Prior to March 1, 2013, purchases of Investor Class shares were subject to a sales charge. These returns reflect any applicable contingent deferred sales charge (“CDSC”) for Class C. Investor Class, Class C and Institutional Class commenced operations on June 30, 2006. The Class R6 performance shown above for the period prior to June 1, 2014 (commencement of operations) is the performance of Institutional Class at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. Investors cannot invest directly in an Index. (Source for MSCI Emerging Markets Index: MSCI) MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this data, and has no liability hereunder.
After-tax returns are calculated using the highest historical individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Investor Class. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
4. The following replaces “Purchase and Sale of Fund Shares” in “Fund Summaries – Important Information Regarding Fund Shares”:
You may purchase, redeem or exchange Fund shares on any business day, which is any day the New York Stock Exchange is open for business. Class C shares are not available for purchase, except by: (1) existing shareholders (including shares acquired through the reinvestment of dividends and distributions); or (2) employer sponsored retirement plans. You may purchase, redeem or exchange Fund shares either through your financial intermediary or directly from the Fund either by writing to Eaton Vance Funds, P.O. Box 9653, Providence, RI 02940-9653, or by calling 1- 800-260-0761. The minimum initial purchase or exchange into a Fund is $1,000 for Investor Class and Class C, $50,000 for Institutional Class and $1,000,000 for Class R6 (waived in certain circumstances). There is no minimum for subsequent investments.
5. The following is added to “Purchasing Shares”:
Class R6 Shares
Class R6 shares are offered to employer sponsored retirement plans (as described under “Employer Sponsored Retirement Plans” in “Shareholder Account Features”) held in plan level or omnibus accounts; endowments; foundations; local, city, and state governmental institutions; corporations; charitable trusts; trust companies; bank trust departments; and insurance companies; clients of Eaton Vance Investment Counsel; and investment companies. Class R6 shares may only be offered by financial intermediaries that have entered into a written agreement with the Fund’s principal underwriter to offer such shares.
There is no initial investment minimum for employer sponsored retirement plans and investment companies sponsored by the Eaton Vance organization. For all other eligible investors, the initial investment must be at least $1,000,000. Subsequent investments of any amount may be made at any time. Please call 1-800-262-1122 Monday through Friday, 8:30 a.m. to 5:30 p.m. (eastern time) for further information.
Class R6 shares may be purchased through a financial intermediary or by requesting your bank to transmit immediately available funds (Federal Funds) by wire. To make an initial investment by wire, you must complete an account application and telephone Eaton Vance Shareholder Services at 1-800-260-0761 to be assigned an account number. You may request an account application by calling 1-800-260-0761 Monday through Friday, 8:30 a.m. to 5:30 p.m. (eastern time). Shareholder Services must be advised by telephone of each additional investment by wire.
6. The following is added to “Choosing a Share Class.” in “Purchasing Shares”:
Class R6 shares
are offered at net asset value to employer sponsored retirement plans and certain other investors as described under “Class R6 Shares” above. Class R6 shares are not subject to distribution fees, service fees or sub-accounting/recordkeeping or similar fees paid to intermediaries.
7. The following replaces the second paragraph under “Purchasing Shares - Payments to Financial Intermediaries:”
Certain financial intermediaries that maintain fund accounts for the benefit of their customers may provide sub-accounting, recordkeeping and/or administrative services to the Eaton Vance funds and may be compensated for such services by the funds, provided that no such compensation is paid with respect to Class R6 shares. As used in this Prospectus, the term “financial intermediary” includes any broker, dealer, bank (including bank trust departments), registered investment adviser, financial planner, a retirement plan and/or its administrator, their designated intermediaries and any other firm having a selling, administration or similar agreement with the principal underwriter or its affiliates.
8. The following replaces “Tax-Deferred Retirement Plans.” in “Shareholder Account Features”:
Employer Sponsored Retirement Plans.
Employer sponsored retirement plans include the following: an employer sponsored pension or profit sharing plan that qualifies under section 401(a) of the Internal Revenue Code (such as a 401(k) plan, money purchase pension, profit sharing and defined benefit plan); ERISA covered 403(b) plan; Taft–Hartley multi-employer plan; and non-qualified deferred compensation arrangements that operate in a similar manner to a qualified retirement plan (including 457 plans and executive deferred compensation arrangements). Individual Retirement Accounts are not employer sponsored retirement plans, as defined herein.
PARAMETRIC EMERGING MARKETS FUND
Supplement to Statement of Additional Information dated June 1, 2013
1.
The following is added to the front cover under “Parametric Emerging Markets Fund”:
Class R6 Shares – [Ticker]
2.
The following replaces “Expenses.” in “Investment Advisory and Administrative Services”:
Expenses.
Each Fund is responsible for all expenses not expressly stated to be payable by another party (such as expenses required to be paid pursuant to an agreement with the investment adviser, the sub-adviser, the principal underwriter or the administrator). In the case of expenses incurred by the Trust, each Fund is responsible for its pro rata share of those expenses. Pursuant to the Amended and Restated Multiple Class Plan for Eaton Vance Funds, Fund expenses are allocated to each class on a pro rata basis, except that distribution and service fees are allocated exclusively to the class that incurs them, and sub-accounting, recordkeeping and other similar fees are not allocated to (or incurred by) Class R6 shares.
3.
The following replaces “Waiver of Investment Minimums.” in “Sales Charges”:
Waiver of Investment Minimums.
For classes other than Class R6, in addition to waivers described in the Prospectus, minimum investment amounts are waived for current and retired members of Eaton Vance Fund Boards, clients (including custodial, agency, advisory and trust accounts), current and retired officers and employees of Eaton Vance, its affiliates and other investment advisers and sub-advisers to the Eaton Vance family of funds, and for such persons’ spouses, parents, siblings and lineal descendants and their beneficial accounts. The minimum initial investment amount for such classes is also waived for officers and employees of a Fund’s custodian and transfer agent and in connection with the merger (or similar transaction) of an investment company (or series or class thereof) or personal holding company with a Fund (or class thereof). Investments in a Fund by ReFlow in connection with the ReFlow liquidity program are also not subject to the minimum investment amount.
4.
The following replaces “Tax-Deferred Retirement Plans.” in “Sales Charges”:
Employer Sponsored Retirement Plans.
Shares may be available for purchase in connection with certain employer sponsored retirement plans. Detailed information concerning these plans, including certain exceptions to minimum investment requirements, and copies of the plans are available from the principal underwriter. This information should be read carefully and consulting with an attorney or tax advisor may be advisable. The information sets forth the service fee charged for the plans and describes the federal income tax consequences of establishing a plan. Participant accounting services (including trust fund reconciliation services) will be offered only through third party recordkeepers and not by the principal underwriter. Under all plans, dividends and distributions will be automatically reinvested in additional shares.