<PAGE>
EV TRADITIONAL EMERGING MARKETS FUND
EV TRADITIONAL GOVERNMENT OBLIGATIONS FUND
EV TRADITIONAL GREATER INDIA FUND
EV TRADITIONAL INVESTORS FUND
EV TRADITIONAL SPECIAL EQUITIES FUND
EV TRADITIONAL STOCK FUND
EV TRADITIONAL TOTAL RETURN FUND
SUPPLEMENT TO PROSPECTUSES DATED MAY 1, 1996
THE FOLLOWING CHANGES ARE EFFECTIVE JANUARY 1, 1997:
1. THE FOURTH FOOTNOTE OF "SHAREHOLDER AND FUND EXPENSES" IS REPLACED WITH
THE FOLLOWING:
No sales charge is payable at the time of purchase on investments of $1
million or more. However, a contingent deferred sales charge of 1% will be
imposed on such investments in the event of certain redemptions within 12
months of purchase. See "How to Buy Fund Shares" and "How to Redeem Fund
Shares."
2. THE LAST LINE OF AND THE FOOTNOTES TO THE CURRENT SALES CHARGE AND DEALER
COMMISSIONS TABLE UNDER "HOW TO BUY FUND SHARES" ARE REPLACED WITH THE
FOLLOWING:
<TABLE>
<CAPTION>
SALES CHARGE AS SALES CHARGE AS DEALER COMMISSION
% OF AMOUNT % OF OFFERING AS PERCENTAGE OF
AMOUNT OF PURCHASE INVESTED PRICE OFFERING PRICE
------------------ --------------- --------------- -----------------
<S> <C> <C> <C>
$1,000,000 or more 0.00* 0.00* See below**
<FN>
*No sales charge is payable at the time of purchase of investments of $1,000,000 or more. A
contingent deferred sales charge ("CDSC") of 1% will be imposed on such investments in the
event of certain redemptions within 12 months of purchase. Such purchases made before
January 1, 1997 will be subject to a CDSC of 0.50% in the event of such redemptions.
**A commission on sales of $1 million or more will be paid as follows: 1.00% on amounts of $1
million or more but less than $3 million; plus 0.50% on amounts from $3 million but less
than $5 million; plus 0.25% on amounts of $5 million or more. Purchases of $1 million or
more will be aggregated over a 12-month period for purposes of determining the commission to
be paid.
</FN>
</TABLE>
3. THE FOLLOWING IS ADDED TO "HOW TO BUY FUND SHARES":
No sales charge is payable at the time of purchase where the amount
invested represents redemption proceeds from a mutual fund unaffiliated
with Eaton Vance if the redemption occurred no more than 60 days prior to
the purchase of Fund shares and the redeemed shares were subject to a
sales charge. A CDSC of 0.50% will be imposed on such investments in the
event of certain redemptions within 12 months of purchase and the
Authorized Firm will be paid a commission on such sales of 0.50% of the
amount invested.
4. THE FOLLOWING REPLACES THE FIRST AND SECOND SENTENCES OF THE SIXTH
PARAGRAPH UNDER "HOW TO REDEEM FUND SHARES":
As described under "How to Buy Fund Shares," certain purchases of Fund
shares are subject to a CDSC if redeemed within 12 months of purchase.
January 1, 1997
T-COMBSUPP
