<PAGE>
EV CLASSIC SPECIAL EQUITIES FUND
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 1, 1995
The tables below indicate the total return (capital changes plus
reinvestment of all distributions) and percentage changes on a hypothetical
investment of $1,000 in the Fund from December 31, 1984 through December 31,
1994. The tables replace the tables appearing under "Performance Information" in
Part II of the Statement of Additional Information. The total return and
percentage changes for the period prior to the Fund's commencement of operations
on November 17, 1994 reflect the Portfolio's total return and percentage changes
(or that of its predecessor) adjusted to reflect any applicable Fund sales
charge. Such performance has not been adjusted to reflect the Fund's
distribution fees and certain other expenses. If such an adjustment were made,
the performance would be lower.
<TABLE>
<CAPTION>
VALUE OF A $1,000 INVESTMENT
Value of Invest- Value of Invest-
ment before de- ment after deduct- Total Return before de- Total Return after de-
ducting the con- ing the contin- ducting the contingent ducting the contingent
tingent deferred gent deferred deferred sales charge deferred sales charge
Investment Investment Amount of sales charge sales charge ----------------------- ----------------------
Period Date Investment on 12/31/94 on 12/31/94 Cumulative Annualized Cumulative Annualized
- ---------- ---------- ---------- ---------------- ----------------- ---------- ---------- ---------- ----------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
10 Years
Ended
12/31/94 12/31/84 $1,000.00 $2,402.91 $2,623.08 140.29% 9.16% 140.29% 9.16%
5 Years
Ended
12/31/94 12/31/89 $1,000.00 $1,470.64 $1,588.57 47.06% 8.02% 47.06% 8.02%
1 Year
Ended
12/31/94* 12/31/93 $1,000.00 $ 877.83 $ 770.58 -12.22% -12.22% -13.22% -13.22%
<PAGE>
<CAPTION>
PERCENTAGE CHANGES - 12/31/85-12/31/94
Net asset value to net asset value Net asset value to net asset value
before deducting the contingent deferred after deducting the contingent deferred
sales charge with all distributions reinvested sales charge with all distributions reinvested
Fiscal Year ---------------------------------------------- ------------------------------------------------
Ended Annual Cumulative Average Annual Annual Cumulative Average Annual
- ----------- ------ ---------- -------------- ------ ---------- --------------
<S> <C> <C> <C> <C> <C> <C>
12/31/85 18.51% 18.51% 18.51% 17.51% 17.51% 17.51%
12/31/86 -1.67% 16.53% 7.95% -2.49% 16.53% 2.88%
12/31/87 2.04% 18.91% 5.94% 1.04% 18.91% 3.22%
12/31/88 11.21% 32.24% 7.23% 10.21% 32.24% 4.70%
12/31/89 23.57% 63.41% 10.31% 22.57% 63.41% 7.22%
12/31/90 2.50% 67.49% 8.97% 1.53% 67.49% 7.87%
12/31/91 57.33% 163.51% 14.84% 56.33% 163.51% 10.71%
12/31/92 2.71% 170.66% 13.24% 1.77% 170.66% 11.71%
12/31/93* 1.14% 173.75% 11.83% 0.20% 173.75% 12.69%
12/31/94* -12.22% 140.29% 9.16% -13.22% 140.29% 9.28%
Past performance is not indicative of future results. Investment return
and principal value will fluctuate; shares, when redeemed, may be worth more or
less than their original cost.
*If a portion of the Fund's expenses had not been subsidized, the Fund
would have had lower returns.
</TABLE>
August 31, 1995 C-SESAIS
<PAGE>
EV MARATHON SPECIAL EQUITIES FUND
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 1, 1995
The tables below indicate the total return (capital changes plus
reinvestment of all distributions) and percentage changes on a hypothetical
investment of $1,000 in the Fund from December 31, 1984 through December 31,
1994. The tables replace the tables appearing under "Performance Information" in
Part II of the Statement of Additional Information. The total return and
percentage changes for the period prior to the Fund's commencement of operations
on August 22, 1994 reflect the Portfolio's total return and percentage changes
(or that of its predecessor) adjusted to reflect any applicable Fund sales
charge. Such performance has not been adjusted to reflect the Fund's
distribution fees and certain other expenses. If such an adjustment were made,
the performance would be lower.
<TABLE>
<CAPTION>
VALUE OF A $1,000 INVESTMENT
Value of Invest- Value of Invest-
ment before de- ment after deduct- Total Return before de- Total Return after de-
ducting the con- ing the contin- ducting the contingent ducting the contingent
tingent deferred gent deferred deferred sales charge deferred sales charge
Investment Investment Amount of sales charge sales charge ----------------------- ----------------------
Period Date Investment on 12/31/94 on 12/31/94 Cumulative Annualized Cumulative Annualized
- ---------- ---------- ---------- ---------------- ----------------- ---------- ---------- ---------- ----------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
10 Years
Ended
12/31/94 12/31/84 $1,000.00 $2,516.46 $2,759.49 151.65% 9.66% 151.65% 9.66%
5 Years
Ended
12/31/94 12/31/89 $1,000.00 $1,540.07 $1,678.99 54.01% 9.02% 52.01% 8.74%
1 Year
Ended
12/31/94* 12/31/93 $1,000.00 $ 919.30 $ 845.10 -8.07% -8.07% -13.07% -13.07%
<PAGE>
<CAPTION>
PERCENTAGE CHANGES - 12/31/85-12/31/94
Net asset value to net asset value Net asset value to net asset value
before deducting the contingent deferred after deducting the contingent deferred
sales charge with all distributions reinvested sales charge with all distributions reinvested
Fiscal Year ---------------------------------------------- ------------------------------------------------
Ended Annual Cumulative Average Annual Annual Cumulative Average Annual
- ----------- ------ ---------- -------------- ------ ---------- --------------
12/31/85 18.51% 18.51% 18.51% 13.51% 13.51% 13.51%
12/31/86 -1.67% 16.53% 7.95% -5.79% 12.26% 2.17%
12/31/87 2.04% 18.91% 5.94% -2.96% 15.43% 2.66%
12/31/88 11.21% 32.24% 7.23% 6.21% 29.34% 4.32%
12/31/89 23.57% 63.41% 10.31% 18.57% 61.41% 7.03%
12/31/90 2.50% 67.49% 8.97% -2.33% 66.49% 7.78%
12/31/91 57.33% 163.51% 14.84% 52.33% 163.51% 10.71%
12/31/92 2.71% 170.66% 13.24% -2.01% 170.66% 11.71%
12/31/93* 1.14% 173.74% 11.83% -3.55% 173.74% 12.69%
12/31/94* -8.07% 151.65% 9.66% -13.07% 151.65% 9.86%
Past performance is not indicative of future results. Investment return
and principal value will fluctuate; shares, when redeemed, may be worth more or
less than their original cost.
*If a portion of the Fund's expenses had not been subsidized, the Fund
would have had lower returns.
August 31, 1995 M-SESAIS
</TABLE>
