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EATON VANCE EMERGING MARKETS FUND Supplement to Prospectus dated May 1, 2000 Jacob Rees-Mogg has assumed responsibility for managing Emerging Markets Portfolio. Mr. Rees-Moog previously co-managed the Portfolio. August 21, 2000 EMPPS <PAGE> EATON VANCE INSTITUTIONAL EMERGING MARKETS FUND Supplement to Prospectus dated May 1, 2000 Jacob Rees-Mogg has assumed responsibility for managing Emerging Markets Portfolio. Mr. Rees-Moog previously co-managed the Portfolio. August 21, 2000 IEMPPS
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