EATON VANCE STRATEGIC INCOME FUND
SUPPLEMENT TO PROSPECTUS
DATED
MARCH 1, 1999
The following replaces the Annual Total Return table under "Performance
Information" on page 3 of the prospectus:
<TABLE>
<CAPTION>
One Five Life of
Average Annual Total Return as of December 31, 1998 Year Years Fund
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares -2.5% 6.3% 6.0%
Class B Shares -2.8% 6.9% 6.6%
Class C Shares 0.9% 7.5% 6.8%
Lehman Aggregate Bond Index 8.7% 7.3% 8.8%
Composite of Lipper Fund Category Averages 1.5% 3.7% 3.7%
</TABLE>
These returns reflect the maximum sales charge for Class A (4.75%) and any
applicable CDSC for Class B and Class C. The Class A and Class C performance
shown above for the periods prior to January 23, 1998 and May 25, 1994,
respectively, is the performance of Class B shares, adjusted for the sales
charge that applies to Class A or Class C shares (but not adjusted for any other
differences in the expenses of the classes). The Class B shares commenced
operations on November 26, 1990. Life of Fund returns are calculated from
November 30, 1990.
The Lehman Aggregate Bond Index is an unmanaged, broad-based index containing
only investment grade fixed-income securities traded in the United States.
Securities are included in this Index without regard to their duration; however,
the duration of the Fund's portfolio was restricted to a maximum effective
dollar weighted average maturity of not more than three years until March 1,
1997. The Composite of Lipper Fund Category Averages reflects the average of the
total returns of mutual funds included in the same fund category as this Fund.
The fund categories are established by Lipper Analytical Services, Inc., an
organization that compiles mutual fund performance. Funds within a category have
similar investment policies. The Composite is provided because the Fund changed
its policies on March 1, 1997 to eliminate the requirement that the Fund invest
in a portfolio with a effective dollar weighted average maturity of not more
than three years. In connection with this policy change, the Fund's Lipper
category also changed. The Composite is based on the average total returns of
funds in the Lipper Short World Multi-Market Income Funds category from November
30, 1990 until March 1, 1997 (when the Fund's duration policy changed) and is
based on the average total returns of funds in the Lipper Multi-Sector Income
Funds category thereafter. Investors cannot invest directly in an Index or
Lipper Category. (Source: Lipper, Inc.)
March 16, 1999 SIPS
