EV TRADITIONAL HIGH YIELD MUNICIPALS FUND
Supplement to Prospectus
dated August 1, 1995
1. Effective immediately, all purchases of shares of the
Fund of $1 million or more will be subject to a contingent
deferred sales charge ("CDSC") of 0.50% in the event of certain
redemptions within twelve months after the purchase. Such
purchases continue to bear no initial sales charge. The
Principal Underwriter will compensate Authorized Firms
responsible for such purchases at the rate of 0.50% of the amount
invested, and any CDSC incurred will be retained by the Principal
Underwriter.
The CDSC will be imposed on an amount equal to the lesser of
the current market value or the original purchase price of the
shares redeemed. Accordingly, no CDSC will be imposed on
increases in account value above the initial purchase price,
including any dividends or distributions that have been
reinvested in additional shares. It will be assumed that
redemptions are made first from any shares in the shareholder's
account that are not subject to a CDSC.
The CDSC is waived for redemptions involving certain
liquidation, merger or acquisition transactions involving other
investment companies. If a shareholder reinvests redemption
proceeds within a 60-day period and in accordance with the
conditions set forth under "Eaton Vance Shareholder Services --
Reinvestment Privilege," the shareholder's account will be
credited with the amount of any CDSC paid on such redeemed
shares.
Shares of the Fund which are subject to a CDSC may be
exchanged into any of the funds listed under "The Eaton Vance
Exchange Privilege" without incurring the CDSC. The shares
acquired in an exchange may be subject to a CDSC upon redemption.
For purposes of computing the CDSC payable upon redemption of
shares acquired in an exchange, the holding period of the
original shares is added to the holding period of the shares
acquired in the exchange.
Consistent with the foregoing, the "Shareholder and Fund
Expenses" table is revised by replacing the line "Contingent
Deferred Sales Charges Imposed on Redemptions" with the
following:
Contingent Deferred Sales Charges
(on purchases of $1 million or more)
Imposed on Redemptions During the First
Twelve Months (as a percentage of redemption
proceeds exclusive of all reinvestments
and capital appreciation in the account) 0.50%
In addition, the sales charge table under "How to Buy Fund
Shares" is revised by replacing the line "$1,000,000 or more"
with the following:
Sales Sales Dealer
Charge Charge Commission
as Percent- as Percent- as Percent-
age of age of age of
Offering Amount Offering
Amount of Purchase Price Invested Price
$1,000,000 or more 0.00% 0.00% 0.50%
2. The following is added to "How to Buy Fund Shares":
Shares of the Fund may be sold at net asset value
to an investor making an investment through an
investment adviser, financial planner, broker or
other intermediary that charges a fee for its
services and has entered into an agreement with
the Fund or its Principal Underwriter. An
Authorized Firm may charge its customers a fee in
connection with transactions executed by that
Firm.
3. The following is added to "Reports to Shareholders":
Consistent with applicable law, duplicate
mailings of shareholder reports and certain
other Fund information to shareholders
residing at the same address may be
eliminated.
4. The following is added to "Performance Information":
The Fund's performance may be compared in
publications to the performance of various
indices and investments for which reliable
data is available, and to averages,
performance rankings, or other information
prepared by recognized mutual fund
statistical services.
November 9, 1995 - 2 - T-HYPS
