EV Traditional
Worldwide Health
Sciences Fund, Inc.
[LOGO:HOUSE]
[PHOTO OF MOUNTAIN AND BOATS OMITTED]
Annual
Shareholder Report
August 31, 1996
To Shareholders
We are happy to welcome shareholders of EV Traditional Worldwide
Health Sciences Fund with this first annual report, capping a most
successful year. In August, the shareholders of Medical Research
Investment Fund approved the conversion of the Fund to a Hub-and-
Spoke structure and engaged Eaton Vance Management as the Fund's
administrator and Eaton Vance Distributors as the Fund's
distributor. Founded in 1924, Eaton Vance currently manages more
than $17 billion in more than 150 mutual funds. As part of the Eaton
Vance family, the Fund's shareholders will have expanded exchange
options with access to the entire range of Eaton Vance funds,
including domestic and global equity funds as well as a wide range
of fixed income products.
Samuel D. Isaly and Mehta and Isaly Asset Management, the Fund's
portfolio manager and investment adviser, respectively, since 1989,
will continue to fulfill these responsibilities.
EV Traditional Worldwide Health Sciences Fund: Another year of
stellar performance ...
For the year ended August 31, 1996, the Fund had a total return of
31.0%. That performance was the result of a rise in net asset value
per share from $23.41 to $27.08 (before giving effect to the 100%
stock dividend on September 23, 1996), and the reinvestment of $2.80
in capital gains distributions. By comparison, the S&P 500* - an
unmanaged index of U.S. common stocks - rose 18.7% during the same
period.
* It is not possible to invest directly in the Index.*
Morningstar gives the Fund its
coveted five-star rating ...
Reflecting the Fund's fine long-term performance, Morningstar - the
nation's leading mutual fund rating service - gave the Medical
Research Investment Fund (prior to its name change) its overall
five-star rating for the period ending August 31, 1996. The Fund
also earned a five-star rating for the five-year period (among 1007
funds) and ten-year period (among 541 funds), during which it had
average annual total returns of 20.4% and 15.7%, respectively.
Mehta and Isaly Asset
Management: Proven biomedical
expertise with a global reach ...
Mehta and Isaly Asset Management specializes in global
pharmaceutical, biotechnology, and health care research. Over the
years, Mehta and Isaly has demonstrated the analytical expertise and
financial acumen that is vital to success in health care investing.
We at Eaton Vance look forward to a long and successful association.
In the pages that follow, Mehta and Isaly partner and Fund portfolio
manager Samuel D. Isaly discusses his investment style, the current
state of the health care industry, and his outlook for the coming
year.
[PHOTO OF JAMES B. HAWKES OMITTED]
Sincerely,
/S/James B. Hawkes
James B. Hawkes,
President
October 20, 1996
Management Discussion: Samuel D. Isaly
An interview with Samuel D. Isaly, A Partner of
Mehta and Isaly Asset Management, Inc., and Portfolio Manager of
Worldwide Health Sciences Portfolio.
Q: To begin, Sam, how would you describe the Portfolio's investment
approach?
A: Our investment goals are to achieve a high level of capital
growth while mitigating risk through active portfolio management.
Our investment approach is very research-intensive. We maintain a
worldwide perspective, with the ability to invest in a global
universe of pharmaceutical, biotech, and health care companies. That
gives us access to a wide range of opportunities while allowing us
to spread our market risk across a global universe of stocks.
Q: How is the Portfolio structured?
A: We maintain a very focused structure. Typically, one segment of
the Portfolio - between 20% and 40% - is invested in ten to twenty
large-cap companies. Another segment - between 60% and 80% - may be
invested in fifteen to twenty smaller companies. Naturally, the
percentages may vary within this range, according to changes in
market conditions and valuations. Within those broad parameters, we
seek out promising opportunities in North America, Europe, and the
Far East.
Recently, the Portfolio has been 55% invested in international
stocks and 45% invested in the U.S., but those bands are subject to
change as well. We believe that the drug and pharmaceutical industry
is an increasingly global industry, with no single country or region
enjoying a monopoly on knowledge, research, or development. That
philosophy provides us a broad canvas to work with.
Q: You indicated that you use a very focused approach. What do you
mean?
A: We tend to concentrate our investments as much as possible.
Usually, the Portfolio will consist of no more than twenty-five to
thirty stocks at a given time. Given the vast number of health care
companies and the complex nature of health care developments, we
believe we can perform the most thorough research - and best achieve
our performance objectives - by concentrating our focus on a
discrete group of stocks.
[PHOTO OF SAMUEL D. ISALY OMITTED]
Fund shares are not guaranteed 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.
[GRAPHIC VERTICAL BAR CHART OMITTED: This chart entitled "The Aging
of America" charts the growth in two demographic groups - those
aged 85 and older and those aged 65 and older - from 1900 through
2050]
Caption reads: U.S. Population Growth 1900-2050 (in millions)
85 Years + 65 Years +
-------- ----------
1900 0.1 3.1
1920 0.2 4.9
1940 0.4 9
1960 0.9 16.7
1980 2.2 25.7
1990 3 30
2000 4.3 35.3
2010 5.7 40.1
2020 6.5 53.5
2030 8.4 70.2
2050 18.2 78.9
Footnote reads:
Source: U.S. Bureau of the Census
(bullet) In 1900, there were 3.1 million people age 65 or older. By
1993, there were 32.8 million, or 10 times as many.
(bullet) In the U.S., the 75-and-over age group is the fastest
growing demographic group, soon to be replaced by the over-85
population. By the year 2050, it is projected that the over-85
population will exceed 18 million people.
(bullet) The oldest of America's "Baby Boomers" turned 50 in 1996.
As this generation ages, their demand for health care will rise
sharply, as will their health care expenditures.
Q. Sam, the Fund turned in an excellent showing in the past year -
up 31% - and, in fact, earned Morningstar's five-star rating* for
the one-, five-, and ten-year periods ending August 31. What
accounts for this year's strong performance?
A. The Fund benefited from a powerful advance by some of its
biotechnology stocks, as well as a more modest increase in major
drug stocks. Investors may recall that, in the immediate aftermath
of the health care reform proposals of 1993, major drug stocks went
into sharp decline as companies and investors alike worried about
the outlook for drug pricing. In that harsh environment, the entire
pharmaceutical sector was under pressure.
In the period since the reform proposals were defeated, major drug stocks
have rallied sharply. Meanwhile, smaller biotech companies have continued
to make research progress on many different fronts. In addition, the drug
sector has been characterized by an increasing consolidation, highlighted
by several large mergers, such as the Pharmacia-Uphohn merger in 1995. The
result has been a much healthier industry and a more robust environment
for the entire drug sector.
*Morningstar ratings reflect historical risk-adjusted performance
through 8/31/96 and are subject to change. Past performance is no
guarantee of future results. Funds are assigned ratings from 1 star
(lowest) to 5 stars ( highest). Ratings are calculated from the
funds' 3-, 5-, and 10-year returns (with fee adjustment) in excess
of 90-day Treasury bill returns. The top 10% of the funds in a
category receive 5 stars.
Q: Could you describe briefly the criteria you use in your selection
process?
A: Yes. First and foremost, we seek companies that have long-term
potential. That's true whether we're looking at companies here in
the U.S. or abroad. For the large-cap, major drug companies, we look
for a potential to increase market share. We like to see a good
array of products in the development pipeline, and, complementing
that, a strong marketing organization that can get the new
treatments into use by physicians.
Q: And what about the smaller companies?
A: For the smaller, specialty companies, we're attracted by a
company's ability to post above-average growth rates. We look
especially for those with an edge in research for a given
application, such as a biotech company whose research is uniquely
targeted. Interestingly, according to a recent study presented by
Roche Holdings, small biotech companies have conducted the majority
of biotechnology discovery/research programs - around two-thirds -
while the large drug companies have accounted for the remainder. A
research breakthrough, even for a drug with a relatively narrow
application, may have an enormously positive impact on the smaller
company.
Q. Could you give some examples of stocks in the Portfolio?
A. Certainly. Ares-Serono, a medium-sized Swiss-based drug company,
is the Portfolio's largest holding. In the past, the company has
focused on extracting and distilling drugs from human sources,
including tissue- or urine-based products. Its most important
product to date has been a fertility-enhancement drug that helps
induce ovulation. More recently, the company has been able to
engineer the drug through biotech processes that are more cost-
effective than the extraction method. In addition, the company is a
leading European manufacturer of beta interferon, which is used to
treat multiple sclerosis and it is also a leading producer of human
growth hormone, used to strengthen muscle in AIDS patients.
[GRAPHIC OMITTED pie chart]
Worldwide Health Sciences Fund:
Asset Allocation*
North America - Specialty 34.7%
Europe - Specialty 22.1%
Far East - Specialty 12.6%
Far East Majors 12.2%
Europe - Majors 11.4%
North America - Majors 7.0%
Footnote reads:
*Based on market value as of August 31, 1996
Because the Portfolio is actively managed, geographical
and sector allocations are subject to change.
Q. What stocks do you like in the U.S.?
A. Warner-Lambert Co. is a major drug maker with an $18 billion
market cap. Historically, the company has had a relatively poor
track record in research and development. However, there are signs
that this is about to change. The company is scheduled to release
two new drugs in 1997 - an anti-cholesterol drug and another to
treat diabetes - that should provide a major boost to earnings. In
addition, Warner has a powerful, marketing arm and a strong line of
over-the-counter drugs that, in our view, makes it a strong takeover
candidate.
[PHOTO OF LAB TOOLS OMITTED]
Biotech Companies:
The Right Rx for Growth.
Despite pricing pressures in the 1990s, pharmaceutical
sales should continue to outpace inflation.
Sales Forecast 1996-2000:
Unit Growth 2.5%
Pricing Growth 1.0%
New Product Growth 2.5%
----
Total Sales Growth: 6.0%
Source: Mehta and Isaly Asset Management, Inc.
Q. And what about smaller companies?
A. Agouron Pharmaceuticals is a U.S.-based biotech company that is
developing a line of important treatments. One of its first products
- - to be marketed under the name Viracept- is a protease inhibitor
that dramatically improves the outlook for AIDS patients. The drug
is nearing the end of clinical trials and should reach FDA approval
soon thereafter. The company has also developed a new class of
candidate-drugs called matrix metallo proteinases (MMP). These MMP
candidates appear to be effective in treating a wide variety of
cancers, including the spread of prostate cancer.
Q. How do you manage risk within the Portfolio?
A. We manage risk in several ways. Naturally, there is foreign
market risk tied to investing in any single, foreign country. We
help mitigate that risk by investing in companies and countries
around the world. Second, there is financial risk in a business
characterized by large expenditures for marketing, research and
development. We lessen that risk by doing exhaustive financial
analysis to monitor the financial well-being of these companies.
Finally, and perhaps most important of all, there is technological
risk associated with the fast pace of breakthroughs as well as the
often uncertain processes of clinical trials and approvals. We
mitigate that risk by investing in both large companies as well as
small companies. Large-cap and small-cap companies tend to develop
at widely varying growth rates. Investing in a mix of both helps to
temper the risk of a technological setback at any single company.
But exhaustive research is the key to assessing technological risk,
and each of our analysts has an intimate knowledge of the basic
science involved in the pharmaceuticals they cover.
A Health Sciences Primer
The health sciences universe includes companies principally engaged
in the development, production or distribution of products and
services related to health care.
Biotechnology: Companies producing or planning to produce diagnostic
and therapeutic drugs using recombinant and molecular biology and
rational drug design platforms to treat and cure diseases.
Pharmaceuticals: Companies involved in large-scale, global discovery
and development of innovative prescription drugs and diagnostics,
over-the-counter products, delivery systems, nutrition, animal
health and sometimes chemical and agricultural products.
Diagnostics: Companies that develop or maintain sophisticated
diagnostic equipment such as CAT scanners and magnetic resonance
imaging, as well as urological and serological assays.
Managed Health Care: Operations of investor-owned hospital chains
(including acute care psychiatric hospitals), nursing centers,
health maintenance organizations, and rehabilitation clinics which
seek to deliver hospital care on an efficient cost basis.
Medical Equipment and Supplies: Companies engaged in the manufacture
of inpatient and outpatient medical (and dental), surgical,
laboratory and diagnostic products (ranging from cotton swabs
through kidney dialysis equipment to CAT scanners).
Q. Sam, what's your outlook for the drug and biotech sectors?
A. I'm optimistic that the growth phase we've witnessed will
continue. Demographic trends are clearly favorable as aging
populations in the U.S. and elsewhere will result in higher drug
volumes. Clearly, the political environment, so negative earlier in
the decade, has become considerably less onerous for the drug
industry in the past two years. That's a positive develop-ment with
respect to the pricing flexibility of major companies, while
also providing encourage-ment for research and development. Moreover,
the quickened pace of research among smaller biotech companies continues
to produce breakthroughs.
In addition, the merger activity of recent years is likely to
continue as drug companies seek to acquire further research
capabilities and enhance their marketing prowess. Finally, given the
general market run-up of the past two years and an increasingly
uncertain economic climate, consumers staples such as the drug
stocks are likely to receive increasing attention from investors.
Naturally, past trends cannot accurately indicate future
performance. But given the increasing demand and the continued
breakthroughs on the research front, the future for the
pharmaceutical sector is bright. We're determined that EV
Traditional Worldwide Health Sciences Fund will share in that
future.
[GRAPHIC WORM CHART OMITTED:Comparison of Change in Value of a $10,000
investment in EV Traditional Worldwide Health Sciences Fund, the Standard
& Poor's 500 500 Index and the MSCI Europe-Australasia-Far East Index]
Caption reads: From August 31, 1996 through August 31, 1996
Inset Box info. reads:
- ------------------------------------------------------------------
AVERAGE Value of
ANNUAL 1 5 10 Investment at
RETURNS Year Year Year 8/31/196
- ------------------------------------------------------------------
Include. max.sales charge 24.8% 19.2% 15.2% $41,070
- ------------------------------------------------------------------
Without max. sales chg. 31.0% 20.4% 15.7% $43,116
- ------------------------------------------------------------------
Data from worm chart reads:
Date Fund @ NAV Fund w/SC S&P Index EAFE Index
-------- ---------- --------- --------- ----------
8/31/86 $10,000 $9,525 $10,000 $10,000
9/30/87 $8,738 $8,324 $9,228 $9,900
10/31/87 $9,225 $8,787 $9,733 $9,241
11/30/87 $9,139 $8,705 $9,942 $9,775
12/31/87 $9,092 $8,660 $9,743 $10,296
1/31/87 $10,191 $9,707 $11,027 $11,392
2/28/87 $11,494 $10,949 $11,434 $11,735
3/31/87 $11,604 $11,053 $11,821 $12,700
4/30/87 $11,423 $10,881 $11,686 $14,046
5/31/87 $11,518 $10,971 $11,756 $14,048
6/30/87 $11,769 $11,210 $12,411 $13,603
7/31/87 $11,879 $11,315 $13,009 $13,582
8/31/87 $11,981 $11,412 $13,464 $14,603
9/30/87 $11,669 $11,115 $13,230 $14,376
10/31/87 $9,009 $8,582 $10,351 $12,364
11/30/87 $8,114 $7,729 $9,467 $12,489
12/31/87 $8,764 $8,348 $10,248 $12,863
1/31/88 $9,245 $8,807 $10,662 $13,095
2/28/88 $9,532 $9,080 $11,108 $13,972
3/31/88 $9,490 $9,040 $10,831 $14,833
4/30/88 $9,364 $8,919 $10,933 $15,052
5/31/88 $9,077 $8,646 $10,968 $14,573
6/30/88 $9,288 $8,847 $11,549 $14,191
7/31/88 $9,338 $8,895 $11,486 $14,640
8/31/88 $8,950 $8,525 $11,043 $13,691
9/30/88 $9,254 $8,815 $11,585 $14,292
10/31/88 $9,254 $8,815 $11,886 $15,518
11/30/88 $8,815 $8,397 $11,662 $16,445
12/31/88 $9,001 $8,573 $11,938 $16,540
1/31/89 $9,642 $9,185 $12,787 $16,834
2/28/89 $9,524 $9,072 $12,417 $16,924
3/31/89 $10,022 $9,547 $12,783 $16,595
4/30/89 $10,571 $10,069 $13,424 $16,752
5/31/89 $10,858 $10,343 $13,895 $15,844
6/30/89 $10,326 $9,836 $13,909 $15,581
7/31/89 $11,500 $10,954 $15,138 $17,541
8/31/89 $11,753 $11,195 $15,373 $16,755
9/30/89 $12,471 $11,879 $15,396 $17,521
10/31/89 $12,175 $11,597 $15,009 $16,821
11/30/88 $12,768 $12,162 $15,257 $17,670
12/31/89 $13,097 $12,475 $15,710 $18,326
1/31/90 $12,723 $12,120 $14,629 $17,648
2/28/90 $12,519 $11,925 $14,754 $16,420
3/31/90 $12,795 $12,187 $15,235 $14,713
4/30/90 $12,732 $12,128 $14,825 $14,600
5/31/90 $14,092 $13,423 $16,189 $16,270
6/30/90 $14,367 $13,685 $16,189 $16,131
7/31/90 $14,358 $13,677 $16,104 $16,362
8/31/90 $13,061 $12,441 $14,585 $14,778
9/30/90 $11,959 $11,392 $13,974 $12,722
10/31/90 $13,710 $13,059 $13,881 $14,709
11/30/90 $13,607 $12,961 $14,713 $13,845
12/31/90 $13,806 $13,151 $15,221 $14,075
1/31/91 $14,492 $13,805 $15,852 $14,534
2/28/91 $16,213 $15,444 $16,919 $16,097
3/31/91 $16,740 $15,946 $17,423 $15,134
4/30/91 $16,382 $15,605 $17,429 $15,287
5/31/91 $16,362 $15,586 $18,102 $15,451
6/30/91 $15,467 $14,733 $17,385 $14,320
7/31/91 $16,462 $15,680 $18,165 $15,027
8/31/91 $17,058 $16,249 $18,522 $14,726
9/30/91 $17,655 $16,817 $18,314 $15,560
10/31/91 $18,769 $17,879 $18,531 $15,785
11/30/91 $18,261 $17,394 $17,717 $15,052
12/31/91 $19,635 $18,703 $19,838 $15,834
1/31/92 $20,839 $19,850 $19,443 $15,501
2/28/92 $19,997 $19,048 $19,629 $14,950
3/31/92 $19,326 $18,409 $19,339 $13,967
4/30/92 $18,154 $17,293 $19,878 $14,037
5/31/92 $19,251 $18,338 $19,897 $14,981
6/30/92 $18,644 $17,760 $19,707 $14,275
7/31/92 $18,740 $17,851 $20,483 $13,915
8/31/92 $19,113 $18,206 $19,992 $14,792
9/30/92 $18,900 $18,003 $20,328 $14,505
10/31/92 $19,273 $18,358 $20,371 $13,748
11/30/92 $19,971 $19,023 $20,987 $13,882
12/31/92 $20,079 $19,126 $21,347 $13,958
1/31/93 $19,477 $18,553 $21,497 $13,960
2/28/93 $18,984 $18,083 $21,723 $14,386
3/31/93 $20,079 $19,126 $22,276 $15,644
4/30/93 $21,427 $20,410 $21,710 $17,133
5/31/93 $22,932 $21,844 $22,203 $17,499
6/30/93 $22,053 $21,007 $22,382 $17,230
7/31/93 $21,825 $20,789 $22,263 $17,837
8/31/93 $23,197 $22,096 $23,029 $18,804
9/30/93 $23,570 $22,452 $22,958 $18,385
10/31/93 $24,413 $23,254 $23,403 $18,956
11/30/93 $24,340 $23,185 $23,101 $17,303
12/31/93 $25,382 $24,177 $23,489 $18,556
1/31/94 $26,384 $25,132 $24,252 $20,129
2/28/94 $25,251 $24,053 $23,524 $20,077
3/31/94 $23,728 $22,603 $22,606 $19,217
4/30/94 $23,494 $22,379 $22,866 $20,037
5/31/94 $23,299 $22,193 $23,150 $19,926
6/30/94 $22,271 $21,214 $22,703 $20,212
7/31/94 $22,336 $21,276 $23,417 $20,411
8/31/94 $23,820 $22,689 $24,298 $20,898
9/30/94 $24,171 $23,024 $23,812 $20,245
10/31/94 $23,833 $22,702 $24,309 $20,924
11/30/94 $24,090 $22,947 $23,349 $19,923
12/31/94 $23,752 $22,625 $23,808 $20,052
1/31/95 $24,891 $23,710 $24,386 $19,287
2/28/95 $25,467 $24,259 $25,266 $19,236
3/31/95 $25,706 $24,486 $26,119 $20,441
4/30/95 $26,212 $24,968 $26,849 $21,216
5/31/95 $27,336 $26,039 $27,824 $20,968
6/30/95 $28,967 $27,592 $28,604 $20,606
7/31/95 $31,328 $29,841 $29,513 $21,894
8/31/95 $32,902 $31,341 $29,503 $21,065
9/30/95 $33,352 $31,769 $30,870 $21,481
10/31/95 $32,776 $31,220 $30,716 $20,910
11/30/95 $34,168 $32,546 $31,977 $21,497
12/31/95 $38,291 $36,474 $32,723 $22,368
1/31/96 $40,218 $38,309 $33,790 $22,466
2/28/96 $40,282 $38,370 $34,024 $22,547
3/31/96 $40,632 $38,704 $34,477 $23,032
4/30/96 $42,495 $40,478 $34,940 $23,707
5/31/96 $44,437 $42,328 $35,739 $23,276
6/30/96 $44,214 $42,116 $36,021 $23,413
7/31/96 $40,680 $38,749 $34,373 $22,735
8/31/96 $43,116 $41,070 $35,019 $22,790
Footnote reads: Past performance is not indicative of future results.
Investment returns and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than their
original cost. Source: Towers Data Systems, Bethesda, MD.
Fund Performance
In accordance with SEC guidelines, we are including a performance
chart comparing your Fund's total return with that of a broad-based
investment index. The lines on the chart represent the total returns
of $10,000 hypothetical invest-ments in EV Traditional Worldwide
Health Sciences Fund, Inc. the unmanaged S&P 500 Stock Index, and
the unmanaged Morgan Stanley Capital International Europe,
Australasia, Far East Index (MSCI EAFE).
Total Return Figures
The solid blue line on the chart represents the Fund's performance
at net asset value. The total return figure reflects Fund expenses,
and trans-action costs, and reinvestment of dividend income and
capital gain distributions. The dotted blue line represents the
Fund's performance including the 4.75% maximum current sales charge.
The solid black line represents the performance of the S&P 500, a
broad-based, unmanaged index of U.S. common stocks. The dotted black
line repre-sents the performance of the MSCI EAFE Index, a widely
recognized, unmanaged index of foreign common stocks. The Index's
total return does not reflect any commissions or expenses that would
be incurred if an investor individually purchased or sold the
securities represented in the Index. It is not possible to invest
directly in the Indices.
EV Traditional Worldwide Health Sciences Fund, Inc.
Portfolio of Investments
August 31, 1996
<TABLE>
<CAPTION>
COMMON STOCKS AND WARRANTS - 93.7%
- ---------------------------------------------------------------------------------------------------
Market
Value Percentage of
Security Shares (Note 1-A) Net Assets
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MAJOR CAPITALIZATION - North America (11.5%)
Biogen, Inc. (a) 25,000 $1,743,750 3.2%
Centocor, Inc. (a) 40,000 1,355,000 2.5
Genetics Institute, Inc. (a) 21,000 1,302,000 2.4
Warner-Lambert Co. 32,000 1,904,000 3.4
----------- ------
6,304,750 11.5
----------- ------
SPECIALTY CAPITALIZATION - North America (27.6%)
Agouron Pharmaceuticals, Inc. (a).. 40,000 1,560,000 2.8
Alexion Pharmaceuticals, Inc. (a) 100,000 850,000 1.5
Arris Pharmaceutical Corp. (a) 90,000 967,500 1.7
Cytel Corp. (a) 167,000 480,125 0.9
CytoTherapeutics, Inc. (a) 82,500 948,750 1.7
Incyte Pharmaceuticals, Inc. (a) 30,000 1,218,750 2.2
Isis Pharmaceuticals, Inc. (a) 150,000 1,968,750 3.6
Millennium Pharmaceuticals (a) 50,000 912,500 1.7
Pharmacopeia, Inc. (a) 85,000 1,763,750 3.2
SangStat Medical Corp. (a) 100,000 1,962,500 3.6
Sequana Therapeutics, Inc. (a) 60,000 990,000 1.8
Vertex Pharmaceuticals, Inc. (a) 50,000 1,587,500 2.9
----------- ------
15,210,125 27.6
----------- ------
MAJOR CAPITALIZATION - Europe (10.7%)
Altana 3,000 2,278,110 4.1
Ciba-Geigy AG 1,400 1,801,548 3.3
Sandoz AG 1,500 1,792,305 3.3
----------- ------
5,871,963 10.7
----------- ------
SPECIALTY CAPITALIZATION - Europe (20.7%)
Ares-Serono 4,000 4,243,640 7.7
Cambridge Antibody Technology, Ltd. (a)(Note 5) 59,734 1,373,882 2.5
Cambridge Antibody Technology, Ltd.-
Warrants (a)(Note 5) 3,100 31,000 0.1
Celltech (a) 150,000 1,291,500 2.3
Ethical Holdings ADR (a) 150,000 1,181,250 2.2
Swiss Serum Institute (a) 232 3,262,440 5.9
----------- ------
11,383,712 20.7
----------- ------
MAJOR CAPITALIZATION - Far East (11.4%)
Banyu Pharmaceutical Co. 140,000 $1,828,400 3.30%
Sankyo Co. Ltd. 60,000 1,490,400 2.7
Takeda Chemical Industries 90,000 1,557,000 2.8
Taisho Pharmaceutical Co. 70,000 1,404,200 2.6
----------- ------
6,280,000 11.4
----------- ------
SPECIALTY CAPITALIZATION - Far East (11.8%)
Biota Holdings Limited (a) 644,640 2,037,062 3.7
Biota Holdings Limited - Warrants (a) 78,738 173,224 0.3
Rohto Pharmaceutical 191,000 2,074,260 3.8
Teikoku Hormone Manufacturing 160,000 2,193,600 4.0
----------- ------
6,478,146 11.8
----------- ------
TOTAL INVESTMENTS (Cost $42,475,495) 51,528,696 93.7
OTHER ASSETS, LESS LIABILITIES 2,487,146 6.3
----------- ------
NET ASSETS $55,015,842 100.00%
=========== ======
(a) Non-income producing security.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
August 31, 1996
- ----------------------------------------------------------------------------------------------------
<S> <C>
Assets:
Investments in securities at market (identified cost $42,475,495)(Note 1-A) $51,528,696
Cash 3,517,979
Receivables:
Capital stock sold 998,532
Investment securities sold 45,000
Dividends 11,040
-----------
Total Assets 56,101,247
-----------
Liabilities:
Payables:
Capital stock redeemed 509,612
Investment securities purchased 429,086
Accrued advisory and administrative fees 51,500
Other accrued expenses 95,207
-----------
Total Liabilities 1,085,405
-----------
Net Assets $55,015,842
===========
Net Asset Value; Offering Price and Redemption Price Per Share:
($55,015,842 (divided by) 4,063,933 shares outstanding) $0.001 par value,
1 billion shares authorized (Note 6) $ 13.54
===========
Sources of Net Assets:
Paid in capital $43,500,242
Undistributed net investment deficit (653,017)
Accumulated net realized gain on investments 3,115,416
Net unrealized appreciation of investments 9,053,201
------------
Total $55,015,842
============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
For the Year Ended August 31, 1996
- ----------------------------------------------------------------------------------
<S> <C> <C>
Investment Income:
Income:
Dividends (net of foreign taxes of $29,721) $ 138,857
----------
Expenses (Note 2):
Investment advisory fees 350,234
Administration fees 114,411
Transfer agent fees 96,009
Audit and legal fees 93,968
Distribution fees 90,449
Registration fees 22,877
Directors fees 14,389
Miscellaneous 15,272
----------
Total expenses 797,609
Less: Custodian fees paid indirectly (Note 4) 5,735
----------
Net expenses 791,874
----------
Net investment loss (653,017)
----------
Realized and Unrealized Gain on Investments:
Net realized gain on investments 4,038,381
Unrealized appreciation of investments:
Beginning of year $4,119,043
End of year 9,053,201
----------
Net increase in unrealized appreciation of investments 4,934,158
----------
Net realized and unrealized gain on investments 8,972,539
----------
Net increase in net assets resulting from operations $8,319,522
==========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
- -------------------------------------------------------------------------------------------
Year Ended August 31,
1996 1995
----------- ----------
<S> <C> <C>
Operations:
Net investment loss $ (653,017) $ (250,511)
Net realized gain on investments 4,038,381 1,851,967
Net unrealized appreciation of investments 4,934,158 3,162,489
----------- -----------
Net increase in net assets resulting from
operations 8,319,522 4,763,945
Distributions to Shareholders:
Distributions from net realized gains from security
transactions (2,558,056) (995,491)
Capital Share Transactions:
Increase in net assets resulting from capital share
transactions (Note 3) 31,564,676 690,545
----------- -----------
Total increase in net assets 37,326,142 4,458,999
Net Assets:
Beginning of year 17,689,700 13,230,701
----------- -----------
End of year (including net investment deficit of
$653,017 and $215,599, respectively) $55,015,842 $17,689,700
=========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
- ----------------------------------------------------------------------------------------------------------------------------
The following table sets forth the per share operating performance data for a share of capital stock outstanding,
total return, ratios to average net assets and other supplemental data for each year indicated.
Adjusted for 100% stock dividend --
- --------------------------------------------
Record date September 23, 1996 (Note 6)
- --------------------------------------------
Year Ended August 31,
----------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Per Share Data1
Net asset value at beginning of year $ 11.71 $ 9.15 $ 9.64 $ 8.97 $ 8.57
------- ------- ------- ------- -------
Income from investment operations:
Net investment loss (0.23) (0.17) (0.16) (0.13) (0.13)
Net realized and unrealized gain (loss)
on investments 3.46 3.41 0.43 1.86 1.15
------- ------- ------- ------- -------
Total from investment operations 3.23 3.24 0.27 1.73 1.02
------- ------- ------- ------- -------
Less distributions from:
Net realized gain on investments 1.40 0.68 0.76 1.06 0.62
------- ------- ------- ------- -------
Net asset value at end of year $ 13.54 $ 11.71 $ 9.15 $ 9.64 $ 8.97
------- ------- ------- ------- -------
Total Return2 31.04% 38.13% 2.69% 21.37% 12.04%
======= ======= ======= ======= =======
Ratios/Supplemental Data
Net assets at end of year (in thousands) $55,016 $17,690 $13,231 $10,223 $11,415
Ratio of operating expenses to average net assets3:
Before expense reimbursement 2.21% 2.44% 2.67% 2.87% 2.59%
After expense reimbursement N/A N/A 2.50% 2.50% 2.48%
Ratio of net investment loss to average net assets:
Before expense reimbursement (1.81)% (1.80)% (1.82)% (1.90)% (1.56)%
After expense reimbursement N/A N/A (1.65)% (1.53)% (1.45)%
Portfolio turnover rate 66% 45% 49% 77% 71%
Average commission rate (per share of security)4 $0.0864 N/A N/A N/A N/A
1 Based on average month end shares outstanding
2 Calculated without sales charges
3 See Note 2 regarding a limitation on the advisory and administrative fees
4 Average commission rate (per share of security) as required by amended disclosure requirements effective September 1, 1995.
See notes to financial statements
</TABLE>
Notes to Financial Statements
August 31, 1996
Note 1 - Summary of Significant
Accounting Policies
EV Traditional Worldwide Health Sciences Fund, Inc. (the "Fund" )
(formerly Medical Research Investment Fund, Inc.) is a diversified,
open-end management investment company. The Fund's primary
investment objective is long-term growth of capital, a goal it seeks
by investing primarily in common stocks, and securities convertible
into common stocks, of domestic and foreign companies engaged in
medical research and the health care industry. Current income is a
secondary objective. The following is a summary of significant
accounting policies consistently followed by the Fund in the
preparation of its financial statements.
A) Security Valuation - Securities listed on a recognized stock
exchange, whether U.S. or foreign, are valued at the last reported
sale price on that exchange prior to the time when assets are valued
or prior to the close of trading on the New York Stock Exchange. In
the event there are no sales, the last available sale price will be
used. If a security is traded on more than one exchange, the
security is valued at the last sale price on the exchange where the
stock is primarily traded. Securities for which market quotations
are not readily available and other assets are valued on a
consistent basis at fair value as determined in good faith by or
under the supervision of the Fund's officers in a manner
specifically authorized by the Board of Directors.
B) Dividends and Distributions to Shareholders - Substantially all
of the Fund's net investment income, if any, and net realized
capital gains, if any, are distributed annually. Income dividends
and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to
differing treatments for net operating losses.
C) Federal Income 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) Foreign Currency Translation - Investments denominated in foreign
currencies are translated into U.S. dollars at the bid price of such
currencies against U.S. dollars last quoted by a major bank on the
valuation date. The cost of foreign portfolio securities is
determined using historical exchange rates.
E) Use of Estimates - The preparation of the 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.
F) Other - Investment transactions are accounted for on the trade
date. The cost of investments sold is determined by use of the
specific identification method for both financial reporting and
income tax purposes. Dividend income is recorded on the ex-dividend
date, except that certain dividends from foreign securities are
recorded on the ex-dividend date or as soon thereafter as the Fund
is informed of the dividend.
Note 2 - Investment Advisory Fees, Administrator's Fees and Other
Transactions with Affiliates (See Note 7)
Pursuant to the Advisory Agreement, G/A Capital Management, Inc.
("G/ACM") served as the Investment Adviser of the Fund. Under this
agreement, G/ACM received a monthly fee at the annual rate of 1% of
the Fund's first $30 million in average net assets, 0.90% of the
next $20 million in average net assets, and 0.75% of average net
assets in excess of $50 million. The Investment Adviser had
voluntarily agreed to waive its fee until the assets of the Fund
reach a level permitting the Fund to pay these fees and still
maintain an expense ratio of 2.5% or less. For the fiscal year ended
August 31, 1996, no waiver was required pursuant to this provision.
Under an Administration Agreement between the Fund and its
Administrator, Capstone Asset Management Company ("CAMCO"), CAMCO
supervised all aspects of the Fund's operations other than the
management of its investments. For its services, CAMCO received a
fee at the annual rate of 0.25% of the Fund's average daily net
assets. CAMCO had voluntarily agreed to waive its fees until the
assets of the Fund reach a level permitting the Fund to pay these
fees and maintain an expense ratio of 2.5% or less. For the fiscal
year ended August 31, 1996, no waiver was required pursuant to this
provision. In addition, CAMCO was also paid a monthly fee of $2,000
for costs representing certain accounting and bookkeeping services.
These fees, which amounted to $24,000 for the year ended August 31,
1996, are not subject to the previously discussed waiver.
Capstone Asset Planning Company ("CAPCO") served as Distributor and
Underwriter to the Fund. CAPCO is an affiliate of CAMCO, and both
are wholly-owned subsidiaries of Capstone Financial Services, Inc.
("CFS").
Pursuant to a distribution plan established in accordance with Rule
12b-1 under the Investment Company Act of 1940, CAPCO paid certain
registered broker-dealers, financial institutions or other industry
professionals ("Service Organizations"), fees at the annual rate of
0.25% of the average daily net assets of the Fund for whom the
Service Organizations were the dealers or owners of record. The Fund
reimbursed CAPCO for the payment of such fees, which for the year
ended August 31, 1996, amounted to $90,450. Of this amount,
approximately 60% was paid to CAPCO and 14% was paid to G/ACM for
accounts on which they acted as servicers.
Certain officers of the Fund were also officers and directors of
G/ACM, CAMCO, CAPCO and CFS. During the year ended August 31, 1996,
Directors of the Fund who are not "interested persons" received
Directors' fees of $4,250. All other officers and Directors serve
without compensation from the Fund.
Note 3 - Capital Stock
<TABLE>
<CAPTION>
Capital stock has been adjusted to reflect a 100% stock dividend
declared to shareholders of record at the opening of business on
September 23, 1996 (See Note 6). Transactions in capital stock were
as follows:
Year Ended August 31,
------------------------------------------------
1996 1995
--------------------- -----------------------
Shares Amount Shares Amount
--------- ----------- ------- ----------
<S> <C> <C> <C> <C>
Shares sold 5,439,762 $68,676,368 253,786 $ 2,499,420
Shares issued to
shareholders in
reinvestment of
distributions 236,367 2,491,303 112,302 958,500
--------- ----------- ------- ----------
5,676,129 71,167,671 366,088 3,457,920
Shares redeemed (3,123,278) (39,602,995) (300,844) (2,767,375)
--------- ----------- ------- ----------
Net increase 2,552,851 $31,564,676 65,244 $ 690,545
========= =========== ======= ==========
</TABLE>
Note 4 - Investments/Custody
Purchases and sales of securities other than short-term notes
aggregated $47,894,452 and $23,071,509, respectively. At August 31,
1996 the cost of investments for Federal income tax purposes was
$42,475,495. Accumulated net unrealized appreciation on investments
was $9,053,201 consisting of $10,015,564 gross unrealized
appreciation and $962,363 gross unrealized depreciation. The Fund's
Custodian has provided credits in the amount of $5,735 against
custodian charges based on the uninvested cash balances of the Fund.
Note 5 - Restricted Securities
In February 1993, the Fund acquired 9,000 shares of common stock of
Cambridge Antibody Technology Limited ("CAT") at a cost of $297,000
by entering into a Subscription Agreement between the Fund, CAT and
Peptide Technology Limited ("Peptech"). The Subscription Agreement
granted to the Fund an option to require Peptech, the major
shareholder of CAT, to purchase up to 85% of the CAT shares owned by
the Fund on September 1, 1995 (the "Put Option"), subject to certain
conditions. The Put Option was exercised by the fund, but was
cancelled in December 1995 when the Fund received an additional
4,734 shares of CAT from Peptech in exchange for the Fund's
withdrawal of the Put Options.
In separate transactions that occurred in December 1995 and August
1996, the Fund acquired an additional 46,000 shares of CAT, bringing
the total number of shares owned by the Fund to 59,734. The value of
the CAT shares and warrants at August 31, 1996 is $1,404,882,
representing 2.6% of the Fund s net assets. Management has valued
the common stock at $23 per share and $10 per warrant, which
reflects recent market activity. Valuation of the security is
continually monitored and is reviewed by the Board of Directors at
least quarterly.
Note 6 - Subsequent Event
At the close of business, August 30, 1996, the Fund transferred
substantially all of its assets to the Worldwide Health Sciences
Portfolio in exchange for an interest in the Portfolio.
On September 18, 1996, the Fund's Directors declared a $1.22 capital
gain distribution payable September 20, 1996 to stockholders of
record September 18, 1996.
In addition, the Directors also declared a 100% stock dividend
payable to stockholders of record at the opening of business on
September 23, 1996.
Note 7 - Special Meeting of Stockholders (Unaudited)
Medical Research Investment Fund, Inc. (the "Fund") held a special
meeting of stockholders on August 29, 1996. On July 24, 1996, the
record date for the meeting, the Fund had 1,808,676.062 shares
outstanding, of which 1,208,275.755 shares were represented at the
meeting. The votes at the meeting were as follows:
Item 1: To approve a new investment policy and to supplement
investment restrictions to permit a new investment structure as
described in the Proxy Statement for the meeting.
Number of Shares
------------------------
Affirmative 916,238.573
Against 54,104,658
Abstain 16,084.524
Item 2A: To authorize the Fund to vote at a meeting of holders of
interests in the Portfolio to elect six trustees of the Portfolio.
Number of Shares
Nominees for Trustee Affirmative Withheld
- -------------------- -------------- ---------------
Donald R. Dwight 1,156,614.309 51,661.446
James B. Hawkes 1,155,608.488 52,667.267
Samuel L. Hayes, III 1,156,183.489 52,092.266
Norton H. Reamer 1,155,920.482 52,355.273
John L. Thorndike 1,156,074.581 52,201,174
Jack L. Treynor 1,156,120.696 52,155.059
Item 2B: To authorize the Fund to vote at a meeting of holders of
interests in the Portfolio to approve the Investment Advisory
Agreement between the Portfolio and Mehta and Isaly Asset
Management, Inc. (formerly G/A Capital Management, Inc.) as set
forth in Exhibit A to the Proxy Statement for the Meeting.
Number of Shares
------------------------
Affirmative 918,181.003
Against 49,286.807
Abstain 18,959.945
Item 3: To fix the number of Directors at six, and to elect
Directors
Number of Shares
Nominees for Director Affirmative Withheld
- -------------------- -------------- ---------------
Donald R. Dwight 1,151,350.596 56,925.159
James B. Hawkes 1,150,265.260 58,010.495
Samuel L. Hayes, III 1,150,902.001 57,373.754
Norton H. Reamer 1,150,896.841 57,378.914
John L. Thorndike 1,150,528.093 57,747.662
Jack L. Treynor 1,150,861.663 57,414.092
Item 4: To ratify the selection of Tait, Weller & Baker as
independent public accountants of the Fund for the current fiscal
year.
Number of Shares
------------------------
Affirmative 1,135,966.673
Against 52,652.749
Abstain 19,656.333
Item 5: To approve the revision of the Fund's investment objective
and certain of the Fund's investment policies as set forth in
Exhibit B to the Proxy Statement for the meeting as follows:
A. Reclassification and amendment of the investment objective and
basic policies.
Number of Shares
------------------------
Affirmative 899,960.065
Against 57,039.369
Abstain 29,428.321
B. Eliminate the restriction concerning investment in other
investment companies.
Number of Shares
------------------------
Affirmative 892,336.970
Against 64,541.221
Abstain 29,549.564
C. Eliminate the restriction concerning pledging.
Number of Shares
------------------------
Affirmative 890,847.723
Against 64,578.922
Abstain 31,001.110
D. Reclassify the restriction concerning investing in affiliated issuers.
Number of Shares
------------------------
Affirmative 888,931.129
Against 66,766.231
Abstain 30,730.395
E. Reclassify the restriction concerning investing for control.
Number of Shares
------------------------
Affirmative 893,771.863
Against 61,407.799
Abstain 31,248.093
F. Reclassify the restriction concerning options and futures.
Number of Shares
------------------------
Affirmative 888,272.290
Against 67,627.141
Abstain 30,528.324
G. Reclassify the restriction concerning warrants.
Number of Shares
------------------------
Affirmative 892,555.847
Against 63,372.559
Abstain 30,499.349
H. Reclassify the restriction concerning exploration programs.
Number of Shares
------------------------
Affirmative 890,200.791
Against 63,914.454
Abstain 32,312.510
I. Reclassify and amend the restriction concerning illiquid
securities.
Number of Shares
------------------------
Affirmative 887,411.339
Against 66,427.639
Abstain 32,588.777
J. Reclassify and amend the restriction concerning unseasoned
issuers.
Number of Shares
------------------------
Affirmative 887,198.540
Against 66,532.600
Abstain 32,696.615
K. Amend the restriction concerning underwriting.
Number of Shares
------------------------
Affirmative 893,596.085
Against 62,108.223
Abstain 30,723.447
L. Amend the restriction concerning real estate.
Number of Shares
------------------------
Affirmative 889,624.969
Against 67,558.294
Abstain 29,244.492
M. Amend the restriction concerning lending.
Number of Shares
------------------------
Affirmative 888,909.247
Against 67,463.039
Abstain 30,055.469
N. Amend the restriction concerning short sales.
Number of Shares
------------------------
Affirmative 888,815.265
Against 67,748.177
Abstain 29,864.313
O. Amend the restriction concerning senior securities.
Number of Shares
------------------------
Affirmative 891,259.867
Against 62,591.854
Abstain 32,576.034
P. Amend the restriction concerning borrowing.
Number of Shares
------------------------
Affirmative 887,394.141
Against 68,196.564
Abstain 30,837.050
Q. Amend the restriction concerning commodities.
Number of Shares
------------------------
Affirmative 887,389.408
Against 70,810.765
Abstain 28,227.582
Report of Independent Certified Public Accountants
To the Shareholders and Board of Directors
of EV Traditional Worldwide Health Sciences Fund, Inc.
We have audited the accompanying statement of assets and liabilities
of EV Traditional Worldwide Health Sciences Fund, Inc. (formerly
Medical Research Investment Fund, Inc.), including the portfolio of
investments, as of August 31, 1996, and the related statement of
operations for the year then ended, the statement of changes in net
assets for each of the two years in the period then ended, and
financial highlights for each of the periods presented. 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 principles. Those standards require that we plan and
perform the audit 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.
Our procedures included confirmation of securities owned as of
August 31, 1996 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 audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of EV Traditional Worldwide Health Sciences Fund,
Inc. as of August 31, 1996, and the results of its operations,
changes in its net assets and financial highlights for the periods
presented, in conformity with generally accepted accounting
principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
September 20, 1996
(except for Note 6 as to which
the date is September 23, 1996)
[This page intentionally left blank.]
EV Traditional
Worldwide Health
Sciences Fund, Inc.
Officers
- ----------------
James B. Hawkes
President, Director
James L. O'Connor
Treasurer
Thomas Otis
Secretary
Directors
- ----------------
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
Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
Worldwide Health
Science Portfolio
Officers
- ----------------
James B. Hawkes
President and Trustee
Samuel D. Isaly
Vice President and Portfolio Manager
James L. O'Connor
Vice President and Treasurer
Thomas Otis
Vice President and Assistant Secretary
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
Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser and Consultant
Sponsor and Manager of
EV Traditional Worldwide Health
Sciences Fund, Inc. &
Administrator of Worldwide Health Sciences Portfolio
Eaton Vance Management
24 Federal Street
Boston, MA 02110
Adviser of
Worldwide Health Sciences Portfolio
Mehta and Isaly Asset Management, Inc.
41 Madison Avenue
New York, NY 10010-2202
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
89 South Street
P.O. Box 1537
Boston, MA 02205-1537
Transfer Agent
First Data Investor Services Group, Inc.
P.O. Box 5123
Westborough, MA 01581-5123
(800) 262-1122
This report must be preceded or accompanied by a current prospectus
which contains more complete information on the Fund, including its
distribution plan, sales charges and expenses. Please read the
prospectus carefully before you invest or send money.
EV Traditional
Worldwide Health Sciences Fund, Inc.
24 Federal Street
Boston, MA 02110
T-HSSRC-10/96
