PARAMETRIC TAX-MANAGED EMERGING MARKETS FUND

Supplement to Summary Prospectus, Prospectus and

Statement of Additional Information dated

November 1, 2025, as may be supplemented and/or

revised from time to time

Effective July 17, 2026, Gregory J. Liebl, CFA, Jennifer Mihara and Jennifer Sireklove, CFA will continue to serve as portfolio managers of Parametric Tax-Managed Emerging Markets Fund (the “Fund”). All references to other portfolio managers of the Fund are removed from the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information.