<PAGE>
Worldwide Developing Resources Portfolio as of February 28, 1998
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks -- 103.5%
Security Shares Value
- --------------------------------------------------------------------------------
Diamonds -- 4.3%
- --------------------------------------------------------------------------------
Canabrava Diamond Corp.* 100,000 $ 101,880
Diamondworks, Ltd.*+ 150,000 158,100
Diamondworks, Ltd. 150,000 158,100
Namibian Minerals Corp.* 75,000 173,438
Southernera Resources, Ltd.* 34,700 288,933
- --------------------------------------------------------------------------------
$ 880,451
- --------------------------------------------------------------------------------
Fertilizer -- 2.1%
- --------------------------------------------------------------------------------
Asia Pacific Resources* 100,000 $ 203,070
Potash Corp. of Saskatchewan 2,500 223,438
- --------------------------------------------------------------------------------
$ 426,508
- --------------------------------------------------------------------------------
Metals - Gold -- 27.0%
- --------------------------------------------------------------------------------
Argosy Mining Corp./1/+ 100,000 $ 30,210
Ashanti Goldfields Co., Ltd./1/ 8,889 74,178
Barrick Gold Corp./1/ 15,000 288,750
Bema Gold Corp.+ 20,000 47,500
Black Swan Gold Mines, Ltd. 200,000 40,740
Canarc Resource Corp.+ 150,000 57,960
Crystallex International Corp.*/1/ 150,000 1,181,249
Eldorado Gold Corp., Ltd.*/1/ 19,000 13,212
Eldorado Gold Corp., Ltd./1/+ 41,000 28,520
Etruscan Enterprises, Ltd.* 150,000 415,275
Getchell Gold Corp.* 20,000 372,500
Global Pacific Minerals, Inc.* 400,000 123,640
Golden Gram Resources, Inc.* 250,000 79,050
Gran Colombia Resources, Inc./1/+ 100,000 14,047
Greenstone Resources, Ltd.* 50,000 287,500
Iamgold International African Mining+ 25,000 86,075
Intrepid Minerals Corp. 300,000 84,300
Kazakhstan Minerals Corp. 40,000 20,000
Meridian Gold* 120,000 366,792
Minefinders Corp.* 100,000 140,530
Minorca Resources Inc.* 50,000 28,105
Nevsun Resources, Ltd.* 40,000 103,992
Queenstake Resources, Ltd. 150,000 54,795
Repadre Capital Corp.* 70,000 282,821
Rio Narcea Gold Mines, Ltd.*/1/ 60,000 143,340
Rio Narcea Gold Mines, Ltd./1/ 60,000 143,340
Romarco Minerals, Inc.*/1/ 125,000 241,440
South Pacific Resources Corp.*/1/ 100,000 12,990
Southwestern Gold Corp.*/1/ 80,000 258,016
Steppe Gold Resources, Ltd.* 200,000 46,360
Steppe Gold Resources, Ltd.*+ 200,000 46,360
Sutton Resources Ltd. 20,000 164,424
Tombstone Explorations Co., Ltd./1/+ 225,000 75,870
Triton Mining Corp.*+ 30,000 7,377
Triton Mining Corp.* 50,000 12,295
TVX Gold, Inc.* 5,000 14,688
TVX Gold, Inc.+ 45,000 132,188
- --------------------------------------------------------------------------------
$5,520,429
- --------------------------------------------------------------------------------
Metals - Industrial -- 10.1%
- --------------------------------------------------------------------------------
AMT International Mining Corp.*/1/ 817,200 $ 401,899
Billiton PLC+ 75,000 184,153
Breakwater Resources, Ltd.* 100,000 212,900
Colossal Resources Corp.* 120,000 18,744
Corriente Resources, Inc.*+/1/ 159,500 138,972
First Quantum Minerals* 159,091 447,141
First Quantum Minerals+ 100,000 281,060
Freeport McMoran Copper & Gold, Inc. 16,300 234,313
Panorama Resources 400,000 39,350
Tiomin Resources, Inc./1/+ 200,000 101,180
- --------------------------------------------------------------------------------
$2,059,712
- --------------------------------------------------------------------------------
Metals - Silver -- 2.6%
- --------------------------------------------------------------------------------
Apex Silver Mines, Ltd.* 20,000 $ 231,250
Pan American Silver Corp.* 10,000 98,437
Silver Standard Resources, Inc.* 50,000 212,500
- --------------------------------------------------------------------------------
$ 542,187
- --------------------------------------------------------------------------------
Metals - Steel -- 5.4%
- --------------------------------------------------------------------------------
Ispat International* 15,000 $ 369,375
Reliance Steel and Aluminum Co. 10,000 352,500
Steel Dynamics Corp.* 20,000 380,000
- --------------------------------------------------------------------------------
$1,101,875
- --------------------------------------------------------------------------------
Oil and Gas - Equipment and Services -- 3.2%
- --------------------------------------------------------------------------------
Canadian Fracmaster, Ltd.*+ 11,000 $ 73,428
Noble Drilling Corp. 12,000 340,500
Tidewater, Inc. 5,500 244,750
- --------------------------------------------------------------------------------
$ 658,678
- --------------------------------------------------------------------------------
See notes to financial statements
10
<PAGE>
Worldwide Developing Resources Portfolio as of February 28, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Security Shares Value
- --------------------------------------------------------------------------------
Oil and Gas - Exploration
and Production -- 48.2%
- --------------------------------------------------------------------------------
Abacan Resources Corp.* 70,000 $ 137,809
Anadarko Petroleum Corp. 10,700 690,150
Arakis Energy Corp.* 200,000 456,240
Beau Canada Exploration, Ltd./1/ 170,000 308,176
Coho Energy Inc.* 75,000 595,313
EEX Corporation* 35,000 299,688
Encal Energy, Ltd.* 250,000 937,499
FX Energy, Inc. * 50,000 415,625
FX Energy, Inc.+ 20,000 166,250
Harcor Energy Inc.* 40,000 55,000
Louis Dreyfus Natural Gas* 43,200 780,300
Mercantile International Petroleum*/1/ 400,000 104,000
Meridian Resource Corp.* 114,800 954,274
Pease Oil and Gas Co.+ 150,000 215,625
Petsec Energy Ltd., ADR* 28,000 414,750
Probe Exploration Inc.* 100,000 375,920
Ranger Oil Ltd. 75,000 482,813
Seven Seas Petroleum Co./1/ 30,000 884,999
Seven Seas Petroleum Co./1/+ 10,000 295,000
Swift Energy Co. 27,500 493,281
Triton Energy Ltd.* 12,000 379,500
Tusk Energy, Inc.*/1/ 257,600 253,401
United Meridian Corp.* 5,000 136,875
- --------------------------------------------------------------------------------
$ 9,832,488
- --------------------------------------------------------------------------------
Paper and Forest Products -- 0.6%
- --------------------------------------------------------------------------------
Saint Laurent Paperboard, Inc.+ 10,000 $ 113,481
- --------------------------------------------------------------------------------
$ 113,481
- --------------------------------------------------------------------------------
Total Common Stocks
(identified cost $28,502,835) $21,135,809
- --------------------------------------------------------------------------------
Preferred Stocks -- 0.0%
Metals - Gold
- --------------------------------------------------------------------------------
Ashanti Goldfields Co., Ltd., Class A, 3/31/98 8,889 $ --
Ashanti Goldfields Co., Ltd., Class B, 3/31/99 8,889 --
Ashanti Goldfields Co., Ltd., Class C, 3/31/00 8,889 --
Ashanti Goldfields Co., Ltd., Class D, 3/31/01 8,889 --
Ashanti Goldfields Co., Ltd., Class E, 3/31/02 8,889 --
- --------------------------------------------------------------------------------
$ --
- --------------------------------------------------------------------------------
Total Preferred Stocks
(identified cost --) $ --
- --------------------------------------------------------------------------------
Private Placements and Special
Warrants -- 7.0%
Metals - Gold -- 4.5%
- --------------------------------------------------------------------------------
Nevada Pacific Mining Co.+ 40,000 $ 300,000
Quincunx Gold Exploration 300,000 316,067
Western Exploration and Development, Ltd.*+ 600,000 300,000
- --------------------------------------------------------------------------------
$ 916,067
- --------------------------------------------------------------------------------
Metals - Industrial -- 1.3%
- --------------------------------------------------------------------------------
Formation Capital Corp. 400,000 $ 252,960
- --------------------------------------------------------------------------------
$ 252,960
- --------------------------------------------------------------------------------
Oil and Gas - Exploration
and Production -- 1.2%
- --------------------------------------------------------------------------------
Bellator Exploration, Inc.*+ 300,000 $ 252,960
- --------------------------------------------------------------------------------
$ 252,960
- --------------------------------------------------------------------------------
Total Private Placements and Special Warrants
(identified cost $1,758,341) $ 1,421,987
- --------------------------------------------------------------------------------
Warrants -- 0.0%
Diamonds
- --------------------------------------------------------------------------------
Diamondworks, Ltd.+ 150,000 $ --
- --------------------------------------------------------------------------------
$ --
- --------------------------------------------------------------------------------
Metals - Gold
- --------------------------------------------------------------------------------
Argosy Mining Corp.+ 50,000 $ --
Black Swan Gold Mines, Ltd.+ 100,000 --
Canarc Resource Corp.+ 75,000 --
Golden Gram Resources, Inc.* 250,000 --
Iamgold International African Mining+ 12,500 --
Intrepid Minerals Corp. 150,000 --
Minorca Resources, Inc. 12,500 --
Queenstake Resources, Ltd.+ 75,000 --
Steppe Gold Resources, Ltd.+ 100,000 --
- --------------------------------------------------------------------------------
$ --
- --------------------------------------------------------------------------------
Metals - Industrial
- --------------------------------------------------------------------------------
First Quantum Minerals 50,000 $ --
- --------------------------------------------------------------------------------
$ --
- --------------------------------------------------------------------------------
See notes to financial statements
11
<PAGE>
Worldwide Developing Resources Portfolio as of February 28, 1998
PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D
Security Shares Value
- --------------------------------------------------------------------------------
Total Warrants
(identified cost --) $ --
- --------------------------------------------------------------------------------
Total Investments -- 110.5%
(identified cost $30,261,176) $ 22,557,796
- --------------------------------------------------------------------------------
Other Assets, Less Liabilities -- (10.5)% $ (2,143,000)
- --------------------------------------------------------------------------------
Net Assets -- 100% $ 20,414,796
- --------------------------------------------------------------------------------
ADR -- American Depositary Receipt
* Non-income producing security.
+ Restricted Security.
1 Foreign Security.
See notes to financial statements
12
<PAGE>
Worldwide Developing Resources Portfolio as of February 28, 1998
FINANCIAL STATEMENTS (Unaudited)
Statement of Assets and Liabilities
As of February 28, 1998
(Expressed in United States Dollars)
Assets
- --------------------------------------------------------------------------------
Investments, at value (Note 1A)
(identified cost, $30,261,176) $22,557,796
Cash 527
Receivable for investments sold 1,463
Deferred organization expenses (Note 1F) 12,319
- --------------------------------------------------------------------------------
Total assets $22,572,105
- --------------------------------------------------------------------------------
Liabilities
- --------------------------------------------------------------------------------
Demand note payable (Note 3) $ 2,116,000
Payable to affiliate for Trustees' fees (Note 2) 291
Accrued expenses 41,018
- --------------------------------------------------------------------------------
Total liabilities $ 2,157,309
- --------------------------------------------------------------------------------
Net Assets applicable to investors' interest in Portfolio $20,414,796
- --------------------------------------------------------------------------------
Sources of Net Assets
- --------------------------------------------------------------------------------
Net proceeds from capital contributions and withdrawals $28,118,176
Net unrealized depreciation of investments (computed on the
basis of identified cost) (7,703,380)
- --------------------------------------------------------------------------------
Total $20,414,796
- --------------------------------------------------------------------------------
Statement of Operations
For the Six Months Ended
February 28, 1998
(Expressed in United States Dollars)
Investment Income (Note 1G)
- --------------------------------------------------------------------------------
Dividends (net of foreign taxes, $821) $ 13,991
Interest income 19,039
- --------------------------------------------------------------------------------
Total income $ 33,030
- --------------------------------------------------------------------------------
Expenses
- --------------------------------------------------------------------------------
Investment adviser fee (Note 2) $ 97,444
Compensation of Trustees not members of the
Investment Adviser's organization (Note 2) 1,124
Interest expense 33,431
Custodian fee 31,535
Legal and accounting services 15,634
Amortization of organization expenses (Note 1F) 1,493
Miscellaneous 2,246
- --------------------------------------------------------------------------------
Total expenses $ 182,907
- --------------------------------------------------------------------------------
Net investment loss $ (149,877)
- --------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
- --------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 657,566
Foreign currency transactions (56)
- --------------------------------------------------------------------------------
Net realized gain on investment transactions $ 657,510
- --------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $(7,222,388)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of
investments $(7,222,388)
- --------------------------------------------------------------------------------
Net realized and unrealized loss on investments $(6,564,878)
- --------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(6,714,755)
- --------------------------------------------------------------------------------
See notes to financial statements
13
<PAGE>
Worldwide Developing Resources Portfolio as of February 28, 1998
FINANCIAL STATEMENTS CONT'D
Statements of Changes in Net Assets (Expressed in United States Dollars)
<TABLE>
<CAPTION>
Six Months Ended
Increase (Decrease) February 28, 1998 For the Period Ended
in Net Assets (Unaudited) August 31, 1997 *
- -------------------------------------------------------------------------------------
<S> <C> <C>
From operations --
Net investment loss $ (149,877) $ (88,261)
Net realized gain on
investment transactions 657,510 839,952
Net change in unrealized
appreciation (depreciation)
of investments (7,222,388) (480,992)
- -------------------------------------------------------------------------------------
Net increase (decrease) in net
assets from operations $ (6,714,755) $ 270,699
- -------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 3,689,052 $ 38,738,578
Withdrawals (8,068,363) (7,500,415)
- -------------------------------------------------------------------------------------
Net increase (decrease) in net
assets from
capital transactions $ (4,379,311) $ 31,238,163
- -------------------------------------------------------------------------------------
Net increase (decrease) in net assets $(11,094,066) $ 31,508,862
- -------------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------------
At beginning of period $ 31,508,862 $ --
- -------------------------------------------------------------------------------------
At end of period $ 20,414,796 $ 31,508,862
- -------------------------------------------------------------------------------------
</TABLE>
* For the period from the start of business, April 10, 1997, to August 31, 1997.
See notes to financial statements
14
<PAGE>
Worldwide Developing Resources Portfolio as of February 28, 1998
FINANCIAL STATEMENTS CONT'D
Supplementary Data (Expressed in United States Dollars)
<TABLE>
<CAPTION>
Six Months Ended
February 28, 1998 For the Period Ended
(Unaudited) August 31, 1997*
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
Ratios to average daily net assets
- ---------------------------------------------------------------------------------------------------
Expenses 1.42% + 1.19%+
Expenses after custodian fee reduction 1.42% + 1.15%+
Net investment loss (1.16)+ (0.81)%+
Portfolio Turnover 33% 63%
- ---------------------------------------------------------------------------------------------------
Average commission rate (per share) /(1)/ $ 0.0307 $ 0.0325
- ---------------------------------------------------------------------------------------------------
Net assets, end of period (000's omitted) $ 20,415 $ 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
15
<PAGE>
Worldwide Developing Resources Portfolio as of February 28, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(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 approximate 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
16
<PAGE>
Worldwide Developing Resources Portfolio as of February 28, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
(Expressed in United States Dollars)
unrealized until such time as the contracts have been closed or offset.
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.
J Interim Financial Statements -- The interim financial statements relating
to February 28, 1998 and for the six-month period then ended have not been
audited by independent certified public accountants, but in the opinion of
the Portfolio's management, reflect all adjustments, consisting only of
normal recurring adjustments, necessary for the fair presentation of the
financial statements.
2 Investment 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
six months ended February 28, 1998, 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 February 28,
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 February 28, 1998, the Portfolio had a balance
outstanding pursuant to this line of credit of $2,116,000. The average daily
loan balance for the period ended February 28, 1998 was $1,078,448 and the
average interest rate was 3.1%. The maximum borrowing outstanding at any time
during the period ended February 28, 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 February 28, 1998, as computed on a federal income tax
basis, are as follows:
Aggregate cost $ 30,261,176
-----------------------------------------------------------------------------
Gross unrealized appreciation $ 3,463,109
Gross unrealized depreciation (11,166,489)
-----------------------------------------------------------------------------
Net unrealized depreciation $ (7,703,380)
-----------------------------------------------------------------------------
17
<PAGE>
Worldwide Developing Resources Portfolio as of February 28, 1998
NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D
(Expressed in United States Dollars)
5 Investment Transactions
-----------------------------------------------------------------------------
Purchases and sales of investments, other than short-term obligations,
aggregated $10,924,919 and $8,678,285, respectively.
18
<PAGE>
Worldwide Developing Resources Portfolio as of February 28, 1998
INVESTMENT MANAGEMENT (Unaudited)
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
President and Director, United Asset
Management Corporation
John L. Thorndike
Formerly Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
19
