<PAGE>
TO SHAREHOLDERS
DEPOSITORS FUND HAD A TOTAL RETURN OF 16.6 PERCENT DURING THE 12 MONTHS THAT
ENDED MARCH 31, 1995. That return represented a rise in net asset value per
share to $95.16 from $82.66, and the reinvestment of $1.09 in income dividends.
By comparison, the S&P 500 Index, an unmanaged index of common stocks, had a
total return of 15.5 percent during the same period.
- -------------------------------------
THE FUND HAD A TOTAL RETURN OF 16.6 PERCENT DURING THE 12 MONTHS THAT ENDED
MARCH 31, 1995.
- -------------------------------------
DURING 1994 THE ECONOMY GREW MORE RAPIDLY THAN MANY ECONOMISTS AND MONEY
MANAGERS ANTICIPATED AT THE START OF THE YEAR. In response to this strength, and
in an attempt to keep inflation in check, the Federal Reserve raised short-term
interest rates six times in 1994 and once again in early 1995. It usually takes
several months before a rise in interest rates starts to have an effect on the
rate of growth of the economy; in recent months, there have been some signs that
the economy is slowing down.
IN THE FIRST HALF OF THE FUND'S FISCAL YEAR, THE STOCK MARKET WAS WEAK,
SERIOUSLY HAMPERED BY RISING INTEREST RATES. As might be expected,
interest-sensitive stocks such as insurance companies and utilities were among
the poorer performers. Cyclical stocks were among the better performers, with
earnings for capital goods and basic materials companies exceeding expectations.
Health care stocks, led by drug companies, and technology stocks gained solidly
during this period.
DURING THE SECOND HALF OF THE PERIOD, INVESTOR SENTIMENT CHANGED. Overall market
performance improved as interest rates stopped their rapid ascent and fears of
runaway inflation dissipated. Market leadership shifted from cyclical stocks to
other sectors less exposed to a slowing economy.
THE FUND'S SUPERIOR PERFORMANCE DURING THE PERIOD WAS LED BY STOCKS IN SEVERAL
OF ITS SECTORS. Health care stocks were up significantly during the year.
Pfizer, Inc., the Fund's largest holding in this sector, gained more than 50
percent for the year. The prices of computer and electronics stocks also were
higher. Hewlett Packard Co. was the Fund's largest holding in this sector at the
end of the 12 months. It, too, appreciated more than 50 percent during that
period.
- -----------------------
Photo of Landon T. Clay
- -----------------------
THE LARGEST OVERALL POSITION IN THE FUND WAS HELD BY GENERAL RE CORP., A MAJOR
REINSURANCE COMPANY. It benefited from the growth stock rally, rising more than
26 percent in the 12-month period. Other sectors posting gains were oils and
manufacturing, while retail and railroads declined.
MOST ECONOMISTS BELIEVE THAT INTEREST RATES WILL PEAK IN THE FIRST HALF OF 1995
AND THAT ECONOMIC GROWTH RATES WILL DECLINE, THOUGH NOT TO RECESSIONARY LEVELS.
If this "soft landing" is achieved, corporate profitability should be well
maintained and the stock market should be as rewarding to investors as it was
during much of 1994.
NO MATTER HOW ECONOMIC CONDITIONS MAY CHANGE, WE REMAIN CONVINCED THAT OVER THE
LONG TERM, INVESTING IN A REPRESENTATIVE PORTFOLIO OF HIGH-QUALITY COMMON STOCKS
IS LIKELY TO DELIVER SOUND PERFORMANCE. That remains the strategy of Depositors
Fund, and we are confident the Fund will continue to participate in the
economy's ongoing growth.
- -------------------------------------
"NO MATTER HOW ECONOMIC CONDITIONS MAY CHANGE, WE REMAIN CONVINCED THAT OVER
THE LONG TERM, INVESTING IN A REPRESENTATIVE PORTFOLIO OF HIGH-QUALITY COMMON
STOCKS IS LIKELY TO DELIVER SOUND PERFORMANCE."
- -------------------------------------
Sincerely,
/S/ LANDON T. CLAY
Landon T. Clay
President
May 19, 1995
<PAGE>
DEPOSITORS FUND OF BOSTON, INC.
MARCH 31, 1995
(UNAUDITED)
VALUE
TEN LARGEST HOLDINGS (IN MILLIONS)
- -------------------------------------------------------------------------------
General Re Corp. $4.2
- -------------------------------------------------------------------------------
PepsiCo Inc. 4.2
- -------------------------------------------------------------------------------
Coca-Cola Co. 3.8
- -------------------------------------------------------------------------------
Hewlett-Packard Co. 3.6
- -------------------------------------------------------------------------------
Pfizer Inc. 3.1
- -------------------------------------------------------------------------------
Houghton Mifflin Co. 3.0
- -------------------------------------------------------------------------------
McDonald's Corp. 2.5
- -------------------------------------------------------------------------------
Union Pacific Corp. 2.5
- -------------------------------------------------------------------------------
McCormick & Co., Non-voting 2.2
- -------------------------------------------------------------------------------
Astra AB - Series A 2.1
- -------------------------------------------------------------------------------
PERCENTAGE OF
FIVE LARGEST INDUSTRY HOLDINGS NET ASSETS
- -------------------------------------------------------------------------------
Drugs & Medical 14.4%
- -------------------------------------------------------------------------------
Consumer Products 13.2
- -------------------------------------------------------------------------------
Publishing and Printing 10.9
- -------------------------------------------------------------------------------
Insurance 9.3
- -------------------------------------------------------------------------------
Electronics 6.0
- -------------------------------------------------------------------------------
<PAGE>
INVESTMENT CHANGES
SIX MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
- -------------------------------------------------------------------------------
Shares Owned
Sept. 30 Mar 31
- -------------------------------------------------------------------------------
DECREASES*
- -------------------------------------------------------------------------------
Bowne & Co., Inc. 123,240 108,120
- -------------------------------------------------------------------------------
Coca-Cola Co. 80,006 67,206
- -------------------------------------------------------------------------------
Donnelley (R.R.) & Sons Co. 63,156 54,876
- -------------------------------------------------------------------------------
Flightsafety International Ltd. 25,100 15,000
- -------------------------------------------------------------------------------
Hewlett-Packard Co. 41,700 30,240
- -------------------------------------------------------------------------------
*Includes investments paid in kind on redemptions.
<PAGE>
DEPOSITORS FUND OF BOSTON, INC.
PORTFOLIO OF INVESTMENTS
MARCH 31, 1995
- -------------------------------------------------------------------------------
COMMON STOCKS - 96.3%
- -------------------------------------------------------------------------------
Name of Company Shares Value
- -------------------------------------------------------------------------------
AEROSPACE - 1.9%
Boeing Co. 20,920 $ 1,127,065
-----------
AIR TRANSPORTATION - 1.1%
Flightsafety International Ltd. 15,000 $ 686,250
-----------
BUSINESS PRODUCTS & SERVICES - 3.8%
Moore Corp., Ltd. 19,075 $ 371,963
Reuters Holdings PLC, ADR 42,000 1,932,000
-----------
$ 2,303,963
-----------
CHEMICALS - 2.6%
Monsanto Co. 19,336 $ 1,551,714
-----------
COMPUTER & BUSINESS EQUIPMENT - 2.8%
Digital Equipment Corp.* 8,325 $ 315,309
International Business Machines Corp. 14,400 1,179,000
Novell Inc.* 10,000 190,000
-----------
$ 1,684,309
-----------
CONSUMER PRODUCTS - 13.2%
Coca-Cola Co. 67,206 $ 3,797,139
PepsiCo Inc. 106,985 4,172,415
-----------
$ 7,969,554
-----------
DRUGS & MEDICAL - 14.4%
Astra AB - Series A 80,000 $ 2,127,536
Baxter International Inc. 23,950 784,362
Genentech Inc.* (Redeemable
Common) 16,500 773,437
Merck & Co., Inc. 15,660 667,507
Pfizer Inc. 36,000 3,087,000
Sofamor/Danek Group, Inc.* 50,000 1,225,000
-----------
$ 8,664,842
-----------
ELECTRONICS - 6.0%
Hewlett-Packard Co. 30,240 $ 3,640,140
-----------
FINANCIAL - 2.1%
Federal National Mortgage Association 15,655 $ 1,273,926
-----------
FOOD PROCESSING - 3.6%
McCormick & Co., Non-voting 95,940 $ 2,170,643
-----------
FOREST PRODUCTS - 2.1%
Champion International Corp. 11,638 $ 503,344
Weyerhaeuser Co. 19,380 753,398
-----------
$ 1,256,742
-----------
INSURANCE - 9.3%
General Re Corp. 31,920 $ 4,213,440
St. Paul Cos., Inc. 27,620 1,381,000
-----------
$ 5,594,440
-----------
OIL, INTEGRATED INTERNATIONAL - 5.0%
Exxon Corp. 19,998 $ 1,334,866
Phillips Petroleum Co. 45,000 1,648,125
-----------
$ 2,982,991
-----------
OTHER CAPITAL GOODS - 1.1%
Parker Hannifin Corp. 14,913 $ 659,900
-----------
PETROLEUM SERVICES AND EQUIPMENT - 4.1%
Baker Hughes Inc. 39,234 $ 799,393
Dresser Industries, Inc. 79,800 1,695,750
-----------
$ 2,495,143
-----------
PUBLISHING AND PRINTING - 10.9%
Bowne & Co., Inc. 108,120 $ 1,743,435
Donnelley (R.R.) & Sons Co. 54,876 1,886,363
Houghton Mifflin Co. 63,700 2,962,050
-----------
$ 6,591,848
-----------
RAILROADS - 5.1%
CSX Corp. 7,635 $ 601,256
Union Pacific Corp. 44,530 2,449,150
-----------
$ 3,050,406
-----------
RESTAURANTS - 4.1%
McDonald's Corp. 72,000 $ 2,457,000
-----------
RETAIL - 3.1%
Toys "R" Us, Inc.* 72,000 $ 1,845,000
-----------
TOTAL COMMON STOCKS
(IDENTIFIED COST, $10,908,674) $58,005,876
-----------
- --------------------------------------------------------------------------------
SHORT-TERM OBLIGATION - 3.3%
- --------------------------------------------------------------------------------
Face Amount
(000 Omitted) Value
- -------------------------------------------------------------------------------
Ford Motor Credit Corp.,
5.98% due 04/06/95, at amortized cost $ 2,000 $ 1,998,344
-----------
TOTAL INVESTMENTS
(IDENTIFIED COST, $12,907,018) - 99.6% $60,004,220
OTHER ASSETS, LESS LIABILITIES - 0.4% 246,613
-----------
NET ASSETS - 100% $60,250,833
===========
*Non-income producing security.
See notes to financial statements
<PAGE>
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
- -------------------------------------------------------------------------------
March 31, 1995
- -------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A)
(identified cost, $12,907,018) $60,004,220
Cash 113,223
Dividends receivable 143,165
-----------
Total assets $60,260,608
LIABILITIES:
Payable to affiliates --
Custodian fee $1,240
Directors' fees 1,542
Accrued expenses 6,993
------
Total liabilities 9,775
-----------
NET ASSETS for 633,137 shares of capital stock outstanding $60,250,833
===========
SOURCES OF NET ASSETS:
Accumulated net realized gain on investment
transactions (computed on the basis of identified
cost), less the excess of cost of capital stock
redeemed over proceeds from sales of capital stock
(including shares issued to shareholders electing
to receive payment of distributions in capital
stock) $26,778,238
Accumulated distributions of net realized gain on
investments as computed for federal income tax
purposes (7,889,247)
Distributions in excess of net investment income (70,678)
Unrealized appreciation of investments (computed on
the basis of identified cost) 47,097,202
Federal tax on undistributed net realized long-term
capital gain, paid on behalf of shareholders (Note 1B) (5,664,682)
-----------
Total $60,250,833
===========
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($60,250,833 / 633,137 shares of capital stock outstanding) $95.16
======
See notes to financial statements
<PAGE>
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Year Ended March 31, 1995
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
Dividends $1,113,901
Interest 59,049
----------
Total income $1,172,950
Expenses --
Investment adviser fee (Note 4) $ 350,354
Compensation of Directors not members of the
Investment Adviser's organization 6,237
Custodian fees (Note 4) 36,157
Legal and accounting services 25,006
Printing and postage 24,007
Transfer and dividend disbursing agent fees 15,000
Miscellaneous 5,613
----------
Total expenses 462,374
----------
Net investment income $ 710,576
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments, computed on the
basis of identified cost ($606,766 net gain as
computed for federal income tax purposes) $3,624,776
Increase in unrealized appreciation
of investments 4,423,113
----------
Net realized and unrealized gain
on investments 8,047,889
----------
Net increase in net assets from operations $8,758,465
==========
See notes to financial statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------
Year Ended March 31,
------------------------
1995 1994
-------- --------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income $ 710,576 $ 647,098
Net realized gain on investments 3,624,776 2,696,580
Increase (decrease) in unrealized
appreciation of investments 4,423,113 (5,657,031)
----------- -----------
Increase (decrease) in net assets
from operations $ 8,758,465 (2,313,353)
Undistributed net investment income
included in net asset value of shares
redeemed and issued -- (148)
Distributions to shareholders --
From net investment income (703,364) (632,628)
Net decrease from capital stock
transactions (exclusive of amounts
allocated to net investment income) (2,839,262) (4,145,717)
----------- -----------
Net increase (decrease) in net assets $ 5,215,839 (7,091,846)
NET ASSETS:
At beginning of year 55,034,994 62,126,840
----------- -----------
At end of year (including distributions in
excess of net investment income of $70,678
and $77,890, respectively) $60,250,833 $55,034,994
=========== ===========
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended March 31,
----------------------------------------------------------------------
1995 1994 1993 1992 1991
------ ------ ----- ------ ------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, beginning of year $82.660 $86.990 $82.070 $72.750 $63.420
------- ------- ------- ------- -------
INCOME FROM OPERATIONS:
Net investment income $ 1.095 $ 0.920 $ 0.958 $ 1.061 $ 1.099
Net realized and unrealized gain (loss) on investments 12.495 (4.330) 4.962 9.399 9.421
------- ------- ------- ------- -------
Total income (loss) from operations $13.590 (3.410) $ 5.920 $10.460 $10.520
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment income $(1.090) $(0.920) $(0.958) $(1.064) $(1.190)
From paid-in capital -- -- (0.042) (0.076) --
------- ------- ------- ------- -------
Total distributions $(1.090) $(0.920) $(1.000) $(1.140) $(1.190)
------- ------- ------- ------- -------
NET ASSET VALUE, end of year $95.160 $82.660 $86.990 $82.070 $72.750
======= ======= ======= ======= =======
TOTAL RETURN<F1> 16.56% (3.94)% 7.31% 14.47% 16.86%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted) $60,251 $55,035 $62,127 $63,824 $58,514
Ratio of expenses to average net assets 0.83% 0.81% 0.82% 0.83% 0.90%
Ratio of net investment income to
average net assets 1.27% 1.09% 1.13% 1.38% 1.71%
PORTFOLIO TURNOVER 0% 5% 2% 5% 7%
- ----------
<FN>
<F1>Total investment return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset
value on the last day of each period reported. Dividends and distributions, if any, are assumed to be reinvested at the net
asset value on the payable date.
See notes to financial statements
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(1) SIGNIFICANT ACCOUNTING POLICIES
The Fund is registered under the Investment Company Act of 1940, as amended, as
a diversified, open-end, management investment company. The following is a
summary of significant accounting policies consistently followed by the Fund in
the preparation of its financial statements. The policies are in conformity with
generally accepted accounting principles.
A. INVESTMENT VALUATIONS -- Investments listed on securities exchanges or in the
NASDAQ National Market are valued at closing sale prices. Listed or unlisted
investments for which closing sale prices are not available are valued at
closing bid prices. Short-term obligations, maturing in 60 days or less, are
valued at amortized cost, which approximates value.
B. FEDERAL TAXES -- The Fund's policy is to comply with the provisions of the
Internal Revenue Code available to regulated investment companies and to
distribute to shareholders each year all of its taxable income from dividends,
interest and net realized short-term capital gain. Accordingly, no provision for
federal income or excise tax is necessary. At March 31, 1995, the Fund, for
Federal income tax purposes, had a capital loss carryover of $149,841 which will
reduce the Fund's taxable income arising from future net realized gain on
investments, if any, to the extent permitted by the Internal Revenue Code, and
thus will reduce the amount of the distributions to shareholders which would
otherwise be necessary to relieve the Fund of any liability for federal income
or excise tax. Such capital loss carryover will expire on March 31, 2002. The
Fund generally designates as undistributed any taxable net realized long-term
gain (but reserves the right to distribute such gain in any year) and pays the
federal tax thereon on behalf of shareholders. Provision for such tax is
recorded on the Fund's records on the last business day of the Fund's fiscal
year because the Internal Revenue Code provides that such tax is allocated among
shareholders of record on that date.
C. EQUALIZATION -- Prior to April 1, 1994, the Fund followed the accounting
practice known as equalization by which a portion of the proceeds from the sales
and costs of reacquisitions of Fund shares was allocated to undistributed net
investment income. As of April 1, 1994, the Fund discontinued the use of
equalization. This change had no effect on the Fund's net assets, net asset
value per share, or its net increase or decrease in net assets from operations.
Discontinuing the use of equalization will result in a simpler and more
meaningful financial statement presentation.
D. OTHER -- Investment transactions are accounted for on a trade date basis.
Dividend income and dividends to shareholders are recorded on the ex-dividend
date.
E. DISTRIBUTIONS -- Generally accepted accounting principles require that
differences in the recognition or classification of income between the financial
statements and tax earnings and profits which result in temporary
over-distributions for financial statement purposes, are classified as
distributions in excess of net investment income or accumulated net realized
gains.
<PAGE>
(2) CAPITAL STOCK
At March 31, 1995, there were 5,860,670 shares of $1.00 par value capital stock
authorized. Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
-------------------------------------------------
1995 1994
-------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Redemptions (33,818) $(2,937,924) (49,352) $(4,232,715)
Issued to shareholders electing to receive
payment of distributions in capital stock 1,118 98,662 1,025 86,998
------ ----------- ------ -----------
Net decrease (32,700) $(2,839,262) (48,327) $(4,145,717)
====== =========== ====== ===========
</TABLE>
- ------------------------------------------------------------------------------
(3) INVESTMENT TRANSACTIONS
Sales of investments other than short-term obligations, aggregated $1,692,445.
There were no purchases of investments. In addition, investments having an
aggregate market value of $2,814,133 at dates of redemption were distributed in
payment for capital stock redeemed.
- ------------------------------------------------------------------------------
(4) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The investment adviser fee, computed at the monthly rate of 5/96 of 1% ( 5/8 of
1% annually) of the Fund's average monthly net assets, was paid to Eaton Vance
Management (EVM) as compensation for management and investment advisory services
rendered to the Fund. Except as to directors of the Fund who are not members of
EVM's organization, officers and directors receive remuneration for their
services to the Fund out of such investment adviser fee. The custodian fee was
paid to Investors Bank & Trust Company (IBT), an affiliate of EVM, for its
services as custodian of the Fund. Pursuant to the custodian agreement, IBT
receives a fee reduced by credits which are determined based on the average
daily cash balances the Fund maintains with IBT. Certain of the officers and
directors of the Fund are officers and directors/trustees of the above
organizations. Directors of the Fund that are not affiliated with the Investment
Adviser may elect to defer receipt of all or a percentage of their annual fees
in accordance with the terms of the Trustees Deferred Compensation Plan. For the
year ended March 31, 1995, no significant amounts have been deferred.
- ------------------------------------------------------------------------------
(5) LINE OF CREDIT
The Fund participates with other funds managed by EVM in a $120 million
unsecured line of credit agreement with a bank. The line of credit consists of a
$20 million committed facility and a $100 million discretionary facility.
Borrowings will be made by the Fund solely to facilitate the handling of unusual
and/or unanticipated short-term cash requirements. Interest is charged to each
fund based on its borrowings at an amount above either the bank's adjusted
certificate of deposit rate, a variable adjusted certificate of deposit rate, or
a federal funds effective rate. In addition, a fee computed at an annual rate of
1/4 of 1% on the $20 million committed facility and on the daily unused portion
of the $100 million discretionary facility is allocated among the participating
funds at the end of each quarter. The Fund did not have any significant
borrowings or allocated fees during the year.
- ------------------------------------------------------------------------------
(6) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation/depreciation in value of the investments
owned at March 31, 1995, as computed on a federal income tax basis, are as
follows:
Aggregate cost $12,907,018
===========
Gross unrealized appreciation $47,144,702
Gross unrealized depreciation 47,500
-----------
Net unrealized appreciation $47,097,202
===========
<PAGE>
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Board of Directors and Shareholders of
Depositors Fund of Boston, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Depositors Fund of Boston, Inc. as of March 31,
1995, and the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended March 31, 1995 and 1994,
and the financial highlights for each of the years in the five-year period
ended March 31, 1995. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 at March
31, 1995, by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Depositors Fund of
Boston, Inc. at March 31, 1995, the results of its operations, the changes in
its net assets, and its financial highlights for the respective stated periods
in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 5, 1995
<PAGE>
INVESTMENT MANAGEMENT
DEPOSITORS FUND OFFICERS AND STAFF INDEPENDENT DIRECTORS
OF BOSTON, INC. LANDON T. CLAY DONALD R. DWIGHT
24 Federal Street President, Director President, Dwight Partners, Inc.
Boston, MA 02110 JAMES B. HAWKES Chairman ,Newspapers of
Vice President New England, Inc.
PETER F. KIELY SAMUEL L. HAYES, III
Vice President, Director Jacob H. Schiff Professor of
JAMES L. O'CONNOR Investment Banking, Harvard
Treasurer University Graduate School of
THOMAS OTIS Business Administration
Clerk NORTON H. REAMER
JAMES F. ALBAN President and Director,
Assistant Treasurer United Asset Management
JANET E. SANDERS Corporation
Assistant Treasurer JOHN L. THORNDIKE
and Assistant Clerk Director, Fiduciary Company
A. JOHN MURPHY Incorporated
Assistant Secretary JACK L. TREYNOR
PORTFOLIO MANAGER Investment Adviser
THOMAS E. FAUST, JR. and Consultant
----------------------------------------------------------
DEPOSITORS FUND OF TRANSFER AND DIVIDEND
BOSTON, INC. DISBURSING AGENT
24 Federal Street The Shareholder
Boston, MA 02110 Services Group, Inc.
BOS725
INVESTMENT ADVISER P.O. Box 1559
Eaton Vance Management Boston, MA 02104
24 Federal Street 800-262-1122
Boston, MA 02110
CUSTODIAN AUDITORS
Investors Bank & Trust Deloitte & Touche LLP
Company 125 Summer Street
24 Federal Street Boston, MA 02110
Boston, MA 02110
<PAGE>
DEPOSITORS FUND
OF BOSTON, INC.
SUMMARY
NET ASSET VALUE PER SHARE
---------------------------------------
PAST SIX MONTHS
---------------------------------------
March 31, 1995 $95.16
---------------------------------------
September 30, 1994 $84.86
---------------------------------------
PAST YEAR
---------------------------------------
March 31, 1995 $95.16
---------------------------------------
March 31, 1994 $82.66
---------------------------------------
LIFE OF FUND
---------------------------------------
March 31, 1995 $95.16
---------------------------------------
April 26, 1965 $17.49
---------------------------------------
CHANGE (4/26/65 to 3/31/95) in:
---------------------------------------
Share value +444.08%
---------------------------------------
Share value plus cumulative
Federal taxes paid by Fund* +456.05%
---------------------------------------
Dow Jones Industrial Average +353.50%
---------------------------------------
Standard & Poor's 500 +463.30%
---------------------------------------
*Realized capital gains are generally
retained by the Fund and the federal tax
thereon is paid on behalf of
shareholders. Such taxes aggregated
$2.094 per share over the life of the
Fund.
The Dow Jones Industrial Average and the
Standard & Poor's 500 are unmanaged
lists of common stocks.
DEPOSITORS FUND
OF BOSTON
An Eaton Vance
Exchange Fund
Annual Report
March 31, 1995
