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 and dividend-paying or
interest-bearing securities that are convertible into common stock. 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").
The following replaces the seventh paragraph on page 10 of the prospectus:
UTILITIES FUND. Utilities 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 currently invests in Utilities Portfolio.
Utilities Portfolio invests principally in dividend-paying common stocks and
dividend-paying or interest-bearing securities that are convertible into common
stock. Under normal circumstances, Utilities Portfolio invests at least 65% of
its total assets in common stocks of utilities. In recent years, dividend
payments by certain utilities companies have grown more slowly than in the past
(or have been reduced) due, in part, to industry deregulation (increasing price
competition) and diversification into less established lines of business with
greater capital requirements.
November 30, 1999 COMBEQPS1
