<PAGE>
DEPOSITORS FUND
OF BOSTON
An Eaton Vance
Exchange Fund
Semi-Annual Report
September 30, 1995
[LOGO]
<PAGE>
TO SHAREHOLDERS
DEPOSITORS FUND OF BOSTON HAD A TOTAL RETURN OF 17.7% DURING THE SIX MONTHS
ENDING SEPTEMBER 30, 1995. That return represented a rise in net asset value per
share to $111.40 from $95.16 and the reinvestment of $0.60 in income dividends.
By comparison, the S&P 500 Index, an unmanaged index of common stocks, had a
return of 18.2% during the same period.
- -----------------------------------------------------------------------
SHAREHOLDERS RECEIVED INCOME DIVIDENDS TOTALING $0.60 PER SHARE DURING
THE SIX MONTHS ENDED SEPTEMBER 30, 1995.
THE STOCK MARKET PERFORMED VERY WELL DURING THIS SIX-MONTH PERIOD. The market's
behavior was a positive response to an improved interest rate environment and
prospects for continuing economic growth with limited inflation. The market
continued upward during the period, rising to record levels. Stock prices rose
in part because it appeared that the Federal Reserve had achieved its goal of a
"soft landing" for the economy, balancing slow growth with low inflation levels.
THIS HAS BEEN A PERIOD OF STRONG PERFORMANCE FOR A WIDE RANGE OF STOCKS. Large
capitalization stocks led the market surge early in the period, but
participation in the rally was widespread. Many major corporations have seen
sharply escalating profits, reflecting a favorable economy and the substantial
cost reduction and productivity initiatives they have undertaken in recent
years.
THE SECTORS OF THE MARKET THAT HAVE BEEN PARTICULARLY STRONG OVER THE PAST
SEVERAL MONTHS INCLUDE TECHNOLOGY, WHICH POSTED REMARKABLE GAINS DURING MUCH OF
1995, HEALTH CARE, FINANCIAL SERVICES, CONSUMER PRODUCTS AND BASIC MATERIALS.
The Fund has had meaningful positions in each of these sectors and has benefited
from their strong performance.
AMONG THE FUND'S LARGEST HOLDINGS ARE HEWLETT-PACKARD CO. (TECHNOLOGY), WHICH
WAS UP IN PRICE BY 39.5% OVER THE SIX-MONTH PERIOD. Other large holdings posting
significant gains are Pfizer Inc. (healthcare), up 24.3%; Astra AB-Series A
shares (healthcare), up 34.9%, PepsiCo Inc. (consumer products), up 30.8%;
Coca-Cola Co. (consumer products), up 21.6%; and Monsanto Co., (basic
materials), up 26.5%.
[Photo of Landon T. Clay]
LOOKING TO THE FUTURE, OUR OUTLOOK REMAINS BASICALLY POSITIVE BECAUSE OF
CONTINUED LOW INFLATION AND SLOW-TO-MODERATE ECONOMIC GROWTH. However, any
additional stock market gains are likely to depend on continued positive
earnings results. Some corporate profit disappointments emerged toward the end
of the period; they may signal the end of the solid gains that marked most of
1995. The market also may be more vulnerable than usual to a correction after
the recent strong runup.
REGARDLESS OF CHANGES IN THE MARKET AND IN INVESTMENT CONDITIONS, WE BELIEVE
THAT AN INVESTMENT IN A REPRESENTATIVE PORTFOLIO OF HIGH-QUALITY COMMON STOCKS
IS LIKELY TO DELIVER SOUND LONG-TERM PERFORMANCE. That remains the strategy of
Depositors Fund of Boston, and we are confident the Fund will continue to
participate in the ongoing growth of the economy.
Sincerely,
/s/ Landon T. Clay
Landon T. Clay
President
November 6, 1995
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". . .WE BELIEVE THAT AN INVESTMENT IN A REPRESENTATIVE PORTFOLIO OF
HIGH-QUALITY COMMON STOCKS IS LIKELY TO DELIVER SOUND LONG-TERM PERFORMANCE."
<PAGE>
DEPOSITORS FUND OF BOSTON, INC.
SEPTEMBER 30, 1995
(UNAUDITED)
VALUE
TEN LARGEST HOLDINGS (IN MILLIONS)
- ------------------------------------------------------------------------------
PepsiCo Inc. $5.5
- ------------------------------------------------------------------------------
General Re Corp. 4.8
- ------------------------------------------------------------------------------
Coca-Cola Co. 4.6
- ------------------------------------------------------------------------------
Hewlett-Packard Co. 4.5
- ------------------------------------------------------------------------------
Pfizer Inc. 3.8
- ------------------------------------------------------------------------------
Houghton Mifflin Co. 3.0
- ------------------------------------------------------------------------------
Union Pacific Corp. 2.9
- ------------------------------------------------------------------------------
Astra AB - Series A 2.9
- ------------------------------------------------------------------------------
McDonald's Corp. 2.8
- ------------------------------------------------------------------------------
Reuters Holding PLC, ADR 2.2
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PERCENTAGE OF
FIVE LARGEST INDUSTRY HOLDINGS NET ASSETS
- ------------------------------------------------------------------------------
Beverages 14.7%
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Drugs 12.2
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Insurance 9.3
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Electronic Instruments 6.6
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Transportation 6.2
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<PAGE>
INVESTMENT CHANGES
SIX MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED)
- ------------------------------------------------------------------------------
Shares Owned
Mar 31 Sept 30
- ------------------------------------------------------------------------------
INCREASES
- ------------------------------------------------------------------------------
Home Depot, Inc. (The) -- 40,000
- ------------------------------------------------------------------------------
DECREASES*
- ------------------------------------------------------------------------------
Bowne & Co., Inc. 108,120 91,770
- ------------------------------------------------------------------------------
Champion International Corp. 11,638 6,488
- ------------------------------------------------------------------------------
Donnelley (R.R.) & Sons Co. 54,876 47,896
- ------------------------------------------------------------------------------
McCormick & Co., Non-voting 95,940 82,990
- ------------------------------------------------------------------------------
Novell Inc. 10,000 --
- ------------------------------------------------------------------------------
*Includes investments paid in kind on redemptions.
OTHER CHANGES
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Shares
- ------------------------------------------------------------------------------
24,360 Hewlett-Packard Co. in a 2 for 1 stock split less
5,880 shares paid in kind on redemptions
- ------------------------------------------------------------------------------
36,000 Pfizer Inc. in a 2 for 1 stock split
- ------------------------------------------------------------------------------
7,456 Parker Hannifin Corp. in a 1.5 for 1 stock split
- ------------------------------------------------------------------------------
<PAGE>
DEPOSITORS FUND OF BOSTON, INC.
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
- --------------------------------------------------------------------------
COMMON STOCKS - 98.9%
- --------------------------------------------------------------------------
Name of Company Shares Value
- --------------------------------------------------------------------------
AEROSPACE - 2.1%
Boeing Co. 20,920 $ 1,427,790
-----------
BEVERAGES - 14.7%
Coca-Cola Co. 67,206 $ 4,637,214
PepsiCo Inc. 106,985 5,456,235
-----------
$10,093,449
-----------
CHEMICALS - 2.8%
Monsanto Co. 19,336 $ 1,948,102
-----------
COMPUTER & BUSINESS EQUIPMENT - 2.5%
Digital Equipment Corp.* 8,325 $ 379,828
International Business Machines 14,400 1,359,000
-----------
$ 1,738,828
-----------
DRUGS - 12.2%
Astra AB - Series A 80,000 $ 2,869,840
Genentech Inc.* (Redeemable Common) 16,500 802,313
Merck & Co., Inc. 15,660 876,960
Pfizer Inc. 72,000 3,843,000
-----------
$ 8,392,113
-----------
ELECTRONIC INSTRUMENTS - 6.6%
Hewlett-Packard Co. 54,600 $ 4,552,275
-----------
FINANCIAL - MISC. - 2.4%
Federal National Mortgage Association 15,655 $ 1,620,293
-----------
FOODS - 2.9%
McCormick & Co., Non-voting 82,990 $ 1,981,386
-----------
INDUSTRIAL EQUIPMENT - 1.2%
Parker Hannifin Corp. 22,369 $ 850,022
-----------
INFORMATION SERVICES - 3.2%
Reuters Holdings PLC, ADR 42,000 $ 2,220,750
-----------
INSURANCE - 9.3%
General Re Corp. 31,920 $ 4,819,920
St. Paul Cos., Inc. 27,620 1,612,318
-----------
$ 6,432,238
-----------
MEDICAL PRODUCTS - 3.4%
Baxter International Inc. 23,950 $ 984,944
Sofamor/Danek Group, Inc.* 50,000 1,387,500
-----------
$ 2,372,444
-----------
OIL & GAS - EQUIPMENT & SERVICE - 4.0%
Baker Hughes Inc. 39,234 $ 799,393
Dresser Industries, Inc. 79,800 1,905,225
-----------
$ 2,704,618
-----------
OIL & GAS - INTERGRATED - 4.2%
Exxon Corp. 19,998 $ 1,444,855
Phillips Petroleum Co. 45,000 1,462,500
-----------
$ 2,907,355
-----------
PAPER & FOREST PRODUCTS - 1.8%
Champion International Corp. 6,488 $ 349,541
Weyerhaeuser Co. 19,380 884,213
-----------
$ 1,233,754
-----------
PRINTING & BUSINESS FORMS - 6.0%
Bowne & Co., Inc. 91,770 $ 1,858,342
Donnelley (R.R.) & Sons Co. 47,896 1,867,944
Moore Corp., Ltd. 19,075 383,884
-----------
$ 4,110,170
-----------
PUBLISHING - 4.3%
Houghton Mifflin Co. 63,700 $ 2,962,050
-----------
RESTAURANTS - 4.0%
McDonald's Corp. 72,000 $ 2,754,000
-----------
RETAIL - SPECIALTY & APPAREL - 5.1%
Home Depot, Inc. (The) 40,000 $ 1,595,000
Toys "R" Us, Inc. 72,000 1,944,000
-----------
$ 3,539,000
-----------
TRANSPORTATION - 6.2%
CSX Corp. 7,635 $ 642,294
Flightsafety International Ltd. 15,000 688,125
Union Pacific Corp. 44,530 2,950,112
-----------
$ 4,280,531
-----------
TOTAL COMMON STOCKS
(IDENTIFIED COST, $12,289,250) $68,121,168
-----------
- --------------------------------------------------------------------------
SHORT-TERM OBLIGATION - 0.8%
- --------------------------------------------------------------------------
Face Amount
(000 Omitted) Value
- --------------------------------------------------------------------------
Ford Motor Credit Corp., 5.79%
due 10/06/95, at amortized cost $574 $ 573,632
-----------
TOTAL INVESTMENTS
(IDENTIFIED COST, $12,862,882) - 99.7% $68,694,800
OTHER ASSETS, LESS LIABILITIES - 0.3% 218,660
-----------
NET ASSETS - 100% $68,913,460
===========
*Non-income producing security.
See notes to financial statements
<PAGE>
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
- ------------------------------------------------------------------------------
September 30, 1995 (Unaudited)
- ------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (identified cost,
$12,862,882) $68,694,800
Cash 104,276
Dividends receivable 120,665
Other assets 3,890
-----------
Total assets $68,923,631
LIABILITIES:
Payable to affiliates --
Directors' fees $1,396
Custodian fee 1,240
Accrued expenses 7,535
------
Total liabilities 10,171
-----------
NET ASSETS for 618,629 shares of capital stock outstanding $68,913,460
===========
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) $26,730,303
Accumulated distributions of net realized gain on
investments as computed for federal income tax
purposes (7,889,247)
Accumulated distributions in excess of net investment
income (94,832)
Unrealized appreciation of investments (computed on
the basis of identified cost) 55,831,918
Federal tax on undistributed net realized long-term
capital gain, paid on behalf of
shareholders (Note 1B) (5,664,682)
-----------
Total $68,913,460
===========
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($68,913,460 / 618,629 shares of capital stock outstanding) $111.40
=======
See notes to financial statements
<PAGE>
STATEMENT OF OPERATIONS
- ------------------------------------------------------------------------------
For the Six Months Ended September 30, 1995 (Unaudited)
- ------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
Dividends (net of foreign withholding tax of
$6,848) $ 579,760
Interest 35,974
-----------
Total income $ 615,734
Expenses --
Investment adviser fee (Note 4) $ 201,575
Compensation of Directors not members of the
Investment Adviser's organization 2,989
Custodian fees (Note 4) 16,936
Legal and accounting services 27,199
Transfer and dividend disbursing agent fees 7,500
Printing and postage 4,738
Miscellaneous 6,760
----------
Total expenses 267,697
-----------
Net investment income $ 348,037
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments, computed on the
basis of identified cost $1,425,304
Change in unrealized appreciation of investments 8,734,716
----------
Net realized and unrealized gain on
investments 10,160,020
-----------
Net increase in net assets from
operations $10,508,057
===========
See notes to financial statements
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------
Six Months
Ended
September 30, Year Ended
1995 March 31,
(Unaudited) 1995
----------- -----------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income $ 348,037 $ 710,576
Net realized gain on investments 1,425,304 3,624,776
Change in unrealized appreciation of
investments 8,734,716 4,423,113
----------- -----------
Increase in net assets from operations $10,508,057 $ 8,758,465
----------- -----------
Distributions to shareholders --
From net investment income $ (348,037) $ (703,364)
In excess of net investment income (24,154) --
----------- -----------
Total distributions to shareholders $ (372,191) $ (703,364)
----------- -----------
Net decrease from capital stock transactions $(1,473,239) $(2,839,262)
----------- -----------
Net increase in net assets $ 8,662,627 $ 5,215,839
NET ASSETS:
At beginning of period 60,250,833 55,034,994
----------- -----------
At end of period (including distributions in
excess of net investment income of $94,832 and
$70,678, respectively) $68,913,460 $60,250,833
=========== ===========
See notes to financial statements
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Six Months
Ended
September 30, Year Ended March 31,
1995 ---------------------------------------------------------------
(Unaudited) 1995 1994 1993 1992 1991
-------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, beginning of period $ 95.160 $82.660 $86.990 $82.070 $72.750 $63.420
-------- ------- ------- ------- ------- -------
INCOME FROM OPERATIONS:
Net investment income $ 0.560 $ 1.095 $ 0.920 $ 0.958 $ 1.061 $ 1.099
Net realized and unrealized gain
(loss) on investments 16.280 12.495 (4.330) 4.962 9.399 9.421
-------- ------- ------- ------- ------- -------
Total income (loss) from operations $ 16.840 $13.590 (3.410) $ 5.920 $10.460 $10.520
-------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment income $ (0.560) $(1.090) $(0.920) $(0.958) $(1.064) $(1.190)
In excess of net investment income (0.040) -- -- -- -- --
From paid-in capital -- -- -- (0.042) (0.076) --
-------- ------- ------- ------- ------- -------
Total distributions $ (0.600) $(1.090) $(0.920) $(1.000) $(1.140) $(1.190)
-------- ------- ------- ------- ------- -------
NET ASSET VALUE, end of period $111.400 $95.160 $82.660 $86.990 $82.070 $72.750
======== ======= ======= ======= ======= =======
TOTAL RETURN(1) 17.73% 16.56% (3.94)% 7.31% 14.47% 16.86%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000 omitted) $ 68,913 $60,251 $55,035 $62,127 $63,824 $58,514
Ratio of net expenses to average
net assets 0.83%+ 0.83% 0.81% 0.82% 0.83% 0.90%
Ratio of net investment income to
average net assets 1.08%+ 1.27% 1.09% 1.13% 1.38% 1.71%
PORTFOLIO TURNOVER 3% 0% 5% 2% 5% 7%
(1) 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.
+ Computed on an annualized basis.
</TABLE>
See notes to financial statements
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
- --------------------------------------------------------------------------------
(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. OTHER -- Investment transactions are accounted for on a trade date basis.
Dividend income and dividends to shareholders are recorded on the ex-dividend
date.
D. 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.
E. INTERIM FINANCIAL INFORMATION -- The interim financial statements relating
to September 30, 1995 and for the six-month period then ended have not been
audited by independent certified public accountants, but in the opinion of the
Fund's management, reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
<PAGE>
- --------------------------------------------------------------------------------
(2) CAPITAL STOCK
At September 30, 1995, there were 5,860,670 shares of $1.00 par value capital
stock authorized. Transactions in capital stock were as follows:
Six Months Ended
September 30, 1995 Year Ended
(Unaudited) March 31, 1994
----------------------- ----------------------
Shares Amount Shares Amount
------ ------ ------ ------
Redemptions (15,001) $(1,525,348) (33,818) $(2,937,924)
Issued to shareholders
electing to receive payment
of distributions in capital
stock 493 52,109 1,118 98,662
----- --------- ----- ---------
Net decrease (14,508) $(1,473,239) (32,700) $(2,839,262)
======= =========== ======= ===========
- --------------------------------------------------------------------------------
(3) INVESTMENT TRANSACTIONS
Purchases and sales of investments other than short-term obligations, aggregated
$1,644,380 and $223,750. In addition, investments having an aggregate market
value of $1,465,358 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
six months ended September 30, 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 period.
<PAGE>
- ------------------------------------------------------------------------------
(6) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation/depreciation in value of the investments
owned at September 30, 1995, as computed on a federal income tax basis, are as
follows:
Aggregate cost $12,863,093
===========
Gross unrealized appreciation $55,881,087
Gross unrealized depreciation 49,380
-----------
Net unrealized appreciation $55,831,707
===========
- --------------------------------------------------------------------------------
(7) SPECIAL MEETING IN LIEU OF THE ANNUAL SHAREHOLDER MEETING
Depositors Fund of Boston, Inc. (the Fund) held a special meeting in lieu of
its annual shareholder meeting on September 21, 1995. On August 10, 1995, the
record date of the meeting, the Fund had 619,714.545 shares outstanding, of
which 395,656.559 shares were represented at the meeting. The votes at the
meeting were as follows:
Item 1: The election of Landon T. Clay, Donald R. Dwight, Samuel L. Hayes,
III, Norton H. Reamer, John L. Thorndike, and Jack L. Treynor as
Directors of the Fund and James L. O'Connor and Thomas Otis as Treasurer
and Clerk, respectively, of the Fund.
Number of Shares
-----------------------
Nominees for Director Affirmative Withheld
- --------------------- ----------- --------
Landon T. Clay 394,292.920 1,363.639
Donald R. Dwight 394,292.920 1,363.639
Samuel L. Hayes, III 394,292.920 1,363.639
Norton H. Reamer 394,292.920 1,363.639
John L. Thorndike 394,292.920 1,363.639
Jack L. Treynor 394,292.920 1,363.639
For Treasurer
- -------------
James L. O'Connor 394,292.920 1,363.639
For Clerk
- ---------
Thomas Otis 394,292.920 1,363.639
Item 2: The ratification of the selection of Deloitte & Touche LLP as
independent certified public accountants to the Fund.
Number of Shares
----------------
Affirmative 395,656.559
Against 0.000
Abstain 0.000
Item 3: The approval of an amendment to the By-Laws of the Fund.
Number of Shares
----------------
Affirmative 394,322.668
Against 0.000
Abstain 1,333.891
<PAGE>
<TABLE>
INVESTMENT MANAGEMENT
<C> <C> <C>
DEPOSITORS FUND OFFICERS AND STAFF INDEPENDENT DIRECTORS
OF BOSTON, INC.
24 Federal Street LANDON T. CLAY DONALD R. DWIGHT
Boston, MA 02110 President, Director President,
Dwight Partners, Inc.
JAMES B. HAWKES Chairman, Newspapers of
Vice President New England, Inc.
THOMAS E. FAUST, JR. SAMUEL L. HAYES, III
Vice President and Portfolio Manager Jacob H. Schiff Professor of
Investment Banking,
JAMES L. O'CONNOR Harvard University
Treasurer Graduate School of
Business Administration
THOMAS OTIS
Clerk NORTON H. REAMER
President and Director,
United Asset
Management Corporation
JOHN L. THORNDIKE
Director,
Fiduciary Trust Incorporated
JACK L. TREYNOR
Investment Adviser 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
Investors Bank & Trust Company
24 Federal Street
Boston, MA 02110
</TABLE>
<PAGE>
DEPOSITORS FUND
OF BOSTON, INC.
PERFORMANCE RESULTS+
- ------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
(STANDARDIZED SEC PERFORMANCE DATA
FOR THE PERIODS ENDED SEPTEMBER 30, 1995)
- ------------------------------------------------------------------------------
One year 32.87%
- ------------------------------------------------------------------------------
Five years 15.81%
- ------------------------------------------------------------------------------
Ten years 13.72%
- ------------------------------------------------------------------------------
Life of Fund (4/26/65) 9.13%
- ------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
LIFE OF FUND
(4/26/65 TO 9/30/95)
- ------------------------------------------------------------------------------
Depositors Fund of Boston 1,329.15%
- ------------------------------------------------------------------------------
Dow Jones Industrial Average 1,513.30%
- ------------------------------------------------------------------------------
Standard & Poor's 500 1,689.20%
- ------------------------------------------------------------------------------
+ Past performance is no guarantee of future results. Investment returns and
principal will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost.
The Dow Jones Industrial Average and the Standard & Poor's 500 are unmanaged
lists of common stocks.
This report must be preceded or accompanied by a prospectus which contains
more complete information on the Fund including its distribution plan, sales
charges and expenses. Please read the prospectus carefully before investing.
[LOGO]
EATON VANCE
The Boston Tradition
Funds offered through
Eaton Vance Distributors, Inc.
24 Federal Street, Boston, Massachusetts 02110
