Eaton Vance Florida Insured Municipals Fund
Eaton Vance Kansas Municipals Fund
Eaton Vance Hawaii Municipals Fund
Supplement to Prospectus dated June 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. Service fees will now be paid from the time of sale of Class A and Class B
shares. The following replaces each Fund's "Annual Fund Operating Expenses"
table and "Example" under "Fund Summaries":
Annual Fund Operating Expenses (expenses that are deducted from Fund assets)
<TABLE>
Management Distribution and Other Total Annual Fund
Fees Service (12b-1)Fees* Expenses** Operating Expenses
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Florida Insured Fund Class A Shares 0.19% 0.00% 0.47% 0.66%
Class B Shares 0.19% 0.95% 0.27% 1.41%
- ---------------------------------------------------------------------------------------------------------------------------
Hawaii Fund Class A Shares 0.16% 0.00% 0.55% 0.71%
Class B Shares 0.16% 0.95% 0.35% 1.46%
- ---------------------------------------------------------------------------------------------------------------------------
Kansas Fund Class A Shares 0.15% 0.00% 0.71% 0.86%
Class B Shares 0.15% 0.95% 0.51% 1.61%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Long-term holders of Class B 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 includes a service fee of 0.20%.
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:
<TABLE>
1 Year 3 Years 5 Years 10 Years
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Florida Insured Fund Class A Shares $539 $676 $825 $1,258
Class B Shares $644 $846 $971 $1,691
- ---------------------------------------------------------------------------------------------------------------------------
Hawaii Fund Class A Shares $544 $691 $851 $1,316
Class B Shares $649 $862 $997 $1,746
- ---------------------------------------------------------------------------------------------------------------------------
Kansas Fund Class A Shares $559 $736 $929 $1,485
Class B Shares $664 $908 $1,076 $1,911
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
You would pay the following expenses if you did not redeem your shares:
<TABLE>
1 Year 3 Years 5 Years 10 Years
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Florida Insured Fund Class A Shares $539 $676 $825 $1,258
Class B Shares $144 $446 $771 $1,691
- ---------------------------------------------------------------------------------------------------------------------------
Hawaii Fund Class A Shares $544 $691 $851 $1,316
Class B Shares $149 $462 $797 $1,746
- ---------------------------------------------------------------------------------------------------------------------------
Kansas Fund Class A Shares $559 $736 $929 $1,485
Class B Shares $164 $508 $876 $1,911
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
3. The following replaces "Distribution and Service Fees" under "Sales
Charges":
Distribution and Service Fees. Class B shares have in effect a plan under
Rule 12b-1 that allows each Fund to pay distribution fees for the sale and
distribution of shares (so-called "12b-1 fees"). Class B 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. Both Classes pay service fees for personal and/or account
services equal to 0.20% of average daily net assets annually. Although
there is no present intention to do so, each Class could pay service fees
of up to 0.25% annually upon Trustee approval.
Class B distribution fees are subject to termination when payments under
the Rule 12b-1 plan are sufficient to extinguish uncovered distribution
charges. As described more fully in the Statement of Additional
Information, uncovered distribution charges of Class B 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 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, Class
B uncovered distribution charges have not been fully covered.
4. The following replaces "Withdrawal Plan" under "Shareholder Account
Features":
Withdrawal Plan. You may redeem shares on a regular monthly or quarterly
basis by establishing a systematic withdrawal plan. Withdrawals will not be
subject to any applicable CDSC if they do not in the aggregate exceed 12%
annually of the account balance at the time the plan is established. 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.
October 12, 1999 TFC6/1PS
<PAGE>
Eaton Vance Municipal Bond Fund
Supplement to Prospectus dated May 1, 1999
Eaton Vance High Yield Municipals Fund
Supplement to Prospectus dated June 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. Service fees will now be paid from the time of sale of Class A and Class B
shares.
a. The following replaces the "Annual Fund Operating Expenses" table and
"Example" under "Fund Summary" in the Municipal Bond Fund prospectus:
Annual Fund Operating Expenses
(expenses that are deducted from Fund assets) Class A Class B Class I
- --------------------------------------------------------------------------------
Management Fees 0.48% 0.48% 0.48%
Distribution and Service (12b-1) Fees* 0.00% 1.00% 0.00%
Other Expenses** 0.42% 0.16% 0.22%
---- ---- ----
Total Annual Fund Operating Expenses 0.90% 1.64% 0.70%
* Long-term shareholders of Class B 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 $562 $748 $ 950 $1,530
Class B shares $667 $917 $1,092 $1,944
Class I shares $ 72 $224 $ 390 $ 871
You would pay the following expenses if you did not redeem you shares:
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Class A shares $562 $748 $950 $1,530
Class B shares $167 $517 $892 $1,944
Class I shares $ 72 $224 $390 $ 871
b. The following replaces the "Annual Fund Operating Expenses" table and
"Example" under "Fund Summary" in the High Yield Municipals Fund
prospectus:
Annual Fund Operating Expenses
(expenses that are deducted from Fund assets) Class A Class B Class C
- --------------------------------------------------------------------------------
Management Fees 0.58% 0.58% 0.58%
Distribution and Service (12b-1) Fees* 0.00% 1.00% 1.00%
Other Expenses** 0.47% 0.22% 0.22%
---- ---- ----
Total Annual Fund Operating Expenses 1.05% 1.80% 1.80%
* 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%.
<PAGE>
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 $577 $793 $1,027 $1,697
Class B shares $683 $966 $1,175 $2,116
Class C shares $283 $566 $ 975 $2,116
You would pay the following expenses if you did not redeem you shares:
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Class A shares $577 $793 $1,027 $1,697
Class B shares $183 $566 $ 975 $2,116
Class C shares $183 $566 $ 975 $2,116
3. The following replaces "Distribution and Service Fees" under "Sales
Charges":
Distribution and Service Fees. Class B shares of Municipal Bond Fund and
Class B and Class C shares of High Yield Municipals Fund 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. Class A, Class B and Class C shares 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
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 been
fully covered.
4. The following replaces "Withdrawal Plan" under "Shareholder Account
Features":
Withdrawal Plan. You may redeem shares on a regular monthly or quarterly
basis by establishing a systematic withdrawal plan. Withdrawals will not be
subject to any applicable CDSC if they do not in the aggregate exceed 12%
annually of the account balance at the time the plan is established. 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.
5. The following is added to the first paragraph of "Exchange Privilege" under
"Shareholder Account Features" in the Municipal Bond Fund prospectus:
Class A shares may also be exchanged for the Fund's Class I shares, subject
to the terms and conditions for investing in those shares.
October 12, 1999 MBHYPS
