EV CLASSIC TOTAL RETURN FUND
EV MARATHON TOTAL RETURN FUND
EV TRADITIONAL TOTAL RETURN FUND
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1996
THE FOLLOWING PARAGRAPH REPLACES THE FOURTH TO LAST PARAGRAPH UNDER
"INVESTMENT RESTRICTIONS" IN PART I OF EACH OF THE ABOVE-NAMED FUND'S STATEMENT
OF ADDITIONAL INFORMATION:
The Fund and the Portfolio have each adopted the following
nonfundamental investment policies which may be changed with respect to
the Fund by the Trustees of the Trust without approval by the Fund's
shareholders or may be changed with respect to the Portfolio by the
Trustees of the Portfolio without the approval of the Fund or the
Portfolio's other investors. As a matter of nonfundamental policy,
neither the Fund nor the Portfolio may: (a) invest more than 15% of net
asset in investments which are not readily marketable, including
restricted securities and repurchase agreements maturing longer than
seven days. Restricted securities for purposes of this limitation
include securities eligible for resale pursuant to Rule 144A of the
Securities Act of 1933 and commercial paper issued pursuant to Section
4(2) of said Act that the Board of Trustees of the Trust or the
Portfolio, or its delegate, determine to be liquid; (b) purchase
warrants in excess of 5% of its net assets, of which 2% may be warrants
which are not listed on the New York or American Stock Exchange; (c)
make short sales of securities or maintain a short position, unless at
all times when a short position is open it owns an equal amount of such
securities or securities convertible into or exchangeable, without
payment of any further consideration, for securities of the same issue
as, and equal in amount to, the securities sold short, and unless no
more than 25% of its net assets (taken at current value) is held as
collateral for such sales at any one time. (It is the present intention
of management to make such sales only for the purpose of deferring
realization of gain or loss for federal income tax purposes); (d)
purchase or retain in its portfolio any securities issued by an issuer
any of whose officers, directors, trustees or security holders is an
officer or trustee of the Trust or the Portfolio or is a member,
officer, director or trustee of any investment adviser of the Trust or
the Portfolio, if after the purchase of the securities of such issuer
by the Fund or the Portfolio one or more of such persons owns
beneficially more than 1/2 of 1% of the shares or securities or both
(all taken at market value) of such issuer and such persons owning more
than 1/2 of 1% of such shares or securities together own beneficially
more than 5% of such shares or securities or both (all taken at market
value); and (e) invest more than 20% of its net assets in the
securities of foreign issuers. (For purposes of restriction (e), U.S.
dollar denominated ADRs and GDRs traded on a U.S. exchange shall not be
deemed foreign securities.)
February 28, 1997
