Keep the income. Cut the taxes. - funds.eatonvance.com

[Pages:12]Keep the income. Cut the taxes.

Comprehensive, tax-sensitive municipal strategies

Partner with a leader in tax-efficient investing

Investing in municipal bonds isn't as easy as it used to be. Bond insurance has dwindled1, municipal inventories are shrinking2 and solid credit research is more important than ever. Eaton Vance and its affiliates specialize in investing in municipal bonds, offering advisors and their clients:

Extensive experience

? 40+ years of experience and over $52+ billion in AUM ? One of the largest municipal teams in the US with over 40 investment professionals ? Strategies and solutions that span the entire yield curve and credit spectrum

Rigorous research

? In-depth research to identify opportunities and mitigate credit risk ? 16 credit analysts specialized by sector

Professional access

? Access to over 100 dealers ? Ability to source bonds across the highly fragmented municipal market

Institutional execution

? Institutional buying power to trade more efficiently than individual investors

All data as of 06/30/2022.

1Source: The Bond Buyer, 06/30/2022. 2Source: Financial accounts of the United States, 12/31/2021.

1 | Municipal bonds

Featured municipal bond funds

Specialized bond funds to address a range of objectives The municipal bond market is vast and complex. We believe the best way to capture opportunities is to approach the market from multiple perspectives. Our featured municipal bond funds fall into three distinct and complementary categories:

Core

Laddered strategies may offer predictable yield and a potential hedge against volatile interest rates

Alpha

Flexible, opportunistic strategies focused on enhancing total return

Yield

Highly diversified strategies designed to generate tax-exempt income

EILBX Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund

EILTX Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund

EITTX Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund

EMAIX Short Duration Municipal Opportunities Fund

EMOIX Municipal Opportunities Fund

EICAX California Municipal Opportunities Fund

ENYIX New York Municipal Opportunities Fund

EILMX National Ultra-Short Municipal Income Fund*

EIHMX National Municipal Income Fund

EIHYX High Yield Municipal Income Fund

*Prior to 01/02/2022, Fund was called Eaton Vance Floating-Rate Municipal Income Fund. ource: The Bond Buyer, 12/31/2017. 2Source: Financial accounts of the United States, 06/07/2018.

2 | Municipal bonds

A municipal bond fund powerhouse

Look to Eaton Vance for competitive returns

Eaton Vance (I shares) Morningstar RatingsTM as of June 30, 2022

National Funds

Overall Rating

EV Short Duration Municipal Opportunities Fund (EMAIX)* Seeks to maximize after-tax total return with short duration

EV National Municipal Income Fund (EIHMX) Seeks federal tax-exempt income

EV Municipal Opportunities Fund (EMOIX) Seeks to maximize after-tax total return

EV AMT-Free Municipal Income Fund (EVMBX) Federal tax-exempt income without exposure to AMT

EV High Yield Municipal Income Fund (EIHYX) Seeks high federal tax-exempt income

Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (EILBX) A rules-based laddered approach to municipal bond investing

Parametric TABS Short-Term Municipal Bond Fund (EIBSX) Focus on high quality and limited duration

Calvert Responsible Municipal Income Fund (CTTIX)** Seeks to provide current income exempt from regular federal income tax

Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund (EILTX) A rules-based laddered approach to municipal bond investing

Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund (EITTX) A rules-based laddered approach to municipal bond investing

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Funds in Category

209 Funds Muni National Short

151 Funds Muni National Long

190 Funds High Yield Muni

151 Funds Muni National Long

190 Funds High Yield Muni

209 Funds Muni National Short

209 Funds Muni National Short

276 Funds Muni National Interm

276 Funds Muni National Interm

151 Funds Muni National Long

*Prior to 11/14/2016, Fund had a different objective and employed a different investment strategy. Please see prospectus for more details.

**Fund performance prior to December 31, 2016, reflects the performance of the Fund's former adviser, Calvert Investment Management, Inc.

For the Fund's performance as of the most recent month-end, please refer to . Based on risk-adjusted returns. Past performance is no guarantee of future results. Eaton Vance offers other mutual funds that are not listed here and that do not have similar performance records. Please refer to each Fund's prospectus to determine whether you are eligible to invest in I shares. Please consult with your financial advisor before investing.

3 | Municipal bonds

State Funds EV California Municipal Opportunities Fund (EICAX) EV Massachusetts Municipal Income Fund (EIMAX) EV Ohio Municipal Income Fund (EIOHX) EV Maryland Municipal Income Fund (EIMDX) EV Oregon Municipal Income Fund (EIORX) EV Missouri Municipal Income Fund (EIMOX) EV Georgia Municipal Income Fund (EIGAX) EV South Carolina Municipal Income Fund (EISCX) EV New Jersey Municipal Income Fund (EINJX) EV Virginia Municipal Income Fund (EVAIX) EV North Carolina Municipal Income Fund (EINCX) EV New York Municipal Income Fund (EINYX) EV Pennsylvania Municipal Income Fund (EIPAX) EV Arizona Municipal Income Fund (EIAZX) EV Connecticut Municipal Income Fund (EICTX)

Overall Rating

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Funds in Category

67 Funds Muni California Intermediate

45 Funds Muni Massachusetts

23 Funds Muni Ohio

152 Funds Muni Single State Interm

152 Funds Muni Single State Interm

152 Funds Muni Single State Interm

152 Funds Muni Single State Interm

152 Funds Muni Single State Interm

49 Funds Muni New Jersey

152 Funds Muni Single State Interm

152 Funds Muni Single State Interm

71 Funds Muni New York Long

52 Funds Muni Pennsylvania

152 Funds Muni Single State Interm

152 Funds Muni Single State Interm

For the Fund's performance as of the most recent month-end, please refer to . Based on risk-adjusted returns. Past performance is no guarantee of future results. Eaton Vance offers other mutual funds that are not listed here and that do not have similar performance records. Please refer to each Fund's prospectus to determine whether you are eligible to invest in I shares. Please consult with your financial advisor before investing.

4 | Municipal bonds

Separately managed accounts

Customized portfolios for discerning investors

Parametric builds a unique portfolio for each investor based on individual preferences. Portfolios may be funded with cash or existing securities.

Objective

Description

Parametric TABS Municipal Ladders

Parametric TABS Managed Municipals

Parametric TABS Total Return

Seeks predictable tax-free income and capital preservation

Rules-based, generally equally weighted Actively seeks attractively valued bonds Offers potential hedge against volatile rates Customized to meet client needs, including

responsible investing and tax-loss harvesting

Seeks tax-free income and capital preservation

Actively managed Capitalizes on supply/demand imbalances:

-- Within the muni market

-- Across the yield curve Seeks to add value by taking advantage of

long-term credit trends Offers bonds to retail systems at

marked-up levels

Seeks after-tax total return and capital preservation

Actively managed Capitalizes on supply/demand imbalances:

-- Within the muni market -- Across the yield curve -- Between munis and US Treasurys Seeks to generate alpha by acting like a "trading desk" on behalf of clients

Customization and product availability vary by firm.

5 | Municipal bonds

Quality3 AA | A | BBB

A- or better

State Options

National State-Specific* State Preference*

(Generally target 50% in state) Best Efforts*

(Generally target 20% in state)

Duration4

Any combination of maturity ranges between 1 to 20 years

National State-Specific* State Preference*

(Generally target 50% in state)

Short: Intermediate: Long:

3-5 years 4-6 years 6-8 years

AA- or better

National

Short: Intermediate: Long:

4 years 6 years 6-8 years

*State-Specific, State Preference and Best Efforts available in A- minimum only. UT includes reciprocal states. State Preference and Best Efforts generally target 50% and 20% in state, respectively.

?Ratings are based on Moody's, S&P or Fitch, as applicable. Credit ratings are based largely on the ratings agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a ratings agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings of BBB or higher by Standard and Poor's or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. All strategies may not be available at all firms.

These represent approximations. Actual duration can vary from what is stated above.

6 | Municipal bonds

Municipal bond suite

Our municipal bond suite offers specialized strategies that provide investors with choices for maturity, credit quality, state preference and Responsible Investing options.

Separately Managed Accounts Parametric TABS Municipal Ladders Parametric TABS Total Return Limited Maturity Parametric TABS Total Return Intermediate Maturity Parametric TABS Total Return Long Maturity Parametric TABS Managed Municipals - Short Parametric TABS Managed Municipals - Intermediate Parametric TABS Managed Municipals - Long

Tax-Advantaged Bond Strategies (TABS) Funds

Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund EILBX

Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund EILTX

Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund EITTX

Parametric TABS Intermediate-Term Municipal Bond Fund

ETIIX

Parametric TABS Short-Term Municipal Bond Fund

EIBSX

National Funds AMT-Free Municipal Income Fund Calvert Responsible Municipal Income Fund National Ultra-Short Municipal Income Fund High Yield Municipal Income Fund Municipal Opportunities Fund National Limited Maturity Municipal Income Fund National Municipal Income Fund Short Duration Municipal Opportunities Fund

EVMBX CTTIX EILMX EIHYX EMOIX EINAX EIHMX EMAIX

State Funds Arizona Municipal Income Fund California Municipal Opportunities Fund Connecticut Municipal Income Fund Georgia Municipal Income Fund Maryland Municipal Income Fund Massachusetts Municipal Income Fund Minnesota Municipal Income Fund Missouri Municipal Income Fund New Jersey Municipal Income Fund New York Municipal Income Fund New York Municipal Opportunities Fund North Carolina Municipal Income Fund Ohio Municipal Income Fund Oregon Municipal Income Fund Pennsylvania Municipal Income Fund South Carolina Municipal Income Fund Virginia Municipal Income Fund

EIAZX EICAX EICTX EIGAX EIMDX EIMAX EIMNX EIMOX EINJX EINYX ENYIX EINCX EIOHX EIORX EIPAX EISCX EVAIX

ource: The Bond Buyer, 12/31/2017. 2Source: Financial accounts of the United States, 06/07/2018.

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