
Net change in unrealized
appreciation (depreciation) (14,899,198) (480,992)
- --------------------------------------------------------------------------------
Net increase (decrease) in net
assets from operations $(16,090,408) $ 270,699
- --------------------------------------------------------------------------------
Capital transactions --
Contributions $ 5,654,112 $ 38,738,578
Withdrawals (12,527,185) (7,500,415)
- --------------------------------------------------------------------------------
Net increase (decrease) in net
assets from capital transactions $ (6,873,073) $ 31,238,163
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets $(22,963,481) $ 31,508,862
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of year $ 31,508,862 $ --
- --------------------------------------------------------------------------------
At end of year $ 8,545,381 $ 31,508,862
- --------------------------------------------------------------------------------
/(1)/ For the period from the start of business, April 10, 1997, to August 31,
1997.
See notes to financial statements
16
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data (Expressed in United States Dollars)
Year Ended For the Period Ended
August 31, 1998 August 31, 1997/(1)/
- --------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------
Expenses 1.48% 1.19%/(2)/
Expenses after custodian fee reduction 1.48% 1.15%/(2)/
Net investment loss (1.27)% (0.81)%/(2)/
Portfolio Turnover 69% 63%
- --------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $8,545 $31,509
- --------------------------------------------------------------------------------
/(1)/ For the period from the start of business, April 10, 1997, to August 31,
1997.
/(2)/ Annualized.
See notes to financial statements
17
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS
(Expressed in United States Dollars)
1 Significant Accounting Policies
---------------------------------------------------------------------------
Worldwide Developing Resources Portfolio (the Portfolio) is registered
under the Investment Company Act of 1940 as a diversified, open-end
investment company which was organized as a trust under the laws of the
State of New York. The Declaration of Trust permits the Trustees to issue
beneficial interests in the Portfolio. Investment operations began on April
10, 1997, with the acquisition of net assets of $26,141,520 in exchange for
an interest in the Portfolio by one of the Portfolio's investors. The
following is a summary of significant accounting policies of the Portfolio.
The policies are in conformity with accounting principles generally
accepted in the United States of America.
A Investment Valuation -- Securities listed on securities exchanges or in
the NASDAQ National Market System are valued at closing sale prices or, if
there has been no sale, at the mean between the closing bid and asked
prices. Unlisted securities are valued at the mean between the latest bid
and asked prices. Options and financial futures contracts are valued at the
last sale price, as quoted on the principal exchange or board of trade on
which such options or contracts are traded or, in the absence of a sale,
the mean between the last bid and asked prices. Short-term obligations,
maturing in 60 days or less, are valued at amortized cost, which
approximates the value. Securities for which market quotations are
unavailable are appraised at their fair value as determined in good faith
by or at the direction of the Trustees.
B Income Taxes -- The Portfolio is treated as a partnership for 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 on its
share of such income. 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 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.
C Financial Futures Contracts -- Upon the entering of a financial futures
contract, the Portfolio is required to deposit an amount ("initial margin")
either of cash or securities equal to a certain percentage of the purchase
price indicated in the financial futures contract. Subsequent payments are
made or received by the Portfolio (margin maintenance) each day, dependent
on the daily fluctuations in the value of the underlying security, and are
recorded for book purposes as unrealized gains or losses by the Portfolio.
When the Portfolio enters into a closing transaction, the Portfolio will
realize for book purposes a gain or loss equal to the difference between
the value of the financial futures contract to sell and the financial
futures contract to buy. The Portfolio's investment in financial futures
contracts is designed only to hedge against anticipated future changes in
interest or currency exchange rates. Should interest or currency exchange
rates move unexpectedly, the Portfolio may not achieve the anticipated
benefits of the financial futures contracts and may realize a loss.
D 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 fluctuation in foreign currency exchange rates are not
separately disclosed.
E 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. Risk 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
non-hedging purposes. The forward foreign currency exchange contracts are
adjusted by the daily exchange rate of the underlying currency and any
gains or losses are recorded for financial statement purposes as unrealized
until such time as the contracts have been closed or offset.
18
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
(Expressed in United States Dollars)
F Other -- Investment transactions are accounted for on the date the
investments are purchased or sold. Interest income is determined on the
basis of interest accrued. Dividend income is recorded on the ex-dividend
date. Realized gains and losses on the sale of investments are determined
on the identified cost basis.
G 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 income and expense during the
reporting period. Actual results could differ from those estimates.
H 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 expense in the statement of operations.
2 Investment Adviser Fee and Other Transactions with Affiliates
---------------------------------------------------------------------------
The investment adviser fee is earned by Boston Management and Research
(BMR), a wholly-owned subsidiary of Eaton Vance Management (EVM) as
compensation for management and investment advisory services rendered to
the Portfolio. Under the advisory agreement, the Adviser receives a monthly
fee of 0.0625% (0.75% 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 year ended August 31, 1998, the adviser fee was
0.75% of average net assets.
Except as to 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 fee. Trustees of
the Portfolio that are not affiliated with the Adviser may elect to defer
receipt of all or a percentage of their annual fees in accordance with the
terms of the Trustee Deferred Compensation Plan. For the year ended August
31, 1998 no significant amounts have been deferred.
Certain of the officers and Trustees of the Portfolio are officers and
directors/trustees of the above organizations.
3 Line of Credit
---------------------------------------------------------------------------
The Portfolio participates with other portfolios and funds managed by EVM
and its affiliates in a committed $100 million unsecured line of credit
agreement with a group of banks. The Fund may temporarily borrow from the
line of credit to satisfy redemption requests or settle investment
transactions. Interest is charged to each portfolio or fund based on its
borrowings at an amount above either the bank's adjusted certificate of
deposit rate, Eurodollar rate or Federal Funds rate. In addition, a fee
computed at an annual rate of 0.10% on the daily unused portion of the $100
million line of credit is allocated among the participating funds and
portfolios at the end of each quarter. At August 31, 1998, the Portfolio
had a balance outstanding pursuant to this line of credit of $100,000. The
average daily loan balance for the year ended August 31, 1998 was
$1,049,052 and the average interest rate was 6.2%. The maximum borrowing
outstanding at any time during the year ended August 31, 1998 was
$2,795,000.
4 Federal Income Tax Basis of Investments
---------------------------------------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at August 31, 1998, as computed on a federal income tax
basis, are as follows:
Aggregate cost $ 24,033,639
---------------------------------------------------------------------------
Gross unrealized appreciation $ 653,298
Gross unrealized depreciation (16,033,480)
---------------------------------------------------------------------------
Net unrealized depreciation $(15,380,182)
---------------------------------------------------------------------------
5 Investment Transactions
---------------------------------------------------------------------------
Purchases and sales of investments, other than short term obligations,
aggregated $14,955,517 and $17,357,914, respectively.
19
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1998
NOTES TO FINANCIAL STATEMENTS CONT'D
(Expressed in United States Dollars)
6 Restricted Securities
---------------------------------------------------------------------------
At August 31, 1998, the Portfolio owned the following securities
(constituting 26.6% of net assets) which were restricted as to public
resale and not registered under the Securities Act of 1933. The Portfolio
has various registration rights (exercisable under a variety of
circumstances) with respect to certain of 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.
Date of
Description Acquisition Shares/Face Cost Fair Value
- --------------------------------------------------------------------------------
Common Stocks
- --------------------------------------------------------------------------------
Argosy Mining Corp. 10/29/96 100,000 $ 181,950 $ 11,510
Bellator Exploration, Inc. 3/10/98 300,000 502,800 105,480
Billiton PLC 9/18/97 75,000 276,128 127,646
Black Hawk Mining, Inc. 3/26/97 30,000 183,030 2,493
Canarc Resource Corp. 11/5/96 150,000 247,395 11,505
Corriente Resources, Ltd. 10/19/95 75,000 158,436 26,370
Corriente Resources, Ltd. 10/19/95 84,500 199,685 29,710
Diamondworks, Ltd. 10/23/96 150,000 298,880 81,510
First Quantum Minerals 2/27/97 100,000 256,129 70,320
Formation Capital Corp. 6/9/98 400,000 326,440 191,800
Iamgold International
African Mining 10/8/97 25,000 83,862 39,638
Intrepid Minerals Corp. 11/22/96 300,000 246,660 28,770
Minorca Resources, Inc. 10/16/97 50,000 180,592 14,385
Pease Oil and Gas Co. 6/24/97 150,000 376,766 23,445
Queenstake Resources, Ltd. 7/9/97 150,000 259,564 19,185
Rio Narcea Gold Mines, Ltd. 3/27/97 60,000 167,784 91,440
Saint Laurent
Paperboard, Inc. 5/16/97 10,000 149,547 63,500
Seven Seas Petroleum Co. 3/24/97 10,000 150,000 103,000
Steppe Gold Resources, Ltd. 10/29/96 200,000 327,820 30,040
Sutton Resources, Ltd. 7/8/97 20,000 179,133 46,670
Tiomin Resources, Inc. 6/25/96 200,000 288,760 38,360
Tombstone Explorations
Co., Ltd. 11/6/96 225,000 274,770 25,898
TVX Gold, Inc. 6/28/93 45,000 177,679 50,625
- --------------------------------------------------------------------------------
$5,493,810 $1,233,300
- --------------------------------------------------------------------------------
Installment Receipts
- --------------------------------------------------------------------------------
Fracmaster, Ltd. 9/8/97 11,000 $ 77,552 $ 0
- --------------------------------------------------------------------------------
$ 77,552 $ 0
- --------------------------------------------------------------------------------
Date of
Description Acquisition Shares/Face Cost Fair Value
- --------------------------------------------------------------------------------
Private Placements and Special Warrants
- --------------------------------------------------------------------------------
Nevada Pacific Mining Co. 4/9/97 80,000 $ 341,352 $ 80,800
Quincunx Gold Exploration 8/16/96 300,000 327,749 285,751
Western Exploration and
Development, Ltd. 9/22/97 600,000 300,000 674,999
- --------------------------------------------------------------------------------
$ 969,101 $1,040,750
- --------------------------------------------------------------------------------
Warrants
- --------------------------------------------------------------------------------
Diamondworks, Ltd. 1/27/98 150,000 $ 0 $ 0
Formation Capital Corp. 6/9/98 400,000 0 0
Iamgold International
African Mining 11/4/97 12,500 0 0
Queenstake Resources, Ltd. 7/9/97 75,000 0 0
- --------------------------------------------------------------------------------
$ 0 $ 0
- --------------------------------------------------------------------------------
20
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1998
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders
of Worldwide Developing Resources Portfolio:
- --------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Worldwide Developing Resources Portfolio (the
Portfolio) as of August 31, 1998, the related statement of operations for the
year then ended, the statements of changes in net assets and the supplementary
data for the year ended August 31, 1998 and the period from April 10, 1997,
(start of business) to August 31, 1997 (all expressed in United States Dollars).
These financial statements and supplementary data are the responsibility of the
Portfolio's management. Our responsibility is to express an opinion on these
financial statements and supplementary data based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements and supplementary data 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 held as of August 31, 1998 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, such financial statements and supplementary data present fairly,
in all material respects, the financial position of the Portfolio at August 31,
1998, and the results of its operations, the changes in its net assets and its
supplementary data for the respective stated periods (all expressed in United
States Dollars), in conformity with accounting principles generally accepted in
the United States of America.
DELOITTE & TOUCHE
Grand Cayman, Cayman Islands
British West Indies
October 2, 1998
21
<PAGE>
Eaton Vance Worldwide Developing Resources Fund as of August 31, 1998
INVESTMENT MANAGEMENT
Eaton Vance Worldwide Developing Resources Fund
Officers
James B. Hawkes
President and Director
M. Dozier Gardner
Vice President
William D. Burt
Vice President and
Co-Portfolio Manager
Barclay Tittmann
Vice President and
Co-Portfolio Manager
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Independent Trustees
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking, Harvard University Graduate School
of Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
Worldwide Developing Resources Portfolio
Officers
James B. Hawkes
President and Trustee
M. Dozier Gardner
Vice President
Michel Normandeau
Vice President
Raymond O'Neill
Vice President
William D. Burt
Vice President and
Co-Portfolio Manager
Barclay Tittmann
Vice President and
Co-Portfolio Manager
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Independent Trustees
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment
Banking, Harvard University Graduate School
of Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
22
<PAGE>
This Page Intentionally Left Blank
<PAGE>
Investment Adviser of
Worldwide Developing Resources Portfolio
Boston Management and Research
24 Federal Street
Boston, MA 02110
Administrator of
Eaton Vance Worldwide
Developing Resources Fund
Eaton Vance Management
24 Federal Street
Boston, MA 02110
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
Transfer Agent
First Data Investor Services Group
Attn: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 01581-5123
Independent Auditors
Deloitte & Touche LLP
125 Summer Street
Boston, MA 02110
Eaton Vance
Worldwide Developing Resources Fund
24 Federal Street
Boston, MA 02110
- -------------------------------------------------------------------------------
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its sales charges and
expenses. Please read the prospectus carefully before you invest or send money.
