EATON VANCE TAX-MANAGED EMERGING GROWTH FUND
Supplement to Prospectus dated March 1, 1998
The following paragraph is added to the end of "Investment Policies and
Risks."
The Tax-Managed Emerging Growth Fund's investment policies include a
fundamental investment provision allowing the Fund to invest its assets in one
or more open-end management investment companies having substantially the same
investment policies and restrictions as the Fund with respect to the assets so
invested. This investment company would be advised by the Investment Adviser (or
an affiliate) and the Tax-Managed Emerging Growth Fund would pay no advisory fee
with respect to the assets so invested. The Board of Trustees may implement the
new investment policy without shareholder approval at any time. It is possible
that the Board of Trustees will implement this policy in 1998.
July 6, 1998 TGMGPS