EV TRADITIONAL STOCK FUND
Supplement to Statement of Additional Information
dated
April 1, 1995
The following is added to "Investment Objective, Policies and
Restrictions":
The Fund provides investors with an opportunity to own some of
the largest and best known companies in America.
The following is added to "Investment Adviser and
Administrator":
Eaton Vance is among the oldest mutual funds organizations in
the country. As an experienced mutual fund provider, Eaton Vance
has contributed to making the securities market more widely
accessible to investors. Eaton Vance equity funds provide a way to
take advantage of the potentially higher returns of individual
stocks. Eaton Vance has a staff of more than 25 investment
professionals specializing in security analysis and equity
management.
The Eaton Vance investment process stresses intensive
fundamental research. Portfolios are built on a stock-by-stock
basis and the process includes visits to companies under
consideration. The process also focuses on well-managed companies
with the following characteristics: strong underlying value or
franchise; solid earnings growth; steady cash flow, strong balance
sheet; innovative products or services; potential for sustained
growth; seasoned, creative management; or ability to survive
variable market conditions.
By investing in diversified portfolios and employing prudent
and professional management, Eaton Vance mutual funds can provide
attractive return, while exposing shareholders to less risk than if
they were to build investment portfolios on their own. Eaton Vance
employs rigorous buy and sell disciplines. For instance, purchases
are made with an eye to both relative and absolute growth rates and
price/earning ratios, and sales are made when a stock is fully
valued, fundamentals deteriorate, management fails to execute its
strategy, or more attractive alternatives are available.
<PAGE>
Eaton Vance and its affiliates act as adviser to over 150
mutual funds, individual and various institutional accounts,
including corporations, hospitals, retirement plans, universities,
foundations and trusts. Eaton Vance mutual funds feature
international equities, domestic equities and tax-free U.S.
government and corporate bonds. Lloyd George Management, an
investment management firm based in Hong Kong, has advised Eaton
Vance's international equity funds since 1992. Lloyd George's
staff includes 11 highly qualified investment professionals who
manage $U.S. 1.3 billion. Lloyd George analysts cover East Asia,
the India subcontinent, Russia and Eastern Europe, Latin America,
Australia and New Zealand from offices in Hong Kong, London and
Bombay. Eaton Vance mutual funds are distributed by Eaton Vance
Distributors both within the United States and offshore.
Eaton Vance Distributors believes that an investment
professional can provide valuable services to you to help you reach
your investment goals. Meeting investment goals requires time,
objectivity and investment savvy. Before making an investment
recommendation, a representative can help you carefully consider
your short- and long-term financial goals, your tolerance for
investment risk, your investment time frame, and other investments
you may already own. Your professional investment representatives
are knowledgeable about financial markets, as well as the wide
range of investment opportunities available. A representative can
help you decide when to buy, sell or persevere with your
investments. A professional investment representative can provide
you with tailored financial advice.
The following is added to "Investment Performance":
The Fund may provide information to investors concerning the
volatility or beta of the Fund. Beta is a measure of risk which
shows the Fund's volatility relative to the Standard & Poor's 500
Composite Index, an unmanaged index of common stocks (and a
commonly used measure of U.S. stock market performance). A fund
with a beta of 1 would perform exactly like the market index; a
beta of 2 would mean its performance was twice as volatile as the
index, positive or negative. The Fund may also provide information
concerning its portfolio turnover rate and dividend paying record
(or the record of issuers in which the Fund may invest) in
information provided to investors.
February 12, 1996
<PAGE>
EV TRADITIONAL TOTAL RETURN FUND
Supplement to Statement of Additional Information
dated
May 1, 1995
The following is added to "Investment Adviser and
Administrator":
Eaton Vance is among the oldest mutual funds organizations in
the country. As an experienced mutual fund provider, Eaton Vance
has contributed to making the securities market more widely
accessible to investors. Eaton Vance equity funds provide a way to
take advantage of the potentially higher returns of individual
stocks. Eaton Vance has a staff of more than 25 investment
professionals specializing in security analysis and equity
management.
The Eaton Vance investment process stresses intensive
fundamental research. Portfolios are built on a stock-by-stock
basis and the process includes visits to companies under
consideration. The process also focuses on well-managed companies
with the following characteristics: strong underlying value or
franchise; solid earnings growth; steady cash flow, strong balance
sheet; innovative products or services; potential for sustained
growth; seasoned, creative management; or ability to survive
variable market conditions.
By investing in diversified portfolios and employing prudent
and professional management, Eaton Vance mutual funds can provide
attractive return, while exposing shareholders to less risk than if
they were to build investment portfolios on their own. Eaton Vance
employs rigorous buy and sell disciplines. For instance, purchases
are made with an eye to both relative and absolute growth rates and
price/earning ratios, and sales are made when a stock is fully
valued, fundamentals deteriorate, management fails to execute its
strategy, or more attractive alternatives are available.
Eaton Vance and its affiliates act as adviser to over 150
mutual funds, individual and various institutional accounts,
including corporations, hospitals, retirement plans, universities,
foundations and trusts. Eaton Vance mutual funds feature
international equities, domestic equities and tax-free U.S.
government and corporate bonds. Lloyd George Management, an
investment management firm based in Hong Kong, has advised Eaton
Vance's international equity funds since 1992. Lloyd George's
staff includes 11 highly qualified investment professionals who
manage $U.S. 1.3 billion. Lloyd George analysts cover East Asia,
the India subcontinent, Russia and Eastern Europe, Latin America,
Australia and New Zealand from offices in Hong Kong, London and
Bombay. Eaton Vance mutual funds are distributed by Eaton Vance
Distributors both within the United States and offshore.
<PAGE>
Eaton Vance Distributors believes that an investment
professional can provide valuable services to you to help you reach
your investment goals. Meeting investment goals requires time,
objectivity and investment savvy. Before making an investment
recommendation, a representative can help you carefully consider
your short- and long-term financial goals, your tolerance for
investment risk, your investment time frame, and other investments
you may already own. Your professional investment representatives
are knowledgeable about financial markets, as well as the wide
range of investment opportunities available. A representative can
help you decide when to buy, sell or persevere with your
investments. A professional investment representative can provide
you with tailored financial advice.
The following is added to "Investment Performance":
The Fund may provide information to investors concerning the
volatility or beta of the Fund. Beta is a measure of risk which
shows the Fund's volatility relative to the Standard & Poor's 500
Composite Index, an unmanaged index of common stocks (and a
commonly used measure of U.S. stock market performance). A fund
with a beta of 1 would perform exactly like the market index; a
beta of 2 would mean its performance was twice as volatile as the
index, positive or negative. The Fund may also provide information
concerning its portfolio turnover rate and dividend paying record
(or the record of issuers in which the Fund may invest) in
information provided to investors. The Fund may also provide
information on the utilities industry in general and the demand for
utility services.
February 12, 1996
<PAGE>
EV TRADITIONAL INVESTORS FUND
Supplement to Statement of Additional Information
dated
June 1, 1995
The following is added to "Investment Objectives, Policies and
Restrictions":
The Fund is intended to provide an "all-in-one" portfolio for
a sensible approach to asset allocation: stocks for growth; stocks
and bonds for current income; and money market securities, when
necessary, to provide stability. The Investment Adviser believes
the Fund offers a way to participate in the stock market without
full exposure to downside fluctuations.
The following is added to "Investment Adviser and
Administrator":
Eaton Vance is among the oldest mutual funds organizations in
the country. As an experienced mutual fund provider, Eaton Vance
has contributed to making the securities market more widely
accessible to investors. Eaton Vance equity funds provide a way to
take advantage of the potentially higher returns of individual
stocks. Eaton Vance has a staff of more than 25 investment
professionals specializing in security analysis and equity
management.
The Eaton Vance investment process stresses intensive
fundamental research. Portfolios are built on a stock-by-stock
basis and the process includes visits to companies under
consideration. The process also focuses on well-managed companies
with the following characteristics: strong underlying value or
franchise; solid earnings growth; steady cash flow, strong balance
sheet; innovative products or services; potential for sustained
growth; seasoned, creative management; or ability to survive
variable market conditions.
By investing in diversified portfolios and employing prudent
and professional management, Eaton Vance mutual funds can provide
attractive return, while exposing shareholders to less risk than if
they were to build investment portfolios on their own. Eaton Vance
employs rigorous buy and sell disciplines. For instance, purchases
are made with an eye to both relative and absolute growth rates and
price/earning ratios, and sales are made when a stock is fully
valued, fundamentals deteriorate, management fails to execute its
strategy, or more attractive alternatives are available.
<PAGE>
Eaton Vance and its affiliates act as adviser to over 150
mutual funds, individual and various institutional accounts,
including corporations, hospitals, retirement plans, universities,
foundations and trusts. Eaton Vance mutual funds feature
international equities, domestic equities and tax-free U.S.
government and corporate bonds. Lloyd George Management, an
investment management firm based in Hong Kong, has advised Eaton
Vance's international equity funds since 1992. Lloyd George's
staff includes 11 highly qualified investment professionals who
manage $U.S. 1.3 billion. Lloyd George analysts cover East Asia,
the India subcontinent, Russia and Eastern Europe, Latin America,
Australia and New Zealand from offices in Hong Kong, London and
Bombay. Eaton Vance mutual funds are distributed by Eaton Vance
Distributors both within the United States and offshore.
Eaton Vance Distributors believes that an investment
professional can provide valuable services to you to help you reach
your investment goals. Meeting investment goals requires time,
objectivity and investment savvy. Before making an investment
recommendation, a representative can help you carefully consider
your short- and long-term financial goals, your tolerance for
investment risk, your investment time frame, and other investments
you may already own. Your professional investment representatives
are knowledgeable about financial markets, as well as the wide
range of investment opportunities available. A representative can
help you decide when to buy, sell or persevere with your
investments. A professional investment representative can provide
you with tailored financial advice.
The following is added to "Investment Performance":
The Fund may provide information to investors concerning the
volatility or beta of the Fund. Beta is a measure of risk which
shows the Fund's volatility relative to the Standard & Poor's 500
Composite Index, an unmanaged index of common stocks (and a
commonly used measure of U.S. stock market performance). A fund
with a beta of 1 would perform exactly like the market index; a
beta of 2 would mean its performance was twice as volatile as the
index, positive or negative. The Fund may also provide information
concerning its portfolio turnover rate and dividend paying record
(or the record of issuers in which the Fund may invest) in
information provided to investors.
February 12, 1996
