<PAGE>
TO SHAREHOLDERS
FIDUCIARY EXCHANGE FUND HAD A TOTAL RETURN OF -4.3 PERCENT DURING THE YEAR THAT
ENDED DECEMBER 31, 1994. That return represented a decline in net asset value
per share to $141.16 from $149.47, and the reinvestment of $1.85 in income
dividends. By comparison, the S&P 500 Index, an unmanaged index of common
stocks, had a return of 1.4 percent during the same period.
SHAREHOLDERS RECEIVED INCOME DIVIDENDS TOTALING $1.85 DURING THE 12 MONTHS THAT
ENDED DECEMBER 31, 1994.
THE ECONOMY CONTINUED TO POST SOLID GROWTH IN 1994. THIRD-QUARTER GROSS DOMESTIC
PRODUCT ROSE 3.4 PERCENT, FOLLOWING A 4.1 PERCENT GAIN IN THE FIRST 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 nation's 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. The Federal Reserve is
maintaining a close watch on inflation indices and commodity prices. Core
inflation -- which excludes the volatile energy and food categories -- remains
in the range of 2.7 percent.
HOWEVER, 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 modest rise in oil
stock prices. These inflation concerns caused the Federal Reserve to raise
short-term rates on six occasions in 1994. Long-term Treasury yields rose to 8.1
percent at September 30, their highest level since early 1992.
<PAGE>
CYCLICAL STOCKS, IN WHICH THE FUND HAS ONLY MODEST WEIGHTINGS, WERE AMONG THE
BETTER PERFORMERS DURING THE FIRST HALF OF 1994. During the second six months,
growth stocks, in which the Fund is primarily invested, rallied for the first
time in more than a year. Growth companies with international operations should
show better relative 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 GROWTH STOCKS ARE LIKELY TO DELIVER SOUND PERFORMANCE."
[Photograph Landon T. Clay]
DURING THE YEAR THAT ENDED DECEMBER 31, 1994, THE STRONG FUNDAMENTALS AND
UNDERVALUATION OF TECHNOLOGY STOCKS CAUSED THIS SECTOR TO APPRECIATE. Retail
stocks generally fared poorly for the second consecutive year, as reflected in
declines in the Fund's holdings in this sector, Wal-Mart, Toys "R" Us and Super
Valu.
HEALTH CARE STOCKS, WHICH HAVE UNDERPERFORMED FOR TWO YEARS, ALSO GAINED
SIGNIFICANTLY IN THE LAST SIX MONTHS OF 1994. An exception to this, and a large
holding of the Fund, was Bausch & Lomb, whose stock price was depressed by some
company-specific issues.
INTEREST-SENSITIVE STOCKS, INCLUDING THOSE OF INSURANCE AND FINANCE COMPANIES,
WERE AMONG THE MARKETS WEAKER PERFORMERS DURING THE PERIOD. Bank and finance
company margins are likely to face increasing pressure due to softer loan demand
and a flatter yield curve. Utility stocks also underperformed.
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 growth stocks are likely to deliver
sound performance. Because this remains the strategy of Fiduciary Exchange Fund,
I have confidence that the Fund will continue to participate in the growth of
the economy.
Sincerely,
/s/ LANDON T. CLAY
LANDON T. CLAY
President
February 21, 1995
<PAGE>
- --------------------------------------------------------------------------------
FIDUCIARY EXCHANGE FUND, INC.
DECEMBER 31, 1994
(UNAUDITED)
INVESTMENT CHANGES
SIX MONTHS ENDED DECEMBER 31, 1994
------------------------------------------------------------------------------
Shares Owned
6/30/94 12/31/94
------------------------------------------------------------------------------
DECREASES*
------------------------------------------------------------------------------
Chubb Corp. 36,960 35,960
------------------------------------------------------------------------------
Exxon Corp. 40,000 39,000
------------------------------------------------------------------------------
Intel Corp. 59,424 51,174
------------------------------------------------------------------------------
Johnson & Johnson 57,344 46,774
------------------------------------------------------------------------------
Northern Telecom Lltd. 40,000 33,620
------------------------------------------------------------------------------
Pfizer Inc. 19,328 13,858
------------------------------------------------------------------------------
Reuters Holdings PLC, ADR 35,840 29,670
------------------------------------------------------------------------------
Stratus Computer, Inc. 20,000 -0-
------------------------------------------------------------------------------
Toys "R" Us, Inc. 75,000 66,370
------------------------------------------------------------------------------
Wal-Mart Stores, Inc. 117,850 115,450
------------------------------------------------------------------------------
*Includes investments paid in kind on redemptions.
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
NAME OF COMPANY SHARES VALUE
------------------------------------------------------------------------------------------------
COMMON STOCKS - 96.8%
------------------------------------------------------------------------------------------------
<S> <C> <C>
ADVERTISING - 2.6%
Interpublic Group Co., Inc. 40,000 $ 1,285,000
-----------
AIR TRANSPORTATION - 1.6%
FlightSafety International, Inc. A 20,000 $ 812,500
-----------
BUSINESS PRODUCTS & SERVICES - 2.4%
Automatic Data Processing Inc. 20,000 $ 1,170,000
-----------
COMMUNICATIONS - 2.3%
Northern Telecom Ltd. 33,620 $ 1,122,068
-----------
COMPUTER & BUSINESS EQUIPMENT - 2.7%
Reuters Holdings PLC, ADR 29,670 $ 1,301,771
-----------
CONSUMER PRODUCTS - 4.5%
McCormick & Co., Inc., Non-Voting 54,000 $ 985,500
Stride Rite Corp. 109,640 1,219,745
-----------
$ 2,205,245
-----------
DRUGS & MEDICAL - 18.0%
Bausch & Lomb, Inc. 56,924 $ 1,928,301
Bristol-Myers Squibb Co. 27,860 1,612,398
Johnson & Johnson 46,774 2,560,876
Merck & Co., Inc. 42,894 1,635,334
Pfizer Inc. 13,858 1,070,530
-----------
$ 8,807,439
-----------
ELECTRONICS - 4.0%
Dionex Corp.<F1> 50,000 $ 1,887,500
Nanometrics, Inc.<F1> 132,000 74,250
-----------
$ 1,961,750
-----------
FOOD DISTRIBUTION - 2.6%
Super Valu Stores Inc. 51,506 $ 1,261,897
-----------
HARDWARE & TOOLS - 2.4%
Stanley Works 32,445 $ 1,159,909
-----------
INSURANCE - 8.2%
Chubb Corp. 35,960 $ 2,782,405
St. Paul Companies, Inc. 8,440 377,690
MGIC Investment Corp. 25,000 828,125
-----------
$ 3,988,220
-----------
MACHINERY & EQUIPMENT - 2.5%
Gould Pumps, Inc. 56,469 $ 1,221,142
-----------
MANUFACTURING - 3.3%
Dover Corp. 31,500 $ 1,626,187
-----------
<FN>
<F1> Non-income producing security.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
COMMON STOCKS (Continued)
------------------------------------------------------------------------------------------------
<S> <C> <C>
PETROLEUM - 7.8%
Exxon Corp. 39,000 $ 2,369,250
Mobil Corp. 16,835 1,418,349
-----------
$ 3,787,599
-----------
PUBLISHING & PRINTING - 7.4%
Dun & Bradstreet Corp. 17,160 $ 943,800
Gannett Co., Inc. 40,000 2,130,000
Harcourt General, Inc. 15,000 528,750
-----------
$ 3,602,550
-----------
RETAIL - 9.2%
Toys "R" Us, Inc.<F1> 66,370 $ 2,024,285
Wal-Mart Stores, Inc. 115,450 2,453,312
-----------
$ 4,477,597
-----------
SEMICONDUCTORS - 9.9%
Intel Corp. 51,174 $ 3,268,739
Texas Instruments, Inc. 20,820 1,558,897
-----------
$ 4,827,636
-----------
SPECIALTY CHEMICALS - 5.4%
Ecolab Inc. 62,820 $ 1,319,220
Nalco Chemical Co. 40,000 1,340,000
-----------
$ 2,659,220
-----------
TOTAL COMMON STOCKS
(Identified cost, $12,754,069) $47,277,730
-----------
<FN>
<F1> Non-income producing security.
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
SHORT-TERM OBLIGATIONS - 3.0%
-----------------------------------------------------------------------------------------------
FACE AMOUNT
(000 OMITTED)
-----------------------------------------------------------------------------------------------
<S> <C> <C>
American Express Credit Corp.,
5.9%, due 1/03/95 $ 200 $ 199,935
CXC Inc., 6.0%, due 1/03/95 128 127,958
Ford Motor Credit Corp., 5.9%, due 1/09/95 1,144 1,142,495
-----------
TOTAL SHORT-TERM OBLIGATIONS,
AT AMORTIZED COST $ 1,470,388
-----------
TOTAL INVESTMENTS -- 99.8%
(Identified cost, $14,224,457) $48,748,118
OTHER ASSETS,
LESS LIABILITIES -- 0.2% 84,571
-----------
NET ASSETS -- 100.0% $48,832,689
-----------
-----------
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<CAPTION>
---------------------------------------------------------------------------------------------------
December 31, 1994
--------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS:
Investments, at value (Note 1A) (identified cost, $14,224,457) $48,748,118
Cash 319
Dividends receivable 140,110
-----------
Total assets $48,888,547
LIABILITIES:
Federal tax on undistributed net realized long-term gains,
payable on behalf of shareholders (Note 1B) $44,389
Payable for capital stock redeemed 1,048
Payable to affiliates --
Custodian fee 2,969
Directors' fees 414
Accrued expenses 7,038
-------
Total liabilities 55,858
-----------
NET ASSETS for 345,944 shares of capital stock outstanding $48,832,689
===========
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) $23,985,956
Accumulated distributions of net realized gain on investments
as computed for federal income tax purposes (606,077)
Unrealized appreciation of investments (computed on the basis
of identified cost) 34,523,661
Federal tax on undistributed net realized long-term capital
gain, paid on behalf of shareholders (9,139,524)
Undistributed net investment income 68,673
-----------
Total $48,832,689
===========
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($48,832,689 / 345,944 shares of capital stock outstanding) $141.16
======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
-----------------------------------------------------------------------------------------------
For the Year Ended December 31, 1994
-----------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME:
Income --
Dividends $ 1,129,683
Interest 31,119
-----------
Total income $ 1,160,802
Expenses --
Investment adviser fee (Note 4) $ 331,349
Compensation of Directors not members of the Investment
Adviser's organization 3,959
Custodian fee (Note 4) 34,579
Legal and accounting services 26,063
Printing and postage 23,738
Transfer and dividend disbursing agent fees 15,000
Miscellaneous 3,362
----------
Total expenses 438,050
-----------
Net investment income $ 722,752
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments, computed on the basis
of identified cost ($126,828 net gain as
computed for federal income tax purposes) $ 5,475,540
Decrease in unrealized appreciation of investments (8,742,281)
----------
Net realized and unrealized loss on investments (3,266,741)
-----------
Net decrease in net assets from operations $(2,543,989)
===========
</TABLE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS (Continued)
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------
1994 1993
------------ -----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income $ 722,752 $ 644,259
Net realized gain on investment transactions 5,475,540 2,090,419
Decrease in unrealized appreciation of investments (8,742,281) (2,627,539)
----------- -----------
Increase (decrease) in net assets from operations $(2,543,989) $ 107,139
Undistributed net investment income included in the net
asset value of shares redeemed and issued -- (825)
Distributions to shareholders from --
Net investment income (673,964) (628,409)
Net realized gain on investment transactions -- (349,215)
Provision for federal tax on undistributed net realized
long-term gain (Note 1B) (44,389) (43,242)
Net decrease from capital stock transactions (exclusive of
amounts allocated to net investment income) (Note 2) (6,018,443) (1,624,856)
----------- -----------
Net decrease in net assets $(9,280,785) $(2,539,408)
NET ASSETS:
At beginning of year 58,113,474 60,652,882
----------- -----------
At end of year (including undistributed net investment
income of $68,673 and $19,885, respectively) $48,832,689 $58,113,474
=========== ===========
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------------------------------------
<CAPTION>
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------------
1994 1993 1992 1991 1990
-------- --------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, beginning of year $149.470 $151.610 $148.620 $104.510 $103.940
-------- -------- -------- -------- --------
INCOME FROM OPERATIONS:
Net investment income $ 1.997 $ 1.639 $ 1.570 $ 1.770 $ 1.770
Net realized and unrealized
gain (loss) on investments (8.329) (1.168) 3.180 44.340 0.730
-------- -------- -------- -------- --------
Total income (loss) from operations $ (6.332) $ 0.471 $ 4.750 $ 46.110 $ 2.500
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income $ (1.850) $ (1.600) $ (1.760) $ (1.650) $ (1.930)
From net realized gain on investments -- (0.900) -- (0.140) --
-------- -------- -------- -------- --------
Total distributions $ (1.850) $ (2.500) $ (1.760) $ (1.790) $ (1.930)
-------- -------- -------- -------- --------
PROVISION FOR FEDERAL TAX ON UNDISTRIBUTED
NET REALIZED LONG-TERM GAIN (NOTE 1B) $ (0.128) $ (0.111) $ -- $ (0.210) $ --
-------- -------- -------- -------- --------
NET ASSET VALUE, end of year $141.160 $149.470 $151.610 $148.620 $104.510
======== ======== ======== ======== ========
TOTAL RETURN <F1> (4.33)% 0.28% 3.28% 44.18% 2.46%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's omitted) $48,833 $58,113 $60,653 $62,793 $48,274
Ratio of expenses to average net assets 0.83% 0.81% 0.83% 0.82% 0.90%
Ratio of net investment income
to average net assets 1.37% 1.11% 1.11% 1.38% 1.73%
PORTFOLIO TURNOVER 5% 6% 5% 5% 2%
<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.
</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 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. Accord- ingly, no provision
for federal income or excise tax is necessary on such income. 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 January 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 a result, undistributed net investment income per share is
unaffected by sales or reacquisitions of Fund shares. As of January 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 equlization 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.
- --------------------------------------------------------------------------------
(2) CAPITAL STOCK
At December 31, 1994, there were 5,005,000 shares of $1.00 par value capital
stock authorized. Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
------------------------------------------------------------
1994 1993
------------------------ ---------------------
SHARES AMOUNT SHARES AMOUNT
------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Redemptions (43,865) $(6,161,648) (12,821) $(1,857,972)
Issued to shareholders electing to receive
payment of dividends in capital stock 1,000 143,205 1,584 233,116
------- ----------- ------- -----------
Net decrease (42,865) $(6,018,443) (11,237) $(1,624,856)
======= =========== ======= ===========
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
(3) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than short-term obligations,
aggregated $2,492,575 and $2,417,948, respectively. In addition, investments
having an aggregate market value of $6,033,534 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
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 December 31, 1994, as computed on a federal income tax basis, are as
follows:
Aggregate cost $14,224,457
===========
Gross unrealized appreciation $35,177,881
Gross unrealized depreciation 654,220
-----------
Net unrealized appreciation $34,523,661
===========
<PAGE>
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Board of Directors and Shareholders of
Fiduciary Exchange Fund, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Fiduciary Exchange Fund, Inc. as of December
31, 1994, and the related statement of operations for the year then ended, the
statement of changes in net assets for the years ended December 31, 1994 and
1993, and the financial highlights for each of the years in the five-year period
ended December 31, 1994. 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 the securities owned as of
December 31, 1994, 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 Fiduciary Exchange
Fund, Inc. as of December 31, 1994, 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
February 3, 1995
<PAGE>
INVESTMENT MANAGEMENT
FIDUCIARY OFFICERS AND STAFF INDEPENDENT
EXCHANGE LANDON T. CLAY DIRECTORS
FUND, INC. President, Director DONALD R. DWIGHT
24 Federal Street PETER F. KIELY President, Dwight
Boston, MA 02110 Vice President, Partners, Inc.
Director Chairman, Newspapers of
JAMES B. HAWKES New England, Inc.
Vice President SAMUEL L. HAYES, III
DUNCAN W. RICHARDSON Jacob H. Schiff
Vice President and Professor of
Portfolio Manager Investment
JAMES L. O'CONNOR Banking, Harvard
Treasurer University
THOMAS OTIS Graduate School of
Clerk Business
JAMES F. ALBAN Administration
Assistant Treasurer NORTON H. REAMER
JANET E. SANDERS President and
Assistant Treasurer Director, United
and Assistant Clerk Asset Management
Corporation
JOHN L. THORNDIKE
Director, Fiduciary
Trust Company
JACK L. TREYNOR
Investment Adviser
and Consultant
------------------------------------------
FIDUCIARY EXCHANGE TRANSFER AND
FUND, INC. DIVIDEND
24 Federal Street DISBURSING AGENT
Boston, MA 02110 The Shareholder
Services
INVESTMENT ADVISER Group, Inc.
Eaton Vance P.O. Box 1559
Management Boston, MA 02104
24 Federal Street
Boston, MA 02110 AUDITORS
Deloitte & Touche
CUSTODIAN LLP
Investors Bank & 125 Summer Street
Trust Company Boston, MA 02110
24 Federal Street
Boston, MA 02110
<PAGE>
FIDUCIARY EXCHANGE
FUND, INC.
SUMMARY
NET ASSET VALUE PER SHARE
----------------------------------------------
PAST SIX MONTHS
----------------------------------------------
December 31, 1994 $141.16
----------------------------------------------
June 30, 1994 $137.19
----------------------------------------------
PAST YEAR
----------------------------------------------
December 31, 1994 $141.16
----------------------------------------------
December 31, 1993 $149.47
----------------------------------------------
LIFE OF FUND
----------------------------------------------
December 31, 1994 $141.16
----------------------------------------------
March 17, 1967 $ 20.00
----------------------------------------------
CHANGE (3/17/67 TO 12/31/94)
----------------------------------------------
Share value +605.8%
----------------------------------------------
Share value plus cumulative
federal taxes paid by Fund* +649.0%
----------------------------------------------
Dow Jones Industrial Average +340.9%
----------------------------------------------
Standard & Poor's 500 +408.9%
----------------------------------------------
*Realized capital gains are generally retained
by the Fund and the federal tax thereon is
paid on behalf of shareholders. Such taxes
aggregated $8.638 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.
EATON VANCE
The Boston Tradition
24 Federal Street, Boston, Massachusetts 02210
FIDUCIARY
EXCHANGE FUND
An Eaton Vance
Exchange Fund
Annual Report
December 31, 1994
