EV MARATHON ARIZONA LIMITED MATURITY MUNICIPALS FUND
EV MARATHON CALIFORNIA LIMITED MATURITY MUNICIPALS FUND
EV MARATHON CONNECTICUT LIMITED MATURITY MUNICIPALS FUND
EV MARATHON FLORIDA LIMITED MATURITY MUNICIPALS FUND
EV MARATHON MASSACHUSETTS LIMITED MATURITY MUNICIPALS FUND
EV MARATHON MICHIGAN LIMITED MATURITY MUNICIPALS FUND
EV MARATHON NEW JERSEY LIMITED MATURITY MUNICIPALS FUND
EV MARATHON NEW YORK LIMITED MATURITY MUNICIPALS FUND
EV MARATHON OHIO LIMITED MATURITY MUNICIPALS FUND
EV MARATHON PENNSYLVANIA LIMITED MATURITY MUNICIPALS FUND
(each formerly an EV Marathon State Limited Maturity Tax Free Fund)
SUPPLEMENT TO PROSPECTUS DATED AUGUST 1, 1995
1. THE FOLLOWING REPLACES THE EXAMPLES UNDER "SHAREHOLDER AND FUND EXPENSES."
THE EXAMPLES FOR 5 YEARS AND 10 YEARS REFLECT THE CONVERSION OF CLASS I SHARES
INTO CLASS II SHARES APPROXIMATELY FOUR YEARS AFTER THE PURCHASE OF CLASS I
SHARES. SEE BELOW FOR A DESCRIPTION OF THE CONVERSION FEATURE.
An investor would pay the following contingent deferred sales charge and
expenses on a $1,000 investment, assuming (a) 5% annual return and (b)
redemption at the end of each period:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- -------
Arizona Fund $49 $78 $91 $164
California Fund 46 69 76 130
Connecticut Fund 43 59 59 92
Florida Fund 45 67 73 124
Massachusetts Fund 46 70 77 133
Michigan Fund 46 69 76 130
New Jersey Fund 46 69 77 132
New York Fund 45 68 74 126
Ohio Fund 45 67 73 124
Pennsylvania Fund 46 70 77 133
An investor would pay the following expenses on the same investment, assuming
(a) 5% annual return and (b) no redemptions:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
Arizona Fund $19 $58 $91 $164
California Fund 16 49 76 130
Connecticut Fund 13 39 59 92
Florida Fund 15 47 73 124
Massachusetts Fund 16 50 77 133
Michigan Fund 16 49 76 130
New Jersey 16 49 77 132
New York Fund 15 48 74 126
Ohio Fund 15 47 73 124
Pennsylvania Fund 16 50 77 133
2. EACH FUND AND EACH PORTFOLIO HAS CHANGED THE PHRASE "TAX FREE" IN ITS NAME
TO "MUNICIPALS."
3. EACH FUND MAY INVEST WITHOUT LIMIT IN MUNICIPAL OBLIGATIONS THE INTEREST ON
WHICH IS A TAX PREFERENCE ITEM UNDER THE FEDERAL ALTERNATIVE MINIMUM TAX. THE
FIRST SENTENCE OF THE FIRST PARAGRAPH UNDER "HOW THE FUNDS AND THE PORTFOLIOS
INVEST THEIR ASSETS" IS REPLACED WITH THE FOLLOWING:
Each Fund seeks to achieve its investment objective by investing either
directly or indirectly through another open-end management investment
company primarily (i.e., at least 80% of its net assets during periods of
normal market conditions) in municipal obligations the interest on which is
exempt from regular federal income tax and from the State taxes that, in
accordance with its investment objective, the Fund seeks to avoid.
4. THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER "ORGANIZATION OF THE FUNDS
AND THE PORTFOLIOS":
Each Fund is a non-diversified series of Eaton Vance Investment Trust, a
business trust established under Massachusetts law pursuant to a Declaration
of Trust dated October 23, 1985, as amended. The Trust is a mutual fund - an
open-end management investment company. The Trustees of the Trust are
responsible for the overall management and supervision of its affairs. The
Trust may issue an unlimited number of shares of beneficial interest (no par
value per share) in one or more series (such as the Funds). The Trustees of
the Trust have divided the shares of each Fund into two classes, Class I and
Class II. Each Class represents an interest in the Fund, but is subject to
different expenses, rights and privileges. See "Distribution Plans", "How to
Buy Fund Shares - Conversion Feature" and the Statement of Additional
Information. The Trustees have the authority under the Declaration of Trust
to create additional Classes of shares with rights and privileges different
from those applicable to the existing Classes of shares.
5. THE FOLLOWING REPLACES THE THIRD SENTENCE OF THE FIRST PARAGRAPH UNDER
"VALUING FUND SHARES":
The net asset value of each Class is computed by dividing the value of
the Fund's assets attributable to that Class, less the liabilities
attributable to that Class, by the number of outstanding Class shares.
6. THE FOLLOWING REPLACES THE "CONVERSION FEATURE" AND "CLASS II" SUBSECTIONS
UNDER "HOW TO BUY FUND SHARES":
CONVERSION FEATURE. Class I shares held for the longer of (i) four years or
(ii) the time at which the contingent deferred sales charge applicable to
such shares expires (the "holding period") will automatically convert to
Class II shares. Such conversion will occur on or about the sixteenth day of
the month following the expiration of the holding period. For purposes of
this conversion, all distributions paid on Class I shares which the
shareholder elects to reinvest in Class I shares will be considered to be
held in a separate sub-account. Upon the conversion of Class I shares not
acquired through the reinvestment of distributions, a pro rata portion of
the Class I shares held in the sub-account will also convert to Class II
shares. This portion will be determined by the ratio that the Class I shares
being converted bear to the total of Class I shares (excluding shares
acquired through reinvestment) in the account. This conversion feature is
subject to the continuing availability of a ruling from the Internal Revenue
Service or an opinion of counsel that the conversion is not taxable for
federal income tax purposes.
CLASS II SHARES. Class II shares are issued only in connection with the
conversion feature described above. The Trustees of the Trust may, however,
offer Class II shares in the future to limited classes of investors to be
identified in the Funds' prospectus.
7. THE FOLLOWING REPLACES THE THIRD PARAGRAPH OF THE "CONTINGENT DEFERRED SALES
CHARGE" SUBSECTION UNDER "HOW TO REDEEM FUND SHARES":
Unless a shareholder specifies otherwise, redemption requests placed by
shareholders who own both Class I and Class II shares will be satisfied
first by redeeming Class I shares that are no longer subject to a contingent
deferred sales charge, then by redeeming Class II shares. If the Class II
shares were acquired as the result of a conversion of certificated Class I
shares, the certificate must be returned to the Transfer Agent before a
redemption of such Class II shares can be processed.
8. THE FOLLOWING REPLACES THE FIRST, THIRD AND FOURTH PARAGRAPHS UNDER "THE
EATON VANCE EXCHANGE PRIVILEGE":
Shares of each Fund currently may be exchanged for shares of one or more
other funds in the Eaton Vance Marathon Group of Funds (including Class I
shares of any EV Marathon Limited Maturity Fund) or Eaton Vance Money Market
Fund, which are distributed with a contingent deferred sales charge. Shares
of each Fund may also be exchanged for shares of Eaton Vance Prime Rate
Reserves, which are subject to an early withdrawal charge, and shares of a
money market fund sponsored by an Authorized Firm and approved by the
Principal Underwriter (an "Authorized Firm fund"). Any such exchange will be
made on the basis of the net asset value per share of each fund at the time
of the exchange, provided that such exchange offers are available only in
states where shares of the fund being acquired may be legally sold.
No contingent deferred sales charge is imposed on exchanges. For
purposes of calculating the contingent deferred sales charge upon redemption
of shares acquired in an exchange, the contingent deferred sales charge
schedule applicable to the shares at the time of purchase will apply and the
purchase of shares acquired in one or more exchanges is deemed to have
occurred at the time of the original purchase of the exchanged shares,
except that time during which shares are held in an Authorized Firm fund
will not be credited toward completion of the contingent deferred sales
charge period. For the contingent deferred sales charge or early withdrawal
charge schedule applicable to EV Marathon Strategic Income Fund, Eaton Vance
Prime Rate Reserves and Class I shares of any Fund, see "How to Redeem Fund
Shares". The contingent deferred sales charge applicable to the other funds
in the Eaton Vance Marathon Group of Funds is 5%, 5%, 4%, 3%, 2%, or 1% in
the event of a redemption occurring in the first, second, third, fourth,
fifth or sixth year, respectively, after the original share purchase.
Shares of the funds listed above may be exchanged for Fund shares on the
basis of the net asset value per share of each fund at the time of the
exchange, but subject to any restrictions or qualifications set forth in the
current prospectus of any such fund.
Shares of other Funds in the Eaton Vance Marathon Group of Funds may be
exchanged for Class II shares if the shares to be exchanged were acquired as
the result of an exchange of Class II shares.
9. SHARES OF THE ARIZONA, NORTH CAROLINA AND VIRGINIA FUNDS ARE NO LONGER
BEING OFFERED FOR PURCHASE.
10. THE FOLLOWING UNAUDITED FINANCIAL INFORMATION IS ADDED TO "THE FUNDS"
FINANCIAL HIGHLIGHTS" AND IS FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 1995.
THIS INFORMATION AND THE INFORMATION UNDER "THE FUNDS" FINANCIAL HIGHLIGHTS" IN
THE PROSPECTUS RELATES TO CLASS I SHARES OF EACH FUND. AS OF THE DATE OF THIS
SUPPLEMENT, THERE ARE NO CLASS II SHARES OUTSTANDING.
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA
FUND FUND FUND
----------- ----------- -------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.950 $ 9.690 $ 10.080
------- ------- -------
INCOME (LOSS) FROM OPERATIONS:
Net investment income $ 0.192 $ 0.186 $ 0.191
Net realized and unrealized gain (loss) on investments 0.173 0.208 0.214
------- ------- -------
Total income from operations $ 0.365 $ 0.394 $ 0.405
------- ------- -------
LESS DISTRIBUTIONS:
From net investment income $ (0.192) $ (0.184) $ (0.191)
In excess of net investment income (0.003) -- (0.004)
From net realized gain on investment transactions -- -- --
From paid-in capital -- -- --
------- ------- ---------
Total distributions $ (0.195) $ (0.184) $ (0.195)
------- ------- ---------
NET ASSET VALUE, END OF PERIOD $ 10.120 $ 9.900 $ 10.290
======== ======== ========
TOTAL RETURN(1) 3.70% 4.10% 4.06%
RATIOS/SUPPLEMENTAL DATA***:
Net assets, end of period (000 omitted) $ 62,498 $ 14,942 $133,465
Ratio of net expenses to average daily net assets(2) 1.62%+ 1.53%+ 1.56%+
Ratio of net investment income to average daily net assets 3.81%+ 3.76%+ 3.74%+
PORTFOLIO TURNOVER(3)
***For the following periods, the operating expenses of the Funds and Portfolios reflect a reduction of expenses by
the Administrator and/or Investment Adviser. Had such actions not been taken, net investment income (loss) per
share and the ratios would have been:
NET INVESTMENT INCOME (LOSS) PER SHARE $ 0.165
========
RATIOS
(As a percentage of average daily net assets):
Expenses(2) 1.95%
Net investment income (loss) 3.34%
+Annualized.
(1)Total investment 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. Dividends and distributions, if any, are assumed to
be reinvested at the net asset value on the payable date. Amount is computed on a nonannualized basis.
(2)Includes each Fund's share of its corresponding Portfolio's allocated expenses.
(3)Portfolio Turnover represents the rate of portfolio activity for the period while the Funds were making
investments directly in securities. The portfolio turnover rate for the period since the Fund transferred
substantially all of its investable assets to the Portfolio is shown in the Portfolio's financial statements
which are included in the Fund's semi-annual report.
</TABLE>
<TABLE>
<CAPTION>
MASSACHUSETTS MICHIGAN NEW JERSEY
FUND FUND FUND
----------- ----------- -------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.980 $ 9.630 $ 10.020
------- ------- -------
INCOME (LOSS) FROM OPERATIONS:
Net investment income $ 0.187 $ 0.186 $ 0.190
Net realized and unrealized gain (loss) on investments 0.187 0.160 0.153
------- ------- -------
Total income from operations $ 0.374 $ 0.346 $ 0.343
------- ------- -------
LESS DISTRIBUTIONS:
From net investment income (0.187) (0.186) (0.190)
In excess of net investment income (0.007) -- (0.003)
From net realized gain on investment transactions -- -- --
From paid-in capital -- -- --
------- ------- -------
Total distributions (0.194) (0.186) (0.193)
------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 10.160 $ 9.790 $ 10.170
======== ======== ========
TOTAL RETURN(1) 3.80% 3.63% 3.46%
RATIOS/SUPPLEMENTAL DATA***:
Net assets, end of period (000 omitted) $105,624 $ 22,658 $ 86,879
Ratio of net expenses to average daily net assets(2) 1.58%+ 1.79%+ 1.58%+
Ratio of net investment income to average daily net assets 3.72%+ 3.83%+ 3.76%+
PORTFOLIO TURNOVER(3) -- -- --
+Annualized.
(1)Total investment 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. Dividends and distributions, if any, are assumed to
be reinvested at the net asset value on the payable date. Amount is computed on a nonannualized basis.
(2)Includes each Fund's share of its corresponding Portfolio's allocated expenses.
(3)Portfolio Turnover represents the rate of portfolio activity for the period while the Funds were making
investments directly in securities. The portfolio turnover rate for the period since the Fund transferred
substantially all of its investable assets to the Portfolio is shown in the Portfolio's financial statements which
are included in the Fund's semi-annual report.
</TABLE>
<TABLE>
<CAPTION>
NEW YORK OHIO PENNSYLVANIA
FUND FUND FUND
----------- ----------- -------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.030 $ 9.730 $ 10.090
------- ------- -------
INCOME (LOSS) FROM OPERATIONS:
Net investment income $ 0.187 $ 0.196 $ 0.191
Net realized and unrealized gain (loss) on investments 0.188 0.163 0.178
------- ------- -------
Total income from operations $ 0.375 $ 0.359 $ 0.369
------- ------- -------
LESS DISTRIBUTIONS:
From net investment income $ (0.187) $ (0.189) $ (0.191)
In excess of net investment income (0.008) -- (0.008)
From net realized gain on investment transactions -- -- --
From paid-in capital -- -- --
------- ------- ---------
Total distributions $ (0.195) $ (0.189) $ (0.199)
------- ------- ---------
NET ASSET VALUE, END OF PERIOD $ 10.210 $ 9.900 $ 10.260
======== ======== ========
TOTAL RETURN(1) 3.77% 3.73% 3.70%
RATIOS/SUPPLEMENTAL DATA***:
Net assets, end of period (000 omitted) $151,153 $ 33,246 $ 95,178
Ratio of net expenses to average daily net assets(2) 1.55%+ 1.72%+ 1.61%+
Ratio of net investment income to average daily net assets 3.69%+ 3.98%+ 3.75%+
PORTFOLIO TURNOVER(3) -- -- --
+Annualized.
(1)Total investment 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. Dividends and distributions, if any, are assumed to
be reinvested at the net asset value on the payable date. Amount is computed on a nonannualized basis.
(2)Includes each Fund's share of its corresponding Portfolio's allocated expenses.
(3)Portfolio Turnover represents the rate of portfolio activity for the period while the Funds were making
investments directly in securities. The portfolio turnover rate for the period since the Fund transferred
substantially all of its investable assets to the Portfolio is shown in the Portfolio's financial statements
which are included in the Fund's semi-annual report.
</TABLE>
11. THE DATE OF THE ATTACHED PROSPECTUS IS CHANGED TO APRIL 26, 1996.
April 26, 1996 M-8/1PS1
<PAGE>
EV MARATHON NATIONAL LIMITED MATURITY MUNICIPALS FUND
(FORMERLY "EV MARATHON NATIONAL LIMITED MATURITY TAX FREE FUND")
SUPPLEMENT TO PROSPECTUS DATED AUGUST 1, 1995
1. THE FOLLOWING REPLACES THE EXAMPLES UNDER "SHAREHOLDER AND FUND EXPENSES."
THE EXAMPLES FOR 5 YEARS AND 10 YEARS REFLECT THE CONVERSION OF CLASS I SHARES
INTO CLASS II SHARES APPROXIMATELY FOUR YEARS AFTER THE PURCHASE OF CLASS I
SHARES. SEE BELOW FOR A DESCRIPTION OF THE CONVERSION FEATURE.
An investor would pay the following contingent deferred sales charge and
expenses on a $1,000 investment, assuming (a) 5% annual return and (b)
redemption at the end of each period:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
$49 $78 $91 $164
An investor would pay the following expenses on the same investment, assuming
(a) 5% annual return and (b) no redemptions:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
$19 $58 $91 $164
2. THE FUND AND THE PORTFOLIO HAVE CHANGED THE PHRASE "TAX FREE" IN THEIR
NAMES TO "MUNICIPALS."
3. THE FUND MAY INVEST WITHOUT LIMIT IN MUNICIPAL OBLIGATIONS THE INTEREST ON
WHICH IS A TAX PREFERENCE ITEM UNDER THE FEDERAL ALTERNATIVE MINIMUM TAX. THE
FIRST SENTENCE OF THE FIRST PARAGRAPH UNDER "HOW THE FUND AND THE PORTfolio
Invest their Assets" is replaced with the following:
The Fund seeks to achieve its investment objective by investing either
directly or indirectly through another open-end management investment
company primarily (i.e., at least 80% of its net assets during periods of
normal market conditions) in municipal obligations the interest on which is
exempt from regular federal income tax.
4. THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER "ORGANIZATION OF THE FUND
AND THE PORTFOLIO":
The Fund is a non-diversified series of Eaton Vance Investment Trust, a
business trust established under Massachusetts law pursuant to a Declaration
of Trust dated October 23, 1985, as amended. The Trust is a mutual fund --
an open-end management investment company. The Trustees of the Trust are
responsible for the overall management and supervision of its affairs. The
Trust may issue an unlimited number of shares of beneficial interest (no par
value per share) in one or more series (such as the Fund). The Trustees of
the Trust have divided the shares of the Fund into two classes, Class I and
Class II. Each Class represents an interest in the Fund, but is subject to
different expenses, rights and privileges. See "Distribution Plan", "How to
Buy Fund Shares -- Conversion Feature" and the Statement of Additional
Information. The Trustees have the authority under the Declaration of Trust
to create additional Classes of shares with rights and privileges different
from those applicable to the existing Classes of shares.
5. THE FOLLOWING REPLACES THE THIRD SENTENCE OF THE FIRST PARAGRAPH UNDER
"VALUING FUND SHARES":
The net asset value of each Class is computed by dividing the value of
the Fund's assets attributable to that Class, less the liabilities
attributable to that Class, by the number of outstanding Class shares.
6. THE FOLLOWING REPLACES THE "CONVERSION FEATURE" AND "CLASS II" SUBSECTIONS
UNDER "HOW TO BUY FUND SHARES":
CONVERSION FEATURE. Class I shares held for the longer of (i) four years or
(ii) the time at which the contingent deferred sales charge applicable to
such shares expires (the "holding period") will automatically convert to
Class II shares. Such conversion will occur on or about the sixteenth day of
the month following the expiration of the holding period. For purposes of
this conversion, all distributions paid on Class I shares which the
shareholder elects to reinvest in Class I shares will be considered to be
held in a separate sub-account. Upon the conversion of Class I shares not
acquired through the reinvestment of distributions, a pro rata portion of
the Class I shares held in the sub-account will also convert to Class II
shares. This portion will be determined by the ratio that the Class I shares
being converted bear to the total of Class I shares (excluding shares
acquired through reinvestment) in the account. This conversion feature is
subject to the continuing availability of a ruling from the Internal Revenue
Service or an opinion of counsel that the conversion is not taxable for
federal income tax purposes.
CLASS II SHARES. Class II shares are issued only in connection with the
conversion feature described above. The Trustees of the Trust may, however,
offer Class II shares in the future to limited classes of investors to be
identified in the Fund's prospectus.
7. THE FOLLOWING REPLACES THE THIRD PARAGRAPH OF THE "CONTINGENT DEFERRED SALES
CHARGE" SUBSECTION UNDER "HOW TO REDEEM FUND SHARES":
Unless a shareholder specifies otherwise, redemption requests placed by
shareholders who own both Class I and Class II shares will be satisfied
first by redeeming Class I shares that are no longer subject to a contingent
deferred sales charge, then by redeeming Class II shares. If the Class II
shares were acquired as the result of a conversion of certificated Class I
shares, the certificate must be returned to the Transfer Agent before a
redemption of such Class II shares can be processed.
8. THE FOLLOWING REPLACES THE FIRST, THIRD AND FOURTH PARAGRAPH UNDER "THE EATON
VANCE EXCHANGE PRIVILEGE":
Shares of the Fund currently may be exchanged for shares of one or more
other funds in the Eaton Vance Marathon Group of Funds (including Class I
shares of any EV Marathon Limited Maturity Fund) or Eaton Vance Money Market
Fund, which are distributed subject to a contingent deferred sales charge.
Shares of the Fund may also be exchanged for shares of Eaton Vance Prime
Rate Reserves, which are subject to an early withdrawal charge, and shares
of a money market fund sponsored by an Authorized Firm and approved by the
Principal Underwriter (an "Authorized Firm fund"). Any such exchange will be
made on the basis of the net asset value per share of each fund at the time
of the exchange, provided that such offers are available only in states
where shares of the fund being acquired may be legally sold.
No contingent deferred sales charge is imposed on exchanges. For
purposes of calculating the contingent deferred sales charge upon redemption
of shares acquired in an exchange, the contingent deferred sales charge
schedule applicable to the shares at the time of purchase will apply and the
purchase of shares acquired in one or more exchanges is deemed to have
occurred at the time of the original purchase of the exchanged shares,
except that time during which shares are held in an Authorized Firm fund
will not be credited toward completion of the contingent deferred sales
charge period. For the contingent deferred sales charge or early withdrawal
charge schedule applicable to EV Marathon Strategic Income Fund, Eaton Vance
Prime Rate Reserves and Class I shares of any Fund, see "How to Redeem Fund
Shares". The contingent deferred sales charge schedule applicable to the
other funds in the Eaton Vance Marathon Group of Funds is 5%, 5%, 4%, 3%, 2%
or 1% in the event of a redemption occurring in the first, second, third,
fourth, fifth or sixth year, respectively, after the original share
purchase.
Shares of the funds listed above may be exchanged for Fund shares on the
basis of the net asset value per share of each fund at the time of the
exchange, but subject to any restrictions or qualifications set forth in the
current prospectus of any such fund.
Shares of other Funds in the Eaton Vance Marathon Group of Funds may be
exchanged for Class II shares if the shares to be exchanged were acquired as
the result of an exchange of Class II shares.
9. THE FOLLOWING UNAUDITED FINANCIAL INFORMATION IS ADDED TO "THE FUND'S
FINANCIAL HIGHLIGHTS" AND IS FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 1995.
THIS INFORMATION AND THE INFORMATION UNDER "THE FUND'S FINANCIAL HIGHLIGHTS" IN
THE PROSPECTUS RELATES TO CLASS I SHARES OF THE FUND. AS OF THE DATE OF THIS
SUPPLEMENT, THERE ARE NO CLASS II SHARES OUTSTANDING.
NET ASSET VALUE, beginning of period $ 10.130
-------
INCOME FROM OPERATIONS:
Net investment income $ 0.204
Net realized and unrealized gain (loss) on investments 0.143
-------
Total income from operations $ 0.347
-------
LESS DISTRIBUTIONS:
From net investment income $ (0.204)
In excess of net investment income (0.003)
From net realized gain on investments --
From paid-in capital --
-------
Total distributions $ (0.207)
-------
NET ASSET VALUE, end of period $ 10.270
========
TOTAL RETURN(1) 3.46%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $126,210
Ratio of net expenses to average daily net assets(2) 1.60%+
Ratio of net investment income to average daily net assets 3.99%+
PORTFOLIO TURNOVER(3) --
+Annualized.
(1)Total investment 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. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the payable date. Amount is computed
on a nonannualized basis.
(2)Includes the Fund's share of the Portfolio's allocated expenses.
(3)Portfolio Turnover represents the rate of portfolio activity for the period
while the Fund was making investments directly in securities. The portfolio
turnover rate for the period since the Fund transferred substantially all of
its investable assets to the Portfolio is shown in the Portfolio's financial
statements which are included in the Fund's semi-annual report.
10. THE DATE OF THE ATTACHED PROSPECTUS IS CHANGED TO APRIL 26, 1996.
April 26, 1996
<PAGE>
EV MARATHON ARIZONA LIMITED MATURITY MUNICIPALS FUND
EV MARATHON CALIFORNIA LIMITED MATURITY MUNICIPALS FUND
EV MARATHON CONNECTICUT LIMITED MATURITY MUNICIPALS FUND
EV MARATHON FLORIDA LIMITED MATURITY MUNICIPALS FUND
EV MARATHON MASSACHUSETTS LIMITED MATURITY MUNICIPALS FUND
EV MARATHON MICHIGAN LIMITED MATURITY MUNICIPALS FUND
EV MARATHON NATIONAL LIMITED MATURITY MUNICIPALS FUND
EV MARATHON NEW JERSEY LIMITED MATURITY MUNICIPALS FUND
EV MARATHON NEW YORK LIMITED MATURITY MUNICIPALS FUND
EV MARATHON OHIO LIMITED MATURITY MUNICIPALS FUND
EV MARATHON PENNSYLVANIA LIMITED MATURITY MUNICIPALS FUND
SUPPLEMENT TO THE
STATEMENT OF ADDITIONAL INFORMATION
DATED
AUGUST 1, 1995
1. EACH FUND AND EACH PORTFOLIO HAVE CHANGED THE PHRASE "TAX FREE" IN
THEIR NAMES TO "MUNICIPALS."
2. THE FOLLOWING SUPPLEMENTS "INVESTMENT ADVISER AND ADMINISTRATOR" IN
PART I OF THE STATEMENT OF ADDITIONAL INFORMATION:
Eaton Vance offers single-state tax-free portfolios in more
states than any other sponsor of mutual funds. There are 30 long-term
state portfolios, 5 national portfolios and 10 limited maturity
portfolios. A staff of 32 is responsible for the day-to-day management
of over 3,500 issues in 46 mutual fund portfolios. Assets managed by
the municipal investment group are currently over $9.1 billion. Raymond
E. Hender and William Ahern manage one or more of the Eaton Vance
limited maturity municipal portfolios. Mr. Hender is a Vice President
of Eaton Vance and BMR. He is widely regarded as a pioneer in the field
of tax-exempt money management and was among the industry's first group
of tax-exempt money managers. While at Fidelity Management & Research
Company, he managed the first ever tax exempt limited term mutual fund
and the first ever tax-exempt money market mutual fund. Mr. Hender
holds a Bachelor of Science Degree from the Philadelphia College of
Textiles and Science. Mr. Ahern is a Vice President of Eaton Vance and
BMR. He is a Chartered Financial Analyst (CFA) and joined Eaton Vance
in 1989 as an analyst in the fixed-income department. He graduated from
Boston College in 1981 with a B.A. in Economics, and received his
M.B.A. degree in Finance from Babson College in 1987. Mr. Ahern is a
member of the Boston Security Analysts Society. For the identity of the
Portfolio's portfolio manager, see the Prospectus.
3. THE FOLLOWING SUPPLEMENTS "INVESTMENT PERFORMANCE" IN PART I OF THE
FUND'S STATEMENT OF ADDITIONAL INFORMATION:
From time to time the Fund may provide investors with
information on municipal bond investing, which may include comparative
performance information, charts and/or illustrations prepared by
independent sources (such as Lipper Analytical Services). The Fund may
also refer in investor publications to Tax Freedom Day, as computed by
the Tax Foundation, Washington, DC 20005, to help illustrate the value
of tax free investing, as well as other tax-related information.
4. THE PRIVATE LETTER RULING REFERRED TO IN THE FIRST PARAGRAPH UNDER
"TAXES" HAS BEEN RECEIVED BY THE TRUST.
5. THE FOLLOWING IS ADDED TO "FINANCIAL STATEMENTS" IN THE PART I:
The unaudited financial statements of the Fund and the
Portfolio for the period ended September 30, 1995 are also incorporated
by reference into the Statement of Additional Information and attached
hereto.
6. THE FOLLOWING FUNDAMENTAL RESTRICTIONS REPLACE THE FUNDAMENTAL
RESTRICTIONS UNDER "INVESTMENT RESTRICTIONS" IN THE CONNECTICUT, OHIO AND
PENNSYLVANIA FUNDS' PART IIS:
The Fund may not:
(1) Borrow money or issue senior securities except as
permitted by the Investment Company Act of 1940;
(2) Purchase securities on margin (but the Fund may obtain
such short-term credits as may be necessary for the clearance of
purchases and sales of securities). The deposit or payment by the Fund
of initial or maintenance margin in connection with futures contracts
or related options transactions is not considered the purchase of a
security on margin;
(3) Underwrite or participate in the marketing of securities
of others, except insofar as it may technically be deemed to be an
underwriter in selling a portfolio security under circumstances which
may require the registration of the same under the Securities Act of
1933;
(4) Purchase or sell real estate (including limited
partnership interests in real estate but excluding readily marketable
interests in real estate investment trusts or readily marketable
securities of companies which invest or deal in real estate or
securities which are secured by real estate);
(5) Purchase or sell physical commodities or contracts for the
purchase or sale of physical commodities; or
(6) Make loans to any person except by (a) the acquisition of
debt instruments and making portfolio investments, (b) entering into
repurchase agreements and (c) lending portfolio securities.
Notwithstanding the investment policies and restrictions of
the Fund, the Fund may invest all of its investable assets in an
open-end management investment company with substantially the same
investment objective, policies and restrictions as the Fund.
7. THE FOLLOWING NONFUNDAMENTAL INVESTMENT RESTRICTIONS REPLACE
THE NONFUNDAMENTAL INVESTMENT RESTRICTIONS IN EACH FUND'S PART II:
The Fund and the Portfolio have adopted the following
investment policies which may be changed by the Trust with respect to
the Fund without approval by the Fund's shareholders or by the
Portfolio with respect to the Portfolio without approval by the Fund or
its other investors. As a matter of nonfundamental policy, the Fund and
the Portfolio will not: (a) engage in options, futures or forward
transactions if more than 5% of its net assets, as measured by the
aggregate of the premiums paid by the Fund or the Portfolio, would be
so invested; (b) make short sales of securities or maintain a short
position, unless at all times when a short position is open it owns an
equal amount of such securities or securities convertible into or
exchangeable, without payment of any further consideration, for
securities of the same issue as, and equal in amount to, the securities
sold short, and unless not more than 25% of the Fund's net assets
(taken at current value) is held as collateral for such sales at any
one time. (The Fund and the Portfolio will make such sales only for the
purpose of deferring realization of gain or loss for federal income tax
purposes); (c) invest more than 15% of net assets in investments which
are not readily marketable, including restricted securities and
repurchase agreements maturing in more than seven days. Restricted
securities for the purposes of this limitation do not include
securities eligible for resale pursuant to Rule 144A under the
Securities Act of 1933 and commercial paper issued pursuant to Section
4(2) of said Act that the Board of Trustees of the Trust or the
Portfolio, or its delegate, determines to be liquid; (d) purchase or
retain in its portfolio any securities issued by an issuer any of whose
officers, directors, trustees or security holders is an officer or
Trustee of the Trust or the Portfolio or is a member, officer, director
or trustee of any investment adviser of the Trust or the Portfolio, if
after the purchase of the securities of such issuer by the Fund or the
Portfolio one or more of such persons owns beneficially more than 1/2
of 1% of the shares or securities or both (all taken at market value)
of such issuer and such persons owning more than 1/2 of 1% of such
shares or securities together own beneficially more than 5% of such
shares or securities or both (all taken at market value); or (e)
purchase oil, gas or other mineral leases or purchase partnership
interests in oil, gas or other mineral exploration or development
programs.
8. THE FOLLOWING REPLACES THE FIRST THREE PARAGRAPHS UNDER "PERFORMANCE
INFORMATION" IN EACH FUND'S PART II:
CALIFORNIA FUND: The table below indicates the total return (capital changes
plus reinvestment of all distributions) on a hypothetical investment of $1,000
in the Fund covering the life of the Fund from May 29, 1992 through September
30, 1995, and for the one-year period ended September 30, 1995.
<TABLE>
<CAPTION>
Value of Value of
Investment Investment
before after Total Return Total Return
deducting the deducting the before deducting after deducting
contingent contingent the contingent deferred the contingent deferred
deferred deferred sales charge sales charge*
Investment Investment Amount of sales charge sales charge* ---------------------- -----------------------
Period Date Investment on 9/30/95 on 9/30/95 Cumulative Annualized Cumulative Annualized
- -------------- ---------- ----------- ------------- -------------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Life of
the Fund 5/29/92 $1,000 $1,177.40 $1,167.40 17.74% 5.01% 16.74% 4.74%
1 Year
Ended
9/30/95 9/30/94 $1,000 $1,063.98 $1,033.98 6.40% 6.40% 3.40% 3.40%
</TABLE>
Past performance is not indicative of future results. Investment return and
principal value will fluctuate; shares, when redeemed, may be worth more or less
than their original cost.
- --------------
*No contingent deferred sales charge is imposed on certain redemptions. See the
Fund's current Prospectus.
- --------------
For the thirty-day period ended September 30, 1995, the yield of the Fund
was 3.22%. The yield required of a taxable security that would produce an
after-tax yield equivalent to that earned by the Fund of 3.22% (considering both
State and Federal taxes) would be 5.19%, assuming a combined Federal and State
tax rate of 37.90%.
The Fund's distribution rate (calculated on September 30, 1995 and based on
the Fund's monthly distribution paid September 15, 1995) was 3.83%, and the
Fund's effective distribution rate (calculated on the same date and based on the
same monthly distribution) was 3.90%.
CONNECTICUT FUND: The table below indicates the total return (capital changes
plus reinvestment of all distributions) on a hypothetical investment of $1,000
in the Fund covering the life of the Fund from April 16, 1993 through September
30, 1995, and for the one-year period ended September 30, 1995.
<TABLE>
<CAPTION>
Value of Value of
Investment Investment
before after Total Return Total Return
deducting the deducting the before deducting after deducting
contingent contingent the contingent deferred the contingent deferred
deferred deferred sales charge sales charge**
Investment Investment Amount of sales charge sales charge** ---------------------- -----------------------
Period Date Investment on 9/30/95 on 9/30/95 Cumulative Annualized Cumulative Annualized
- -------------- ---------- ----------- ------------- -------------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Life of
the Fund* 4/16/93 $1,000 $1,093.27 $1,073.47 9.93% 3.69% 7.35% 2.92%
1 Year
Ended
9/30/95* 9/30/94 $1,000 $1,071.69 $1,041.69 7.17% 7.17% 4.17% 4.17%
</TABLE>
Past performance is not indicative of future results. Investment return and
principal value will fluctuate; shares, when redeemed, may be worth more or less
than their original cost.
- ------------------
*If a portion of the Portfolio's and/or the Fund's expenses had not been
subsidized, the Fund would have had lower returns.
**No contingent deferred sales charge is imposed on certain redemptions. See the
Fund's current Prospectus.
- ------------------
For the thirty-day period ended September 30, 1995, the yield of the Fund
was 3.44%. The yield required of a taxable security that would produce an
after-tax yield equivalent to that earned by the Fund of 3.44% (considering both
State and Federal taxes) would be 5.22%, assuming a combined Federal and State
tax rate of 34.11%. If a portion of the Portfolio's expenses had not been
allocated to the Investment Adviser, the Fund would have had a lower yield.
The Fund's distribution rate (calculated on September 30, 1995 and based on
the Fund's monthly distribution paid September 15, 1995) was 3.74%, and the
Fund's effective distribution rate (calculated on the same date and based on the
same monthly distribution) was 3.80%. If a portion of the Portfolio's expenses
had not been allocated to the Investment Adviser, the Fund would have had a
lower distribution rate and effective distribution rate.
FLORIDA FUND: The table below indicates the total return (capital changes plus
reinvestment of all distributions) on a hypothetical investment of $1,000 in the
Fund covering the life of the Fund from May 29, 1992 through September 30, 1995,
and for the one-year period ended September 30, 1995.
<TABLE>
<CAPTION>
Value of Value of
Investment Investment
before after Total Return Total Return
deducting the deducting the before deducting after deducting
contingent contingent the contingent deferred the contingent deferred
deferred deferred sales charge sales charge*
Investment Investment Amount of sales charge sales charge* ----------------------- -------------------------
Period Date Investment on 9/30/95 on 9/30/95 Cumulative Annualized Cumulative Annualized
- -------------- ---------- ----------- ------------- -------------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Life of
the Fund 5/29/92 $1,000 $1,196.69 $1,186.69 19.67% 5.52% 18.67% 5.26%
1 Year
Ended
9/30/95 9/30/94 $1,000 $1,072.05 $1,042.05 7.21% 7.21% 4.21% 4.21%
</TABLE>
Past performance is not indicative of future results. Investment return and
principal value will fluctuate; shares, when redeemed, may be worth more or less
than their original cost.
- ---------------------
* No contingent deferred sales charge is imposed on certain redemptions. See
the Fund's current Prospectus.
- ---------------------
For the thirty-day period ended September 30, 1995, the yield of the Fund
was 3.17%. The yield required of a taxable security that would produce an
after-tax yield equivalent to that earned by the Fund of 3.17% (considering
Federal taxes) would be 4.59%, assuming a Federal tax rate of 31%.
The Fund's distribution rate (calculated on September 30, 1995 and based on
the Fund's monthly distribution paid September 15, 1995) was 3.77%, and the
Fund's effective distribution rate (calculated on the same date and based on the
same monthly distribution) was 3.84%.
MASSACHUSETTS FUND: The table below indicates the total return (capital changes
plus reinvestment of all distributions) on a hypothetical investment of $1,000
in the Fund covering the life of the Fund from June 1, 1992 through September
30, 1995, and for the one-year period ended September 30, 1995.
<TABLE>
<CAPTION>
Value of Value of
Investment Investment
before after Total Return Total Return
deducting the deducting the before deducting after deducting
contingent contingent the contingent deferred the contingent deferred
deferred deferred sales charge sales charge*
Investment Investment Amount of sales charge sales charge* ------------------------ -----------------------
Period Date Investment on 9/30/95 on 9/30/95 Cumulative Annualized Cumulative Annualized
- -------------- ---------- ----------- ------------- -------------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Life of
the Fund 6/1/92 $1,000 $1,184.18 $1,174.18 18.42% 5.21% 17.42% 4.94%
1 Year
Ended
9/30/95 9/30/94 $1,000 $1,072.73 $1,042.73 7.27% 7.27% 4.27% 4.27%
</TABLE>
Past performance is not indicative of future results. Investment return and
principal value will fluctuate; shares, when redeemed, may be worth more or less
than their original cost.
- -------------------
* No contingent deferred sales charge is imposed on certain redemptions. See
the Fund's current Prospectus.
- -------------------
For the thirty-day period ended September 30, 1995, the yield of the Fund
was 3.22%. The yield required of a taxable security that would produce an
after-tax yield equivalent to that earned by the Fund of 3.22% (considering both
State and Federal taxes) would be 5.30%, assuming a combined Federal and State
tax rate of 39.28%.
The Fund's distribution rate (calculated on September 30, 1995 and based on
the Fund's monthly distribution paid September 15, 1995) was 3.67%, and the
Fund's effective distribution rate (calculated on the same date and based on the
same monthly distribution) was 3.73%.
MICHIGAN FUND: The table below indicates the total return (capital changes plus
reinvestment of all distributions) on a hypothetical investment of $1,000 in the
Fund covering the life of the Fund from April 16, 1992 through September 30,
1995, and for the one-year period ended September 30, 1995.
<TABLE>
<CAPTION>
Value of Value of
Investment Investment
before after Total Return Total Return
deducting the deducting the before deducting after deducting
contingent contingent the contingent deferred the contingent deferred
deferred deferred sales charge sales charge*
Investment Investment Amount of sales charge sales charge* ------------------------ -----------------------
Period Date Investment on 9/30/95 on 9/30/95 Cumulative Annualized Cumulative Annualized
- -------------- ---------- ----------- ------------- -------------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Life of
the Fund 4/16/93 $1,000 $1,084.13 $1,064.55 8.41% 3.34% 6.46% 2.58%
1 Year
Ended
9/30/95 9/30/94 $1,000 $1,065.73 $1,035.73 6.57% 6.57% 3.57% 3.57%
</TABLE>
Past performance is not indicative of future results. Investment return and
principal value will fluctuate; shares, when redeemed, may be worth more or less
than their original cost.
- ---------------
* No contingent deferred sales charge is imposed on certain redemptions. See
the Fund's current Prospectus.
- ---------------
For the thirty-day period ended September 30, 1995, the yield of the Fund
was 3.40%. The yield required of a taxable security that would produce an
after-tax yield equivalent to that earned by the Fund of 3.40% (considering both
State and Federal taxes) would be 5.36%, assuming a combined Federal and State
tax rate of 36.54%.
The Fund's distribution rate (calculated on September 30, 1995 and based on
the Fund's monthly distribution paid September 15, 1995) was 3.79%, and the
Fund's effective distribution rate (calculated on the same date and based on the
same monthly distribution) was 3.86%.
NEW JERSEY FUND: The table below indicates the total return (capital changes
plus reinvestment of all distributions) on a hypothetical investment of $1,000
in the Fund covering the life of the Fund from June 1, 1992 through September
30, 1995, and for the one-year period ended September 30, 1995.
<TABLE>
<CAPTION>
Value of Value of
Investment Investment
before after Total Return Total Return
deducting the deducting the before deducting after deducting
contingent contingent the contingent deferred the contingent deferred
deferred deferred sales charge sales charge*
Investment Investment Amount of sales charge sales charge* ------------------------ -----------------------
Period Date Investment on 9/30/95 on 9/30/95 Cumulative Annualized Cumulative Annualized
- -------------- ---------- ----------- ------------- -------------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Life of
the Fund 6/1/92 $1,000 $1,181.65 $1,171.65 18.17% 5.14% 17.17% 4.87%
1 Year
Ended
9/30/95 9/30/94 $1,000 $1,066.63 $1,036.63 6.66% 6.66% 3.66% 3.66%
</TABLE>
Past performance is not indicative of future results. Investment return and
principal value will fluctuate; shares, when redeemed, may be worth more or less
than their original cost.
- ----------------------
* No contingent deferred sales charge is imposed on certain redemptions. See
the Fund's current Prospectus.
- ----------------------
For the thirty-day period ended September 30, 1995, the yield of the Fund
was 3.39%. The yield required of a taxable security that would produce an
after-tax yield equivalent to that earned by the Fund of 3.39% (considering both
State and Federal taxes) would be 5.26%, assuming a combined Federal and State
tax rate of 35.54%.
The Fund's distribution rate (calculated on September 30, 1995 and based on
the Fund's monthly distribution paid September 15, 1995) was 3.79%, and the
Fund's effective distribution rate (calculated on the same date and based on the
same monthly distribution) was 3.85%.
NEW YORK FUND: The table below indicates the total return (capital changes plus
reinvestment of all distributions) on a hypothetical investment of $1,000 in the
Fund covering the life of the Fund from May 29, 1992 through September 30, 1995,
and for the one-year period ended September 30, 1995.
<TABLE>
<CAPTION>
Value of Value of
Investment Investment
before after Total Return Total Return
deducting the deducting the before deducting after deducting
contingent contingent the contingent deferred the contingent deferred
deferred deferred sales charge sales charge*
Investment Investment Amount of sales charge sales charge* ------------------------ -----------------------
Period Date Investment on 9/30/95 on 9/30/95 Cumulative Annualized Cumulative Annualized
- -------------- ---------- ----------- ------------- -------------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Life of
the Fund 5/29/92 $1,000 $1,186.61 $1,176.61 18.66% 5.26% 17.66% 4.99%
1 Year
Ended
9/30/95 9/30/94 $1,000 $1,068.44 $1,038.44 6.84% 6.84% 3.84% 3.84%
</TABLE>
Past performance is not indicative of future results. Investment return and
principal value will fluctuate; shares, when redeemed, may be worth more or less
than their original cost.
- -------------------------
* No contingent deferred sales charge is imposed on certain redemptions. See
the Fund's current Prospectus.
- -------------------------
For the thirty-day period ended September 30, 1995, the yield of the Fund
was 3.35%. The yield required of a taxable security that would produce an
after-tax yield equivalent to that earned by the Fund of 3.35% (considering both
State and Federal taxes) would be 5.52%, assuming a combined Federal and State
tax rate of 39.32%.
The Fund's distribution rate (calculated on September 30, 1995 and based on
the Fund's monthly distribution paid September 15, 1995) was 3.80%, and the
Fund's effective distribution rate (calculated on the same date and based on the
same monthly distribution) was 3.87%.
OHIO FUND: The table below indicates the total return (capital changes plus
reinvestment of all distributions) on a hypothetical investment of $1,000 in the
Fund covering the life of the Fund from April 16, 1993 through September 30,
1995, and for the one-year period ended September 30, 1995.
<TABLE>
<CAPTION>
Value of Value of
Investment Investment
before after Total Return Total Return
deducting the deducting the before deducting after deducting
contingent contingent the contingent deferred the contingent deferred
deferred deferred sales charge sales charge*
Investment Investment Amount of sales charge sales charge* ------------------------ -----------------------
Period Date Investment on 9/30/95 on 9/30/95 Cumulative Annualized Cumulative Annualized
- -------------- ---------- ----------- ------------- -------------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Life of
the Fund 4/16/93 $1,000 $1,096.26 $1,076.46 9.63% 3.81% 7.65% 3.04%
1 Year
Ended
9/30/95 9/30/94 $1,000 $1,076.53 $1,037.53 6.75% 6.75% 3.75% 3.75%
</TABLE>
Past performance is not indicative of future results. Investment return and
principal value will fluctuate; shares, when redeemed, may be worth more or less
than their original cost.
- ---------------------
* No contingent deferred sales charge is imposed on certain redemptions. See
the Fund's current Prospectus.
- ---------------------
For the thirty-day period ended September 30, 1995, the yield of the Fund
was 3.57%. The yield required of a taxable security that would produce an
after-tax yield equivalent to that earned by the Fund of 3.57% (considering both
State and Federal taxes) would be 5.56%, assuming a combined Federal and State
tax rate of 35.76%.
The Fund's distribution rate (calculated on September 30, 1995 and based on
the Fund's monthly distribution paid September 15, 1995) was 3.84%, and the
Fund's effective distribution rate (calculated on the same date and based on the
same monthly distribution) was 3.91%.
PENNSYLVANIA FUND: The table below indicates the total return (capital changes
plus reinvestment of all distributions) on a hypothetical investment of $1,000
in the Fund covering the life of the Fund from June 1, 1992 through September
30, 1995, and for the one-year period ended September 30, 1995.
<TABLE>
<CAPTION>
Value of Value of
Investment Investment
before after Total Return Total Return
deducting the deducting the before deducting after deducting
contingent contingent the contingent deferred the contingent deferred
deferred deferred sales charge sales charge*
Investment Investment Amount of sales charge sales charge* ------------------------ -----------------------
Period Date Investment on 9/30/95 on 9/30/95 Cumulative Annualized Cumulative Annualized
- -------------- ---------- ----------- ------------- -------------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Life of
the Fund 6/1/92 $1,000 $1,194.47 $1,184.47 19.45% 5.48% 18.45% 5.22%
1 Year
Ended
9/30/95 9/30/94 $1,000 $1,068.17 $1,038.17 6.82% 6.82% 8.82% 8.82%
</TABLE>
Past performance is not indicative of future results. Investment return and
principal value will fluctuate; shares, when redeemed, may be worth more or less
than their original cost.
- --------------
* No contingent deferred sales charge is imposed on certain redemptions. See
the Fund's current Prospectus.
- --------------
For the thirty-day period ended September 30, 1995, the yield of the Fund
was 3.36%. The yield required of a taxable security that would produce an
after-tax yield equivalent to that earned by the Fund of 3.36% (considering both
State and Federal taxes) would be 5.49%, assuming a combined Federal and State
tax rate of 36.76%.
The Fund's distribution rate (calculated on September 30, 1995 and based on
the Fund's monthly distribution paid September 15, 1995) was 3.87%, and the
Fund's effective distribution rate (calculated on the same date and based on the
same monthly distribution) was 3.54%.
In addition, the last column of the Tax Equivalent Yield Table for the
Pennsylvania Fund is replaced with the following:
Federal, State,
County and Philadelphia
Taxes(3)
-------------------------
8.25%
9.74
10.16
10.96
11.61
(3)Includes a 4 mil county personal property tax and a 4.96% school income tax.
9. SHARES OF THE ARIZONA, NORTH CAROLINA AND VIRGINIA FUNDS ARE NO
LONGER BEING OFFERED FOR PURCHASE.
10. THE DATE OF THE ATTACHED STATEMENT OF ADDITIONAL INFORMATION IS
CHANGED TO APRIL 26, 1996.
April 26, 1996
<PAGE>
EV MARATHON NATIONAL LIMITED MATURITY MUNICIPALS FUND
(FORMERLY EV MARATHON NATIONAL LIMITED MATURITY TAX FREE FUND)
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED AUGUST 1, 1995
1. THE FUND AND THE PORTFOLIO HAVE CHANGED THEIR NAMES TO "EV MARATHON
NATIONAL LIMITED MATURITY MUNICIPALS FUND" AND "NATIONAL LIMITED MATURITY
MUNICIPALS PORTFOLIO," RESPECTIVELY.
2. THE FOLLOWING REPLACES THE FOURTH PARAGRAPH UNDER "INVESTMENT
RESTRICTIONS":
The Fund and the Portfolio have adopted the following
investment policies which may be changed by the Trust with respect to
the Fund without approval by the Fund's shareholders or by the
Portfolio with respect to the Portfolio without approval by the Fund or
its other investors. As a matter of nonfundamental policy, the Fund and
the Portfolio will not: (a) engage in options, futures or forward
transactions if more than 5% of its net assets, as measured by the
aggregate of the premiums paid by the Fund or the Portfolio, would be
so invested; (b) make short sales of securities or maintain a short
position, unless at all times when a short position is open it owns an
equal amount of such securities or securities convertible into or
exchangeable, without payment of any further consideration, for
securities of the same issue as, and equal in amount to, the securities
sold short, and unless not more than 25% of the Fund's net assets
(taken at current value) is held as collateral for such sales at any
one time. (The Fund and the Portfolio will make such sales only for the
purpose of deferring realization of gain or loss for federal income tax
purposes); (c) invest more than 15% of net assets in investments which
are not readily marketable, including restricted securities and
repurchase agreements maturing in more than seven days. Restricted
securities for the purposes of this limitation do not include
securities eligible for resale pursuant to Rule 144A under the
Securities Act of 1933 and commercial paper issued pursuant to Section
4(2) of said Act that the Board of Trustees of the Trust or the
Portfolio, or its delegate, determines to be liquid; (d) purchase or
retain in its portfolio any securities issued by an issuer any of whose
officers, directors, trustees or security holders is an officer or
Trustee of the Trust or the Portfolio or is a member, officer, director
or trustee of any investment adviser of the Trust or the Portfolio, if
after the purchase of the securities of such issuer by the Fund or the
Portfolio one or more of such persons owns beneficially more than 1/2
of 1% of the shares or securities or both (all taken at market value)
of such issuer and such persons owning more than 1/2 of 1% of such
shares or securities together own beneficially more than 5% of such
shares or securities or both (all taken at market value); or (e)
purchase oil, gas or other mineral leases or purchase partnership
interests in oil, gas or other mineral exploration or development
programs.
3. THE FOLLOWING SUPPLEMENTS "INVESTMENT ADVISER AND ADMINISTRATOR" IN PART
I OF THE STATEMENT OF ADDITIONAL INFORMATION:
Eaton Vance offers single-state tax-free portfolios in more
states than any other sponsor of mutual funds. There are 30 long-term
state portfolios, 5 national portfolios and 10 limited maturity
portfolios. A staff of 32 is responsible for the day-to-day management
of over 3,500 issues in 46 mutual fund portfolios. Assets managed by
the municipal investment group are currently over $9.1 billion. Raymond
E. Hender and William Ahern manage one or more of the Eaton Vance
limited maturity municipal portfolios. Mr. Hender is a Vice President
of Eaton Vance and BMR. He is widely regarded as a pioneer in the field
of tax-exempt money management and was among the industry's first group
of tax-exempt money managers. While at Fidelity Management & Research
Company, he managed the first ever tax exempt limited term mutual fund
and the first ever tax-exempt money market mutual fund. Mr. Hender
holds a Bachelor of Science Degree from the Philadelphia College of
Textiles and Science. Mr. Ahern is a Vice President of Eaton Vance and
BMR. He is a Chartered Financial Analyst (CFA) and joined Eaton Vance
in 1989 as an analyst in the fixed-income department. He graduated from
Boston College in 1981 with a B.A. in Economics, and received his
M.B.A. degree in Finance from Babson College in 1987. Mr. Ahern is a
member of the Boston Security Analysts Society. For the identity of the
Portfolio's portfolio manager, see the Prospectus.
4. THE FOLLOWING SUPPLEMENTS "INVESTMENT PERFORMANCE" IN PART I OF THE
FUND'S STATEMENT OF ADDITIONAL INFORMATION:
From time to time the Fund may provide investors with
information on municipal bond investing, which may include comparative
performance information, charts and/or illustrations prepared by
independent sources (such as Lipper Analytical Services). The Fund may
also refer in investor publications to Tax Freedom Day, as computed by
the Tax Foundation, Washington, DC 20005, to help illustrate the value
of tax free investing, as well as other tax-related information.
5. THE FOLLOWING IS ADDED TO "FINANCIAL STATEMENTS" IN THE PART I:
The unaudited financial statements of the Fund and the
Portfolio for the period ended September 30, 1995 are also incorporated by
reference into the Statement of Additional Information and attached hereto.
6. THE FOLLOWING REPLACES THE FIRST THREE PARAGRAPHS UNDER "PERFORMANCE
INFORMATION" IN THE FUND'S PART II:
The table below indicates the total return (capital changes
plus reinvestment of all distributions) on a hypothetical investment of $1,000
in the Fund covering the life of the Fund from May 22, 1992 through September
30, 1995, and for the one-year period ended September 30, 1995.
<TABLE>
<CAPTION>
Value of Value of
Investment Investment
before after Total Return Total Return
deducting the deducting the before deducting after deducting
contingent contingent the contingent deferred the contingent deferred
deferred deferred sales charge sales charge*
Investment Investment Amount of sales charge sales charge* ----------------------- --------------------------
Period Date Investment on 9/30/95 on 9/30/95 Cumulative Annualized Cumulative Annualized
- ----------- ---------- ----------- ----------- -------------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Life of
the Fund 5/22/92 $1,000 $1,202.91 $1,192.91 20.29% 5.65% 19.29% 5.39%
1 Year
Ended
9/30/95 9/30/94 $1,000 $1,066.32 $1,036.32 6.63% 6.63% 3.63% 3.63%
</TABLE>
Past performance is not indicative of future results. Investment return and
principal value will fluctuate; shares, when redeemed, may be worth more or less
than their original cost.
- -----------------------
* No contingent deferred sales charge is imposed on certain redemptions. See
the Fund's current Prospectus.
For the thirty-day period ended September 30, 1995, the yield of
the Fund was 3.67%. The yield required of a taxable security that would produce
an after-tax yield equivalent to that earned by the Fund of 3.67% would be
5.32%, assuming a Federal tax rate of 31%.
The Fund's distribution rate (calculated on September 30, 1995 and
based on the Fund's monthly distribution paid September 15, 1995) was 4.01%, and
the Fund's effective distribution rate (calculated on the same date and based on
the same monthly distribution) was 4.09%.
7. THE DATE OF THE ATTACHED STATEMENT OF ADDITIONAL INFORMATION IS
CHANGED TO APRIL 26, 1996.
April 26, 1996
