<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1997
PORTFOLIO OF INVESTMENTS
(Expressed in United States Dollars)
Common Stocks -- 82.7%
<TABLE>
<CAPTION>
Security Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Metals - Gold -- 25.4%
- --------------------------------------------------------------------------------
Argosy Mining Corp.* 100,000 $ 54,010
Ashanti Goldfields Co., Ltd.* 8,889 90,821
Barrick Gold Corp.* 15,000 341,250
Bema Gold Corp. 20,000 105,000
Cambior Inc. 17,000 182,750
Canarc Resource Corp. 150,000 63,735
Crystallex International Corp.* 150,000 740,625
Dayton Mining Corp. 100,000 318,750
Eldorado Gold Corp., Ltd.* 60,000 168,941
Etruscan Enterprises, Ltd. 150,000 669,795
Getchell Gold Corp. 15,000 510,000
Global Pacific Minerals, Inc. 200,000 144,040
Golden Gram Resources, Inc. 250,000 288,075
Gran Colombia Resources, Inc.* 100,000 23,764
Greenstone Resources, Ltd. 50,000 475,000
International Ballatar Resources Inc. 300,000 408,360
Intrepid Minerals Corp. 300,000 101,537
Kazakhstan Minerals Corp. 40,000 42,000
Meridian Gold 120,000 535,836
Minorca Resources Inc. 50,000 45,010
Nevada Pacific Mining Co.+++ 40,000 300,000
Queenstake Resources, Ltd. 150,000 187,965
Repadre Capital Corp. 70,000 378,112
Rio Narcea Gold Mines Ltd.* 120,000 380,268
Romarco Minerals, Inc.* 100,000 298,851
South Pacific Resources Corp.* 100,000 32,410
Southwestern Gold Corp.* 40,000 239,112
Steppe Gold Resources, Ltd. 200,000 60,480
Sutton Resources Ltd. 20,000 189,418
Tombstone Explorations Co., Ltd.* 225,000 259,268
Triton Mining Corp. 80,000 115,232
TVX Gold, Inc. 50,000 259,375
- --------------------------------------------------------------------------------
$ 8,009,790
- --------------------------------------------------------------------------------
Metals - Industrial -- 13.6%
- --------------------------------------------------------------------------------
AMT International Mining Corp.* 817,200 $ 517,860
Billiton, PLC 75,000 291,870
Colossal Resources Corp. 120,000 138,744
Corriente Resources, Inc.* 159,500 287,180
First Quantum Minerals 100,000 276,560
Freeport McMoran Copper & Gold, Inc. 16,300 436,025
Inco, Ltd. 5,600 151,550
Ispat International 15,000 402,188
Nucor Corp. 5,000 283,438
Oregon Metallurgical 30,000 660,000
Steel Dynamics 20,000 505,000
Tiomin Resources, Inc.* 200,000 316,880
- --------------------------------------------------------------------------------
$ 4,267,295
- --------------------------------------------------------------------------------
Metals and Minerals -- 2.6%
- --------------------------------------------------------------------------------
Diamondworks, Ltd.+++ 150,000 $ 175,005
Namibian Minerals Corp. 75,000 276,563
Potash Corp. of Saskatchewan 5,000 369,688
- --------------------------------------------------------------------------------
$ 821,256
- --------------------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 1.1%
- --------------------------------------------------------------------------------
Noble Drilling Corp. 12,000 $ 341,250
- --------------------------------------------------------------------------------
$ 341,250
- --------------------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 39.5%
- --------------------------------------------------------------------------------
Abacan Resources Corp. 85,000 $ 233,750
American Exploration Co. 60,000 1,012,500
Anadarko Petroleum Corp. 10,700 785,781
Arakis Energy Corp. 200,000 725,000
Beau Canada Exploration, Ltd.* 170,000 389,351
Cairn Energy USA, Inc. 60,000 686,250
Coho Energy Inc. 75,000 731,250
Enserch Exploration, Inc. 35,000 315,000
Evergreen Resources, Inc. 15,000 202,500
FX Energy, Inc. 70,000 638,750
Harcor Energy Inc. 135,000 683,438
Mercantile International Petroleum* 400,000 384,000
Meridian Resource Corp. 50,000 546,875
Nevsun Resources, Ltd. 40,000 149,804
Pease Oil and Gas Co. 150,000 375,000
Petsec Energy Ltd., ADR 28,000 682,500
Probe Exploration Inc. 100,000 316,890
Ranger Oil Ltd. 75,000 726,563
Seven Seas Petroleum Co.* 45,000 612,000
Swift Energy Co. 25,000 648,438
TransTexas Gas Corp. 17,000 244,375
Triton Energy Ltd. 8,700 334,950
Tusk Energy, Inc.* 400,000 409,030
United Meridian Corp. 5,000 195,938
Vastar Resources Inc. 10,000 426,875
- --------------------------------------------------------------------------------
$12,456,808
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
14
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1997
PORTFOLIO OF INVESTMENTS CONT'D
(Expressed in United States Dollars)
<TABLE>
<CAPTION>
Security Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Paper and Forest Products -- 0.5%
- --------------------------------------------------------------------------------
Saint Laurent Paperboard Inc. 10,000 $ 170,309
- --------------------------------------------------------------------------------
$ 170,309
- --------------------------------------------------------------------------------
Total Common Stocks
(identified cost $26,318,377) $26,066,708
- --------------------------------------------------------------------------------
<CAPTION>
Warrants -- 2.6%
Security Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Metals - Gold -- 1.8%
- --------------------------------------------------------------------------------
Argosy Mining Corp. 50,000 $ --
Black Swan Gold Mines, Ltd. 200,000 115,364
Canarc Resource Corp. 75,000 --
Etruscan Enerprises, Ltd. 100,000 140,477
Golden Gram Resources, Inc. 250,000 --
Gran Colombia Resources, Inc. 50,000 --
Intrepid Minerals Corp. 150,000 --
Minorca Resources Inc. 12,500 --
Queenstake Resources, Ltd. 75,000 --
Quincunx Gold Exploration+++* 300,000 324,056
Steppe Gold Resources, Ltd. 100,000 --
- --------------------------------------------------------------------------------
$ 579,897
- --------------------------------------------------------------------------------
Metals - Industrial -- 0.2%
- --------------------------------------------------------------------------------
First Quantum Minerals 50,000 $ --
Panorama Resources 400,000 54,394
- --------------------------------------------------------------------------------
$ 54,394
- --------------------------------------------------------------------------------
Metals and Minerals -- 0.6%
- --------------------------------------------------------------------------------
Diamondworks, Ltd. 150,000 $ 174,990
- --------------------------------------------------------------------------------
$ 174,990
- --------------------------------------------------------------------------------
Oil and Gas - Exploration and Production -- 0.0%
- --------------------------------------------------------------------------------
Seven Seas Petroleum Co. 5,000 $ --
- --------------------------------------------------------------------------------
Total Warrants (identified cost $1,038,604) $ 809,281
- --------------------------------------------------------------------------------
<CAPTION>
Commercial Paper -- 10.8%
Principal
Amount
Security (000 omitted) Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Ford Motor Credit Co., 5.53%, 9/3/97 $ 1,079 $ 1,078,337
General Electric Capital Corp., 5.6%, 9/2/97 320 319,851
Norwest Financial Inc., 5.55%, 9/3/97 1,000 999,383
Prudential Funding Corp., 5.54%, 9/3/97 1,000 999,384
- --------------------------------------------------------------------------------
Total Commercial Paper
(amortized cost $3,396,955) $ 3,396,955
- --------------------------------------------------------------------------------
Total Investments -- 96.1%
(identified cost $30,753,936) $30,272,944
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities -- 3.9% $ 1,235,918
- --------------------------------------------------------------------------------
Net Assets -- 100% $31,508,862
- --------------------------------------------------------------------------------
</TABLE>
ADR -- American Depositary Receipt
* Foreign Security
+++ Restricted Security
See notes to financial statements
15
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1997
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
As of August 31, 1997
(Expressed in United States Dollars)
Assets
- --------------------------------------------------------------------------------
<S> <C>
Investments, at value (Note 1A)
(identified cost, $30,753,936) $30,272,944
Cash 400
Receivable for investments sold 2,546,949
Interest and dividends receivable 2,325
Deferred organization expenses (Note 1F) 13,812
- --------------------------------------------------------------------------------
Total assets $32,836,430
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Payable for investments purchased $ 1,292,860
Accrued expenses 34,708
- --------------------------------------------------------------------------------
Total liabilities $ 1,327,568
- --------------------------------------------------------------------------------
Net Assets applicable to investors' interest
in Portfolio $31,508,862
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Net proceeds from capital contributions and $31,989,854
withdrawals
Net unrealized depreciation of investments (computed
on the basis of identified cost) (480,992)
- --------------------------------------------------------------------------------
Total $31,508,862
- --------------------------------------------------------------------------------
</TABLE>
Statement of Operations
<TABLE>
<CAPTION>
For the period ended
August 31, 1997 *
(Expressed in United States Dollars)
Investment Income (Note 1G)
- --------------------------------------------------------------------------------
<S> <C>
Dividends (net of foreign taxes, $2,310) $ 19,005
Interest income 18,374
- --------------------------------------------------------------------------------
Total income $ 37,379
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Investment adviser fee (Note 2) $ 81,301
Custodian fee (Note 1I) 21,786
Legal and accounting services 17,696
Amortization of organization expenses (Note 1F) 1,188
Miscellaneous 7,733
- --------------------------------------------------------------------------------
Total expenses $ 129,704
- --------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee (Note 1I) $ 4,064
- --------------------------------------------------------------------------------
Total expense reductions $ 4,064
- --------------------------------------------------------------------------------
Net expenses $ 125,640
- --------------------------------------------------------------------------------
Net investment loss $ (88,261)
- --------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
- --------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 844,696
Foreign currency translations (4,744)
- --------------------------------------------------------------------------------
Net realized gain on investments $ 839,952
- --------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ (480,992)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $ (480,992)
- --------------------------------------------------------------------------------
Net realized and unrealized gain on investments $ 358,960
- --------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 270,699
- --------------------------------------------------------------------------------
</TABLE>
* 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, 1997
FINANCIAL STATEMENTS CONT'D
Statement of Changes in Net Assets (Expressed in United States Dollars)
<TABLE>
<CAPTION>
Increase (Decrease) For the period ended
in Net Assets August 31, 1997 *
- --------------------------------------------------------------------------------
<S> <C>
From operations --
Net investment loss $ (88,261)
Net realized gain on investments 839,952
Net change in unrealized (480,992)
appreciation (depreciation)
- --------------------------------------------------------------------------------
Net increase in net assets from operations $ 270,699
- --------------------------------------------------------------------------------
Capital transactions --
Contributions $38,738,578
Withdrawals (7,500,415)
- --------------------------------------------------------------------------------
Net increase in net assets from capital transactions $31,238,163
- --------------------------------------------------------------------------------
Net increase in net assets $31,508,862
- --------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------
At beginning of period $ --
- --------------------------------------------------------------------------------
At end of period $31,508,862
- --------------------------------------------------------------------------------
</TABLE>
* For the period from the start of business, April 10, 1997, to August 31,
1997.
See notes to financial statements
17
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1997
FINANCIAL STATEMENTS CONT'D
Supplementary Data (Expressed in United States Dollars)
<TABLE>
<CAPTION>
For the Period Ended
August 31, 1997*
- -------------------------------------------------------------------------------
<S> <C>
Ratios to average daily net assets
- -------------------------------------------------------------------------------
Expenses 1.19%+
Net expenses, after custodian fee reduction 1.15%+
Net investment loss (0.81)%+
Portfolio Turnover 63%
- -------------------------------------------------------------------------------
Average commission rate (per share)/(1)/ $ 0.0325
- -------------------------------------------------------------------------------
Net assets, end of period (000s omitted) $ 31,509
- -------------------------------------------------------------------------------
</TABLE>
+ Annualized.
* For the period from the start of business, April 10, 1997, to August 31,
1997.
/(1)/ Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions
were charged.
See notes to financial statements
18
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1997
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.
19
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1997
NOTES TO FINANCIAL STATEMENTS CONT'D
(Expressed in United States Dollars)
F Deferred Organization Expenses -- Costs incurred by the Portfolio in
connection with its organization, including registration costs, are being
amortized on the straight-line basis over five years.
G 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.
H 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.
I 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, 1997, the adviser fee was 0.75% (annualized) 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 period ended August 31, 1997 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 $120 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 0.15% on
the daily unused portion of the $120 million line of credit is allocated among
the participating funds and portfolios at the end of each quarter. The Fund
did not have significant borrowings or allocated fees during the period ended
August 31, 1997.
4 Federal Income Tax Basis of Investments
------------------------------------------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at August 31, 1997, as computed on a federal income tax
basis, are as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate cost $30,753,936
-------------------------------------------------------
Gross unrealized appreciation $ 4,683,237
Gross unrealized depreciation (5,164,229)
-------------------------------------------------------
Net unrealized depreciation $ (480,992)
-------------------------------------------------------
</TABLE>
5 Investment Transactions
------------------------------------------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $9,365,660 and $8,881,923, respectively.
20
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1997
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, 1997, and the related statement of operations, the
statement of changes in net assets and the supplementary data for 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 audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit 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, 1997 by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides 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,
1997, and the results of its operations, the changes in its net assets and its
supplementary data for the period from April 10, 1997, (start of business) to
August 31, 1997 (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 10, 1997
21
<PAGE>
Worldwide Developing Resources Portfolio as of August 31, 1997
INVESTMENT MANAGEMENT
Worldwide Developing Resources Portfolio
Officers
James B. Hawkes
President and Trustee
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
Vice President and Treasurer
Alan R. Dynner
Secretary
Independent Trustees
Donald R. Dwight
President, Dwight Partners, Inc.
Chairman, Newspapers of New England, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking, Harvard University Graduate
School of Business Administration
Norton H. Reamer
President and Director, United Asset Management Corporation
John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
22
