<PAGE>
THE
EXCHANGE FUND
OF BOSTON
An Eaton Vance
Exchange Fund
Semi-Annual Report
December 31, 1994
<PAGE>
THE EXCHANGE FUND
OF BOSTON, INC.
SUMMARY
NET ASSET VALUE PER SHARE
----------------------------------------------
PAST SIX MONTHS
----------------------------------------------
December 31, 1994 $201.70
----------------------------------------------
June 30, 1994 $191.79
----------------------------------------------
PAST YEAR
----------------------------------------------
December 31, 1994 $201.70
----------------------------------------------
December 31, 1993 $208.41
----------------------------------------------
LIFE OF FUND
----------------------------------------------
December 31, 1994 $201.70
----------------------------------------------
September 5, 1963 $ 27.49
----------------------------------------------
CHANGE (9/5/63 TO 12/31/94) IN:
----------------------------------------------
Share value +633.7%
----------------------------------------------
Share value plus cumulative
Federal taxes paid by Fund* +660.3%
----------------------------------------------
Dow Jones Industrial Average +419.6%
----------------------------------------------
Standard & Poor's 500 +529.1%
----------------------------------------------
*Realized capital gains are generally retained
by the Fund and the federal tax thereon is
paid on behalf of shareholders. Such taxes
aggregated $7.301 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.
<PAGE>
TO SHAREHOLDERS
EXCHANGE FUND OF BOSTON HAD A TOTAL RETURN OF 6.0 PERCENT DURING THE SIX MONTHS
THAT ENDED DECEMBER 31, 1994. That return represented a rise in net asset value
per share to $201.70 from $191.79, and the reinvestment of $1.59 in income
dividends. By comparison, the S&P 500 Index, an unmanaged index of common
stocks, had a return of 4.9 percent during the same period.
SHAREHOLDERS RECEIVED INCOME DIVIDENDS TOTALING $1.59 PER SHARE DURING THE SIX
MONTHS ENDED DECEMBER 31, 1994.
THE ECONOMY CONTINUED TO GROW SOLIDLY IN 1994. THIRD-QUARTER GROSS DOMESTIC
PRODUCT ROSE 3.4 PERCENT, FOLLOWING A 4.1 PERCENT GAIN IN THE SECOND QUARTER.
The economy was fueled by increases in capital spending by business. Such
spending was up significantly in the past year, according to the U.S. Department
of Commerce. The nations improved economic activity was reflected in brisk job
growth as well, with November unemployment down to 5.6 percent.
BY MOST MEASURES, INFLATION CONTINUES TO BE MODEST. However, the Federal
Reserve, having raised short-term rates on six occasions in 1994, is maintaining
a close watch on inflation indices, commodity prices, productivity and labor
costs, and has not excluded the possibility of further rate increases. Core
inflation which excludes the volatile energy and food categories remained in the
range of 2.7 percent.
ON THE COMMODITY FRONT, A STRONGER U.S. ECONOMY AND AN IMPROVING ECONOMY ABROAD
INCREASED PRICES FOR KEY BASE METALS. After drifting for some time, crude oil
prices jumped during the summer, leading to a rise in oil stock prices. These
inflation concerns, the Fed actions and a stubbornly weak dollar pushed
long-term Treasury yields to 8.1 percent on November 30, their highest since
early 1992.
CYCLICAL STOCKS WERE AMONG THE BETTER PERFORMERS DURING THE FIRST HALF OF 1994.
However, during the second six months growth stocks rallied for the first time
in more than a year. This shift benefited the Funds growth and cyclical growth
stocks. Growth companies with international operations should show better
earnings if there is an economic slowdown in the U.S. next year.
"OVER THE LONG-TERM, INVESTMENTS THAT FOCUS ON A REPRESENTATIVE PORTFOLIO OF
HIGH-QUALITY COMMON STOCKS ARE LIKELY TO DELIVER SOUND PERFORMANCE."
DURING THE SIX MONTHS THAT ENDED DECEMBER 31, 1994, THE STRONG FUNDAMENTALS AND
UNDERVALUATION OF TECHNOLOGY STOCKS CAUSED THIS SECTOR TO APPRECIATE. Overall,
health care stocks, regarded in recent years as market laggards, also gained
significantly during the period. In particular, the stocks of drug companies
returned to favor once the debate over health care reform was set aside for the
year.
INTEREST RATE-SENSITIVE STOCKS, INCLUDING THOSE OF INSURANCE AND FINANCE
COMPANIES, WERE AMONG THE MARKET'S WEAKER PERFORMERS DURING THE PERIOD. Bank and
finance company margins are likely to face increasing pressure because of softer
loan demand. Utility stocks underperformed during the period and the stocks of
retail companies also were down for the six-month period.
IN THE SHORT TERM, THE MARKET REMAINS VULNERABLE TO FURTHER INCREASES IN
INTEREST RATES. However, over the long term, investments that focus on a
representative portfolio of high-quality common stocks are likely to deliver
sound performance. Because this remains the investment strategy of Exchange Fund
of Boston, I have confidence that the Fund will continue to participate in the
growth of the economy.
Sincerely,
LANDON T. CLAY
President
February 10, 1995
<PAGE>
THE EXCHANGE FUND OF BOSTON, INC.
DECEMBER 31, 1994
(UNAUDITED)
INVESTMENT CHANGES
SIX MONTHS ENDED DECEMBER 31, 1994
-------------------------------------------------------------------
Shares Owned
INCREASES 6/30/94 12/31/94
-------------------------------------------------------------------
First Chicago Corp. -- 33,881
-------------------------------------------------------------------
DECREASES*
-------------------------------------------------------------------
Dun & Bradstreet Corp. 44,618 40,158
-------------------------------------------------------------------
Harland (John H.) Co. 70,610 51,540
-------------------------------------------------------------------
Johnson & Johnson 64,800 55,230
-------------------------------------------------------------------
Lake Shore Bancorp Inc. 70,925 --
-------------------------------------------------------------------
Tecumseh Products Co. Class B 13,450 400
-------------------------------------------------------------------
*Includes investments paid in kind on redemptions.
<PAGE>
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
(UNAUDITED)
NAME OF COMPANY SHARES VALUE
- -------------------------------------------------------------------------------
COMMON STOCKS -- 99.4%
- -------------------------------------------------------------------------------
BANKS - 4.0%
BankAmerica Corp 20,812 $ 822,074
First Chicago Corp 33,881 1,617,805
-----------
$ 2,439,879
-----------
BUSINESS PRODUCTS AND SERVICES - 3.4%
Reuters Holdings PLC 48,000 $ 2,106,000
-----------
COMMUNICATIONS - 1.9%
Northern Telecom Ltd. 35,870 $ 1,197,161
-----------
COMPUTER SYSTEMS - 2.2%
Novell Inc.* 80,000 $ 1,370,000
-----------
CONSTRUCTION & REAL ESTATE - 1.9%
CBI Industries, Inc. 45,126 $ 1,156,354
-----------
CONSUMER PRODUCTS - 11.9%
Anheuser-Busch Co., Inc. 26,310 $ 1,338,521
PepsiCo, Inc. 45,900 1,663,875
Procter & Gamble Co. 32,800 2,033,600
Rubbermaid Inc. 78,920 2,268,950
-----------
$ 7,304,946
-----------
DRUGS & MEDICAL - 16.5%
ASTRA AB -- Series A 90,000 $ 2,324,430
Bausch & Lomb, Inc. 63,750 2,159,531
Genentech Inc.* 17,500 794,062
Johnson & Johnson 55,230 3,023,842
Merck & Co., Inc. 30,390 1,158,619
Sofamor Danek Group, Inc.* 55,000 715,000
-----------
$10,175,484
-----------
ELECTRONICS - 6.3%
Hewlett-Packard Co. 12,800 $ 1,278,400
Intel Corp. 40,350 2,577,356
-----------
$ 3,855,756
-----------
FOREST PRODUCTS - 4.0%
Potlach Corp. 10,830 $ 403,417
Union Camp Corp. 43,059 2,029,155
-----------
$ 2,432,572
-----------
INSURANCE - 12.8%
General Re Corp. 35,670 $ 4,414,163
St. Paul Companies, Inc. 52,820 2,363,695
Torchmark Corp. 31,425 1,095,947
-----------
$ 7,873,805
-----------
MACHINERY & EQUIPMENT - 4.5%
Tecumseh Products Co. Class B 400 $ 18,200
Tecumseh Products Co. Class A 60,720 2,732,400
-----------
$ 2,750,600
----------
<PAGE>
NAME OF COMPANY SHARES VALUE
- -------------------------------------------------------------------------------
COMMON STOCKS (Continued)
- -------------------------------------------------------------------------------
MISCELLANEOUS - 1.7%
Harland (John H.) Co. 51,540 $ 1,030,800
-----------
OFFICE EQUIPMENT - 2.3%
DigitalEquipment Corp.* 10,195 $ 338,984
International Business Machines Corp. 14,267 1,048,625
-----------
$ 1,387,609
-----------
OIL PRODUCTS & SERVICES - 2.6%
Phillips Petroleum Co. 50,000 $ 1,637,500
-----------
PETROLEUM - 3.5%
Chevron Corp. 15,600 $ 696,150
Mobil Corp. 17,750 1,495,438
-----------
$ 2,191,588
-----------
PETROLEUM SERVICES & EQUIPMENT - 1.7%
Schlumberger Ltd. 21,278 $ 1,071,879
-----------
PUBLISHING & PRINTING - 6.4%
Dun & Bradstreet Corp. 40,158 $ 2,208,690
Times-Mirror Co. 55,890 1,753,549
-----------
$ 3,962,239
----------
RESTAURANTS - 3.4%
McDonald's Corp. 71,100 $ 2,079,675
-----------
RETAIL - 5.1%
Family Dollar Stores, Inc. 75,000 $ 937,500
Toys "R" Us, Inc.* 72,000 2,196,000
-----------
$ 3,133,500
----------
SPECIALTY CHEMICAL - 2.4%
Ecolab Inc. 69,800 $ 1,465,800
-----------
TRANSPORTATION - 0.9%
Union Pacific Corp. 12,890 $ 588,106
-----------
Total Common Stocks
(Identified cost, $15,189,863) $61,211,253
-----------
FACE AMOUNT
(000 OMITTED)
- -------------------------------------------------------------------------------
SHORT-TERM OBLIGATION -- 0.4%
- -------------------------------------------------------------------------------
CXC Inc., 5.95%, due 1/03/95, at amortized cost $ 281 $ 280,861
-----------
TOTAL INVESTMENTS
(Identified cost, $15,470,724) -- 99.8% $61,492,114
OTHER ASSETS,
LESS LIABILITIES -- 0.2% 128,537
-----------
NET ASSETS -- 100.0% $61,620,651
-----------
*Non-income producing security.
See notes to financial statements
<PAGE>
FINANCIAL STATEMENTS
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
- -------------------------------------------------------------------------------------------------
<CAPTION>
December 31, 1994 (Unaudited)
- -------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C>
Investments, at value (Note 1A) (identified cost, $15,470,724) $61,492,114
Cash 912
Dividends receivable 134,529
Other assets 5,687
-----------
Total assets $61,633,242
LIABILITIES:
Payable for capital stock redeemed $4,143
Payable to affiliates --
Custodian fee 1,061
Directors' fees 1,519
Accrued expenses 5,868
-----
Total liabilities 12,591
-----------
NET ASSETS for 305,507 shares of capital stock outstanding $61,620,651
-----------
-----------
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) $25,708,342
Accumulated distributions of net realized gain on investments
as computed for federal income tax purposes (2,197,214)
Unrealized appreciation of investments (computed on the basis
of identified cost) 46,021,390
Federal tax on undistributed net realized long-term capital
gain paid on behalf of shareholders (8,108,363)
Undistributed net investment income 196,496
-----------
Total $61,620,651
-----------
-----------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($61,620,651 / 305,507 shares of capital stock outstanding) $201.70
-------
-------
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
- ------------------------------------------------------------------------------------------------
For the Six Months Ended December 31, 1994 (Unaudited)
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Income:
Income --
Dividends $ 728,195
Interest 23,352
-----------
Total income $ 751,547
Expenses --
Investment adviser fee (Note 4) $ 195,901
Compensation of Directors not members of the Investment
Adviser's organization 3,039
Custodian fee (Note 4) 18,817
Legal and accounting services 23,922
Printing and postage 15,380
Transfer and dividend disbursing agent fees 7,239
Miscellaneous 3,303
-----------
Total expenses 267,601
-----------
Net investment income $ 483,946
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments, computed on the basis
of identified cost
($0 net gain as computed for federal income tax
purposes) $ 2,161,223
Increase in unrealized appreciation of investments 996,982
-----------
Net realized and unrealized gain on investments 3,158,205
-----------
Net increase in net assets from operations $ 3,642,151
-----------
-----------
</TABLE>
<PAGE>
<TABLE>
--------------------------------------------------------------------------------------------------
<CAPTION>
Statement of Changes in Net Assets
--------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
DECEMBER 31, 1994 YEAR ENDED
(UNAUDITED) JUNE 30, 1994
----------------- -------------
<S> <C> <C>
Increase (Decrease) in Net Assets:
From operations --
Net investment income $ 483,946 $ 906,092
Net realized gain on investment transactions 2,161,223 2,685,533
Increase (decrease) in unrealized appreciation of
investments 996,982 (3,942,112)
----------- -----------
Increase (decrease) in net assets from operations $ 3,642,151 $ (350,487)
Undistributed net investment income included in net asset
value of shares redeemed
and issued -- (12,169)
Distributions to shareholders --
From net investment income (495,525) (885,542)
Net decrease from capital stock transactions (exclusive
of amounts allocated to net investment income) (2,235,933) (3,037,955)
----------- -----------
Net increase (decrease) in net assets $ 910,693 $(4,286,153)
NET ASSETS:
At beginning of period 60,709,958 64,996,111
----------- -----------
At end of period (including undistributed net investment
income of $196,496 and $208,075, respectively) $61,620,651 $60,709,958
----------- -----------
----------- -----------
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JUNE 30,
DECEMBER 31, 1994 ------------------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
----------------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $191.790 $196.100 $187.690 $167.320 $164.980 $149.770
-------- -------- -------- -------- -------- --------
INCOME FROM OPERATIONS:
Net investment income $ 1.576 $ 2.805 $ 2.652 $ 2.666 $ 3.145 $ 2.988
Net realized and unrealized
gain (loss) on
investments 9.924 (4.365) 8.408 20.414 2.195 16.598
-------- -------- -------- -------- -------- --------
Total income (loss)
from operations $ 11.500 $ (1.560) $ 11.060 $ 23.080 $ 5.340 $ 19.586
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment
income $ (1.590) $ (2.750) $ (2.650) $ (2.710) $ (3.000) $ (3.070)
From net realized
gain on investments
(Note 1B) -- -- -- -- -- (1.050)
-------- -------- -------- -------- -------- --------
Total distributions $ (1.590) $ (2.750) $ (2.650) (2.710) $ (3.000) $ (4.120)
-------- -------- -------- -------- -------- --------
PROVISION FOR FEDERAL
TAX ON UNDISTRIBUTED
NET REALIZED LONG-
TERM GAIN (Note 1B) -- -- -- -- -- $ (0.256)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE,
end of period $201.700 $191.790 $196.100 $187.690 $167.320 $164.980
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
TOTAL RETURN 5.99% (0.86%) 5.87% 13.85% 3.35% 13.11%
RATIOS/ SUPPLEMENTAL DATA:
Net assets, end of
period (000's omitted) $ 61,621 $ 60,710 $ 64,996 $ 65,788 $ 62,422 $ 64,391
Ratio of expenses to
average net assets 0.84%<F1> 0.79% 0.80% 0.81% 0.87% 0.85%
Ratio of net investment
income to average net
assets 1.52%<F1> 1.38% 1.34% 1.44% 2.00% 1.91%
PORTFOLIO TURNOVER RATE 0% 8% 3% 7% 4% 9%
<FN>
<F1> Computed on an annualized basis.
See notes to financial statements
</TABLE>
<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 security 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. 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.
At June 30, 1994, the Fund, for federal income tax purposes, had a capital loss
carryover of $18,111 which will reduce the Fund's taxable income and federal tax
thereon, arising from future net realized gain on investments, if any, to the
extent permitted by the Internal Revenue Code. Such capital loss carryover will
expire on June 30, 1999, for $7,967 and June 30, 2002, for $10,144.
C. EQUALIZATION - Prior to July 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 July 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 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.
F. INTERIM FINANCIAL INFORMATION - The interim financial statements relating to
December 31, 1994 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 a fair presentation of the financial statements.
- -------------------------------------------------------------------------------
<PAGE>
(2) CAPITAL STOCK
At December 31, 1994, there were 3,297,273 shares of $1.00 par value capital
stock authorized. Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
DECEMBER 31, 1994 YEAR ENDED
(UNAUDITED) JUNE 30, 1994
----------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
------ ----------- ------ -----------
<S> <C> <C> <C> <C>
Redemptions (11,527) $(2,334,036) (15,774) $(3,215,547)
Issued to shareholders electing to
receive payment of dividends
in capital stock 483 98,103 879 177,592
------ ----------- ------ -----------
Net decrease (11,044) $(2,235,933) (14,895) $(3,037,955)
------ ----------- ------ -----------
------ ----------- ------ -----------
</TABLE>
- -------------------------------------------------------------------------------
(3) INVESTMENT TRANSACTIONS
Purchases of investments, other than short-term obligations, aggregated $8,568.
There were no sales of investments. In addition, investments having an aggregate
market value of $2,246,268 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.
- -------------------------------------------------------------------------------
(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 daily
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 $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.
- -------------------------------------------------------------------------------
(6) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation/depreciation in value of the investments
owned at December 31, 1994, as computed on a federal income tax basis, are as
follows:
Aggregate cost $15,470,724
-----------
-----------
Gross unrealized appreciation $46,915,979
Gross unrealized depreciation 894,589
-----------
Net unrealized appreciation $46,021,390
-----------
-----------
<PAGE>
INVESTMENT MANAGEMENT
THE EXCHANGE OFFICERS INDEPENDENT DIRECTORS
FUND OF LANDON T. CLAY DONALD R. DWIGHT
BOSTON, INC. President, President,
24 Federal Street Director Dwight Partners,
Boston, MA 02110 PETER F. KIELY Inc.
Vice President, Chairman, Newspapers
Director of
JAMES B. HAWKES New England, Inc.
Vice President SAMUEL L. HAYES, III
JAMES L. O'CONNOR Jacob H. Schiff
Treasurer Professor of
THOMAS OTIS Investment Banking,
Clerk Harvard University
JAMES F. ALBAN Graduate School
Assistant of Business
Treasurer Administration
JANET E. SANDERS NORTON H. REAMER
Assistant President and
Treasurer and Director, United
Assistant Clerk Asset Management
PORTFOLIO MANAGER Corporation
THOMAS E. FAUST, JR. JOHN L. THORNDIKE
Director, Fiduciary
Trust Company
JACK L. TREYNOR
Investment Adviser and
Consultant
------------------------------------------------------
THE EXCHANGE FUND TRANSFER AND DIVIDEND
OF BOSTON, INC. DISBURSING AGENT
24 Federal Street The Shareholder Services
Boston, MA 02110 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 Band & Trust Company
24 Federal Street
Boston, MA 02110
