EATON VANCE UTILITIES FUND
Supplement to Prospectus Dated May 1, 1999
The following replaces the first paragraph on page 8 of the prospectus:
INVESTMENT OBJECTIVE AND PRINCIPAL STRATEGIES. The Fund's investment objective
is to provide a high level of total return, consisting of capital appreciation
and relatively predictable income. The Fund seeks high total return consistent
with prudent management and preservation of capital. The Fund invests
principally in dividend-paying common stocks. Under normal circumstances, the
Fund invests at least 65% of its total assets in common stocks of utilities
companies, including (among others) producers and distributors of gas power and
electric energy, and communications service providers. The Fund may also invest
up to 20% of its net assets in fixed-income securities (including up to 10% of
net assets in lower rated fixed-income securities), and up to 20% of its total
assets in foreign securities. The Fund at times may engage in derivative
transactions (such as futures contracts and options) to protect against price
declines, to enhance returns or as a substitute for purchasing or selling
securities. The Fund may also invest in real estate investment trusts ("REITs").
May 21, 1999 COMBEQPS
