[COVER PAGE]
[LOGO] STATE STREET RESEARCH
STATE STREET RESEARCH
EXCHANGE FUND
SEMIANNUAL REPORT [ILLUSTRATION]
June 30, 1996 MAN CLIMBING AND LOOKING AT STARS
WHAT'S INSIDE
Investment Update
The Fund, economy
and markets
Fund Information
Facts and figures
Plus, Complete Portfolio Holdings
and Financial Statements
[DALBAR LOGO]
For Excellence
in
Shareholder Service
<PAGE>
STATE STREET RESEARCH EXCHANGE FUND
______________________________________________________________________________
INVESTMENT UPDATE
______________________________________________________________________________
INVESTMENT ENVIRONMENT
The Economy
(bullet) The economy was stronger than expected in the first half of the
year. This made it less likely that the Federal Reserve would cut
interest rates further, jolted the bond market and pushed rates
significantly higher.
(bullet) Despite stronger economic growth, inflation remained quite low.
Energy and food prices jumped higher but, for the most part,
consumer prices were well contained.
(bullet) Consumer confidence improved, perhaps the result of falling
unemployment and rising average hourly wages.
The Markets
(bullet) Stocks performed well through the first six months of 1996,
rebounding from several market corrections. The Standard & Poor's
500 Index provided a total return of +10.09% for the six months
ended June 30, 1996.(1)
(bullet) Bond performance was mixed over the six-months ended June 30, 1996.
High-yield bonds performed well in the strengthening economy, while
high-quality bonds remained relatively flat.
The Fund
Over the past six months
(bullet) For the six months ended June 30, 1996, shares of Exchange Fund
provided a total return of +12.60%. The average total return for the
527 funds in Lipper Analytical Services' Growth and Income Funds
category was +9.24% for the same period.
(bullet) Our chemical holdings performed extremely well this year. This was
due mainly to the significant appreciation of Ciba-Geigy's stock
price, attributable to their merger with a large Swiss drug company,
which is a positive for the long term.
(bullet) The oil portion of the portfolio did not perform as well for the six
month period. This was largely due to the erratic first quarter
experienced by oil stocks. We sold our position in Union Pacific
Resources to downplay our energy exposure.
Current Strategy
(bullet) We are reemphasizing our objective to provide reasonable current
income to our shareholders. While not our only consideration, we
sold our positions in Toys R Us and Office Depot--two companies
which pay no dividends.
(bullet) We bought positions in two companies, both of which have good future
dividend potential--General Motors and Lucent Technologies.
(1)The Standard & Poor's 500 Composite Index (S&P 500) includes 500 widely
traded common stocks and is a commonly used measure of U.S. stock market
performance. The index is unmanaged. Direct investment in the index is not
possible; results are for illustrative purposes only.
(2)All returns represent past performance, which is no guarantee of future
results. The investment return and principal value of an investment made in
the Fund will fluctuate and shares, when redeemed, may be worth more or less
than their original cost. All returns assume reinvestment of capital gain
distributions and income dividends.
Please note that the discussion throughout
this shareholder report is dated as
indicated and, because of possible changes
in viewpoint, data, and transactions, should
not be relied upon as being current
thereafter.
______________________________________________________________________________
FUND INFORMATION (all data are for periods ended June 30, 1996)
______________________________________________________________________________
SEC Average Annual Compound Rates of Return
____________________________________________
<TABLE>
<CAPTION>
Life of Fund
(since 12/17/76) 10 Years 5 Years 1 Year
- ----------------- ------------ ----------- -----------
<S> <C> <C> <C>
+13.49% +13.18% +14.99% +27.21%
</TABLE>
Cumulative Total Returns
____________________________________________
<TABLE>
<CAPTION>
Life of Fund
(since 12/17/76) 10 Years 5 Years 1 Year
- ----------------- ------------ ------------ -----------
<S> <C> <C> <C>
+1,087.33% +244.89% +101.02% +27.21%
</TABLE>
Top 10 Holdings
(by percentage of net assets)
1 Johnson & Johnson Health-care products company 5.3%
2 Raytheon Aerospace/defense firm 4.8%
3 Coca-Cola Beverage giant 4.1%
4 Hewlett-Packard Electronic equipment company 3.1%
5 Philip Morris Tobacco company 3.0%
6 Mobil Oil company 3.0%
7 Merck Pharmaceuticals company 3.0%
8 Exxon Oil company 2.9%
9 Gillette Personal care company 2.9%
10 Walt Disney Entertainment giant 2.8%
These securities represent an aggregate of 34.9% of net assets. Because of
active management, there is no guarantee that the Fund currently invests, or
will continue to invest, in the securities or industries listed in this table
or in the text above.
Top 5 Industry Positions
(by percentage of net assets)
Food and beverage 8.5%
Chemical 8.4%
Oil 7.9%
Drugs 7.7%
Aerospace 7.0%
Total:39.5%
<PAGE>
STATE STREET RESEARCH EXCHANGE FUND
______________________________________________________________________________
INVESTMENT PORTFOLIO
______________________________________________________________________________
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Value
Shares (Note 1)
-------------------------------------- ------- -------------
<S> <C> <C>
Common Stocks 99.0%
Basic Industries 16.2%
Chemical 8.4%
Ciba-Geigy AG ADR 86,900 $ 5,289,603
Dow Chemical Co. 60,000 4,560,000
E.I. du Pont de Nemours and Co. 68,500 5,420,063
Monsanto Co. 193,500 6,288,750
------------
21,558,416
------------
Electrical Equipment 2.9%
General Electric Co. 53,240 4,605,260
General Signal Corp. 70,372 2,665,339
------------
7,270,599
------------
Forest Product 0.7%
Georgia-Pacific Corp. 26,251 1,863,821
------------
Machinery 3.2%
Caterpillar, Inc. 58,400 3,956,600
Millipore Corp. 99,400 4,162,375
------------
8,118,975
------------
Metal & Mining 1.0%
Nucor Corp. 51,600 2,612,250
------------
Total Basic Industries 41,424,061
------------
Consumer Cyclical 8.1%
Automotive 1.0%
General Motors Corp. 50,000 2,618,750
------------
Recreation 4.0%
Walt Disney Co. 112,283 7,059,794
Tele-Communications, Inc. Cl. A* 127,597 2,312,695
Tele-Communications, Inc. Liberty
Media Group Cl. A* 31,899 845,324
------------
10,217,813
------------
Retail Trade 3.1%
Dayton Hudson Corp. 50,184 5,175,225
Wal-Mart Stores, Inc. 111,600 2,831,850
------------
8,007,075
------------
Total Consumer Cyclical 20,843,638
------------
Consumer Staple 30.2%
Drug 7.7%
American Home Products Corp. 103,472 6,221,254
Merck & Co., Inc. 117,259 7,577,863
Pfizer, Inc. 83,800 5,981,225
------------
19,780,342
------------
Food & Beverage 8.5%
Anheuser-Busch, Inc. 56,300 $ 4,222,500
Campbell Soup Co. 48,800 3,440,400
Coca-Cola Co. 212,251 10,373,768
General Mills, Inc. 69,200 3,771,400
------------
21,808,068
------------
Hospital Supply 5.9%
Columbia/HCA Healthcare Corp.* 29,700 1,585,237
Johnson & Johnson 272,992 13,513,104
------------
15,098,341
------------
Personal Care 5.1%
Gillette Co. 118,200 7,372,725
Procter & Gamble Co. 61,600 5,582,500
------------
12,955,225
------------
Tobacco 3.0%
Philip Morris Companies, Inc. 74,100 7,706,400
------------
Total Consumer Staple 77,348,376
------------
Energy 10.4%
Oil 7.9%
Amoco Corp. 71,032 5,140,941
Exxon Corp. 85,068 7,390,283
Mobil Corp. 68,400 7,669,350
------------
20,200,574
------------
Oil Service 2.5%
Halliburton Co. 35,012 1,943,166
Schlumberger Ltd. 54,619 4,601,650
------------
6,544,816
------------
Total Energy 26,745,390
------------
Finance 10.0%
Bank 3.6%
Banc One Corp. 55,902 1,900,668
BankAmerica Corp. 68,400 5,181,300
Chase Manhattan Corp.* 30,576 2,159,430
------------
9,241,398
------------
Financial Service 3.9%
American Express Co. 141,591 6,318,498
Federal National Mortgage Association 110,400 3,698,400
------------
10,016,898
------------
Insurance 2.5%
General Re Corp. 40,941 6,233,267
------------
Total Finance 25,491,563
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
STATE STREET RESEARCH EXCHANGE FUND
_____________________________________________________________________________
INVESTMENT PORTFOLIO (cont'd)
_____________________________________________________________________________
<TABLE>
<CAPTION>
Value
Shares (Note 1)
-------------------------------------- ------- -------------
<S> <C> <C>
Science & Technology 22.0%
Aerospace 7.0%
Boeing Co. 65,900 $ 5,741,538
Raytheon Co. 235,400 12,152,525
------------
17,894,063
------------
Computer Software & Service 3.4%
First Data Corp. 32,669 2,601,269
Microsoft Corp.* 49,750 5,976,218
------------
8,577,487
------------
Electronic Components 1.5%
AMP, Inc. 96,000 3,852,000
------------
Electronic Equipment 4.7%
L.M. Ericsson Telephone Co. Cl. B ADR* 152,460 3,277,890
Lucent Technologies, Inc.* 74,300 2,814,113
Motorola, Inc. 50,600 3,181,475
Perkin-Elmer Corp. 58,000 2,798,500
------------
12,071,978
------------
Office Equipment 5.4%
Hewlett-Packard Co. 80,000 7,970,000
International Business Machines Corp. 59,800 5,920,200
------------
13,890,200
------------
Total Science & Technology 56,285,728
------------
Utility 2.1%
Telephone 2.1%
AT&T Corp. 30,000 1,860,000
AirTouch Communications, Inc.* 123,800 3,497,350
------------
5,357,350
------------
Total Utility 5,357,350
------------
Total Common Stocks (Cost $95,648,298) 253,496,106
------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------
Principal Maturity
Amount Date
------------------------------------------------------------------------
<S> <C> <C> <C>
Commercial Paper 1.2%
American Express Credit
Corp., 5.37% $3,050,000 7/1/1996 3,050,000
--------------
Total Commercial Paper (Cost $3,050,000) 3,050,000
--------------
Total Investments (Cost $98,698,298)--100.2% 256,546,106
Cash and Other Assets, Less Liabilities--(0.2)% (523,859)
--------------
Net Assets--100.0% $256,022,247
==============
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
------------------------------------------------------------------------
Federal Income Tax Information:
At June 30, 1996, the net unrealized
appreciation of investments based on cost
for Federal income tax purposes of
$85,662,539 was as follows:
Aggregate gross unrealized appreciation for
all investments in which there is an
excess of value over tax cost $171,034,767
Aggregate gross unrealized depreciation for
all investments in which there is an
excess of tax cost over value (151,200)
------------
$170,883,567
============
</TABLE>
* Nonincome-producing securities
ADR stands for American Depositary Receipt, representing ownership of
foreign securities.
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
STATE STREET RESEARCH EXCHANGE FUND
______________________________________________________________________________
STATEMENT OF ASSETS AND LIABILITIES
______________________________________________________________________________
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
<S> <C>
Assets
Investments, at value (Cost $98,698,298) (Note 1) $256,546,106
Cash 40,088
Dividends and interest receivable 270,063
Other assets 21,312
-----------
256,877,569
Liabilities
Dividend payable 487,737
Accrued management fee (Note 2) 314,425
Payable for fund shares redeemed 9,519
Accrued trustees' fees (Note 2) 8,166
Accrued transfer agent and shareholder services (Note 2) 2,564
Other accrued expenses 32,911
-----------
855,322
-----------
Net Assets $256,022,247
===========
Net Assets consist of:
Undistributed net investment income $ 557,448
Unrealized appreciation of investments 157,847,808
Accumulated net realized gain 10,079,777
Shares of beneficial interest 87,537,214
-----------
$256,022,247
===========
Net Asset Value per share
($256,022,247 / 860,676 shares of beneficial
interest) $297.47
===========
</TABLE>
______________________________________________________________________________
STATEMENT OF OPERATIONS
______________________________________________________________________________
For the six months ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
<S> <C>
Investment Income
Dividends, net of foreign taxes of $19,559 $ 2,287,964
Interest 94,359
---------
2,382,323
Expenses
Management fee (Note 2) 617,631
Custodian fee 25,408
Trustees' fees (Note 2) 17,905
Audit fee 11,792
Transfer agent and shareholder services (Note 2) 9,052
Reports to shareholders 6,215
Legal fees 3,424
Miscellaneous 12,394
---------
703,821
---------
Net investment income 1,678,502
---------
Realized and Unrealized Gain on Investments
Net realized gain on investments (Notes 1 and 3) 10,079,777
Net unrealized appreciation of investments 17,279,838
---------
Net gain on investments 27,359,615
---------
Net increase in net assets resulting from operations $29,038,117
=========
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
STATE STREET RESEARCH EXCHANGE FUND
------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six months ended
June 30, 1996 Year ended
(Unaudited) December 31, 1995
- --------------------------------- ---------------- --------------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net investment income $ 1,678,502 $ 3,205,778
-------------- ------------------
Net realized gain on investments* 10,079,777 26,724,341
Provision for federal income tax -- (4,069,573)
-------------- ------------------
10,079,777 22,654,768
-------------- ------------------
Net unrealized appreciation of
investments 17,279,838 33,669,225
-------------- ------------------
Net increase resulting from
operations 29,038,117 59,529,771
-------------- ------------------
Dividends from net investment
income (1,207,037) (3,378,495)
-------------- ------------------
Distribution from net realized
gains -- (236,946)
-------------- ------------------
Share transactions:
Net asset value of shares issued
in payment of:
Distribution from net
realized gains -- 80,260
Dividends from net
investment income 112,986 847,325
Cost of shares repurchased (5,343,921) (18,569,970)
-------------- ------------------
Net decrease from fund share
transactions (5,230,935) (17,642,385)
-------------- ------------------
Total increase in net assets 22,600,145 38,271,945
Net Assets
Beginning of period 233,422,102 195,150,157
-------------- ------------------
End of period (including
undistributed net investment
income of $557,448 and $85,983,
respectively) $256,022,247 $233,422,102
============== ==================
Number of shares:
Issued upon reinvestment of:
Distribution from net
realized gains -- 302
Dividends from net
investment income 380 3,354
Repurchased (19,066) (80,284)
-------------- ------------------
Net decrease in fund shares (18,686) (76,628)
-------------- ------------------
* Net realized gain for Federal
income tax purposes
(Note 1) $ 5,596,413 $ 11,864,297
============== ==================
</TABLE>
- ------------------------------------------------------------------------
NOTES TO UNAUDITED FINANCIAL STATEMENTS
- ------------------------------------------------------------------------
June 30, 1996
Note 1
State Street Research Exchange Fund (the "Fund"), is a series of State Street
Research Exchange Trust (the "Trust"), which is a Massachusetts business
trust registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company. The Trust was organized in February,
1989 as a successor to State Street Exchange Fund, Inc., a Massachusetts
corporation. The Fund is presently the only series of the Trust.
The investment objective of the Fund is to provide long-term growth of
capital and, secondarily, long-term growth of income. In seeking to achieve
its investment objective, the Fund invests primarily in common stocks, or
securities convertible into common stocks, that have long-term growth
potential.
The following significant policies are consistently followed by the Fund in
preparing its financial statements, and such policies are in conformity with
generally accepted accounting principles for investment companies.
A. Investments in Securities
Values for listed securities represent the last sale on national securities
exchanges quoted prior to the close of the New York Stock Exchange.
Over-the-counter securities quoted on the National Association of Securities
Dealers Automated Quotation ("NASDAQ") system are valued at the closing price
supplied through such system. In the absence of recorded sales and for those
over-the-counter securities not quoted on the NASDAQ system, valuations are
at the mean of the closing bid and asked quotations, except for securities
that may be restricted as to public resale, which are valued in accordance
with methods adopted by the Trustees. Security transactions are accounted for
on the trade date (date the order to buy or sell is executed), and dividends
declared but not received are accrued on the ex-dividend date. Interest
income is determined on the accrual basis. Realized gains and losses from
security transactions are reported on the basis of average cost of securities
delivered.
B. Federal Income Taxes
No provision for Federal income taxes is necessary with respect to net
investment income since the Fund has elected to qualify under Subchapter M of
the Internal Revenue Code and its policy is to distribute substantially all
of such income. It is also the intention of the Fund to distribute an amount
sufficient to avoid imposition of any Federal Excise Tax under Section 4982
of the Internal Revenue Code. The Fund retains and designates as
undistributed gains all of its taxable net long-term capital gains and pays
Federal income taxes thereon on behalf of the shareholders.
C. Dividends
Dividends from net investment income are declared and paid or reinvested
quarterly. Net realized short-term capital gains, if any, are distributed
annually.
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
STATE STREET RESEARCH EXCHANGE FUND
- ------------------------------------------------------------------------
- ------------------------------------------------------------------------
Income dividends and capital gain distributions are determined in accordance
with Federal income tax regulations which may differ from generally accepted
accounting principles. The difference is primarily due to differing
treatments for nontaxable redemptions in kind and the disposition of
securities that have different bases for financial reporting and tax
purposes. The permanent book and tax basis difference relating to shareholder
distributions will result in reclassifications to shares of beneficial
interest.
D. Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period.
Actual results could differ from those estimates.
Note 2
The Trust and State Street Research & Management Company (the "Adviser"), an
indirect wholly owned subsidiary of Metropolitan Life Insurance Company
("Metropolitan"), have entered into a contract that provides for an annual
fee equal to 0.50% of the Fund's average daily net assets. In consideration
of these fees, the Adviser furnishes the Fund with management, investment
advisory, statistical and research facilities and services. The Adviser also
pays all salaries, rent and certain other expenses of management. The fees of
the Trustees not currently affiliated with the Adviser amounted to $17,905
during the six months ended June 30, 1996.
State Street Research Shareholder Services, a division of State Street
Research Investment Services, Inc., the Trust's principal underwriter (the
"Distributor"), an indirect wholly owned subsidiary of Metropolitan, provides
certain shareholder services to the Fund such as responding to inquiries and
instructions from investors with respect to the purchase and redemption of
shares of the Fund. During the six months ended June 30, 1996, the amount of
such expenses was $2,165.
Note 3
For the six months ended June 30, 1996, exclusive of short-term investments
and U.S. Government obligations, purchases and sales of securities, including
$4,899,176 representing redemptions in kind, aggregated $10,712,926 and
$19,223,498, respectively.
Note 4
The Trustees have the authority to issue an unlimited number of shares of
beneficial interest, $.001 par value per share.
At June 30, 1996, the Adviser owned 13,766 shares of the Fund.
6
<PAGE>
STATE STREET RESEARCH EXCHANGE FUND
- ------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------
For a share outstanding throughout each period:
<TABLE>
<CAPTION>
Year ended December 31
----------------------------------------------------------
Six months
ended
June 30, 1996
(Unaudited)*** 1995 1994 1993 1992 1991
------------------------------ ------------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $265.44 $204.13 $205.81 $205.98 $198.84 $156.56
Net investment income 1.95 3.63 3.79 3.47 3.28 3.43
Net realized and unrealized
gain (loss) on investments* 31.48 61.75 (1.67) (.24) 7.06 42.36
Dividends from net investment
income (1.40) (3.80) (3.80) (3.40) (3.20) (3.51)
Distribution from net realized
gains -- (.27) -- -- -- --
Net asset value, end of period $297.47 $265.44 $204.13 $205.81 $205.98 $198.84
============ ======== ======== ======== ======== =========
Total return 12.60%+ 34.44% 3.44% 4.88% 6.75% 29.97%
Net assets at end of period
(000s) $256,022 $233,422 $195,150 $206,153 $209,922 $211,721
Ratio of operating expenses to
average net assets 0.57%++ 0.58% 0.57% 0.62% 0.59% 0.60%
Ratio of net investment income
to average net assets 1.37%++ 1.49% 1.80% 1.65% 1.63% 1.89%
Portfolio turnover rate 4.39% 11.67% 16.31% 22.10% 10.68% 8.21%
Average commission rate@ $.0566 -- -- -- -- --
*After provision for Federal
tax on retained capital gains
at end of period of -- $4.64 $4.88 $6.79 $2.94 $.88
</TABLE>
- ------------------------------------------------------------------------
++ Annualized.
+ Represents aggregate return for the period without annualization and does
not reflect any front end or contingent deferred sales charges.
@ For fiscal years beginning after January 1, 1996, the Fund is required to
disclose its average commission rate per share paid for security trades.
7
<PAGE>
STATE STREET RESEARCH EXCHANGE FUND
- -------------------------------------------------------------------------------
FUND INFORMATION, OFFICERS AND TRUSTEES OF STATE STREET RESEARCH EXCHANGE TRUST
- -------------------------------------------------------------------------------
Fund Information
State Street Research
Exchange Fund
One Financial Center
Boston, MA 02111
Investment Adviser
State Street Research &
Management Company
One Financial Center
Boston, MA 02111
Distributor
State Street Research
Investment Services, Inc.
One Financial Center
Boston, MA 02111
Shareholder Services
State Street Research
Shareholder Services
P.O. Box 8408
Boston, MA 02266-8408
1-800-562-0032
Custodian
State Street Bank and
Trust Company
225 Franklin Street
Boston, MA 02110
Legal Counsel
Mintz, Levin, Cohn, Ferris,
Glovsky and Popeo, P.C.
One Financial Center
Boston, MA 02111
Officers
Ralph F. Verni
Chairman of the Board,
President and
Chief Executive Officer
Peter C. Bennett
Vice President
Thomas P. Moore, Jr.
Vice President
Kennard Woodworth, Jr.
Vice President
Gerard P. Maus
Treasurer
Joseph W. Canavan
Assistant Treasurer
Douglas A. Romich
Assistant Treasurer
Francis J. McNamara, III
Secretary and General Counsel
Darman A. Wing
Assistant Secretary and
Assistant General Counsel
Amy L. Simmons
Assistant Secretary
Trustees
Ralph F. Verni
Chairman of the Board,
President, Chief Executive
Officer and Director,
State Street Research &
Management Company
Edward M. Lamont
Formerly in banking
(Morgan Guaranty Trust
Company of New York);
presently engaged in private
investments and civic affairs
Robert A. Lawrence
Partner, Saltonstall & Co.
Dean O. Morton
Retired; formerly Executive
Vice President, Chief
Operating Officer and Director,
Hewlett-Packard Company
Thomas L. Phillips
Retired; formerly Chairman of
the Board and Chief Executive
Officer, Raytheon Company
Toby Rosenblatt
President,
The Glen Ellen Company
Vice President,
Founders Investments Ltd.
Michael S. Scott Morton
Jay W. Forrester Professor of
Management, Sloan School of
Management, Massachusetts
Institute of Technology
Jeptha H. Wade
Retired; formerly Of Counsel,
Choate, Hall & Stewart
8
<PAGE>
[BACK COVER]
State Street Research Exchange Fund [POSTAGE PERMIT]
One Financial Center Bulk Rate
Boston, MA 02111 U.S. Postage
PAID
Brockton, MA
Permit No. 600
Questions? Comments?
Call us at 1-800-562-0032,
or write us at:
State Street Research
Shareholder Services
P.O. Box 8408
Boston, MA 02266-8408
[LOGO] STATE STREET RESEARCH
This report is prepared for the general information of current shareholders
only. It is not authorized for use as sales material with prospective investors.
The Dalbar awards recognize quality shareholder service and should not be
considered a rating of fund performance. The survey included mutual fund
complexes that volunteered or were otherwise selected to participate and was
not industry-wide.
CONTROL NUMBER: 3321-960823(0997)SSR-LD EX-469E-896
Cover Illustration by Dorothy Cullinan
