<PAGE>
To Shareholders
FIDUCIARY EXCHANGE FUND HAD A TOTAL RETURN OF 24.2 PERCENT DURING THE SIX MONTHS
THAT ENDED JUNE 30, 1995. That return represented a rise in net asset value per
share to $174.31 from $141.16, and the reinvestment of $1.00 per share in income
dividends. By comparison, the S&P 500, an unmanaged index of common stocks, had
a return of 20.1 percent during the same period.
--------------------------------------------------------------------------------
FIDUCIARY EXCHANGE FUND HAD A TOTAL RETURN OF 24.2 PERCENT DURING THE SIX MONTHS
THAT ENDED JUNE 30, 1995.
--------------------------------------------------------------------------------
IN GENERAL, THE STOCK MARKET PERFORMED WELL DURING THIS SIX-MONTH PERIOD. The
market's continued positive performance behavior was a response to the prospect
of slow growth without significant inflation. Many companies cut costs and
downsized several years ago to deal with the effects of a recession. They now
are better prepared to operate more efficiently during an economic slowdown. The
market also responded to changing economic prospects in another way: market
leadership shifted from cyclical stocks to other sectors less exposed to a
slowing economy. The stocks of large companies, particularly those with a strong
international presence, performed well during this period.
THE TECHNOLOGY SECTOR WAS THE MARKET'S TOP PERFORMER DURING THIS PERIOD. The
Fund is strongly weighted in the technology sector, and the performance of these
stocks helped account for a portion of the Fund's gains. However, past
performance is no guarantee of future results. Intel Corp., the Fund's largest
holding in terms of market value, showed a price increase of 98 percent during
the six months, while Texas Instruments was up nearly 79 percent. Stocks of
companies in the financial sector also performed well.
HEALTH CARE STOCKS, LED BY THE STOCKS OF DRUG COMPANIES, WERE GENERALLY STRONG
DURING THE YEAR. In the Fund, Merck & Co., Inc. saw a price increase of 55
percent during the six-month period. Bausch & Lomb was up more than 22 percent,
an improvement over its poor performance in the previous year.
THE RETAIL SECTOR POSTED MIXED RESULTS DURING THE PERIOD, ALTHOUGH THE FUND'S
SECOND-LARGEST HOLDING, WALMART STORES, GAINED NEARLY 26 PERCENT. Exxon Corp.
had the largest position in the Fund among energy stocks, and increased 16
percent during the six- month period.
------------------------
[Photo of Landon T. Clay
------------------------
--------------------------------------------------------------------------------
"NO MATTER HOW ECONOMIC CONDITIONS MAY CHANGE... INVESTING IN A SELECTED
PORTFOLIO OF HIGH-QUALITY COMMON STOCKS IS LIKELY TO DELIVER SOUND PERFORMANCE."
--------------------------------------------------------------------------------
THE FEDERAL RESERVE, WHICH RAISED SHORT-TERM INTEREST RATES SEVEN TIMES BETWEEN
FEBRUARY 1994 AND FEBRUARY 1995, REVERSED ITSELF IN EARLY JULY, LOWERING THE
TARGET FEDERAL FUNDS RATE A QUARTER OF A PERCENTAGE POINT. The key question is
whether the economy will achieve a "soft landing" or will move into recession.
If the economy weakens more than the Fed anticipated, short-term rates could be
lowered further. However, if the economy starts to pick up once again, further
rate reductions may not be needed. If a soft landing is achieved, corporate
profitability should be well maintained and could support higher levels in the
stock market for 1995 and beyond.
NO MATTER HOW ECONOMIC CONDITIONS MAY CHANGE, WE REMAIN CONVINCED THAT OVER THE
LONG TERM, INVESTING IN A SELECTED PORTFOLIO OF HIGH-QUALITY COMMON STOCKS IS
LIKELY TO DELIVER SOUND PERFORMANCE. That remains the strategy of Fiduciary
Exchange Fund, and we are confident the Fund will continue to participate in the
economy's ongoing growth.
Sincerely,
/s/ Landon T. Clay
LANDON T. CLAY
President
August 4, 1995
<PAGE>
------------------------------------------------------------------------------
FIDUCIARY EXCHANGE FUND, INC.
JUNE 30, 1995
(UNAUDITED)
INVESTMENT CHANGES
SIX MONTHS ENDED JUNE 30, 1995
------------------------------------------------------------------------------
Shares Owned
12/31/94 6/30/95
------------------------------------------------------------------------------
INCREASES
------------------------------------------------------------------------------
Intel Corp.(1) 51,174 91,288
------------------------------------------------------------------------------
Harcourt General 15,000 30,000
------------------------------------------------------------------------------
DECREASES*
------------------------------------------------------------------------------
Johnson & Johnson 46,744 37,344
------------------------------------------------------------------------------
Nanometrics, Inc. 132,000 119,500
------------------------------------------------------------------------------
Northern Telecom Ltd. 33,620 20,450
------------------------------------------------------------------------------
Pfizer Inc. 13,858 9,308
------------------------------------------------------------------------------
Toys "R" Us, Inc. 66,370 60,000
------------------------------------------------------------------------------
* Includes investments paid-in kind on redemptions.
(1) Intel had a 2:1 stock split, adding 51,174 shares to the Funds holdings.
Of the post split shares held, 11,060 shares were sold or distributed.
<PAGE>
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995
(UNAUDITED)
------------------------------------------------------------------------------
COMMON STOCKS - 98.2%
------------------------------------------------------------------------------
NAME OF COMPANY SHARES VALUE
------------------------------------------------------------------------------
ADVERTISING - 2.6%
Interpublic Group Co., Inc. 40,000 $ 1,500,000
-----------
AIR TRANSPORTATION - 1.7%
FlightSafety International, Inc. A 20,000 $ 975,000
-----------
BUSINESS PRODUCTS & SERVICES - 2.2%
Automatic Data Processing Inc. 20,000 $ 1,257,500
-----------
COMMUNICATIONS - 1.3%
Northern Telecom Ltd. 20,450 $ 746,425
-----------
COMPUTER & BUSINESS EQUIPMENT - 2.6%
Reuters Holdings PLC, ADR 29,670 $ 1,487,209
-----------
CONSUMER PRODUCTS - 4.0%
McCormick & Co., Inc., Non-Voting 54,000 $ 1,161,000
Stride Rite Corp. 109,640 1,137,515
-----------
$ 2,298,515
-----------
DRUGS & MEDICAL - 16.8%
Bausch & Lomb, Inc. 56,924 $ 2,362,346
Bristol-Myers Squibb Co. 27,860 1,897,963
Johnson & Johnson 37,344 2,525,388
Merck & Co., Inc. 42,894 2,101,806
Pfizer Inc. 9,308 859,827
-----------
$ 9,747,330
-----------
ELECTRONICS - 5.1%
Dionex Corp.* 50,000 $ 2,287,500
Nanometrics, Inc.* 119,500 679,656
-----------
$ 2,967,156
-----------
FOOD DISTRIBUTION - 2.6%
Super Valu Stores Inc. 51,506 $ 1,500,112
-----------
HARDWARE & TOOLS - 2.1%
Stanley Works 32,445 $ 1,228,854
-----------
INSURANCE - 7.7%
Chubb Corp. 35,960 $ 2,881,295
St. Paul Companies, Inc. 8,440 415,670
MGIC Investment Corp. 25,000 1,171,875
-----------
$ 4,468,840
-----------
MACHINERY & EQUIPMENT - 2.1%
Gould Pumps, Inc. 56,469 $ 1,228,200
-----------
MANUFACTURING - 4.0%
Dover Corp. 31,500 $ 2,291,625
-----------
PETROLEUM - 7.5%
Exxon Corp. 39,000 $ 2,754,375
Mobil Corp. 16,835 1,616,160
-----------
$ 4,370,535
-----------
PUBLISHING AND PRINTING - 7.5%
Dun & Bradstreet Corp. 17,160 $ 900,900
Gannett Co., Inc. 40,000 2,170,000
Harcourt General, Inc. 30,000 1,275,000
-----------
$ 4,345,900
-----------
RETAIL - 8.4%
Toys "R" Us, Inc.* 60,000 $ 1,755,000
Wal-Mart Stores, Inc. 115,450 3,088,287
-----------
$ 4,843,287
-----------
SEMI-CONDUCTORS - 14.8%
Intel Corp.* 91,288 $ 5,779,672
Texas Instruments, Inc. 20,820 2,787,278
-----------
$ 8,566,950
-----------
SPECIALTY CHEMICALS - 5.2%
Ecolab Inc. 62,820 $ 1,539,090
Nalco Chemical Co. 40,000 1,455,000
-----------
$ 2,994,090
-----------
TOTAL COMMON STOCKS
(IDENTIFIED COST, $12,957,487) $56,817,528
-----------
------------------------------------------------------------------------------
SHORT-TERM OBLIGATION - 1.5%
------------------------------------------------------------------------------
FACE AMOUNT
NAME OF COMPANY (000 OMITTED) VALUE
------------------------------------------------------------------------------
Prudential Funding Corp.,
6.05% due 7/05/95, at amortized cost $900 $ 899,395
-----------
TOTAL INVESTMENTS - 99.7%
(IDENTIFIED COST, $13,856,882) $57,716,923
OTHER ASSETS, LESS LIABILITIES - 0.3% 181,303
-----------
NET ASSETS - 100% $57,898,226
===========
*Non-income producing security.
See notes to financial statements
<PAGE>
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------
June 30, 1995 (Unaudited)
------------------------------------------------------------------------------
ASSETS:
Investments, at value (Note 1A) (identified cost,
$13,856,882) $57,716,923
Cash 80,888
Dividends receivable 110,176
-----------
Total assets $57,907,987
LIABILITIES:
Payable to affiliates --
Custodian fee $1,105
Directors' fees 419
Accrued expenses 8,237
------
Total liabilities 9,761
-----------
NET ASSETS for 332,150 shares of capital stock outstanding $57,898,226
===========
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) $23,723,023
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) 43,860,041
Federal tax on undistributed net realized long-term
capital gain, paid on behalf of shareholders (9,139,524)
Undistributed net investment income 60,763
-----------
Total $57,898,226
===========
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($57,898,226 / 332,150 shares of capital stock
outstanding) $174.31
=======
See notes to financial statements
<PAGE>
STATEMENT OF OPERATIONS
------------------------------------------------------------------------------
For the Six Months Ended June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
Dividends $ 526,224
Interest 30,110
-----------
Total income $ 556,334
Expenses --
Investment adviser fee (Note 4) $ 166,573
Compensation of Directors not members of the
Investment Adviser's organization 1,966
Custodian fee (Note 4) 14,785
Legal and accounting services 23,327
Printing and postage 10,035
Transfer and dividend disbursing agent fees 9,280
Miscellaneous 1,408
----------
Total expenses 227,374
-----------
Net investment income $ 328,960
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments, computed on the
basis of identified cost $1,916,609
Increase in unrealized appreciation of
investments 9,336,380
----------
Net realized and unrealized gain on
investments 11,252,989
-----------
Net increase in net assets from
operations $11,581,949
===========
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1995 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1994
------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income $ 328,960 $ 722,752
Net realized gain on investment transactions 1,916,609 5,475,540
Increase (decrease) in unrealized appreciation of investments 9,336,380 (8,742,281)
----------- ------------
Increase (decrease) in net assets from operations $11,581,949 $ (2,543,989)
=========== ============
Distributions to shareholders from --
Net investment income $ (328,960) $ (673,964)
In excess of net investment income (7,910) --
----------- ------------
Total distributions $ (336,870) $ (673,964)
=========== ============
Provision for federal tax on undistributed net realized long-term gain (Note 1B) $ -- $ (44,389)
----------- ------------
Net decrease from capital stock transactions (Note 2) $ (2,179,542) $ (6,018,443)
----------- ------------
Net increase (decrease) in net assets $ 9,065,537 $ (9,280,785)
NET ASSETS:
At beginning of period 48,832,689 58,113,474
----------- ------------
At end of period (including undistributed net investment income of $60,763 and
$68,673, respectively) $57,898,226 $ 48,832,689
=========== ============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED JUNE 30, 1995 -------------------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
--------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, beginning
of period $141.160 $149.470 $151.610 $148.620 $104.510 $103.940
-------- -------- -------- -------- -------- --------
INCOME FROM OPERATIONS:
Net investment income $ 0.977 $ 1.997 $ 1.639 $ 1.570 $ 1.770 $ 1.770
Net realized and
unrealized gain (loss)
on investments 33.173 (8.329) (1.168) 3.180 44.340 0.730
-------- -------- -------- -------- -------- --------
Total income (loss)
from operations $ 34.150 $ (6.332) $ 0.471 $ 4.750 $ 46.110 $ 2.500
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income $ (0.977) $ (1.850) $ (1.600) $ (1.760) $ (1.650) $ (1.930)
In excess of net investment income (0.023) -- -- -- -- --
From net realized gain on
investments -- -- (0.900) -- (1.140) --
-------- -------- -------- -------- -------- --------
Total distributions $ (1.000) $ (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 period $174.310 $141.160 $149.470 $151.610 $148.620 $104.510
======== ======== ======== ======== ======== ========
TOTAL RETURN<F1> 24.23% (4.33)% 0.28% 3.28% 44.18% 2.46%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's omitted) $ 57,898 $ 48,833 $ 58,113 $ 60,653 $ 62,793 $ 48,274
Ratio of expenses to average
net assets 0.86%<F2> 0.83% 0.81% 0.83% 0.82% 0.90%
Ratio of net investment
income to average net assets 1.24%<F2> 1.37% 1.11% 1.11% 1.38% 1.73%
PORTFOLIO TURNOVER 0% 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. Total return is not computed on an annualized basis.
<F2> Annualized.
</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 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 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. 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
June 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 a fair presentation of the financial statements.
------------------------------------------------------------------------------
(2) CAPITAL STOCK
At June 30, 1995, there were 5,005,000 shares of $1.00 par value capital stock
authorized. Transactions in capital stock were as follows:
SIX MONTHS ENDED
JUNE 30, 1995 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1994
------------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------- --------- ------------
Redemptions (14,253) $(2,255,655) (43,865) $(6,161,648)
Issued to shareholders
electing to receive
payment of dividends in
capital stock 459 76,113 1,000 143,205
--------- ------------ -------- -----------
Net decrease (13,794) $(2,179,542) (42,865) $(6,018,443)
--------- ------------ ======== ===========
--------------------------------------------------------------------------------
(3) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than short-term obligations,
aggregated $503,525 and $29,781, respectively. In addition, investments having
an aggregate market value of $2,186,936 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 portion of their annual fees in
accordance with the terms of the Trustee Deferred Compensation Plan. For the six
months ended June 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.
------------------------------------------------------------------------------
(6) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation/depreciation in value of the investments
owned at June 30, 1995, as computed on a federal income tax basis, are as
follows:
Aggregate cost $13,856,882
===========
Gross unrealized appreciation $43,860,041
Gross unrealized depreciation --
-----------
Net unrealized appreciation $43,860,041
===========
------------------------------------------------------------------------------
(7) ANNUAL SHAREHOLDER MEETING
Fiduciary Exchange Fund, Inc. (the Fund) held its annual shareholder meeting on
April 12, 1995. On February 23, 1995, the record date of the meeting, the Fund
had 342,811.991 shares outstanding, of which 220,044.297 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,
Peter F. Kiely, Norton H. Reamer, John L. Thorndike, and Jack L. Treynor
as Directors of the Fund.
NOMINEES FOR NUMBER OF SHARES
DIRECTOR ----------------------
-------- AFFIRMATIVE WITHHELD
----------- --------
Landon T. Clay 220,044.297 0.000
Donald R. Dwight 220,044.297 0.000
Samuel L. Hayes, III 220,044.297 0.000
Peter F. Kiely 220,044.297 0.000
Norton H. Reamer 220,044.297 0.000
John L. Thorndike 220,044.297 0.000
Jack L. Treynor 220,044.297 0.000
Item 2: The ratification of the selection of Deloitte & Touche LLP as
independent certified public accountants to the Fund.
NUMBER OF SHARES
----------------
Affirmative 220,044.297
Against 0.000
Abstain 0.000
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT MANAGEMENT
<S> <C> <C>
FIDUCIARY OFFICERS AND STAFF INDEPENDENT DIRECTORS
EXCHANGE LANDON T. CLAY DONALD R. DWIGHT
FUND, INC. President, Director President, Dwight Partners, Inc.
24 Federal Street JAMES B. HAWKES Chairman, Newspapers of
Boston, MA 02110 Vice President New England, Inc.
DUNCAN W. RICHARDSON SAMUEL L. HAYES, III
Vice President and Jacob H. Schiff Professor of
Portfolio Manager Investment Banking, Harvard
JAMES L. O'CONNOR University Graduate School of
Treasurer Business Administration
THOMAS OTIS NORTON H. REAMER
Clerk President and Director,
United Asset Management
Corporation
JOHN L. THORNDIKE
Director, Fiduciary Company
Incorporated
JACK L. TREYNOR
Investment Adviser and
Consultant
------------------------------------------------------------------------
FIDUCIARY EXCHANGE TRANSFER AND DIVIDEND
FUND, INC. DISBURSING AGENT
24 Federal Street The Shareholder Services
Boston, MA 02110 Group, Inc.
INVESTMENT ADVISER P.O. Box 1559
Eaton Vance Management Boston, MA 02104
24 Federal Street
Boston, MA 02110
CUSTODIAN
Investors Bank & Trust Company
24 Federal Street
Boston, MA 02110
</TABLE>
<PAGE>
FIDUCIARY EXCHANGE
FUND, INC.
PERFORMANCE RESULTS(+)
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
(STANDARDIZED SEC PERFORMANCE DATA
FOR THE PERIODS ENDED JUNE 30, 1995)
------------------------------------------------------------------------------
One year 28.72%
------------------------------------------------------------------------------
Five years 11.17%
------------------------------------------------------------------------------
Ten years 13.14%
------------------------------------------------------------------------------
Life of Fund (3/17/67) 10.38%
------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
LIFE OF FUND
(3/17/67 TO 6/30/95)
------------------------------------------------------------------------------
Fiduciary Exchange Fund 1,539.56%
------------------------------------------------------------------------------
Dow Jones Industrial Average 1,661.58%
------------------------------------------------------------------------------
Standard & Poor's 500 1,712.19%
------------------------------------------------------------------------------
(+) 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
charge and expenses. Please read the prospectus carefully before investing.
FIDUCIARY
EXCHANGE FUND
An Eaton Vance
Exchange Fund
Semi-Annual Report
June 30, 1995
Eaton VANCE
The Boston Tradition
24 Federal Street, Boston, Massachusetts 02110
