Eaton Vance Growth Fund
Supplement to Prospectus
dated
January 1, 2000
1. The following replaces the first paragraph under "Fund Summary":
Investment Objective and Principal Strategies. The Fund's investment
objective is to achieve capital growth. A secondary consideration is
investment income. The Fund invests primarily in common stocks of U.S.
growth companies. Although it invests primarily in domestic companies, the
Fund may invest up to 25% of its net assets in foreign companies. The Fund
currently invests its assets in Growth Portfolio (the "Portfolio"), a
separate registered investment company with the same objective and policies
as the Fund.
2. The following replaces the second and third paragraphs under "Investment
Objective & Principal Policies and Risks":
The Portfolio invests in a carefully selected and continuously managed
portfolio consisting primarily of common stocks of U.S. companies that are
expected to grow at a rate that exceeds that of the overall U.S. economy.
The portfolio manager seeks to purchase stocks that are favorably priced
in relation to their fundamental value, and which will grow in value over
time. In making investment decisions, the portfolio manager may draw upon
the information provided by, and the expertise of, the investment adviser's
research staff. Management of the Portfolio involves consideration of
numerous factors (such as potential for price appreciation, risk/return,
the mix of securities held by the Portfolio and, secondarily, long-term
dividend prospects). Many of these considerations are subjective. The
Portfolio normally invests in a variety of industries, which reduces risk.
The Portfolio may invest up to 25% of assets in securities of foreign
companies. The value of foreign securities is affected by changes in
currency rates, foreign tax laws (including withholding tax), government
policies (in this country or abroad), relations between nations and
trading, settlement, custodial and other operational risks. In addition,
the costs of investing abroad are generally higher than in the United
States, and foreign securities markets may be less liquid, more volatile
and less subject to governmental supervision than markets in the United
States. These risks can be more significant for companies in less developed
countries. As an alternative to holding foreign stocks directly, the
Portfolio may invest in dollar-denominated securities of foreign companies
that trade on U.S. exchanges or in the over-the-counter market (including
depositary receipts which evidence ownership in underlying foreign stocks).
Such investments are not subject to the 25% limitation stated above.
3. The following replaces the third paragraph under "Management and
Organization":
Arieh Coll is now the portfolio manager of Growth Portfolio. Mr. Coll is a
Vice President of Eaton Vance and Boston Management & Research. He joined
Eaton Vance in January 2000. Prior to joining Eaton Vance, Mr. Coll was
employed by Fidelity Investments as a portfolio manager and investment
analyst.
4. The following is added to the second paragraph of "Reducing or Eliminating
Sales Charges" under "Sales Charges":
Class A shares are sold at net asset value if the amount invested
represents redemption proceeds from a mutual fund not affiliated with Eaton
Vance, provided the redemption occurred within 60 days of the Fund share
purchase and the redeemed shares were subject to a sales charge. Class A
shares so acquired will be subject to a 0.50% CDSC if they are redeemed
within 12 months of purchase. Investment dealers will be paid a commission
on such sales of 0.50% of the amount invested.
FEBRUARY 1, 2000 GFPS
