EATON VANCE ADVISERS SENIOR FLOATING-RATE FUND
EATON VANCE INSTITUTIONAL SENIOR FLOATING-RATE FUND
EATON VANCE PRIME RATE RESERVES
Supplement to the Prospectuses dated May 3, 1999
EV CLASSIC SENIOR FLOATING-RATE FUND
Supplement to the Prospectus dated March 17, 1999
The following paragraph replaces the last paragraph under "VALUING SHARES".
BMR values interests in Senior Loans ("Loan Interests") held by the
Portfolio pursuant to valuation procedures established by the Portfolio's
Trustees. Under these procedures, Loan Interests, when initially acquired
by the Portfolio, are valued at cost. Certain Loan Interests are deemed to
be liquid because reliable market quotations are readily available for
them. BMR values these liquid Loan Interests at their market value, so that
they are marked to market daily. BMR values all other Loan Interests at
their fair value. In determining the fair value of a Loan Interest, BMR
will consider relevant factors, data, and information, including: (i) the
characteristics of and fundamental analytical data relating to the Loan
Interest, including the cost, size, current interest rate, period until
next interest rate reset, maturity and base lending rate of the Senior
Loan, the terms and conditions of the Senior Loan and any related
agreements, and the position of the Senior Loan in the Borrower's debt
structure; (ii) the nature, adequacy and value of the collateral, including
the Portfolio's rights, remedies and interests with respect to the
collateral; (iii) the creditworthiness of the Borrower, based on an
evaluation of its financial condition, financial statements and information
about the Borrower's business, cash flows, capital structure and future
prospects; (iv) information relating to the market for the Loan Interest,
including price quotations for and trading in the Loan Interest and
interests in similar Senior Loans and the market environment and investor
attitudes towards the Loan Interest and interests in similar Senior Loans;
(v) the reputation and financial condition of the Agent and any
intermediate participants in the Senior Loan; and (vi) general economic and
market conditions affecting the fair value of the Loan Interest. The fair
value of each Loan Interest is reviewed and approved by BMR's Valuation
Committee and by the Portfolio's Trustees.
December 20, 1999 C-SFRPRAIPS
