EATON VANCE TAX-MANAGED VALUE FUND
Supplement to Prospectus dated December 31, 1999
EATON VANCE EMERGING GROWTH FUND
Supplement to Prospectus dated May 1, 1999
EATON VANCE GOVERNMENT OBLIGATIONS FUND
Supplement to Prospectus dated May 1, 1999
EATON VANCE BALANCED FUND
EATON VANCE GROWTH & INCOME FUND
EATON VANCE SPECIAL EQUITIES FUND
EATON VANCE UTILITIES FUND
Supplement to Prospectus dated May 1, 1999
EATON VANCE TAX-MANAGED EMERGING GROWTH FUND
EATON VANCE TAX-MANAGED INTERNATIONAL
GROWTH FUND
Supplement to Prospectus dated March 1, 1999
1. Arieh Coll is now the portfolio manager of Balanced Portfolio. Mr. Coll is
a Vice President of Eaton Vance and Boston Management & Research. He joined
Eaton Vance in January 2000. Prior to joining Eaton Vance, Mr. Coll was
employed by Fidelity Investments as a portfolio manager.
2. THE FOLLOWING IS ADDED TO THE SECOND PARAGRAPH OF "REDUCING OR ELIMINATING
SALES CHARGES" UNDER "SALES CHARGES":
Class A shares are sold at net asset value if the amount invested
represents redemption proceeds from a mutual fund not affiliated with Eaton
Vance, provided the redemption occurred within 60 days of the Fund share
purchase and the redeemed shares were subject to a sales charge. Class A
shares so acquired will be subject to a 0.50% CDSC if they are redeemed
within 12 months of purchase. Investment dealers will be paid a commission
on such sales of 0.50% of the amount invested.
FEBRUARY 1, 2000 COMGEGCEPS
<PAGE>
EATON VANCE MUNICIPALS FUNDS
Supplement to Prospectuses dated
January 1, 2000
December 1, 1999
August 1, 1999
June 1, 1999
May 1, 1999
1. THE FOLLOWING IS ADDED TO THE SECOND PARAGRAPH OF "REDUCING OR ELIMINATING
SALES CHARGES" UNDER "SALES CHARGES":
Class A shares are sold at net asset value if the amount invested
represents redemption proceeds from a mutual fund not affiliated with Eaton
Vance, provided the redemption occurred within 60 days of the Fund share
purchase and the redeemed shares were subject to a sales charge. Class A
shares so acquired will be subject to a 0.50% CDSC if they are redeemed
within 12 months of purchase. Investment dealers will be paid a commission
on such sales of 0.50% of the amount invested.
2. THE FOLLOWING REPLACES THE THIRD PARAGRAPH UNDER "MANAGEMENT AND
ORGANIZATION" IN THE JANUARY 1, 2000 PROSPECTUS:
William H. Ahern is the portfolio manager of the Alabama Portfolio (since
June 1, 1997), the Kentucky Portfolio (since November 1, 1998) and the
Maryland Portfolio (since January 17, 2000). Cynthia J. Clemson is the
portfolio manager of the Missouri Portfolio and the Tennessee Portfolio
(since they commenced operations) and the Georgia Portfolio (Since January
1, 1996). Robert B. MacIntosh is the portfolio manager of the Louisiana
Portfolio and the North Carolina Portfolio (since January 1, 1996) and the
Virginia Portfolio (since January 17, 2000). Thomas M. Metzold is the
portfolio manager of the Arkansas Portfolio (since January 17, 2000) and
the Oregon Portfolio (since November 1, 1996). Thomas J. Fetter is the
portfolio manager of the South Carolina Portfolio (since January 1, 1996).
Each portfolio manager also manages other Eaton Vance portfolios, has been
an Eaton Vance portfolio manager for more than 5 years, and is a Vice
President of Eaton Vance and BMR.
3. THE FOLLOWING REPLACES THE THIRD PARAGRAPH UNDER "MANAGEMENT AND
ORGANIZATION" IN THE DECEMBER 1, 1999 PROSPECTUS:
William A. Ahern is the portfolio manager of the Colorado Portfolio (since
June 1, 1997), the Connecticut Portfolio (since November 24, 1997) and the
Michigan Portfolio (since January 17, 2000). Cynthia J. Clemson is the
portfolio manager of the Arizona Portfolio (since January 1, 1994) and the
Pennsylvania Portfolio (since January 17, 2000). Robert B. MacIntosh is the
portfolio manager of the New Jersey Portfolio (since it commenced
operations) and the Minnesota Portfolio (since November 1, 1996). Thomas M.
Metzold is the portfolio manager of the Texas Portfolio (since November 24,
1997). Each portfolio manager also manages other Eaton Vance portfolios,
has been an Eaton Vance portfolio manager for more than 5 years, and is a
Vice President of Eaton Vance and BMR.
<PAGE>
4. THE FOLLOWING REPLACES THE THIRD PARAGRAPH UNDER "MANAGEMENT AND
ORGANIZATION" IN THE AUGUST 1, 1999 PROSPECTUS:
William A. Ahern is the portfolio manager of the Connecticut Portfolio,
Michigan Portfolio, New Jersey Portfolio and Ohio Portfolio (since October,
1994), the Massachusetts Portfolio (since May 1, 1997), and the New York
Portfolio (since November 24, 1997). Cynthia J. Clemson is the portfolio
manager of the Florida Portfolio (since November 2, 1998), the California
Portfolio (since May 1, 1997) and the Pennsylvania Portfolio (since January
17, 2000). Each portfolio manager also manages other Eaton Vance
portfolios, has been an Eaton Vance portfolio manager for more than 5
years, and is a Vice President of Eaton Vance and BMR.
5. THE FOLLOWING REPLACES THE THIRD PARAGRAPH UNDER "MANAGEMENT AND
ORGANIZATION" IN THE JUNE 1, 1999 PROSPECTUS:
Cynthia J. Clemson is the portfolio manager of the Florida Insured
Portfolio (since November 2, 1998). Robert B. MacIntosh is the portfolio
manager of the Hawaii Portfolio (since it commenced operations). Thomas M.
Metzold is the portfolio manager of the Kansas Portfolio (since January 17,
2000). Each portfolio manager also manages other Eaton Vance portfolios,
has been an Eaton Vance Portfolio manager for more than 5 years, and is a
Vice President of Eaton Vance and BMR.
FEBRUARY 1, 2000 COMMUNIPS
<PAGE>
EATON VANCE STRATEGIC INCOME FUND
Supplement to Prospectus
dated
March 1, 1999
THE FOLLOWING IS ADDED TO THE SECOND PARAGRAPH OF "REDUCING OR ELIMINATING SALES
CHARGES" UNDER "SALES CHARGES":
Class A shares are sold at net asset value if the amount invested represents
redemption proceeds from a mutual fund not affiliated with Eaton Vance, provided
the redemption occurred within 60 days of the Fund share purchase and the
redeemed shares were subject to a sales charge. Class A shares so acquired will
be subject to a 0.50% CDSC if they are redeemed within 12 months of purchase.
Investment dealers will be paid a commission on such sales of 0.50% of the
amount invested.
FEBRUARY 1, 2000 SIPS2
<PAGE>
Eaton Vance Tax-Managed Growth Fund
Supplement to Prospectus dated March 1, 1999
1. The address of the Fund and Eaton Vance Management (including its
affiliates) is as follows:
The Eaton Vance Building
255 State Street
Boston, MA 02109
Telephone numbers remain the same.
2. The following replaces the "Annual Fund Operating Expenses" table and
"Example" under "Fund Summary" in the prospectus:
Annual Fund Operating
Expenses (expenses that are
deducted from Fund assets) Class A Class B Class C
- --------------------------------------------------------------------------------
Management Fees 0.47% 0.47% 0.47%
Distribution and Service (12b-1) Fees* 0.00% 1.00% 1.00%
Other Expenses** 0.45% 0.14% 0.14%
---- ---- ----
Total Annual Fund Operating Expenses 0.92% 1.61% 1.61%
* Long-term shareholders of Class B and Class C shares may pay more than the
economic equivalent of the front-end sales charge permitted by the National
Association of Securities Dealers, Inc.
** Other Expenses for Class A shares includes a service fee of 0.25%.
Example. This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example
assumes that you invest $10,000 in the Fund for the time periods indicated
and then redeem all of your shares at the end of those periods. The Example
also assumes that your investment has a 5% return each year and that the
operating expenses remain the same. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
- -------------------------------------------------------------------------------
Class A shares $663 $851 $1,055 $1,641
Class B shares $664 $908 $1,076 $1,911
Class C shares $264 $508 $ 876 $1,911
You would pay the following expenses if you did not redeem you shares:
1 Year 3 Years 5 Years 10 Years
- -------------------------------------------------------------------------------
Class A shares $663 $ 851 $1,055 $1,641
Class B shares $164 $ 508 $ 876 $1,911
Class C shares $164 $ 508 $ 876 $1,911
3. The following replaces "Distribution and Services Fees" under "Sales
Charges":
Distribution and Service Fees. Class B and Class C shares have in effect
plans under Rule 12b-1 that allow each Fund to pay distribution fees for
the sale and distribution of shares (so-called "12b-1 fees"). Class B and
Class C shares pay distribution fees of 0.75% of average daily net assets
annually. Because these fees are paid from Fund assets on an ongoing basis,
they will increase your cost over time and may cost you more than paying
other types of sales charges. All Classes pay service fees for personal
and/or account services equal to 0.25% of average daily net assets
annually.
Class B and Class C distribution fees are subject to termination when
payments under the Rule 12b-1 plans are sufficient to extinguish uncovered
distribution charges. As described more fully in the Statement of
Additional Information, uncovered distribution charges of a Class are
increased by sales commissions payable by the Class to the principal
underwriter in connection with sales of shares of that Class and by an
interest factor tied to the U.S. Prime Rate. Uncovered distribution charges
are reduced by the distribution fees paid by the Class and by CDSCs paid to
the Fund by redeeming shareholders. The amount of the sales commissions
<PAGE>
payable by Class B to the principal underwriter in connection with sales of
Class B shares is significantly less than the maximum permitted by the
sales charge rule of the National Association of Securities Dealer, Inc. To
date, neither Class B nor Class C uncovered distribution charges have not
been fully covered.
4. The following is added to the second paragraph of "Reducing or Eliminating
Sales Charges" under "Sales Charges":
Class A shares are sold at net asset value if the amount invested
represents redemption proceeds from a mutual fund not affiliated with Eaton
Vance, provided the redemption occurred within 60 days of the Fund share
purchase and the redeemed shares were subject to a sales charge. Class A
shares so acquired will be subject to a 0.50% CDSC if they are redeemed
within 12 months of purchase. Investment dealers will be paid a commission
on such sales of 0.50% of the amount invested.
5. The following replaces "Withdrawal Plan" under "Shareholder Account
Features":
Withdrawal Plan. You may redeem shares on a regular quarterly basis by
establishing a systematic withdrawal plan. Withdrawal amounts must be at
least $200 per year, or a specified percentage of net asset value of at
least 4% but not more than 12% annually. These withdrawals will not be
subject to a CDSC. A minimum account size of $5,000 is required to
establish a systematic withdrawal plan. Because purchases of Class A shares
are subject to an initial sales charge, you should not make withdrawals
from your account while you are making purchases.
6. The following sentence is added to the first paragraph of "Exchange
Privilege" under "Shareholder Account Features":
Class A shares may also be exchanged for the Fund's Institutional Shares,
subject to the terms and conditions for investing in those shares.
7. The following is added to the "Financial Highlights" table:
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1)
----------------------------------------------------------
CLASS A CLASS B CLASS C CLASS S(2)
- --------------------------------------------------------------------------------
Net asset value -
Beginning of period $ 19.440 $ 19.100 $ 18.380 $21.000
---------- ---------- -------- -------
Income (loss) from
operations
Net investment
income (loss) $ 0.049 $ (0.027) $ (0.039) $ 0.013
Net realized and
unrealized gain 1.651 1.617 1.549 0.117
---------- ---------- -------- -------
Total income (loss)
from operations $ 1.700 $ 1.590 $ 1.510 $ 0.130
---------- ---------- -------- -------
Net asset value -
End of period $ 21.140 $ 20.690 $ 19.890 $21.130
========== ========== ======== =======
Total return (3) 8.74% 8.32% 8.22% 0.62%
Ratios/Supplemental
Data
Net assets, end of
period (000's
omitted) $1,170,124 $2,922,185 $909,801 $52,121
Ratios (as a
percentage of
average daily net
assets):
Expenses (4) 0.67%(5) 1.43%(5) 1.58%(5) 0.66%(5)
Net investment
income (loss) 0.49%(5) (0.28)%(5) (0.42)%(5) 0.47%(5)
Portfolio Turnover
of the Portfolio 3% 3% 3% 3%
(1) Net investment income (loss) per share was computed using average shares
outstanding.
(2) For the period from May 14, 1999 to June 30, 1999.
(3) Total return is calculated assuming a purchase at the net asset value on
the first day and a sale at the net asset value on the last day of each
period reported. Distributions, if any, are assumed reinvested at the net
asset value on the reinvestment date. Total return is not computed on an
annualized basis.
(4) Includes the Fund's share of the Portfolio's allocated expenses.
(5) Annualized.
January 31, 2000 TMGPS
<PAGE>
EATON VANCE TAX-MANAGED GROWTH FUND
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 1, 1999
1. THE FOLLOWING REPLACE THE "VALUE OF $1,000 INVESTMENT" TABLES IN THE CLASS
A, CLASS B AND CLASS C FEES, PERFORMANCE AND OWNERSHIP APPENDIX A, B AND C
TO THE STATEMENT OF ADDITIONAL INFORMATION:
<TABLE>
CLASS A
VALUE OF $1,000 INVESTMENT
Total Return Total Return
Value of Value of Excluding Maximum Including Maximum
Investment Investment Initial Investment Sales Charge Sales Charge
Period Date Investment on 6/30/99 Cumulative Annualized Cumulative Annualized
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<C> <S> <S> <S> <S> <S> <S> <S>
10 Years Ended
6/30/99 6/30/89 $941.60 $5,328.55 465.90% 18.93% 432.86% 18.21%
5 Years Ended
6/30/99 6/30/94 $942.65 $3,142.52 233.36% 27.23% 214.25% 25.73%
1 Year Ended
6/30/99 6/30/98 $942.46 $1,105.64 17.31% 17.31% 10.56% 10.56%
</TABLE>
<TABLE>
CLASS B
VALUE OF $1,000 INVESTMENT
Value of Value of
Investment Investment
before after
deducting the deducting the Total Return before Total Return after
Investment Investment Amount of CDSC CDSC deducting the CDSC deducting the CDSC
Period Date Investment on 6/30/99 on 6/30/99 Cummulative Annualized Cummulative Annualized
- ---------- ---------- ---------- ------------- ------------ ----------- ---------- ----------- ----------
<C> <S> <S> <S> <S> <S> <S> <S> <S>
10 Years
Ended
6/30/99 6/30/89 $1,000 $5,520.75 $5,520.75 452.08% 18.63% 452.08% 18.63%
5 Years
Ended
6/30/99 6/30/94 $1,000 $3,252.24 $3,232.24 225.22% 26.60% 223.22% 26.44%
1 Year
Ended
6/30/99 6/30/98 $1,000 $1,164.33 $1,114.33 16.43% 16.43% 11.43% 11.43%
</TABLE>
<PAGE>
<TABLE>
CLASS C
VALUE OF $1,000 INVESTMENT
Value of Value of
Investment Investment
before after
deducting the deducting the Total Return before Total Return after
Investment Investment Amount of CDSC CDSC deducting the CDSC deducting the CDSC
Period Date Investment on 6/30/99 on 6/30/99 Cummulative Annualized Cummulative Annualized
- ---------- ---------- ---------- ------------- ------------ ----------- ---------- ----------- ----------
<C> <S> <S> <S> <S> <S> <S> <S> <S>
10 Years
Ended
6/30/99 6/30/89 $1,000 $5,476.57 $5,476.57 447.66% 18.54% 447.66% 18.54%
5 Years
Ended
6/30/99 6/30/94 $1,000 $3,226.16 $3,226.16 222.62% 26.40% 222.62% 26.40%
1 Year
Ended
6/30/99 6/30/98 $1,000 $1,162.47 $1,152.47 16.25% 16.25% 15.25% 15.25%
</TABLE>
2. THE UNAUDITED FINANCIAL STATEMENTS OF THE FUND AND THE PORTFOLIO APPEAR IN
THE FUND'S MOST RECENT SEMI-ANNUAL REPORT TO SHAREHOLDERS, WHICH IS
INCORPORATED BY REFERENCE INTO AND ATTACHED TO THIS SUPPLEMENT.
REGISTRANT INCORPORATES BY REFERENCE THE UNAUDITED FINANCIAL INFORMATION
FOR THE FUND AND THE PORTFOLIO FOR THE SEMI-ANNUAL PERIOD ENDED JUNE 30,
1999, AS PREVIOUSLY FILED ELECTRONICALLY WITH COMMISSION (ACCESSION NO.
0001047469-99-035855).
JANUARY 31, 2000 TMGSAIS
