<SEC-DOCUMENT>0000940394-18-000581.txt : 20180327
<SEC-HEADER>0000940394-18-000581.hdr.sgml : 20180327
<ACCEPTANCE-DATETIME>20180327170221
ACCESSION NUMBER:		0000940394-18-000581
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180327
DATE AS OF CHANGE:		20180327
EFFECTIVENESS DATE:		20180327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EATON VANCE MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001074540
		IRS NUMBER:				046880058

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-210445
		FILM NUMBER:		18716141

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>evnpea2final.htm
<DESCRIPTION>EATON VANCE MUNICIPAL INCOME TRUST 497 DTD 3-27-2018
<TEXT>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">Prospectus Supplement</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">(To Prospectus dated March 27, 2018)</P>

<P STYLE="font: 18pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center"><B>Eaton Vance Municipal Income
Trust</B></P>

<P STYLE="font: 14pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Up to 1,140,894 Common Shares</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Eaton Vance Municipal Income Trust (the &ldquo;Trust,&rdquo;
&ldquo;we,&rdquo; or &ldquo;our&rdquo;) is a diversified, closed-end management investment company which commenced operations on
January 29, 1999. Our investment objective is to provide current income exempt from regular federal income tax.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Trust has entered into a distribution agreement
dated September 26, 2016 (the &ldquo;Distribution Agreement&rdquo;) with Eaton Vance Distributors, Inc. (the &ldquo;Distributor&rdquo;)
relating to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus dated March 27, 2018. The Distributor
has entered into a dealer agreement, dated September 26, 2016, (the &ldquo;Dealer Agreement&rdquo;) with UBS Securities LLC (the
&ldquo;Dealer&rdquo;) with respect to the Trust relating to the Common Shares offered by this Prospectus Supplement and the accompanying
Prospectus. In accordance with the terms of the Dealer Agreement, we may offer and sell our Common Shares, $0.01 par value per
share, from time to time through the Dealer as sub-placement agent for the offer and sale of the Common Shares. Under the Investment
Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Trust may not sell any Common Shares at a price below the current
net asset value of such Common Shares, exclusive of any distributing commission or discount.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Our Common Shares are listed on the New York Stock
Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;EVN.&rdquo; As of March 23, 2018, the last reported sale price for our Common
Shares on the NYSE was $11.45 per share.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Sales of our Common Shares, if any, under this Prospectus
Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at
the market&rdquo; as defined in Rule 415 under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), including sales
made directly on the NYSE or sales made to or through a market maker other than on an exchange.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Trust will compensate the Distributor with respect
to sales of the Common Shares at a commission rate of 1% of the gross proceeds of the sale of Common Shares. The Distributor will
compensate the Dealer out of this commission at a certain percentage rate of the gross proceeds of the sale of Common Shares sold
under the Dealer Agreement, with the exact amount of such compensation to be mutually agreed upon by the Distributor and the Dealer
from time to time. In connection with the sale of the Common Shares on the Trust&rsquo;s behalf, the Distributor may be deemed
to be an &ldquo;underwriter&rdquo; within the meaning of the 1933 Act and the compensation of the Dealer may be deemed to be underwriting
commissions or discounts.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Common Shares have traded both at a premium and
a discount to net asset value (&ldquo;NAV&rdquo;). The Trust cannot predict whether Common Shares will trade in the future at a
premium or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares (less
any underwriting commissions and discounts) must equal or exceed the NAV per share of a company&rsquo;s common stock (calculated
within 48 hours of pricing). The Trust&rsquo;s issuance of Common Shares may have an adverse effect on prices in the secondary
market for the Trust&rsquo;s Common Shares by increasing the number of Common Shares available, which may put downward pressure
on the market price for the Trust&rsquo;s Common Shares. Shares of common stock of closed-end investment companies frequently trade
at a discount from NAV, which may increase investors&rsquo; risk of loss.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Investing in our securities involves certain risks.
You could lose some or all of your investment. See &ldquo;Investment Objective, Policies and Risks&rdquo; beginning on page 22
of the accompanying Prospectus. You should consider carefully these risks together with all of the other information contained
in this Prospectus Supplement and the accompanying Prospectus before making a decision to purchase our securities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Neither the Securities and Exchange Commission nor
any state securities commission has approved or disapproved of these securities or determined if this Prospectus Supplement or
the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center"><B>Prospectus Supplement dated March
27, 2018<BR STYLE="clear: both">
</B></P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">This Prospectus Supplement, together with the accompanying
Prospectus, sets forth concisely the information about the Trust that you should know before investing. You should read this Prospectus
Supplement and the accompanying Prospectus, which contain important information, before deciding whether to invest in our securities.
You should retain the accompanying Prospectus and this Prospectus Supplement for future reference. A Statement of Additional Information,
dated March 27, 2018 as supplemented from time to time, containing additional information about the Trust, has been filed with
the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and is incorporated by reference in its entirety into this Prospectus
Supplement and the accompanying Prospectus. This Prospectus Supplement, the accompanying Prospectus and the Statement of Additional
Information are part of a &ldquo;shelf&rdquo; registration statement that we filed with the SEC. This Prospectus Supplement describes
the specific details regarding this offering, including the method of distribution. If information in this Prospectus Supplement
is inconsistent with the accompanying Prospectus or the Statement of Additional Information, you should rely on this Prospectus
Supplement. You may request a free copy of the Statement of Additional Information, the table of contents of which is on page 48
of the accompanying Prospectus, request a free copy of our annual and semi-annual reports, request other information or make shareholder
inquiries, by calling toll-free 1-800-262-1122 or by writing to the Trust at Two International Place, Boston, Massachusetts 02110.
The Trust&rsquo;s annual and semi-annual reports also are available on our website at http://www.eatonvance.com and on the SEC&rsquo;s
website, as described below, where the Trust&rsquo;s Statement of Additional Information can be obtained. Information included
on our website does not form part of this Prospectus Supplement or the accompanying Prospectus. You can review and copy documents
we have filed at the SEC&rsquo;s Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information. The SEC charges
a fee for copies. You can get the same information free from the SEC&rsquo;s website (http://www.sec.gov). You may also e-mail
requests for these documents to publicinfo@sec.gov or make a request in writing to the SEC&rsquo;s Public Reference Section, Washington,
D.C. 20549-1520.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Our securities do not represent a deposit or obligation
of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not federally insured by the
Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>TABLE OF CONTENTS</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">You should rely only on the information contained in,
or incorporated by reference into, this Prospectus Supplement and the accompanying Prospectus in making your investment decisions.
The Trust has not authorized any person to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely on it. The Trust is not making an offer to sell the securities in any jurisdiction where the offer
or sale is not permitted. You should assume that the information in this Prospectus Supplement and the accompanying Prospectus
is accurate only as of the dates on their covers. The Trust&rsquo;s business, financial condition and prospects may have changed
since the date of its description in this Prospectus Supplement or the date of its description in the accompanying Prospectus.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%"><B>Prospectus Supplement</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">&#8194;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 92%; padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Prospectus Supplement Summary&#9;</FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Capitalization&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Summary of Trust Expenses&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Market and Net Asset Value Information&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Use of Proceeds&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Plan of Distribution&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Legal Matters&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Available Information&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">&#8194;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%"><B>Prospectus</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">&#8194;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Prospectus Summary&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Summary of Trust Expenses&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Financial Highlights and Investment Performance</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">The Trust&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Use of Proceeds&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Portfolio Composition&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Investment Objective, Policies and Risks&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%"></FONT>22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Management of the Trust&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">38</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Plan of Distribution&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Distributions&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">41</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Federal Income Tax Matters&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">41</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Dividend Reinvestment Plan&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Description of Capital Structure&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">44</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Custodian and Transfer Agent&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Legal Opinions&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Reports to Shareholders&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Independent Registered Public Accounting Firm</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Additional Information&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">Table of Contents for the Statement of &nbsp;Additional Information&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">48</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">The Trust's Privacy Policy&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 93%">49</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Until April 21, 2018 (25 days after the date of this Prospectus
Supplement), all dealers that buy, sell or trade the Common Shares, whether or not participating in this offering, may be required
to deliver the Prospectus and this Prospectus Supplement. This requirement is in addition to the dealers&rsquo; obligation to deliver
the Prospectus and this Prospectus Supplement when acting as underwriters and with respect to their unsold allotments or subscriptions.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center; text-indent: 40pt"><B>CAUTIONARY
NOTICE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">This Prospectus Supplement, the accompanying Prospectus
and the Statement of Additional Information contain &ldquo;forward-looking statements.&rdquo; Forward-looking statements can be
identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; and similar terms and the negative of such terms. Such forward-looking
statements may be contained in this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking
statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities
we hold, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings with
the SEC.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Although we believe that the expectations expressed
in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our
forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements,
are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the &ldquo;Investment Objective,
Policies and Risks&rdquo; section of the accompanying Prospectus. All forward-looking statements contained or incorporated by reference
in this Prospectus Supplement or the accompanying Prospectus are made as of the date of this Prospectus Supplement or the accompanying
Prospectus, as the case may be. Except for our ongoing obligations under the federal securities laws, we do not intend, and we
undertake no obligation, to update any forward-looking statement. The forward-looking statements contained in this Prospectus Supplement,
the accompanying Prospectus and the Statement of Additional Information are excluded from the safe harbor protection provided by
section 27A of the 1933 Act.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Currently known risk factors that could cause actual results
to differ materially from our expectations include, but are not limited to, the factors described in the &ldquo;Investment Objective,
Policies and Risks&rdquo; section of the accompanying Prospectus. We urge you to review carefully that section for a more detailed
discussion of the risks of an investment in our securities.</P>


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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Prospectus Supplement Summary</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt"><I>The following summary is qualified in its entirety
by reference to the more detailed information included elsewhere in this Prospectus Supplement and in the accompanying Prospectus
and in the Statement of Additional Information.</I></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>THE TRUST</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Eaton Vance Municipal Income Trust (the &ldquo;Trust,&rdquo;
&ldquo;we,&rdquo; or &ldquo;our&rdquo;) is a diversified, closed-end management investment company, which commenced operations
on January 29, 1999. The Trust offers investors the opportunity to receive current income exempt from regular federal income tax
through a professionally managed portfolio of municipal obligations. Investments are based on Eaton Vance Management's (&ldquo;Eaton
Vance&rdquo; or the &ldquo;Adviser&rdquo;) research and ongoing credit analysis, the underlying materials which are generally not
available to individual investors. An investment in the Trust may not be appropriate for all investors, and there is no assurance
that the Trust will achieve its investment objective.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>THE ADVISER</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Eaton Vance acts as the Trust's investment adviser
under an Investment Advisory Agreement (the &ldquo;Advisory Agreement&rdquo;). The Adviser's principal office is located at Two
International Place, Boston, MA 02110. Eaton Vance, its affiliates and predecessor companies have been managing assets of individuals
and institutions since 1924 and of investment companies since 1931. As of January 31, 2018, Eaton Vance and its affiliates managed
approximately $449.2 billion of fund and separate account assets on behalf of clients, including 51 open-end and closed-end municipal
bond funds with combined assets of approximately $15.0 billion. Eaton Vance is a wholly-owned subsidiary of Eaton Vance Corp.,
a publicly-held holding company, which through its subsidiaries and affiliates engages primarily in investment management, administration
and marketing activities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Under the general supervision of the Trust's Board,
the Adviser will carry out the investment and reinvestment of the assets of the Trust, will furnish continuously an investment
program with respect to the Trust, will determine which securities should be purchased, sold or exchanged, and will implement such
determinations. The Adviser will furnish to the Trust investment advice and provide related office facilities, equipment and personnel
for servicing the investments of the Trust. The Adviser will compensate all Trustees and officers of the Trust who are members
of the Adviser's organization and who render investment services to the Trust, and will also compensate all other Adviser personnel
who provide research and investment services to the Trust. In return for these services, facilities and payments, the Trust has
agreed to pay the Adviser as compensation under the Advisory Agreement an annual investment advisory fee calculated as a percentage
of the Trust&rsquo;s average weekly gross assets. The annual advisory fee rate for the 12 month period ending April 30, 2018 is
0.580% (0.595% prior to May 1, 2017) of the Trust&rsquo;s average weekly gross assets. Such rate will be reduced by 0.015% on May
1 of each year thereafter through April 30, 2030. For purposes of the advisory fee calculation, gross assets are calculated by
deducting accrued liabilities of the Trust except the principal amount of any indebtedness for money borrowed, which includes (i)
debt securities issued by the Trust, (ii) the liquidation value of any outstanding preferred shares issued by the Trust and (iii)
the amount payable by the Trust to floating-rate note holders, provided that the total of the liquidation value of preferred shares
and the amount payable to floating-rate note holders is limited to the value of the Trust&rsquo;s APS shares prior to any APS redemptions
by the Trust. During periods in which the Trust is using leverage, the fees paid to Eaton Vance for investment advisory services
will be higher than if the Trust did not use leverage because the fees paid will be calculated on the basis of the Trust&rsquo;s
gross assets, including proceeds from any borrowings and from the issuance of preferred shares.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>THE OFFERING</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust has entered into a distribution agreement dated September
26, 2016 (the &ldquo;Distribution Agreement&rdquo;) with Eaton Vance Distributors, Inc. (the &ldquo;Distributor&rdquo;) relating
to the Common Shares of beneficial interest (the &ldquo;Common Shares&rdquo;), offered by this Prospectus Supplement and the accompanying
Prospectus dated March 27, 2018 (the &ldquo;Offering&rdquo;). The Distributor has entered into a dealer agreement dated September
26, 2016 (the &ldquo;Dealer Agreement&rdquo;) with UBS Securities LLC (the &ldquo;Dealer&rdquo;) with respect to the Trust relating
to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the
Dealer Agreement, the Trust may offer and sell up to 1,140,894 Common Shares, par value $0.01 per Common Share, from time to time
through the Dealer as sub-placement agent for the offer and sale of the Common Shares.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Offerings of the Common Shares will be subject to
the provisions of the 1940 Act, which generally require that the public offering price of common shares of a closed-end investment
company (exclusive of distribution commissions and discounts) must equal or exceed the net asset value per share of the company&rsquo;s
common shares (calculated within 48 hours of pricing), absent shareholder approval or under certain other circumstances.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Sales of the Common Shares, if any, under this Prospectus
Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at
the market&rdquo; as defined in Rule 415 under the 1933 Act, including sales made directly on the New York Stock Exchange (&ldquo;NYSE&rdquo;)
or sales made to or through a market maker other than on an exchange. The Common Shares may not be sold through agents, underwriters
or dealers without delivery or deemed delivery of a Prospectus and an accompanying Prospectus Supplement describing the method
and terms of the offering of Common Shares.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>LISTING AND SYMBOL</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Trust&rsquo;s currently outstanding Common Shares
are listed on the NYSE under the symbol &ldquo;EVN.&rdquo; Any new Common Shares offered and sold hereby are expected to be listed
on the NYSE and trade under this symbol. The net asset value of the Common Shares on March 23, 2018 was $12.93 per share. As of
March 23, 2018, the last reported sale price for the Common Shares was $11.45.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Trust currently intends to invest substantially
all of the net proceeds of any sales of Common Shares pursuant to this Prospectus Supplement in accordance with its investment
objective and policies as described in the accompanying Prospectus under &ldquo;Investment Objective, Policies and Risks&rdquo;
within three months of receipt of such proceeds. Such investments may be delayed up to three months if suitable investments are
unavailable at the time or for other reasons, such as market volatility and lack of liquidity in the markets of suitable investments.
Pending such investment, the Trust anticipates that it will invest the proceeds in short-term money market instruments, securities
with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use of proceeds could lower
returns and reduce the Trust&rsquo;s distribution to the holders of Common Shares (&ldquo;Common Shareholders&rdquo;) or result
in a distribution consisting principally of a return of capital.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Capitalization</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">We may offer and sell up to 1,140,894 of our Common Shares,
$0.01 par value per share, from time to time through the Dealer as sub-placement agent under this Prospectus Supplement and the
accompanying Prospectus. There is no guarantee that there will be any sales of our Common Shares pursuant to this Prospectus Supplement
and the accompanying Prospectus.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">The table below assumes that we will sell 1,140,894 Common
Shares at a price of $11.45 per share (the last reported sale price per share of our Common Shares on the NYSE on March 23, 2018).
Actual sales, if any, of our Common Shares under this Prospectus Supplement and the accompanying Prospectus may be greater or less
than $11.45 per share, depending on the market price of our Common Shares at the time of any such sale. To the extent that the
market price per share of our Common Shares on any given day is less than the net asset value per share on such day, we will instruct
the Dealer not to make any sales on such day.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">The following table sets forth our capitalization:</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
a historical basis as of November 30, 2017 (audited); and</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
a pro forma as adjusted basis to reflect the assumed sale of 1,140,894 Common Shares at $11.45 per share (the last reported sale
price for our Common Shares on the NYSE on March 23, 2018), in an offering under this Prospectus Supplement and the accompanying
Prospectus, after deducting the assumed commission of $130,632 (representing an estimated commission to the Distributor of 1% of
the gross proceeds of the sale of Common Shares, of which a certain percentage will be paid to the Dealer in connection with sales
of Common Shares effected in this offering).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>As of</B></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>November 30, 2017</B></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>(audited)</B></P></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>Pro Forma</B></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 3pt"><B>(unaudited)</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; line-height: 115%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Actual</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; line-height: 115%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As adjusted</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;315,079,942</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;328,012,546</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common shares outstanding, $0.01 par value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;23,782,344</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;24,923,238</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paid-in capital</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;295,963,204</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;308,895,808</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accumulated distributions in excess of net investment income</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;600,587</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;600,587</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accumulated net realized loss on investments, futures contracts and foreign currency transactions</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;(22,196,773)</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;(22,196,773)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net unrealized appreciation (depreciation) on investments, futures contracts and swap contracts</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;40,712,924</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;40,712,924</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;315,079,942</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9;$&#9;328,012,546</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net asset value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; line-height: 115%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$13.25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; line-height: 115%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$13.16</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Summary of Trust Expenses</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt">The purpose of the table below is to help you understand
all fees and expenses that you, as a holder of Common Shares (&ldquo;Common Shareholder&rdquo;), would bear directly or indirectly.
The table reflects outstanding APS in an amount equal to 2.7% and outstanding iMTP in an amount equal to 12.6% of the Trust&rsquo;s
average net assets and average leverage attributable to floating-rate notes for the year ended November 30, 2017 in an amount equal
to 26.5% of the Trust&rsquo;s total assets (including such APS, iMTP and floating-rate notes) and shows Trust expenses as a percentage
of net assets attributable to Common Shares.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding: 3pt 5.5pt 3pt 2.9pt; font: 9pt/10pt NewsGoth XCn BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Common Shareholder transaction expenses</U></B></FONT></TD>
    <TD STYLE="width: 30%; padding: 3pt 5.5pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales load paid by you (as a percentage of offering price)&#9;</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1%<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Offering expenses (as a percentage of offering price)&#9;</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend reinvestment plan fees&#9;</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None<SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8194;</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Annual expenses</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.5pt; padding-left: 5.5pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Percentage of net assets</B></P>
        <P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>attributable
        to</B></P>
        <P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>
        <P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Common Shares</U><SUP>(4)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Management fee&#9;</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.20%<SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest expenses&#9;</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.25%<SUP>(6)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other expenses&#9;</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.13%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 13.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total annual expenses&#9;</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.58%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividends on preferred shares&#9;</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.06%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt 3pt 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total annual Trust operating expenses and dividends on preferred shares</FONT></TD>
    <TD STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.5pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.64%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>EXAMPLE</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt">The following example illustrates the expenses that
Common Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total annual expenses of 2.64% of net assets
attributable to Common Shares in years 1 through 10; (ii) a sales load of 1.00%; (iii) a 5% annual return; and (iv) all distributions
are reinvested at NAV:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1 Year</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3 Years</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5 Years</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10 Years</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$36</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$91</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$149</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$304</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt">The above table and example and the assumption in
the example of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed
5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Trust&rsquo;s Common
Shares. For more complete descriptions of certain of the Trust&rsquo;s costs and expenses, see &ldquo;Management of the Trust.&rdquo;
In addition, while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Trust&rsquo;s
dividend reinvestment plan may receive Common Shares purchased or issued at a price or value different from NAV. See &ldquo;Distributions&rdquo;
and &ldquo;Dividend Reinvestment Plan.&rdquo; The example does not include estimated offering costs, which would cause the expenses
shown in the example to increase.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">The example should not be considered a representation
of past or future expenses, and the Trust&rsquo;s actual expenses may be greater or less than those shown. Moreover, the Trust&rsquo;s
actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">___________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(1)</SUP></TD><TD>Represents the estimated commission with respect to the Trust&rsquo;s Common Shares being sold in this offering. There is no
guarantee that there will be any sales of the Trust&rsquo;s Common Shares pursuant to this Prospectus Supplement and the accompanying
Prospectus. Actual sales of the Trust&rsquo;s Common Shares under this Prospectus Supplement and the accompanying Prospectus, if
any, may be less than as set forth under &ldquo;Capitalization&rdquo; above. In addition, the price per share of any such sale
may be greater or less than the price set forth under &ldquo;Capitalization&rdquo; above, depending on market price of the Trust&rsquo;s
Common shares at the time of any such sale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(2)</SUP></TD><TD>Eaton Vance will pay the expenses of the Offering (other than the applicable commissions); therefore, Offering expenses are
not included in the Summary of Trust Expenses. Offering expenses generally include, but are not limited to, the preparation, review
and filing with the SEC of the Trust&rsquo;s registration statement (including this Prospectus Supplement and the accompanying
Prospectus and the Statement of Additional Information), the preparation, review and filing of any associated marketing or similar
materials, costs associated with the printing, mailing or other distribution of the Prospectus Supplement, the accompanying Prospectus,
the Statement of Additional Information and/or marketing materials, associated filing fees, NYSE listing fees, and legal and auditing
fees associated with the Offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(3)</SUP></TD><TD>You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your Common Shares
held in a dividend reinvestment account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(4)</SUP></TD><TD>Stated as a percentage of average net assets attributed to Common Shares for the year ended November 30, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(5)</SUP></TD><TD>The advisory fee paid by the Trust to the Adviser is based on the average weekly gross assets of the Trust, including all assets
attributable to any form of investment leverage that the Trust may utilize. Accordingly, if the Trust were to increase investment
leverage in the future, the advisory fee will increase as a percentage of net assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><SUP>(6)</SUP></TD><TD>&ldquo;Interest Expenses&rdquo; relate to the Trust&rsquo;s liability with respect to floating-rate notes held by third parties
in conjunction with investments in residual interest bonds. The Trust records offsetting interest income in an amount at least
equal to this expense relating to the municipal obligations underlying such transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Market and Net Asset Value Information</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Our Common Shares are listed on the NYSE under the
symbol &ldquo;EVN.&rdquo; Our Common Shares commenced trading on the NYSE in 1999.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Our Common Shares have traded both at a premium and a
discount to net asset value or NAV. We cannot predict whether our shares will trade in the future at a premium or discount to NAV.
The provisions of the 1940 Act generally require that the public offering price of Common Shares (less any underwriting commissions
and discounts) must equal or exceed the NAV per share of a company&rsquo;s common stock (calculated within 48 hours of pricing).
Our issuance of Common Shares may have an adverse effect on prices in the secondary market for our Common Shares by increasing
the number of Common Shares available, which may put downward pressure on the market price for our Common Shares. Shares of Common
Stock of closed-end investment companies frequently trade at a discount from NAV. See &ldquo;Prospectus Summary&mdash;Special Risk
Considerations&mdash;Discount from or premium to NAV&rdquo; on page 11 of the accompanying Prospectus.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt">The following table sets forth for each of the periods
indicated the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium
or discount to NAV per share at which the Trust&rsquo;s Common Shares were trading as of such date. NAV is determined no less frequently
than daily, generally on each day of the week that the NYSE is open for trading. See &ldquo;Determination of net asset value&rdquo;
on page 26 of the accompanying Statement of Additional Information for information as to the determination of the Trust&rsquo;s
net asset value.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market Price</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center"><B>NAV per Share on Date<BR>
        of Market Price</B></P>
        <P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center"><B>High and Low</B></P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center"><B>NAV Premium/(Discount) on Date<BR>
        of Market Price</B></P>
        <P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center"><B>High and Low</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 21%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Quarter Ended</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>High </U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Low</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>High </U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Low</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 14%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>High </U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 15%; padding: 3pt 5.4pt; font: 9pt/10pt NewsGoth XCn BT; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Low</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">February 28, 2018</FONT></TD>
    <TD NOWRAP STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$12.49</FONT></TD>
    <TD NOWRAP STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$11.56</FONT></TD>
    <TD NOWRAP STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$13.52</FONT></TD>
    <TD NOWRAP STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$13.00</FONT></TD>
    <TD NOWRAP STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7.62)%</FONT></TD>
    <TD NOWRAP STYLE="font: 9pt/10pt NewsGoth XCn BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(11.08)%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt">The last reported sale price, NAV per Common Share
and percentage premium/(discount) to NAV per Common Share on March 23, 2018, were $11.45, $12.93 and (11.45)%, respectively. As
of March 23, 2018, we had 23,782,344 Common Shares outstanding and net assets of approximately $307,463,963.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-indent: -4.5pt">The following table provides
information about our outstanding Common Shares as of March 23, 2018:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 18%; border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Title of Class</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Amount Authorized</B></FONT></TD>
    <TD STYLE="width: 40%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Amount Held by the Trust or for its Account</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Amount Outstanding</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unlimited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,782,344</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Use of Proceeds</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Sales of our Common Shares, if any, under this Prospectus
Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at
the market&rdquo; as defined in Rule 415 under the 1933 Act, including sales made directly on the NYSE or sales made to or through
a market maker other than on an exchange. There is no guarantee that there will be any sales of our Common Shares pursuant to this
Prospectus Supplement and the accompanying Prospectus. Actual sales, if any, of our Common Shares under this Prospectus Supplement
and the accompanying Prospectus may be less than as set forth below in this paragraph. In addition, the price per share of any
such sale may be greater or less than the price set forth in this paragraph, depending on the market price of our Common Shares
at the time of any such sale. As a result, the actual net proceeds we receive may be more or less than the amount of net proceeds
estimated in this Prospectus Supplement. Assuming the sale of all of the Common Shares offered under this Prospectus Supplement
and the accompanying Prospectus, at the last reported sale price of $11.45 per share for our Common Shares on the NYSE as of March
23, 2018, we estimate that the net proceeds of this offering will be approximately $12,932,604 after deducting the estimated sales
load and the estimated offering expenses payable by the Trust.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Subject to the remainder of this section, the Trust currently
intends to invest substantially all of the net proceeds of any sales of Common Shares pursuant to this Prospectus Supplement in
accordance with its investment objective and policies as described in the accompanying Prospectus under &ldquo;Investment Objective,
Policies and Risks&rdquo; within three months of receipt of such proceeds. Such investments may be delayed up to three months if
suitable investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity in the markets
of suitable investments. Pending such investment, the Trust anticipates that it will invest the proceeds in short-term money market
instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use
of proceeds could lower returns and reduce the Trust&rsquo;s distribution to Common Shareholders or result in a distribution consisting
principally of a return of capital.</P>


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<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Plan of Distribution</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Under the Dealer Agreement between the Distributor
and the Dealer, upon written instructions from the Distributor, the Dealer will use its reasonable best efforts, to sell, as sub-placement
agent, the Common Shares under the terms and subject to the conditions set forth in the Dealer Agreement. The Dealer&rsquo;s solicitation
will continue until the Distributor instructs the Dealer to suspend the solicitations and offers. The Distributor will instruct
the Dealer as to the amount of Common Shares to be sold by the Dealer. The Distributor may instruct the Dealer not to sell Common
Shares if the sales cannot be effected at or above the price designated by the Distributor in any instruction. To the extent that
the market price per share of the Trust&rsquo;s Common Shares on any given day is less than the net asset value per share on such
day, the Distributor will instruct the Dealer not to make any sales on such day. The Distributor or the Dealer may suspend the
offering of Common Shares upon proper notice and subject to other conditions.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Dealer will provide written confirmation to the
Distributor following the close of trading on the day on which Common Shares are sold under the Dealer Agreement. Each confirmation
will include the number of shares sold on the preceding day, the net proceeds to the Trust and the compensation payable by the
Distributor to the Dealer in connection with the sales.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Trust will compensate the Distributor with respect
to sales of the Common Shares at a commission rate of 1.00% of the gross proceeds of the sale of Common Shares. The Distributor
will compensate the Dealer for its services in acting as sub-placement agent in the sale of Common Shares out of this commission
at a certain percentage rate of the gross proceeds of the sale of Common Shares sold under the Dealer Agreement, with the exact
amount of such compensation to be mutually agreed upon by the Distributor and the Dealer from time to time. There is no guarantee
that there will be any sales of the Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual
sales, if any, of the Common Shares under this Prospectus Supplement and the accompanying Prospectus may be greater or less than
the price set forth in this paragraph, depending on the market price of Common Shares at the time of any such sale. Eaton Vance
will pay the expenses of the Offering (other than the applicable commissions).</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Settlement for sales of Common Shares will occur on
the third trading day following the date on which such sales are made, in return for payment of the net proceeds to the Trust.
There is no arrangement for funds to be received in an escrow, trust or similar arrangement.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Distributor has agreed to provide indemnification
and contribution to the Dealer against certain civil liabilities, including liabilities under the 1933 Act.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Dealer Agreement will remain in full force and
effect unless terminated by either party upon 30 days&rsquo; written notice to the other party.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The principal business address of the Dealer is 1285
Avenue of the Americas, New York, NY 10019.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">The Dealer and its affiliates hold or may hold in
the future, directly or indirectly, investment interests in the Distributor and its funds. The interests held by the Dealer or
its affiliates are not attributable to, and no investment discretion is held by, the Dealer or its affiliates.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Legal Matters</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Certain legal matters in connection with the Common
Shares will be passed upon for the Trust by internal counsel for Eaton Vance.</P>


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<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Available Information</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">We are subject to the informational requirements of
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and the 1940 Act and are required to file reports,
including annual and semi-annual reports, proxy statements and other information with the SEC. These documents are available on
the SEC&rsquo;s EDGAR system and can be inspected and copied for a fee at the SEC&rsquo;s public reference room, 100 F Street,
N.E., Room 1580, Washington, D.C. 20549. Additional information about the operation of the public reference room facilities may
be obtained by calling the SEC at 1-202-551-8090.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">This Prospectus Supplement, the accompanying Prospectus
and the Statement of Additional Information do not contain all of the information in our registration statement, including amendments,
exhibits, and schedules that the Trust has filed with the SEC (file No. 333-210445). Statements in this Prospectus Supplement and
the accompanying Prospectus about the contents of any contract or other document are not necessarily complete and in each instance
reference is made to the copy of the contract or other document filed as an exhibit to the registration statement, each such statement
being qualified in all respects by this reference.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">Additional information about us can be found in our registration
statement (including amendments, exhibits, and schedules) on Form N-2 filed with the SEC. The SEC maintains a web site (http://www.sec.gov)
that contains our registration statement, other documents incorporated by reference, and other information we have filed electronically
with the SEC, including proxy statements and reports filed under the Exchange Act.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>

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<P STYLE="color: white; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><IMG SRC="evlogo_102.jpg" ALT="" STYLE="height: 28.5pt; width: 112.5pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">BASE PROSPECTUS<BR>
<BR>
<BR>
<BR>
</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Up to 2,610,553 Shares</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Municipal Income Trust</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Common Shares</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Objective and Policies.</B></FONT> Eaton Vance Municipal Income Trust (the &ldquo;Trust&rdquo;) is a diversified, closed-end management
investment company, which commenced operations on January 29, 1999. The Trust&rsquo;s investment objective is to provide current
income exempt from regular federal income tax. The Trust pursues its investment objective by investing primarily in investment
grade municipal securities. The Trust may also invest a portion of its assets in higher risk, higher yielding municipal securities
of lesser quality. The Trust&rsquo;s net asset value (&ldquo;NAV&rdquo;) and distribution rate will vary, and may be affected by
several factors, including changes in interest rates and the credit quality of municipal issuers. Fluctuations in NAV may be magnified
as a result of the Trust&rsquo;s use of leverage, which is a speculative investment technique. An investment in the Trust may not
be appropriate for all investors, particularly those subject to the federal alternative minimum tax (&ldquo;AMT&rdquo;). Closed-end
fund shares frequently trade at a discount to their NAV. There is no assurance that the Trust will achieve its investment objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Adviser.</B></FONT> The Trust&rsquo;s investment adviser is Eaton Vance Management (&ldquo;Eaton Vance&rdquo; or the &ldquo;Adviser&rdquo;).
As of January 31, 2018, Eaton Vance and its affiliates managed approximately $449.2 billion of fund and separate account assets
on behalf of clients, including 51 open-end and closed-end municipal bond funds with combined assets of approximately $15.0 billion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Offering.</B></FONT> The Trust may offer, from time to time, in one or more offerings (each, an &ldquo;Offering&rdquo;), the Trust&rsquo;s
common shares of beneficial interest, $0.01 par value (&ldquo;Common Shares&rdquo;). Common Shares may be offered at prices and
on terms to be set forth in one or more supplements to this Prospectus (each, a &ldquo;Prospectus Supplement&rdquo;). You should
read this Prospectus and the applicable Prospectus Supplement carefully before you invest in Common Shares. Common Shares may be
offered directly to one or more purchasers, through agents designated from time to time by us, or to or through underwriters or
dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved in the offer
or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount arrangement
between the Trust and its agents or underwriters, or among its underwriters, or the basis upon which such amount may be calculated,
net proceeds and use of proceeds, and the terms of any sale. The Trust may not sell any Common Shares through agents, underwriters
or dealers without delivery of a Prospectus Supplement describing the method and terms of the particular Offering of the Common
Shares. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(continued on inside cover page)</I></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Common Shares have traded both at a premium and a discount
to NAV. The Trust cannot predict whether Common Shares will trade in the future at a premium or discount to NAV. The provisions
of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) generally require that the public offering price
of common shares (less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company&rsquo;s
common stock (calculated within 48 hours of pricing). The Trust&rsquo;s issuance of Common Shares may have an adverse effect on
prices in the secondary market for the Trust&rsquo;s Common Shares by increasing the number of Common Shares available, which may
put downward pressure on the market price for the Trust&rsquo;s Common Shares. Shares of common stock of closed-end investment
companies frequently trade at a discount from NAV, which may increase investors&rsquo; risk of loss.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investing in shares involves certain risks, including that
the Trust will invest substantial portions of its assets in below investment grade quality securities with speculative characteristics.
See &ldquo;Investment Objective, Policies and Risks&rdquo; beginning at page 22.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Neither the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>(continued from previous page)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Contents.</B></FONT> During normal market conditions, the Trust will invest at least 80% of its total assets in debt obligations
issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their political
subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (&ldquo;municipal
obligations&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At least 65% of the Trust&rsquo;s total assets normally will
be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher
by Moody&rsquo;s Investors Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;) or BBB or higher by either S&amp;P Global Ratings (&ldquo;S&amp;P&rdquo;)
or by Fitch Ratings (&ldquo;Fitch&rdquo;)), or, if unrated, determined by Eaton Vance to be of at least investment grade quality.
From time to time, the Trust may hold a significant number of municipal obligations not rated by a nationally recognized statistical
rating organization (&ldquo;Rating Agency&rdquo;). When the Trust invests in unrated municipal obligations, it may be more dependent
on Eaton Vance&rsquo;s research capabilities than when it invests in rated municipal obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest up to 35% of its total assets in municipal
obligations rated below investment grade by each of Moody&rsquo;s, S&amp;P and Fitch (but no more than 30% of total assets may
be rated lower than B by each of Moody&rsquo;s, S&amp;P and Fitch) and unrated municipal obligations considered to be of comparable
quality by Eaton Vance. Investment in municipal obligations of below investment grade quality involves special risks as compared
with investment in higher grade municipal obligations. These risks include greater sensitivity to a general economic downturn,
greater market price volatility and less secondary market trading. Securities rated below investment grade are commonly known as
&ldquo;junk bonds.&rdquo; Such securities are regarded, on balance, as predominantly speculative with respect to the issuer&rsquo;s
ability to pay interest and repay principal owed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may purchase and sell various kinds of financial futures
contracts and related options, including futures contracts and related options based on various debt securities and securities
indices, as well as interest rate swaps and forward rate contracts, to seek to hedge against changes in interest rates, as a substitute
for the purchase of securities or for other risk management purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Interest income from certain types of municipal obligations may
be a tax preference item for purposes of the AMT for individual investors. Distributions to corporate investors of certain interest
income may also be indirectly subject to the AMT. The Trust may not be suitable for investors subject to the AMT.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During unusual market conditions, the Trust may invest up to
100% of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objective and other policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Leverage.</B></FONT>
The Trust currently uses leverage created by issuing Institutional MuniFund Term Preferred shares (&ldquo;iMTP&rdquo;). On February
26, 2016, the Fund issued 2,720 shares of iMTP with a liquidation preference of $25,000 plus the amount of any accumulated but
unpaid dividends. On November 30, 2017, the Trust had outstanding 349 Series A, 185 Series B and 57 Series C auction preferred
shares (&ldquo;APS&rdquo;), with a liquidation preference per share of $25,000 plus the amount of any accumulated but unpaid dividends.
The Trust also invests in residual interest bonds. Residual interest bonds are securities that pay interest at rates that vary
inversely with changes in prevailing short-term tax-exempt interest rates and provide the economic effect of leverage. As of November
30, 2017, the Trust had no outstanding borrowings. On March 26, 2018, the Trust redeemed 349 Series A, 185 Series B and 57 Series
C APS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser anticipates that the use of leverage (from the issuance
of iMTP, any borrowings, and residual interest bonds) will result in higher income to holders of Common Shares (&ldquo;Common Shareholders&rdquo;)
over time. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks.
There can be no assurance that a leveraging strategy will be successful. The fee paid to Eaton Vance will be calculated on the
basis of the Trust&rsquo;s gross assets, including proceeds from the issuance of iMTP, borrowings and leverage created by residual
interest bonds, so the fees will be higher when leverage is utilized. In this regard, holders of debt or preferred securities do
not bear the investment advisory fee. Rather, Common Shareholders bear the portion of the investment advisory fee attributable
to the assets purchased with the proceeds, which means that Common Shareholders effectively bear the entire advisory fee. See &ldquo;Investment
Objective, Policies and Risks - Use of Leverage and Related Risks&rdquo; at page 26, &ldquo;Investment Objective, Policies and
Risks - Additional Risk Considerations&rdquo; at page 28 and &ldquo;Description of Capital Structure&rdquo; at page 44.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exchange
Listing.</B></FONT> As of March 23, 2018, the Trust had 23,782,344 Common Shares outstanding, which are traded on the New York
Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;EVN.&rdquo; As of March 23, 2018, the last reported sales price of
a Common Share of the Trust on the NYSE was $11.45. Common Shares offered and sold pursuant to this Registration Statement will
also be listed on the NYSE and trade under this symbol.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Prospectus, together with any applicable Prospectus Supplement,
sets forth concisely information you should know before investing in the shares of the Trust. Please read and retain this Prospectus
for future reference. A Statement of Additional Information dated March 27, 2018, has been filed with the SEC. The Statement of
Additional Information, annual and semi-annual reports to shareholders when available and other information about the Trust can
be obtained without charge by calling 1-800-262-1122 or by writing to the Trust at the address below or from the Trust&rsquo;s
website (http://www.eatonvance.com). A table of contents to the Statement of Additional Information is located at page 48 of this
Prospectus. This Prospectus incorporates by reference the entire Statement of Additional Information. The Statement of Additional
Information is available along with other Trust-related materials: at the SEC's public reference room in Washington, DC (call 1-202-551-8090
for information on the operation of the public reference room); the EDGAR database on the SEC's internet site (http://www.sec.gov);
upon payment of copying fees by writing to the SEC's Public Reference Section, 100 F Street, NE, Washington, DC 20549-1520; or
by electronic mail at publicinfo@sec.gov. The Trust&rsquo;s principal office is located at Two International Place, Boston, MA
02110, and its telephone number is 1-800-262-1122.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust's shares do not represent a deposit or obligation of,
and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal
Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">You should rely only on the information contained or incorporated
by reference in this Prospectus. The Trust has not authorized anyone to provide you with different information. The Trust is not
making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information
contained in this Prospectus is accurate as of any date other than the date on the front of this Prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%; padding: 3pt 5.5pt">Prospectus Summary&#9;</TD>
    <TD STYLE="width: 6%; padding: 3pt 5.5pt; text-align: center">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Summary of Trust Expenses&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Financial Highlights and Investment Performance&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">The Trust&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Use of Proceeds&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Portfolio Composition&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Investment Objective, Policies and Risks&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Management of the Trust&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">38</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Plan of Distribution&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Distributions&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Federal Income Tax Matters&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Dividend Reinvestment Plan&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Description of Capital Structure&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Custodian and Transfer Agent&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Legal Opinions&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Reports to Shareholders&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Independent Registered Public Accounting Firm&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Additional Information&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">Table of Contents for the Statement of Additional Information&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.5pt">The Trust's Privacy Policy&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">49</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Prospectus, any accompanying Prospectus Supplement and the
Statement of Additional Information contain &ldquo;forward-looking statements.&rdquo; Forward-looking statements can be identified
by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo;
&ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; and similar terms and the negative of such terms. Such forward-looking statements
may be contained in this Prospectus as well as in any accompanying Prospectus Supplement. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking
statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities
we hold, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings with
the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements.
Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and
are subject to inherent risks and uncertainties, such as those disclosed in the &ldquo;Investment Objective, Policies and Risks&rdquo;
section of this Prospectus. All forward-looking statements contained or incorporated by reference in this Prospectus or any accompanying
Prospectus Supplement are made as of the date of this Prospectus or the accompanying Prospectus Supplement, as the case may be.
Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update
any forward-looking statement. The forward-looking statements contained in this Prospectus, any accompanying Prospectus Supplement
and the Statement of Additional Information are excluded from the safe harbor protection provided by section 27A of the Securities
Act of 1933, as amended (the &ldquo;1933 Act&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Currently known risk factors that could cause actual results
to differ materially from our expectations include, but are not limited to, the factors described in the &ldquo;Investment Objective,
Policies and Risks&rdquo; section of this Prospectus. We urge you to review carefully that section for a more detailed discussion
of the risks of an investment in our securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: center">Prospectus dated March 27, 2018</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Prospectus Summary</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The following summary is qualified in its entirety by
reference to the more detailed information included elsewhere in this Prospectus, in any related Prospectus Supplement, and in
the Statement of Additional Information.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE TRUST</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance Municipal Income Trust (the &ldquo;Trust&rdquo;)
is a diversified, closed-end management investment company. The Trust commenced operations on January 29, 1999. The Trust&rsquo;s
investment objective is to provide current income exempt from regular federal income tax. The Trust pursues its investment objective
by investing primarily in investment grade municipal securities. The Trust may also invest a portion of its assets in higher risk,
higher yielding municipal securities of lesser quality. Investments are based on the municipal securities research, trading and
portfolio management of the Trust&rsquo;s investment adviser, Eaton Vance Management (&ldquo;Eaton Vance&rdquo; or the &ldquo;Adviser&rdquo;).
The Trust&rsquo;s NAV and distribution rate will vary and may be affected by several factors, including changes in interest rates,
the cost of leverage financing, portfolio holdings, realized and projected returns and the credit quality of municipal issuers.
An investment in the Trust may not be appropriate for all investors, particularly those that are not subject to federal income
tax. There is no assurance that the Trust will achieve its investment objective.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE OFFERING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may offer, from time to time, in one or more offerings
(each, an &ldquo;Offering&rdquo;), up to 2,610,553 of the Trust&rsquo;s common shares of beneficial interest, $0.01 par value (&ldquo;Common
Shares&rdquo;), on terms to be determined at the time of the Offering. The Common Shares may be offered at prices and on terms
to be set forth in one or more prospectus supplements. You should read this Prospectus and the applicable Prospectus Supplement
carefully before you invest in Common Shares. Common Shares may be offered directly to one or more purchasers, through agents designated
from time to time by the Trust, or to or through underwriters or dealers. The Prospectus Supplement relating to the Offering will
identify any agents, underwriters or dealers involved in the offer or sale of Common Shares, and will set forth any applicable
offering price, sales load, fee, commission or discount arrangement between the Trust and its agents or underwriters, or among
its underwriters, or the basis upon which such amount may be calculated, net proceeds and use of proceeds, and the terms of any
sale. See &ldquo;Plan of Distribution.&rdquo; The Trust may not sell any of Common Shares through agents, underwriters or dealers
without delivery of a Prospectus Supplement describing the method and terms of the particular Offering of Common Shares.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT OBJECTIVE AND POLICIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Objective.</B></FONT> The Trust&rsquo;s investment objective is to provide current income exempt from regular federal income tax.
This income will be earned by investing primarily in investment grade municipal obligations. Securities will be purchased and sold
in an effort to maintain a competitive yield and to enhance return based upon the relative value of the securities available in
the marketplace.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Parameters.</B></FONT> During normal market conditions, substantially all of the Trust&rsquo;s total assets (at least 80%) will
be invested in debt obligations issued by or on behalf of states, territories and possessions of the United States, and the District
of Columbia and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal
income tax (&ldquo;municipal obligations&rdquo;). At least 65% of the Trust&rsquo;s total assets will normally be invested in municipal
obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody&rsquo;s or
BBB or higher by either S&amp;P or by Fitch), or, if unrated, determined by Eaton Vance to be of at least investment grade quality.
From time to time, the Trust may hold a significant amount of municipal obligations not rated by a nationally recognized statistical
rating organization (&ldquo;Rating Agency&rdquo;). When the Trust invests in unrated municipal obligations, it may be more dependent
on Eaton Vance&rsquo;s research capabilities than when it invests in rated municipal obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest up to 35% of its total assets in municipal
obligations rated below investment grade by each of Moody&rsquo;s, S&amp;P and Fitch (but no more than 30% of total assets may
be rated lower than B by each of Moody&rsquo;s, S&amp;P and Fitch) and unrated municipal obligations considered to be of comparable
quality by Eaton Vance. For purposes of rating restrictions, if securities are rated differently by the Rating Agencies, the higher
rating is used. The Trust will not purchase securities that are in default at the time of purchase. Investment in municipal obligations
of below investment grade quality involves special risks as compared with investment in higher grade municipal obligations. These
risks include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading.
Securities rated below investment grade are commonly known as &ldquo;junk bonds.&rdquo; Such securities are regarded, on balance,
as predominantly speculative with respect to the issuer&rsquo;s ability to pay interest and repay principal owed. See &ldquo;Investment
objective, policies and risks&mdash;Additional risk considerations.&rdquo; For a description of municipal obligation ratings, see
Appendix A to the Statement of Additional Information.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing credit quality policies apply only at the time
a security is purchased, and the Trust is not required to dispose of a security in the event that a Rating Agency downgrades its
assessment of the credit characteristics of a particular issue or withdraws its assessment. Credit quality can change from time
to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer&rsquo;s
current financial condition.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Municipal obligations include bonds, notes and commercial paper
issued by a municipality for a wide variety of both public and private purposes, the interest on which is, in the opinion of issuer&rsquo;s
counsel (or on the basis of other reliable authority), exempt from regular federal income tax. Public purpose municipal bonds include
general obligation and revenue bonds. General obligation bonds are backed by the taxing power of the issuing municipality. Revenue
bonds are backed by the revenues of a project or facility, or from the proceeds of a specific revenue source. Some revenue bonds
are payable solely or partly from funds that are subject to annual appropriations by a state&rsquo;s legislature. Municipal notes
include bond anticipation, tax anticipation and revenue anticipation notes. Bond, tax and revenue anticipation notes are short-term
obligations that will be retired with the proceeds of an anticipated bond issue, tax revenue or facility revenue, respectively.
The Trust may invest in pooled investment vehicles, including exchange-traded funds (&ldquo;ETFs&rdquo;), in order to seek exposure
to municipal markets or municipal market sectors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Some of the securities in which the Trust invests may include
so-called &ldquo;zero-coupon&rdquo; bonds, whose values are subject to greater fluctuation in response to changes in market interest
rates than bonds that pay interest currently. Zero-coupon bonds are issued at a significant discount from face value and pay interest
only at maturity rather than at intervals during the life of the security. The Trust is required to take into account income from
zero-coupon bonds on a current basis, even though it does not receive that income currently in cash, and the Trust is required
to distribute substantially all of its income for each taxable year. Thus, the Trust may have to sell other investments to obtain
cash needed to make income distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may purchase municipal obligations that are additionally
secured by insurance, bank credit agreements, or escrow accounts. The credit quality of companies that provide such credit enhancements
will affect the value of those securities. Although the insurance feature reduces certain financial risks, the premiums for insurance
and the higher market price paid for insured obligations may reduce the Trust&rsquo;s current yield. Only a portion (and possibly
at times none) of the municipal obligations held by the Trust will have such credit enhancements (including insurance) and the
Trust is not required to separately purchase credit enhancements such as insurance on those municipal obligations that do not have
credit enhancements. The insurance feature does not guarantee the market value of the insured obligations or the NAV of the Trust&rsquo;s
shares. To the extent that securities held by the Trust are insured as to principal and interest payments by insurers whose claims-paying
ability is downgraded by a Rating Agency, the value of such security may be affected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may purchase and sell various kinds of financial futures
contracts and related options, including futures contracts and related options based on various debt securities and securities
indices, as well as interest rate swaps and forward rate contracts to seek to hedge against changes in interest rates, as a substitute
for the purchase of securities or for other risk management purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Interest income from certain types of municipal obligations may
be a tax preference item for purposes of the AMT for individual investors. Distributions to corporate investors of certain interest
income may also be indirectly subject to the AMT. The Trust may not be suitable for investors subject to the AMT.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust has adopted certain fundamental investment restrictions
set forth in the Statement of Additional Information, which may not be changed without a shareholder vote. Except for such restrictions
and the 80% requirement set forth above, the investment objective and policies of the Trust may be changed by the Trust&rsquo;s
Board of Trustees (&ldquo;Board&rdquo;) without shareholder action.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During unusual market conditions, the Trust may invest up to
100% of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objective and other policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Process.</B></FONT> A team of Eaton Vance investment professionals is responsible for the overall management of the Trust&rsquo;s
investments. The Trust&rsquo;s investments are actively managed, and may be bought or sold on a daily basis. The Adviser uses a
variety of techniques that are designed to help control risk and seek to minimize the Trust&rsquo;s exposure to loss of principal
value due to defaults and declines in the value of portfolio investments. Eaton Vance&rsquo;s process for selecting obligations
for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative
value of the obligation in the market. In evaluating creditworthiness, the Adviser considers ratings assigned by Rating Agencies
and generally performs additional credit and investment analysis. There is no guarantee that Eaton Vance will be successful in
achieving the Trust&rsquo;s investment objective.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LISTING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As of March 23, 2018, the Trust had 23,782,344 Common Shares
outstanding, which are traded on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;EVN.&rdquo; As of March
23, 2018, the last reported sales price of a Common Share of the Trust on the NYSE was $11.45. Any new Common Shares offered and
sold pursuant to this Registration Statement will also be listed on the NYSE and trade under this symbol.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">USE OF LEVERAGE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Residual interest bonds create investment leverage in the Trust
because they provide more than one dollar of exposure to municipal bonds for each dollar the Trust invests in them. Residual interest
bonds are securities that pay interest at rates that vary inversely with changes in prevailing short-term interest rates and provide
the economic effect of leverage. To initiate a residual interest bond investment, the Trust may sell a bond it holds to a special
purpose vehicle (&ldquo;SPV&rdquo;) for cash. The SPVs are generally privately offered under the 1933 Act and are not registered
under the 1940 Act in reliance on the exclusion provided by Section 3(c)(7) thereof. At the same time, the Trust buys a residual
interest in the assets and cash flows of the SPV, the assets of which consist of a bond that is identical to that sold to the SPV
by the Trust (the &ldquo;SPV Bond&rdquo;). The SPV also issues and sells notes paying floating rates of interest (&ldquo;Floating-Rate
Notes&rdquo;) to third parties. The Floating-Rate Notes have interest rates that generally reset weekly based on changes in a reference
interest rate (such as the London Interbank Offered Rate (&ldquo;LIBOR&rdquo;), or the Securities Industry and Financial Markets
Association (&ldquo;SIFMA&rdquo;) Municipal Bond Swap Index) and their holders have the option to tender to the SPV for redemption
at par value at each reset date. The income earned on the SPV Bond is, in effect, first used to pay the interest payable on the
Floating-Rate Note, with any remaining income then going to the residual interest bond. The holder of the Floating-Rate Note effectively
holds a demand obligation that bears interest at the prevailing short-term, tax-exempt rate. As the holder of the residual interest
bond, the Trust receives the residual cash flow from the SPV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A residual interest bond investment held by the Trust generally
gives the Trust the right (1) to cause the holders of the Floating-Rate Notes to tender their notes at par value and (2) to require
the SPV to terminate and transfer the SPV Bond to the Trust. Should the Trust exercise this right, it would generally pay the SPV
the par value of the Floating-Rate Notes and exchange the residual interest bond for the underlying SPV Bond. The SPV also may
be terminated upon the occurrence of certain termination events as defined in the SPV&rsquo;s trust agreement, such as a downgrade
in the credit quality of the underlying SPV Bond, bankruptcy of or payment failure by the issuer of the SPV Bond, the inability
to remarket Floating-Rate Notes that have been tendered due to insufficient buyers in the market or the SPV&rsquo;s failure to
obtain renewal of the liquidity support agreement provided for the Floating-Rate Notes. The Trust may enter into shortfall and
forbearance agreements with brokers by which the Trust agrees to reimburse the broker, in certain circumstances, for the difference
between the liquidation value of the SPV Bond and the liquidation value of the Floating-Rate Notes, as well as shortfalls in interest
cash flows. Such agreements may expose the Trust to a risk of loss that exceeds its investment in the residual interest bonds.
Absent a shortfall and forbearance agreement, the Trust would not be required to make such a reimbursement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will segregate or earmark liquid assets at its custodian
equal to the value of economic leverage created by residual interest bonds, whether initiated by the Trust or purchased on the
secondary market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments in residual interest bonds typically offer the potential
for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. Because the residual
interest bond is an inverse floating rate security and only pays a residual income, compared to fixed rate municipal bonds, the
value of residual interest bonds will fluctuate to a greater extent in response to changes in prevailing long-term interest rates.
These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend
to outperform the market for fixed rate bonds when long-term interest rates decline. Moreover, the income earned on such bonds
will fluctuate in response to changes in prevailing short-term interest rates. When residual interest bonds are held by the Trust,
an increase in short- or long-term market interest rates may adversely affect the income received from such bonds or the net asset
value of Common Shares. Certain existing residual interest bonds were restructured in order to comply with new banking regulations
effective in July 2015 while other existing residual interest bonds must do so by July 2017. There can be no assurance that existing
residual interest bonds can be restructured or, if unwound, that the Fund will be able to reinvest assets from unwound residual
interest bonds and achieve the same level of return.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Trust currently uses leverage created by issuing
iMTP. The Trust previously had APS outstanding. On March 9, 1999, the Trust issued 2,620 Series A and 2,620 Series B APS, with
a liquidation preference per share of $25,000 plus accumulated but unpaid dividends. As of March 26, 2018, 2,620 Series A, 2,620
Series B and 806 Series C APS had been redeemed. On May 27, 2009, in connection with the merger of the Eaton Vance National Municipal
Income Trust into the Trust, the Trust issued 5,027,606 Common Shares and 806 shares of Series C APS in exchange for the common
shares and APS, respectively, to the Eaton Vance National Municipal Income Trust. On February 26, 2016, the Fund repurchased 1,651
shares of Series A, 1,815 shares of Series B and 749 shares of Series C APS at a price per share equal to 94.5% of the liquidation
preference per share (or $23,625 per share) and issued 2,720 shares of iMTP with</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">a liquidation preference of $25,000 plus the amount of any accumulated
but unpaid dividends. The iMTP has seniority over the Common Shares. As of November 30, 2017, the Trust had no outstanding borrowings,
but did have leverage in the form of residual interest bonds in addition to the outstanding iMTP. The Adviser anticipates that
the use of leverage (from such issuance of iMTP, any borrowings, and residual interest bonds) may result in higher income to Common
Shareholders over time. Use of financial leverage creates an opportunity for increased income but, at the same time, creates special
risks. There can be no assurance that a leveraging strategy will be successful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The costs of the financial leverage program (from any issuance
of preferred shares, any borrowings, and investment in residual interest bonds) are borne by Common Shareholders and consequently
result in a reduction of the NAV of Common Shares. During periods in which the Trust is using leverage, the fees paid to Eaton
Vance for investment advisory services will be higher than if the Trust did not use leverage because the fees paid will be calculated
on the basis of the Trust&rsquo;s gross assets, which include proceeds from the issuance of preferred shares, any borrowings, and
investment in residual interest bonds. In this regard, holders of debt or preferred securities do not bear the investment advisory
fee. Rather, Common Shareholders bear the portion of the investment advisory fee attributable to the assets purchased with the
proceeds, which means that Common Shareholders effectively bear the entire advisory fee. See &ldquo;Investment Objective, Policies
and Risks - Use of Leverage and Related Risks&rdquo; and &ldquo;Management of the Trust - The Adviser.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Trust&rsquo;s use of derivative instruments exposes the Trust to special risks. See &ldquo;Investment
Objective, Policies and Risks - Additional Investment Practices&rdquo; and &ldquo;Investment Objective, Policies and Risks - Additional
Risk Considerations.&rdquo;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT ADVISER AND ADMINISTRATOR</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance, a wholly-owned subsidiary of Eaton Vance Corp.,
is the Trust's investment adviser and administrator. As of January 31, 2018, Eaton Vance and its affiliates managed approximately
$449.2 billion of fund and separate account assets on behalf of clients, including 51 open-end and closed-end municipal bond funds
with combined assets of approximately $15.0 billion. See &ldquo;Management of the Trust.&rdquo;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may sell the Common Shares being offered under this
Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount
arrangement between the Trust and its agents or underwriters, or among its underwriters, or the basis upon which such amount may
be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may distribute Common Shares from time to time in one
or more transactions at: (i) a fixed price or prices that may be changed; (ii) market prices prevailing at the time of sale; (iii)
prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price
per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust from time to time may offer its Common Shares through
or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may directly solicit offers to purchase Common Shares,
or the Trust may designate agents to solicit such offers. The Trust will, in a Prospectus Supplement relating to such Offering,
name any agent that could be viewed as an underwriter under the 1933 Act, and describe any commissions the Trust must pay to such
agent(s). Any such agent will be acting on a reasonable best efforts basis for the period of its appointment or, if indicated in
the applicable Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and underwriters
may be customers of, engage in transactions with, or perform services for the Trust in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If any underwriters or agents are used in the sale of Common
Shares in respect of which this Prospectus is delivered, the Trust will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Trust will set forth in the Prospectus Supplement relating to such Offering their
names and the terms of the Trust&rsquo;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a dealer is utilized in the sale of Common Shares in respect
of which this Prospectus is delivered, the Trust will sell such Common Shares to the dealer, as principal. The dealer may then
resell such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may engage in at-the-market offerings to or through
a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the 1933
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Trust.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Agents, underwriters and dealers may be entitled under agreements
which they may enter into with the Trust to indemnification by the Trust against certain civil liabilities, including liabilities
under the 1933 Act, and may be customers of, engage in transactions with or perform services for the Trust in the ordinary course
of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to facilitate the Offering of Common Shares, any underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares the
prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the Offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the
price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such
other Common Shares in the open market. Finally, in any Offering of Common Shares through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing Common Shares in the Offering
if the syndicate repurchases previously distributed Common Shares in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of Common Shares above independent
market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any
time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may enter into derivative transactions with third parties,
or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable Prospectus
Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares covered by this Prospectus
and the applicable Prospectus Supplement or other offering materials, including in short sale transactions. If so, the third parties
may use Common Shares pledged by the Trust or borrowed from the Trust or others to settle those sales or to close out any related
open borrowings of securities, and may use Common Shares received from the Trust in settlement of those derivatives to close out
any related open borrowings of securities. The third parties in such sale transactions will be underwriters and, if not identified
in this Prospectus, will be identified in the applicable Prospectus Supplement or other offering materials (or a post-effective
amendment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum amount of compensation to be received by any member
of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any security
being sold with respect to each particular Offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any underwriter, agent or dealer utilized in the initial Offering
of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DISTRIBUTIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust intends to make regular monthly cash distributions
to Common Shareholders. The amount of each monthly distribution will vary depending on a number of factors, including distributions
payable on the iMTP or other costs of financial leverage. As portfolio and market conditions change, the rate of distribution on
the Common Shares and the Trust&rsquo;s distribution policy could change. Over time, the Trust will distribute all of its net investment
income (after it pays accrued distributions on any outstanding iMTP or other costs of financial leverage).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The net investment income of the Trust will consist of all interest
income accrued on portfolio investments, short-term capital gain (including short-term gains on options, futures and forward positions
and gains on the sale of portfolio investments held for one year or less) in excess of long-term capital loss and income from certain
hedging transactions, less all expenses of the Trust. Expenses of the Trust will be accrued each day. Substantially all of the
Trust&rsquo;s investment company taxable income will be distributed each year. In addition, at least annually, the Trust intends
to distribute any net capital gain (which is the excess of net long-term capital gain over net short-term capital loss). To the
extent that the Trust&rsquo;s net investment income and net capital gain for any year exceed the total monthly distributions paid
during the year, the Trust will make a special distribution at or near year-end of such excess amount as may be required. If the
Trust&rsquo;s total monthly distributions in any year exceed the amount of its net investment income and net capital gain for the
year, any such excess would be characterized as a return of capital for federal income tax purposes. Under the 1940 Act, for any
distribution that includes amounts from sources other than net income, the Trust is required to provide Common Shareholders a written
statement regarding the components of such distribution. Such a statement will be provided at the time of any distribution believed
to include any such amounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders may automatically reinvest some or all of
their distributions in additional Common Shares pursuant to the Trust&rsquo;s dividend reinvestment plan. See &ldquo;Dividend Reinvestment
Plan.&rdquo;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DIVIDEND REINVESTMENT PLAN</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust has established a dividend reinvestment plan (the &ldquo;Plan&rdquo;).
Under the Plan, unless a Common Shareholder elects to receive distributions in cash, all distributions will be automatically reinvested
in additional Common Shares. American Stock Transfer &amp; Trust Company, LLC (&ldquo;AST&rdquo; or the &ldquo;Plan Agent&rdquo;)
serves as agent for the Common Shareholders in administering the Plan. Common Shareholders who elect not to participate in the
Plan will receive all Trust distributions in cash paid by check mailed directly to the Common Shareholder of record (or, if the
Common Shares are held in street or other nominee name, then to the nominee) by AST, as disbursing agent. Participation in the
Plan is completely voluntary and may be terminated or resumed at any time without penalty by written notice if received by the
Plan Agent prior to any distribution record date. See &ldquo;Dividend Reinvestment Plan.&rdquo;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CLOSED-END STRUCTURE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Closed-end funds differ from open-end management investment companies
(commonly referred to as mutual funds) in that closed-end funds generally list their shares for trading on a securities exchange
and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities redeemable at NAV
at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous
asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested
in securities consistent with the closed-end fund's investment objective(s) and policies. In addition, in comparison to open-end
funds, closed-end funds have greater flexibility in the employment of financial leverage and in the ability to make certain types
of investments, including investments in illiquid securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">However, shares of closed-end funds frequently trade at a discount
from their net asset value. Since inception, the market price of the Common Shares has fluctuated and at times traded below the
Trust&rsquo;s NAV, and at times has traded above NAV. In recognition of the possibility that the Common Shares might trade at a
discount to net asset value and that any such discount may not be in the interest of Common Shareholders, the Trust's Board of
Trustees (the &ldquo;Board&rdquo;), in consultation with Eaton Vance, from time to time may review possible actions to reduce any
such discount. The Board might consider open market repurchases or tender offers for Common Shares at net asset value. There can
be no assurance that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result
in the Common Shares trading at a price equal to or close to net asset value per Common Share. The Board might also consider the
conversion of the Trust to an open-end management investment company. The Board believes, however, that the closed-end structure
is desirable, given the Trust's investment objective and policies. Investors should assume, therefore, that it is highly unlikely
that the Board would vote to convert the Trust to an open-end management investment company. Investors should note that the Trust&rsquo;s
preferred shares could make a conversion to open-end form more difficult because of the voting rights of preferred shareholders,
the costs of redeeming preferred shares and other factors. See &ldquo;Description of Capital Structure.&rdquo;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">SPECIAL RISK CONSIDERATIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may receive little or no return on your investment or even that you
may lose part or all of your investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Discount
From or Premium to NAV.</B></FONT> The Offering will be conducted only when Common Shares of the Trust are trading at a price equal
to or above the Trust&rsquo;s NAV per Common Share plus the per Common Share amount of commissions. As with any security, the market
value of the Common Shares may increase or decrease from the amount initially paid for the Common Shares. The Trust&rsquo;s Common
Shares have traded both at a premium and at a discount relative to net asset value. The shares of closed-end management investment
companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Trust&rsquo;s
NAV may decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Secondary
Market for the Common Shares.</B></FONT> The issuance of Common Shares through the Offering may have an adverse effect on the secondary
market for the Common Shares. The increase in the amount of the Trust&rsquo;s outstanding Common Shares resulting from the Offering
may put downward pressure on the market price for the Common Shares of the Trust. Common Shares will not be issued pursuant to
the Offering at any time when Common Shares are trading at a price lower than a price equal to the Trust&rsquo;s NAV per Common
Share plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust also issues Common Shares of the Trust through its
dividend reinvestment plan. See &ldquo;Dividend Reinvestment Plan.&rdquo; Common Shares may be issued under the plan at a discount
to the market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Common Shares are trading at a premium, the Trust may
also issue Common Shares of the Trust that are sold through transactions effected on the NYSE. The increase in the amount of the
Trust&rsquo;s outstanding Common Shares resulting from that offering may also put downward pressure on the market price for the
Common Shares of the Trust.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The voting power of current shareholders will be diluted to the
extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient shares
to maintain their percentage interest. In addition, if the Adviser is unable to invest the proceeds of such offering as intended,
the Trust&rsquo;s per share distribution may decrease (or may consist of return of capital) and the Trust may not participate in
market advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
and Market Risk.</B></FONT> An investment in Common Shares is subject to investment risk, including the possible loss of the entire
principal amount invested. An investment in Common Shares represents an indirect investment in the securities owned by the Trust,
which will generally trade in the over-the-counter (&ldquo;OTC&rdquo;) markets. The Common Shares at any point in time may be worth
less than the original investment, even after taking into account any reinvestment of distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Interest
Rate and Income Risk.</B></FONT> The prices of municipal obligations tend to fall as interest rates rise. When interest rates decline,
the value of municipal obligations held by the Trust can be expected to rise. Interest rate risk is the risk that the municipal
obligations in the Trust&rsquo;s portfolio will decline in value because of increases in market interest rates. These risks may
be greater in the current market environment because of prevailing low interest rates. In typical market interest rate environments,
the prices of longer-term municipal obligations tend to fluctuate more in price in response to changes in market interest rates
than prices of shorter-term municipal obligations. A decline in the prices of the municipal obligations owned by the Trust would
cause a decline in the NAV of the Trust, which could adversely affect the trading price of the Common Shares. This risk is usually
greater among municipal obligations with longer maturities or durations. See &ldquo;Additional Risk Considerations - Interest Rate
and Income Risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Call
and Reinvestment Risks.</B></FONT> If interest rates fall, it is possible that issuers of callable bonds with high interest coupons
will &ldquo;call&rdquo; (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during a period
of declining interest rates, the Trust would likely replace such called security with a lower yielding security. If that were to
happen, it could decrease the Trust&rsquo;s dividends and possibly could affect the market price of Common Shares. Similar risks
exist when the Trust invests the proceeds from matured or traded municipal obligations at market interest rates that are below
the Trust&rsquo;s current earnings rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Credit
Risk.</B></FONT> Credit risk is the risk that one or more municipal bonds in the Trust&rsquo;s portfolio will decline in price,
or fail to pay interest or principal when due, because the issuer of the bond experiences a decline in its financial status. Because
the Trust may invest up to 35% of its total assets in below investment grade securities, it will be subject to a high level of
credit risk. In general, lower rated municipal bonds carry a greater degree of risk that the issuer will lose its ability to make
interest and principal payments, which could have a negative impact on the Trust&rsquo;s NAV or dividends. Securities rated in
the fourth highest category (<I>i.e.</I>, Baa by Moody&rsquo;s or BBB by S&amp;P or Fitch) are considered investment grade quality,
but may have speculative characteristics. In evaluating the creditworthiness, the Adviser considers ratings assigned by Ratings
Agencies and generally performs additional credit and investment analysis. See &ldquo;Additional Risk Considerations - Credit Risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Liquidity
Risk.</B></FONT> The secondary market for some municipal obligations is less liquid than that for widely traded taxable debt obligations
or widely traded municipal obligations. No established resale market exists for certain of the municipal obligations in which the
Trust may invest. The Trust has no limitation on the amount of its assets that may be invested in securities that are not readily
marketable or are subject to restrictions on resale. In certain situations, the Trust could find it more difficult to sell such
securities at desirable times and/or prices. The Trust may not be able to readily dispose of such securities at prices that approximate
those at which the Trust could sell such securities if they were more widely traded or at which the Trust has valued such securities
and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary
to raise cash to meet its obligations. See &ldquo;Additional Risk Considerations - Liquidity Risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Municipal
Bond Market Risk.</B></FONT> Investing in the municipal bond market involves certain risks. Certain securities in which the Trust
will invest will not be registered with the SEC or any state securities commission and will not be listed on any national securities
exchange. The amount of public information available about the municipal obligations in the Trust&rsquo;s portfolio is generally
less than for corporate equities or bonds, and the investment performance of the Trust may, therefore, be more dependent on the
analytical abilities of Eaton Vance than if the Trust were a stock fund or taxable bond fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The ability of municipal issuers to make timely payments of interest
and principal may be diminished during general economic downturns and as governmental cost burdens are reallocated among federal,
state and local governments. In addition, laws enacted in the future by Congress or state legislatures or referenda could extend
the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability
of municipalities to levy taxes. Issuers of municipal obligations might seek protection under the bankruptcy laws. In the event
of bankruptcy of an issuer, the Trust could experience delays in collecting principal and interest to which it is entitled, and
may obtain only a limited recovery or no recovery in such circumstances. To enforce its rights in the event of default in</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">the payment of interest or repayment of principal, or both, the
Trust may take possession of and manage the assets securing the issuer&rsquo;s obligations on such securities, which may increase
the Trust&rsquo;s operating expenses. Any income derived from the Trust&rsquo;s ownership or operation of such assets may not be
tax-exempt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Fixed income markets have recently experienced a period of relatively
high volatility. As a result of the Federal Reserve&rsquo;s action to end its quantitative easing stimulus program as well as the
possibility that it may unwind the program and its recent decision to raise the target fed funds rate, fixed income markets could
experience continuing high volatility, which could negatively impact the Fund&rsquo;s performance. Many state and municipal governments
are under significant economic and financial stress. See &ldquo;Additional Risk Considerations - Municipal Bond Market Risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Insurance
Risk.</B></FONT> Municipal obligations may be insured as to their scheduled payment of principal and interest. Although the insurance
feature may reduce some financial risks, the premiums for insurance and the higher market price sometimes paid for insured obligations
may reduce the current yield on the insured obligation. Insured obligations also may be secured by bank credit agreements or escrow
accounts. Changes in the ratings of an insurer may affect the value of an insured obligation, and in some cases may even cause
the value of a security to be less than a comparable uninsured obligation. The insurance does not guarantee the market value of
the insured obligation or the net asset value of the Trust&rsquo;s shares. The credit rating of an insured obligation reflects
the credit rating of the insurer, based on its claims-paying ability. The obligation of a municipal bond insurance company to pay
a claim extends over the life of each insured obligation. Although defaults on insured municipal obligations have been low to date
and municipal bond insurers have met their claims, there is no assurance this will continue. A higher than expected default rate
could strain the insurer&rsquo;s loss reserves and adversely affect its ability to pay claims to bondholders. Because a significant
portion of insured municipal obligations that have been issued and are outstanding is insured by a small number of insurance companies,
an event involving one or more of these insurance companies, such as a credit rating downgrade, could have a significant adverse
effect on the value of the municipal obligations insured by that insurance company and on the municipal bond markets as a whole.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risks
of Municipal Lease Obligations (&ldquo;MLOs&rdquo;) and Certificates of Participation.</B></FONT> MLOs are obligations in the form
of a lease, installment purchase or conditional sales contract (which typically provide for the title to the leased asset to pass
to the governmental issuer) that is issued by state or local governments to acquire equipment and facilities. Interest income from
MLOs is generally exempt from local and state taxes in the state of issuance. MLOs, like other municipal debt obligations, are
subject to the risk of non-payment. See &ldquo;Additional Risk Considerations - Risks of Municipal Lease Obligations (&rdquo;MLOs&ldquo;)
and Certificates of Participation.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>State
Specific Risk.</B></FONT> The Trust has no current intention to invest 25% or more of its gross assets in municipal obligations
of issuers located in the same state (or U.S. territory), but reserves the flexibility to do so in the future. If the Trust focuses
its investments in any one state (or U.S. territory), the Trust may be more susceptible to adverse economic, political or regulatory
occurrences affecting a particular state (or territory). Certain municipal bond issuers in Puerto Rico have recently experienced
financial difficulties and rating agency downgrades, and two such issuers have defaulted on their payment obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Below
Investment Grade Securities Risk.</B></FONT> As indicated above, the Trust may invest up to 35% of its total assets in municipal
obligations rated below investment grade by each of Moody&rsquo;s, S&amp;P and Fitch (but not, with respect to more than 30% of
its total assets, lower than B by each of Moody&rsquo;s, S&amp;P and Fitch) and unrated municipal obligations that the Adviser
considers to be of comparable quality. Such obligations are commonly called &ldquo;junk bonds&rdquo; and will have speculative
characteristics in varying degrees. Below investment grade securities held by the Trust are subject to higher risk. Also, their
yields and market values may fluctuate more than higher rated securities. Fluctuations in value do not affect the cash income from
the securities, but are reflected in the Trust&rsquo;s net asset value. The greater risks and fluctuations in yield and value occur,
in part, because investors generally perceive issuers of lower rated and unrated securities to be less creditworthy. These issuers
may be particularly susceptible to market downturns, adverse economic or political events or other developments such as weather
or other catastrophic events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Secondary market trading in below investment grade securities
may be less liquid than the market for higher grade securities. See &ldquo;Additional Risk Considerations - Below Investment Grade
Securities Risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Unrated
Securities Risk.</B></FONT> The Trust may invest in unrated obligations for which Eaton Vance will make a credit quality determination
for purposes of the Trust&rsquo;s credit quality policy. To the extent that the Trust invests in such unrated obligations, the
Trust&rsquo;s credit quality will be more dependent on Eaton Vance&rsquo;s credit analysis than if the Trust invested in only rated
obligations. Some unrated securities may not have an active trading market or may be difficult to value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Residual
Interest Bond Risk.</B></FONT> Residual interest bonds create investment leverage in the Trust because they provide more than one
dollar of exposure to municipal bonds for each dollar the Trust invests in them. As a result, the value of residual interest bonds
may increase or decrease at a rate that is a multiple of the rate by which the value of the underlying municipal bonds underlying
the residual interest bonds increase or decrease. The market values of residual interest bonds will generally be more volatile
than the market values of fixed rate tax-exempt securities. To seek to limit</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">the volatility of these securities, the Trust may invest in residual
interest bonds with shorter-term maturities or that contain limitations on the extent to which the interest rate may vary. The
Trust may also use derivatives to offset the volatility of residual interest bonds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Residual interest bonds pay interest at rates that vary inversely
with changes in prevailing short-term interest rates and provide the economic effect of leverage. Because the residual interest
bond is an inverse floating rate security and only pays a residual income, compared to fixed rate municipal bonds, the value of
residual interest bonds will fluctuate to a greater extent in response to changes in prevailing long-term interest rates. These
securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform
the market for fixed rate bonds when long-term interest rates decline. Moreover, the income earned on such bonds will fluctuate
in response to changes in prevailing short-term interest rates. In the extreme, increases in short-term interest rates may eliminate
the interest paid to the Trust by residual interest bond investments. All existing residual interest bonds were restructured in
order to comply with new banking regulations effective in July 2015 and July 2016. There can be no assurance that existing residual
interest bonds can be restructured or, if unwound, that the Fund will be able to reinvest assets from unwound residual interest
bonds and achieve the same level of return.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Residual interest bonds have varying degrees of liquidity, and
the market for these securities is relatively volatile. See &ldquo;Additional Risk Considerations - Residual Interest Bond Risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Leverage
Risk.</B></FONT> As discussed above, the Trust currently uses leverage created by issuing iMTP and investing in residual interest
bonds. The Trust will comply with the asset segregation requirements of the 1940 Act in making such investments. Residual interest
bonds are securities that pay interest at rates that vary inversely with changes in prevailing short-term interest rates and provide
the economic effect of leverage.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser anticipates that the use of leverage (from the issuance
of iMTP, any borrowings, and residual interest bonds) may result in higher income to Common Shareholders over time. Leverage creates
risks for Common Shareholders, including the likelihood of greater volatility of NAV and market price of the Common Shares and
the risk that fluctuations in dividend rates on iMTP and costs of borrowings may affect the return to Common Shareholders. iMTP
dividends are based on the yields of short-term municipal obligations, while the proceeds of the Trust&rsquo;s offering are invested
in longer-term municipal obligations, which typically have higher yields. To the extent the income derived from investments purchased
with funds received from leverage exceeds the cost of leverage, the Trust&rsquo;s distributions will be greater than if leverage
had not been used. Conversely, if the income from the investments purchased with such funds is not sufficient to cover the cost
of leverage, the amount available for distribution to Common Shareholders will be less than if leverage had not been used. In the
latter case, Eaton Vance, in its best judgment, may nevertheless determine to maintain the Trust&rsquo;s leveraged position if
it deems such action to be appropriate. While the Trust has preferred shares outstanding, an increase in short-term rates would
also result in an increased cost of leverage, which would adversely affect the Trust&rsquo;s income available for distribution.
There can be no assurance that a leveraging strategy will be successful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, under current federal income tax law, the Trust
is required to allocate a portion of any net realized capital gains or other taxable income to iMTP holders. The terms of the Trust&rsquo;s
iMTP require the Trust to pay to any iMTP holders additional dividends intended to compensate such holders for taxes payable on
any capital gains or other taxable income allocated to such holders. Any such additional dividends will reduce the amount available
for distribution to Common Shareholders. As discussed under &ldquo;Management of the Trust,&rdquo; the fee paid to Eaton Vance
is calculated on the basis of the Trust&rsquo;s gross assets, including proceeds from the issuance of iMTP, borrowings and investment
in residual interest bonds, so the fees will be higher when leverage is utilized. In this regard, holders of iMTP do not bear the
investment advisory fee. Rather, Common Shareholders bear the portion of the investment advisory fee attributable to the assets
purchased with the proceeds, which means that Common Shareholders effectively bear the entire advisory fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">iMTP has been rated AAA by S&amp;P and Fitch. The Trust currently
intends to seek to maintain these ratings or an equivalent credit rating from other Rating Agencies on the iMTP or any preferred
shares it issues. The Trust is subject to investment restrictions of the Rating Agencies as a result. Any bank lender in connection
with a credit facility or commercial paper program may also impose specific restrictions as a condition to borrowing. Such restrictions
imposed by a Rating Agency or lender may include asset coverage or portfolio composition requirements that are more stringent than
those imposed on the Trust by the 1940 Act. These covenants or guidelines do not currently and are not expected to impede Eaton
Vance in managing the Trust&rsquo;s portfolio in accordance with its investment objective and policies and it is not anticipated
that they will so impede Eaton Vance in the future. See &ldquo;Description of Capital Structure - Preferred Shares.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Trust&rsquo;s use of derivative instruments exposes the Trust to special risks. See &ldquo;Investment
Objective, Policies and Risks - Additional Investment Practices&rdquo; and &ldquo;Investment Objective, Policies, and Risks - Additional
Risk Considerations.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivatives
Risk.</B></FONT> In addition to investing in residual interest bonds, the Trust may invest without limitation in other derivative
instruments (which are instruments that derive their value from another instrument, security or index) acquired for hedging purposes
or investment purposes. The loss on derivative instruments (other than purchased options) may</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">substantially exceed amounts invested in these instruments. Derivative
transactions, including options on securities and securities indices and other transactions in which the Trust may subject the
Trust to increased risk of principal loss due to unexpected movements in securities prices and interest rates, and imperfect correlations
between the Trust&rsquo;s securities holdings and indices upon which derivative transactions are based. Derivatives can be illiquid,
may disproportionately increase losses, and may have a potentially large impact on the Trust&rsquo;s performance. The Trust also
will be subject to credit risk with respect to the counterparties to any OTC derivatives contracts entered into by the Trust. If
a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties,
the Trust may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization
proceeding. The Trust may obtain only a limited recovery or no recovery in such circumstances. Derivatives may disproportionately
increase losses and have a potentially large negative impact on the Trust&rsquo;s performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The use of derivatives to enhance income is considered to be
speculative in nature. The use of derivatives may result in greater losses than if they had not been used, may require the Trust
to sell or purchase portfolio securities at inopportune times or for prices other than current market value, may limit the amount
of appreciation the Trust can realize on an investment or may cause the Trust to hold a security it might otherwise sell. Segregated
liquid assets, amounts paid by the Trust as premiums and cash or other assets held in margin accounts with respect to derivatives
transactions are not otherwise available to the Trust for investment or operational purposes. Certain derivative transactions may
have economic characteristics similar to leverage. See &ldquo;Additional Risk Considerations - Leverage Risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The regulation of the U.S. and non-U.S. derivatives markets has
undergone substantial change in recent years. In particular, the Dodd-Frank Act and related regulations require many derivatives
to be cleared and traded on an exchange, expand entity registration requirements, impose business conduct requirements on counterparties,
and impose other regulatory requirements that will continue to change derivative markets as regulations are implemented. Additional
regulation of the derivatives markets may make the use of derivatives more costly, may limit the availability or reduce the liquidity
of derivatives, and may impose limits or restrictions on the counterparties with which the Fund engages in derivative transactions.
The effects of future regulation cannot be predicted and may impair the effectiveness of the Fund&rsquo;s derivative transactions
and its ability to achieve its investment objective(s).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Counterparty
Risk.</B></FONT> Changes in the credit quality of the companies that serve as the Trust&rsquo;s counterparties with respect to
its derivatives positions and liquidity providers for the Trust&rsquo;s residual interest bonds or other investments supported
by another party&rsquo;s credit will affect the value of those instruments. Certain entities that have served as counterparties
in the municipals markets have in recent years incurred significant financial hardships, including bankruptcy and material loss
of credit standing as a result of exposure to investments that have experienced defaults or otherwise suffered extreme credit deterioration.
As a result, such hardships have reduced these entities&rsquo; capital and called into question their continued ability to perform
their obligations. By using derivatives or other instruments that expose the Trust to counterparties, the Trust assumes the risk
that its counterparties could experience future financial hardship. &ldquo;Additional Risk Considerations - Counterparty Risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Hedging
Risk.</B></FONT> The Trust&rsquo;s use of derivatives or other transactions to reduce risks involves costs and will be subject
to Eaton Vance&rsquo;s ability to predict correctly changes in the relationships of such hedge instruments to the Trust&rsquo;s
portfolio holdings or other factors. No assurance can be given that Eaton Vance&rsquo;s judgment in this respect will be correct.
In addition, no assurance can be given that the Trust will enter into hedging or other transactions at times or under circumstances
in which it may be advisable to do so. Hedging transactions have risks, including the imperfect correlation between the value of
such instruments and the underlying assets of the Trust, which creates the possibility that the loss on such instruments may be
greater than the gain, if any, in the value of the underlying asset in the Trust&rsquo;s portfolio; the limited availability of
such instruments; the loss of principal; the possible default of the other party to the transaction; illiquidity of the derivative
investments; and the imperfect correlation between the tax-exempt and taxable markets. Furthermore, the ability to successfully
use hedging transactions depends on the Eaton Vance&rsquo;s ability to predict pertinent market movements, which cannot be assured.
Thus, the use of hedging transactions may result in losses greater than if they had not been used, may require the Trust to sell
or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation
the Trust can realize on an investment, or may cause the Trust to hold a security that it might otherwise sell.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Inflation
Risk/Deflation Risk.</B></FONT> Inflation risk is the risk that the value of assets or income from investment will be worth less
in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions
thereon can decline. In addition, during periods of rising inflation, short-term interest rates and the Trust&rsquo;s cost of leverage
would likely increase, reducing returns to the Common Shareholders to the extent that such increased cost is not offset by commensurately
higher income. Also, distribution rates of preferred shares would likely increase, which would tend to further reduce returns to
Common Shareholders. Deflation risk is the risk that prices throughout the economy decline over time &#8722; the opposite of inflation.
Deflation may have an adverse affect on the creditworthiness of issuers and may make issuer defaults more
likely, which may result in a decline in the value of the Trust&rsquo;s investments.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Duration
and Maturity Risk.</B></FONT> The Trust has no set policy regarding portfolio maturity or duration. Holding long duration and long
maturity investments will expose the Trust to certain magnified risks. These risks include interest rate risk, credit risk and
liquidity risks as discussed above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Tax
Risk.</B></FONT> The value of the Trust&rsquo;s investments and its NAV may be adversely affected by changes in tax rates and policies.
Because interest income from municipal obligations normally is not subject to regular federal income taxation, the attractiveness
of municipal obligations in relation to other investment alternatives is affected by changes in federal income tax rates or changes
in the tax-exempt status of interest income from municipal obligations. Congress is currently actively considering significant
changes to federal tax law, including changes to the tax-exempt status of such municipal bond interest. Any proposed or actual
changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability
of municipal obligations. This could, in turn, affect the Trust&rsquo;s NAV and ability to acquire and dispose of municipal obligations
at desirable yield and price levels. The Trust is not a suitable investment for individual retirement accounts, for other tax-exempt
or tax-deferred accounts or for investors who are otherwise indifferent to the federal income tax consequences of their investments.
See &ldquo;Distributions&rdquo; and &ldquo;Federal income tax matters.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will invest in municipal obligations in reliance at
the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable
from gross income under the regular federal income tax, and the Adviser will typically not independently verify that opinion. Subsequent
to the Trust&rsquo;s acquisition of such a municipal security, however, the security may be determined to pay, or to have paid,
taxable income. As a result, the treatment of dividends previously paid or to be paid by the Trust as &ldquo;exempt-interest dividends&rdquo;
could be adversely affected, subjecting the Trust&rsquo;s Common Shareholders to increased federal income tax liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Interest income from certain types of municipal obligations may
be a tax preference item for purposes of the AMT for individual investors. Distributions to corporate investors of certain interest
income may also be indirectly subject to the AMT.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Management
Risk.</B></FONT> The Trust is subject to management risk because it is actively managed. Eaton Vance and the individual portfolio
managers invest the assets of the Trust as they deem appropriate in implementing the Trust&rsquo;s investment strategy. Accordingly,
the success of the Trust depends upon the investment skills and analytical abilities of Eaton Vance and the individual portfolio
managers to develop and effectively implement strategies that achieve the Trust&rsquo;s investment objective. There is no assurance
that Eaton Vance and the individual portfolio managers will be successful in developing and implementing the Trust&rsquo;s investment
strategy. Subjective decisions made by Eaton Vance and the individual portfolio managers may cause the Trust to incur losses or
to miss profit opportunities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Anti-takeover
Provisions.</B></FONT> The Trust's Agreement and Declaration of Trust includes provisions that could have the effect of limiting
the ability of other persons or entities to acquire control of the Trust or to change the composition of its Board. These provisions
may have the effect of discouraging attempts to acquire control of the Trust, which attempts could have the effect of increasing
the expenses of the Trust and interfering with the normal operation of the Trust. See &ldquo;Description of Capital Structure -
Certain Provisions of the Declaration of Trust - Anti-Takeover Provisions in the Declaration of Trust.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Additional
Risks.</B></FONT> The Trust may also be subject to the following categories of risk: &ldquo;Private activity bond risk,&rdquo;
&ldquo;Swaps risk,&rdquo; &ldquo;Futures risk,&rdquo; &ldquo;Structured notes risk,&rdquo; &ldquo;Potential Conflicts of Interest
Risk,&rdquo; &ldquo;When-Issued and Delayed-Delivery Transactions Risk,&rdquo; &ldquo;Other Investment Companies and ETFs Risk,&rdquo;
&ldquo;Current Regulatory Environment Risk,&rdquo; &ldquo;Current Economic Conditions Risk&rdquo; and &ldquo;United States Credit
Rating Downgrade Risk.&rdquo; See &ldquo;Additional Risk Considerations.&rdquo;</P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Summary of Trust Expenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The purpose of the table below is to help you understand all
fees and expenses that you, as a holder of Common Shares (&ldquo;Common Shareholder&rdquo;), would bear directly or indirectly.
The table reflects outstanding APS in an amount equal to 2.7% and outstanding iMTP in an amount equal to 12.6% of the Trust&rsquo;s
average net assets and average leverage attributable to floating-rate notes for the fiscal year ended November 30, 2017 in an amount
equal to 26.5% of the Trust&rsquo;s total assets (including such APS, iMTP and floating-rate notes) and shows Trust expenses as
a percentage of net assets attributable to Common Shares.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Common Shareholder transaction expenses </TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Sales Load (as a percentage of offering price)</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">--<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Offering expenses borne by the Trust</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">None<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Dividend reinvestment plan fees</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">None<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Annual expenses</TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-align: center">Percentage of net assets attributable
        to</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center"><U>Common Shares</U><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Management fee</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">1.20%<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Interest expenses</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">1.25%<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Other expenses</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">0.13%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 13.7pt">Total annual expenses</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">2.58%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Dividends on preferred shares</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">0.06%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt 3pt 2.9pt">Total annual Trust operating expenses and dividends on preferred shares</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">2.64%</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">EXAMPLE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following example illustrates the expenses that Common Shareholders
would pay on a $1,000 investment in Common Shares, assuming (i) total annual Trust operating expenses of 2.64% of net assets attributable
to Common Shares in years 1 through 10; (ii) a 5% annual return; and (iii) all distributions are reinvested at NAV:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">1 Year</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">3 Years</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">5 Years</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">10 Years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">$27</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">$82</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">$140</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">$297</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The above table and example and the assumption in the example
of a 5% annual return are required by regulations of the SEC that are applicable to all investment companies; the assumed 5% annual
return is not a prediction of, and does not represent, the projected or actual performance of the Trust&rsquo;s Common Shares.
For more complete descriptions of certain of the Trust&rsquo;s costs and expenses, see &ldquo;Management of the Trust.&rdquo; In
addition, while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Trust&rsquo;s dividend
reinvestment plan may receive Common Shares purchased or issued at a price or value different from NAV. See &ldquo;Distributions&rdquo;
and &ldquo;Dividend Reinvestment Plan.&rdquo; The example does not include sales load or estimated offering costs, which would
cause the expenses shown in the example to increase.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The example should not be considered a representation of
future expenses. Actual expenses may be higher or lower. The Trust&rsquo;s actual rate of return may be greater or less than the
hypothetical 5% return shown in the example.</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>If Common Shares are sold to or through underwriters, the prospectus supplement will set forth any applicable sales load.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>The Adviser will pay the expenses of the Offering (other than the applicable commissions); therefore, Offering expenses are
not included in the Summary of Trust Expenses. Offering expenses generally include, but are not limited to, the preparation, review
and filing with the SEC of the Trust&rsquo;s registration statement (including this prospectus and the Statement of Additional
Information), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing,
mailing or other distribution of the prospectus, Statement of Additional Information and/or marketing materials, associated filing
fees, NYSE listing fees, and legal and auditing fees associated with the Offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>You will be charged a $5.00 service charge and pay brokerage charges if you direct the plan agent to sell your Common Shares
held in a dividend reinvestment account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD><TD>Stated as a percentage of average net assets attributed to Common Shares for the year ended November 30, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD><TD>The advisory fee paid by the Trust to the Adviser is based on the average weekly gross assets of the Trust, including all assets
attributable to any form of investment leverage that the Trust may utilize, provided that the advisory fee attributable to leverage
created through floating-rate notes may be limited as described under &ldquo;Management of the Trust &ndash; The Adviser&rdquo;.
Accordingly, if the Trust were to increase investment leverage in the future, the advisory fee will increase as a percentage of
net assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD><TD>&ldquo;Interest Expenses&rdquo; relate to the Trust&rsquo;s liability with respect to floating-rate notes held by third parties
in conjunction with investments in residual interest bonds. The Trust records offsetting interest income in an amount at least
equal to this expense relating to the municipal obligations underlying such transactions.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial Highlights and Investment Performance</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">FINANCIAL HIGHLIGHTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This table details the financial performance of the Common Shares,
including total return information showing how much an investment in the Trust has increased or decreased each period. This information
has been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm. The report of Deloitte &amp; Touche
LLP and the Trust&rsquo;s financial statements are incorporated by reference and included in the Trust&rsquo;s annual report, which
is available upon request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Selected data for a common share outstanding during the periods
stated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended November 30,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 45%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2017</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2016</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2015</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2014</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2013</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &mdash; Beginning of year (Common shares)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$12.910</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$13.020</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$12.950</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$10.540</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$13.360</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$0.688</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$0.767</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$0.886</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$0.886</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$0.885</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net realized and unrealized gain (loss)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.330</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">(0.340)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.082</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">2.423</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">(2.778)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Distributions to APS shareholders<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">(0.008)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">(0.008)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">(0.007)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">(0.005)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">(0.009)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Discount on redemption and repurchase of APS<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.244</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&mdash;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total income (loss) from operations</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$1.010</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$0.663</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$0.961</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$3.304</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(1.902)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions to Common Shareholders</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(0.670)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(0.773)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(0.892)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(0.900)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(0.930)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total distributions to common shareholders</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(0.670)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(0.773)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(0.892)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(0.900)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$(0.930)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Premium from common shares sold through shelf offering<SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$0.001</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$0.006</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$0.012</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &mdash; End of year (Common shares)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$13.250</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$12.910</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$13.020</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$12.950</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$10.540</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Market value &mdash; End of year (Common shares)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$12.300</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$12.260</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$13.390</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$13.350</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$10.530</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Net Asset Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">8.13%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4.91%<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">7.60%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">32.67%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">(14.69)%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Market Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">5.70%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">(3.13)%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">7.42%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">36.79%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">(20.43)%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Ratios/Supplemental Data</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net assets applicable to common shares, end of year (000&rsquo;s omitted)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$315,080</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$307,135</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$309,354</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$307,074</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$246,295</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Ratios (as a percentage of average daily net assets applicable to common shares):<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)&dagger;</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Expenses excluding interest and fees<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.33%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.30%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.43%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.55%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.63%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Interest and fee expense<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.25%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.83%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.33%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.30%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.33%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Total expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">2.58%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">2.13%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.76%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.85%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.96%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">5.19%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">5.54%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">6.84%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">7.49%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">7.49%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">8%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">21%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">36%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">42%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Senior Securities:</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: right; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Total preferred shares outstanding<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">3,311</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">3,311</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4,806</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4,806</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4,806</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Asset coverage per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(8)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$120,162</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$117,762</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$89,369</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$88,894</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$76,248</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Involuntary liquidation preference per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(9)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$25,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Approximate market value per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(9)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">$25,000</TD></TR>
</TABLE>
<P STYLE="font: 8pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0 5.75pt; text-align: right; text-indent: -5.75pt">(See
footnotes on next page.)</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">FINANCIAL HIGHLIGHTS (continued)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended November 30,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 45%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2012</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2011</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2010</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2009</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2008</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &mdash; Beginning of year (Common shares)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$10.710</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$11.080</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$10.840</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$8.110</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$14.370</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$0.905</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$0.988</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$1.036</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$0.981</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$1.067</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net realized and unrealized gain (loss)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">2.715</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">(0.352)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">0.169</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">2.648</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">(6.262)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Distributions to APS shareholders<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">(0.013)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">(0.016)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">(0.022)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">(0.036)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">(0.258)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total income (loss) from operations</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$3.607</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$0.620</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$1.183</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$3.593</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(5.453)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions to Common Shareholders</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(0.957)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(0.990)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(0.943)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(0.863)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(0.807)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total distributions to common shareholders</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(0.957)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(0.990)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(0.943)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(0.863)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$(0.807)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &mdash; End of year (Common shares)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$13.360</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$10.710</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$11.080</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$10.840</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$8.110</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Market value &mdash; End of year (Common shares)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$14.310</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$12.270</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$11.980</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$11.480</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$8.450</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Net Asset Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">34.28%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">5.66%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">10.74%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">46.43%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">(39.72)%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total Investment Return on Market Value<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">25.54%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">11.96%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">13.06%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">48.84%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">(32.13)%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Ratios/Supplemental Data</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net assets applicable to common shares, end of year (000&rsquo;s omitted)</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$304,726</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$243,936</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$250,731</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$243,846</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$140,254</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Ratios (as a percentage of average daily net assets applicable to common shares):<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)&dagger;</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Expenses excluding interest and fees<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">1.68%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">1.88%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">1.73%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">2.00%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">1.84%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Interest and fee expense<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">0.34%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">0.39%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">0.34%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">0.47%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">0.73%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Total expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">2.02%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">2.27%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">2.07%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">2.47%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">2.57%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">7.44%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">9.46%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">9.00%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">10.44%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">8.45%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">25%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">15%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">16%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">44%</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">53%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Senior Securities:</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Total preferred shares outstanding<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">4,806</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">4,806</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">4,806</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">4,806</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">4,394</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Asset coverage per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(8)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$88,406</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$75,757</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$77,172</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$75,739</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$56,919</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Involuntary liquidation preference per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(9)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; line-height: 10pt">$25,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Approximate market value per preferred share<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(9)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$25,000</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt">$25,000</TD></TR>
</TABLE>
<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt 0.25in; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated March 27, 2018</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>Computed using average common shares outstanding.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>Returns are historical and are calculated by determining the percentage change in net asset value or market value with all
distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust&rsquo;s dividend reinvestment
plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its
APS at 94.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would
have been 2.93%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD><TD>Ratios do not reflect the effect of dividend payments to APS shareholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD><TD>Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits,
which were earned on cash deposit balances, were discontinued by the custodian.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD><TD>Interest and fee expense including amortization of deferred offering costs, relates to the liability for floating rate notes
issued in conjunction with residual interest bond transactions and, for the year ended November 30, 2016, Institutional MuniFund
Term Preferred Shares issued to redeem a portion of the Trust&rsquo;s APS.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT></TD><TD>Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of November 30, 2017 and 2016 and APS as
of November 30, 2015, 2014, 2013, 2012, 2011, 2010, 2009 and 2008.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(8)</SUP></FONT></TD><TD>Calculated by subtracting the Trust&rsquo;s total liabilities (not including the preferred shares) from the Trust&rsquo;s total
assets, and dividing the result by the number of preferred shares outstanding.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(9)</SUP></FONT></TD><TD>Plus accumulated and unpaid dividends.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></TD><TD>Ratios based on net assets applicable to common shares plus preferred shares (Institutional MuniFund Term Preferred Shares
and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS shareholders and exclude
the effect of custody fee credits, if any.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 3pt; padding-left: 7.7pt; text-indent: -4.8pt; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended November 30,</TD></TR>
<TR>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 3pt; padding-left: 7.7pt; text-indent: -4.8pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2017</TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2016</TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2015</TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2014</TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2013</TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2012</TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2011</TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2010</TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2009</TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; line-height: 10pt; font-weight: bold">2008</TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Expense excluding interest and fees</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.05%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.02%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.04%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.08%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.13%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.17%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.25%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.19%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.26%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.17%</TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Interest and fee expense</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.99%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.65%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.23%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.21%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.23%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.24%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.26%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.23%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.29%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">0.47%</TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Total expenses </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">2.04%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.67%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.27%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.29%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.36%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.41%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.51%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.42%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.55%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">1.64%</TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt 3pt 13.7pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4.11%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4.33%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">4.92%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">5.23%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">5.18%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">5.19%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">6.28%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">6.15%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">6.56%</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: right; line-height: 10pt">5.40%</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">TRADING AND NAV INFORMATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;s common shares have traded both at a premium
and a discount to NAV. The Trust cannot predict whether its shares will trade in the future at a premium or discount to NAV. The
provisions of the 1940 Act generally require that the public offering price of common shares (less any underwriting commissions
and discounts) must equal or exceed the NAV per share of a company&rsquo;s common stock (calculated within 48 hours of pricing).
The issuance of common shares may have an adverse effect on prices in the secondary market for the Trust&rsquo;s common shares
by increasing the number of common shares available, which may put downward pressure on the market price for the Trust&rsquo;s
common shares. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV. See &ldquo;Additional
Risk Considerations - Discount from or Premium to NAV&rdquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Trust&rsquo;s Board of Trustees has authorized
the Trust to repurchase up to 10% of its outstanding common shares (as of the date of such authorization) in open-market transactions
at a discount to NAV. The repurchase program does not obligate the Trust to purchase a specific amount of shares. The results of
the repurchase program are disclosed in the Trust&rsquo;s annual and semi-annual reports to shareholders.&nbsp; See &ldquo;Description
of Capital Structure - Repurchase of Common Shares and Other Discount Measures.&rdquo;</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following table sets forth for each of the periods indicated
the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or discount
to NAV per share at which the Trust&rsquo;s Common Shares were trading as of such date.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Market Price</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center">NAV per Share on Date of</P>
        <P STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center">Market Price High and Low</P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center">NAV Premium/(Discount)</P>
        <P STYLE="font: bold 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center">on Date of Market Price
        High and Low</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Fiscal Quarter Ended</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">High</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Low</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">High</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Low</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">High</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Low</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">2/28/2018</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.49</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11.56</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.52</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.00</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(7.62)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(11.08)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11/30/2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.05</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.25</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.54</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.19</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(3.62)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(7.13)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">8/31/2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.13</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.85</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.48</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.43</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(2.60)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(4.32)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5/31/2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.11</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.38</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.07</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.78</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.31%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(3.13)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">2/28/2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.03</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.13</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.05</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.73</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.15)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(4.71)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11/30/2016</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.55</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12.25</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.45</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.28</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.69%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(7.76)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">8/31/2016</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.98</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.16</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.49</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.39</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3.38%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(1.60)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5/31/2016</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.50</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.95</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.76</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.82</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5.38%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.94%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">2/29/2016</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">14.28</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.06</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.49</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">13.12</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5.86%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.46)%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The last reported sale price, NAV per share and percentage premium/(discount)
to NAV per share of the Common Shares as of March 23, 2018 were $11.45, $12.93 and (11.45)%, respectively. As of March 23, 2018,
the Trust had 23,782,344 Common Shares outstanding and net assets of the Trust were $307,463,963.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following table provides information about our outstanding
Common Shares as of March 23, 2018:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Title of Class</TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Amount Authorized</TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Amount Held by the Fund for its Account</TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Amount Outstanding</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Common Shares</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Unlimited</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">23,782,344</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is a diversified, closed-end management investment
company registered under the 1940 Act. The Trust was organized as a Massachusetts business trust on December 10, 1998, pursuant
to a Declaration of Trust, as amended August 11, 2008, governed by the laws of The Commonwealth of Massachusetts. The Trust&rsquo;s
principal office is located at Two International Place, Boston, MA 02110, and its telephone number is 1-800-262-1122.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">On January 26, 1999, the Trust issued 14,000,000 Common Shares
of beneficial interest, par value $0.01 per share (&ldquo;Common Shares&rdquo;), pursuant to the initial public offering thereof.
The Common Shares are listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;EVN.&rdquo; Any new Common
Shares issued in the Offering also will be listed on the NYSE and trade under this symbol. On March 1, 1999, the Trust issued 2,620
Series A and 2,620 Series B auction preferred shares (&ldquo;APS&rdquo;), of which 620 of each Series were subsequently redeemed.
On May 28, 2009, in connection with the merger of the Eaton Vance National Municipal Income Trust into the Trust, the Trust issued
5,027,606 Common Shares and 806 shares of Series C APS in exchange for the common shares and APS, respectively, of the Eaton Vance
National Municipal Income Trust. On February 26, 2016, the Fund repurchased 1,651 shares of Series A, 1,815 shares of Series B
and 749 shares of Series C APS at a price per share equal to 94.5% of the liquidation preference per share (or $23,625 per share)
and issued 2,720 shares of iMTP with a liquidation preference of $25,000 plus the amount of any accumulated but unpaid dividends.
On November 30, 2017 the Trust had 349 Series A, 185 Series B and 57 Series C APS outstanding. On March 26, 2018, the Trust redeemed
349 Series A, 185 Series B and 57 Series C APS.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following provides information about the Trust&rsquo;s outstanding
shares as of November 30, 2017:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt; font-weight: bold">Class</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt; font-weight: bold">Amount Authorized</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt; font-weight: bold">Amount Held by the Trust<BR>
or for its Account</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt; font-weight: bold">Amount<BR>
Outstanding</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">Common Shares</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">Unlimited</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">23,782,344</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">APS, Series A</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">349</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">APS, Series B</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">185</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">APS, Series C</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">57</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">iMTP Shares</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">2,720</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Use of Proceeds</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">It is expected that the net proceeds of the Offering will be
invested in accordance with the Trust&rsquo;s investment objective and policies. The Trust anticipates that it will be possible
to invest the proceeds of the Offering consistent with the Trust&rsquo;s investment objective and policies almost immediately.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Portfolio Composition</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As November 30, 2017, the following sets forth certain information
with respect to the composition of the Trust&rsquo;s investment portfolio:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 82%; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Percentage of total investment portfolio invested in investment grade obligations</TD>
    <TD STYLE="width: 18%; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">88.7%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Percentage of total investment portfolio invested in obligations rated below investment grade</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">11.3%</TD></TR>
</TABLE>
<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 2pt/3pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt; font-weight: bold">Rating<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt; font-weight: bold; vertical-align: middle">Number of issues</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt; font-weight: bold; vertical-align: middle">Mkt Value</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt; font-weight: bold; vertical-align: middle">Percent</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">AAA</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">16</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">$86,750,061</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">16.14%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">AA</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">45</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">$223,866,327</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">41.64%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">A</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">33</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">$101,085,487</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">18.80%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">BBB</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">30</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">$65,351,145</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">12.16%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">BB</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">8</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">$21,454,206</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">3.99%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">B</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">1</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">$177,181</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">0.03%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">CCC</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">1</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">$1,100,564</TD>
    <TD STYLE="text-align: center; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">0.20%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">Not rated</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">25</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">$37,840,524</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding: 3pt 0.25in; line-height: 10pt; vertical-align: middle">7.04%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt">Total</TD>
    <TD STYLE="padding: 3pt 0.25in; line-height: 10pt; text-align: center; vertical-align: middle">159</TD>
    <TD STYLE="padding: 3pt 0.25in; line-height: 10pt; text-align: center; vertical-align: middle">$537,625,494</TD>
    <TD STYLE="padding: 3pt 0.25in; line-height: 10pt; text-align: center; vertical-align: middle">100%</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>Ratings: Using the higher of S&amp;P&rsquo;s, Moody&rsquo;s or Fitch&rsquo;s ratings on the Trust&rsquo;s investments. S&amp;P
and Fitch rating categories may be modified further by a plus (+) or minus (&ndash;) in AA, A, BBB, BB, B, and CCC ratings. Moody&rsquo;s rating categories may be modified further by a 1, 2 or 3 in Aa,
A, Baa, Ba, B, and Caa ratings. These ratings include the ratings of the municipal obligations held by tender option bond trusts
in which the Trust holds a residual interest.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment Objective, Policies and Risks</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT OBJECTIVE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;s investment objective is to provide current
income exempt from regular federal income tax. This income will be earned by investing primarily in investment grade municipal
obligations. Securities will be purchased and sold in an effort to maintain a competitive yield and to enhance return based upon
the relative value of the securities available in the marketplace. Investments are based on the municipal securities research,
trading and portfolio management of the Trust&rsquo;s investment adviser, Eaton Vance Management (&ldquo;Eaton Vance&rdquo; or
the &ldquo;Adviser&rdquo;). The Trust&rsquo;s NAV and distribution rate will vary and may be affected by several factors, including
changes in interest rates and the credit quality of municipal issuers. An investment in the Trust may not be appropriate for all
investors, particularly those that are not subject to federal income tax. There is no assurance that the Trust will achieve its
investment objective.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PORTFOLIO PARAMETERS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>General
Composition of the Trust.</B></FONT> During normal market conditions, substantially all of the Trust&rsquo;s total assets (at least
80%) will be invested in debt obligations issued by or on behalf of states, territories and possessions of the United States, and
the District of Columbia and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from
regular federal income tax (&ldquo;municipal obligations&rdquo;). At least 65% of the Trust&rsquo;s total assets will normally
be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher
by Moody&rsquo;s or BBB or higher by either S&amp;P or by Fitch ), or, if unrated, determined by Eaton Vance to be of at least
investment grade quality. For the purposes of rating restrictions, if securities are rated differently by the Rating Agencies,
the higher rating is used. From time to time, the Trust may hold a significant amount of municipal obligations not rated by a nationally
recognized statistical rating organization (&ldquo;Rating Agency&rdquo;). When the Trust invests in unrated municipal obligations,
it may be more dependent on Eaton Vance&rsquo;s research capabilities than when it invests in rated municipal obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest up to 35% of its total assets in municipal
obligations rated below investment grade by each of Moody&rsquo;s, S&amp;P and Fitch (but no more than 30% of total assets may
be rated lower than B by each of Moody&rsquo;s, S&amp;P and Fitch) and unrated municipal obligations considered to be of comparable
quality by Eaton Vance. Investment in municipal obligations of below investment grade quality involves special risks as compared
with investment in higher grade municipal obligations. These risks include greater sensitivity to a general economic downturn,
greater market price volatility and less secondary market trading. Securities rated below investment grade are commonly known as
&ldquo;junk bonds.&rdquo; Such securities are regarded, on balance, as predominantly speculative with respect to the issuer&rsquo;s
ability to pay interest and repay principal owed. For a description of municipal obligation ratings, see Appendix A to the Statement
of Additional Information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing credit quality policies apply only at the time
a security is purchased, and the Trust is not required to dispose of a security in the event that a Rating Agency downgrades its
assessment of the credit characteristics of a particular issue or withdraws its assessment. Credit quality can change from time
to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer&rsquo;s
current financial condition.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During unusual market conditions, the Trust may invest up to
100% of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objective and other policies.
The Trust may invest in pooled investment vehicles, including exchange-traded funds (&ldquo;ETFs&rdquo;), in order to seek exposure
to municipal markets or municipal market sectors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Municipal
Obligations.</B></FONT> Municipal obligations include bonds, notes and commercial paper issued by a municipality, a group of municipalities
or participants in qualified issues of municipal debt for a wide variety of both public and private purposes. General obligation
bonds are secured by the issuer&rsquo;s pledge of its faith, credit and taxing power for the payment of principal and interest.
General obligation bonds issued by municipalities can be adversely affected by economic downturns and the resulting decline in
tax revenues, pension funding risk, other post-employment benefit risk, budget imbalances, taxing ability risk, lack of political
willpower and federal funding risk, among others. Revenue bonds are payable only from the revenues derived from a particular facility
or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as payments
from the user of the facility being financed and can be adversely affected by the negative economic viability of the facility or
revenue source. Municipal obligations also include municipal leases and participations in municipal leases. An issuer&rsquo;s obligation
under such leases is often subject to the appropriation by a legislative body, on an annual or other basis, of funds for the payment
of the obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain municipal obligations may be purchased on a
&ldquo;when-issued&rdquo; basis, which means that payment and delivery occur on a future settlement date. The price and yield
of such securities are generally fixed on the date of commitment to purchase. The values of zero coupon bonds and principal
only strips are subject to greater fluctuation in response to changes in market interest rates than bonds that pay interest
currently. The Trust accrues income on these investments and is required to distribute that income each year. The Trust
may be required to sell securities to obtain cash needed for income distributions.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The interest on municipal obligations is (in the opinion of the
bond issuer&rsquo;s counsel) generally exempt from regular federal income tax. Interest income from certain types of municipal
obligations may be subject to the AMT for individuals. Distributions to corporate investors also may be subject to the AMT. The
Trust may not be suitable for investors subject to the AMT.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Municipal
Lease Obligations (&ldquo;MLOs&rdquo;) and Certificates of Participation.</B></FONT> MLOs are obligations in the form of a lease,
installment purchase or conditional sales contract (which typically provide for the title to the leased asset to pass to the governmental
issuer) that is issued by state or local governments to acquire equipment and facilities. Interest income from MLOs is generally
exempt from local and state taxes in the state of issuance. MLOs, like other municipal debt obligations, are subject to the risk
of non-payment. Although MLOs do not constitute general obligations of the issuer for which the issuer&rsquo;s unlimited taxing
power is pledged, a lease obligation is frequently backed by the issuer&rsquo;s covenant to budget for, appropriate and make the
payments due under the lease obligation. However, certain lease obligations contain &ldquo;non-appropriation&rdquo; clauses, which
provide that the issuer has no obligation to make lease or installment purchase payments in future years unless money is appropriated
for such purpose on a yearly basis. Although &ldquo;non-appropriation&rdquo; lease obligations may be secured by the leased property,
disposition of the property in the event of foreclosure might prove difficult. Participations in municipal leases are undivided
interests in a portion of the total obligation. Participations entitle their holders to receive a pro rata share of all payments
under the lease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MLOs and participations therein represent a type of financing
that may not have the depth of marketability associated with more conventional securities and, as such, they may be less liquid
than conventional securities. Certain MLOs may be deemed illiquid, unless determined by the Adviser, pursuant to guidelines adopted
by the Trust&rsquo;s Board of Trustees (&ldquo;Board&rdquo;), to be liquid securities. The Adviser will consider the factors it
believes are relevant to the marketability of the obligation, to the extent that information regarding such factor is available
to the Adviser and pertinent to the liquidity determination, which may include: (1) the willingness of dealers to bid for the obligation;
(2) the number of dealers willing to purchase or sell the obligation and the number of other potential buyers; (3) the frequency
of trades and quotes for the obligation; (4) the nature of the marketplace trades, including the time needed to dispose of the
obligation, the method of soliciting offers, and the mechanics of transfer; (5) the willingness of the governmental issuer to continue
to appropriate funds for the payment of the obligation; (6) how likely or remote an event of non-appropriation may be, which depends
in varying degrees on a variety of factors, including those relating to the general creditworthiness of the governmental issuer,
its dependence on its continuing access to the credit markets, and the importance to the issuer of the equipment, property or facility
covered by the lease or contract; (7) an assessment of the likelihood that the lease may or may not be cancelled; and (8) other
factors and information unique to the obligation in determining its liquidity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The ability of issuers of MLOs to make timely lease payments
may be adversely impacted in general economic downturns and as relative governmental cost burdens are allocated and reallocated
among federal, state and local governmental units. Such non-payment would result in a reduction of income from and value of the
obligation. Issuers of MLOs might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, holders
of MLOs could experience delays and limitations with respect to the collection of principal and interest on such MLOs and may not,
in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event
of a default in lease payments, the Trust might take possession of and manage the assets securing the issuer&rsquo;s obligations
on such securities or otherwise incur costs to protect its right, which may increase the Trust&rsquo;s operating expenses and adversely
affect the net asset value of the Trust. When the lease contains a non-appropriation clause, however, the failure to pay would
not be a default and the Trust would not have the right to take possession of the assets. Any income derived from the Trust&rsquo;s
ownership or operation of such assets may not be tax-exempt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Pre-Refunded
Municipal Securities.</B></FONT> The principal of, and interest on, pre-refunded municipal obligations are no longer paid from
the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of
U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer
as the pre-refunded municipal obligations. Issuers of municipal obligations use this advance refunding technique to obtain more
favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding
enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive
covenants in the indenture or other governing instrument for the pre-refunded municipal obligations. However, except for a change
in the revenue source from which principal and interest payments are made, the pre-refunded municipal obligations remain outstanding
on their original terms until they mature or are redeemed by the issuer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Private
Activity Bonds.</B></FONT> Private activity bonds, formerly referred to as industrial development bonds, are issued by or on behalf
of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities,
sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water
supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">construction, equipment, repair or improvement of privately operated
industrial or commercial facilities, may constitute municipal obligations, although the current federal tax laws place substantial
limitations on the size of such issues. Interest on certain &ldquo;private activity bonds&rdquo; issued after August 7, 1986 is
exempt from regular federal income tax, but such interest (including a distribution by the Trust derived from such interest) is
treated as a tax preference item which could subject the recipient to or increase the recipient&rsquo;s liability for the AMT.
For corporate shareholders, the Trust&rsquo;s distributions derived from interest on all municipal obligations (whenever issued)
are included in &ldquo;adjusted current earnings&rdquo; for purposes of the AMT as applied to corporations (to the extent not already
included in alternative minimum taxable income as income attributable to private activity bonds).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Zero-Coupon
Bonds.</B></FONT> Some of the securities in which the Trust invests may include so-called &ldquo;zero-coupon&rdquo; bonds, whose
values are subject to greater fluctuation in response to changes in market interest rates than bonds that pay interest currently.
Zero-coupon bonds are issued at a significant discount from face value and pay interest only at maturity rather than at intervals
during the life of the security. The Trust is required to take into account income from zero-coupon bonds on a current basis, even
though it does not receive that income currently in cash, and the Trust is required to distribute substantially all of its income
for each taxable year. Thus, the Trust may have to sell other investments to obtain cash needed to make income distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Residual
Interest Bonds.</B></FONT> Residual interest bonds are securities that pay interest at rates that vary inversely with changes in
prevailing short-term interest rates and provide the economic effect of leverage. To initiate a residual interest bond investment,
the Trust may sell a bond it holds to the SPV for cash. The SPVs are generally privately offered under the 1933 Act and are not
registered under the 1940 Act in reliance on the exclusion provided by Section 3(c)(7) thereof. At the same time, the Trust buys
a residual interest in the assets and cash flows of the SPV, the assets of which consist of a bond that is identical to that sold
to the SPV by the Trust (the &ldquo;SPV Bond&rdquo;). The SPV also issues and sells Floating-Rate Notes to third parties. The Floating-Rate
Notes have interest rates that generally reset weekly based on changes in a reference interest rate (such as LIBOR, or SIFMA Municipal
Bond Swap Index) and their holders have the option to tender to the SPV for redemption at par value at each reset date. The income
earned on the SPV Bond is, in effect, first used to pay the interest payable on the Floating-Rate Note, with any remaining income
then going to the residual interest bond. The holder of the Floating-Rate Note effectively holds a demand obligation that bears
interest at the prevailing short-term, tax-exempt rate. As the holder of the residual interest bond, the Trust receives the residual
cash flow from the SPV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A residual interest bond investment held by the Trust generally
gives the Trust the right (1) to cause the holders of the Floating-Rate Notes to tender their notes at par value and (2) to require
the SPV to terminate and transfer the SPV Bond to the Trust. Should the Trust exercise this right, it would generally pay the SPV
the par value of the Floating-Rate Notes and exchange the residual interest bond for the underlying SPV Bond. The SPV also may
be terminated upon the occurrence of certain termination events as defined in the SPV&rsquo;s trust agreement, such as a downgrade
in the credit quality of the underlying SPV Bond, bankruptcy of or payment failure by the issuer of the SPV Bond, the inability
to remarket Floating-Rate Notes that have been tendered due to insufficient buyers in the market or the SPV&rsquo;s failure to
obtain renewal of the liquidity support agreement provided for the Floating-Rate Notes. The Trust may enter into shortfall and
forbearance agreements with brokers by which the Trust agrees to reimburse the broker, in certain circumstances, for the difference
between the liquidation value of the SPV Bond and the liquidation value of the Floating-Rate Notes, as well as shortfalls in interest
cash flows. Such agreements may expose the Trust to a risk of loss that exceeds its investment in the residual interest bonds.
Absent a shortfall and forbearance agreement, the Trust would not be required to make such a reimbursement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will segregate or earmark liquid assets at its custodian
equal to the value of economic leverage created by residual interest bonds, whether initiated by the Trust or purchased on the
secondary market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments in residual interest bonds typically offer the potential
for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. Because the residual
interest bond is an inverse floating-rate security and only pays a residual income, compared to fixed rate municipal bonds, the
value of residual interest bonds will fluctuate to a greater extent in response to changes in prevailing long-term interest rates.
These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend
to outperform the market for fixed rate bonds when long-term interest rates decline. Moreover, the income earned on such bonds
will fluctuate in response to changes in prevailing short-term interest rates. When residual interest bonds are held by the Trust,
an increase in short- or long-term market interest rates may adversely affect the income received from such bonds or the net asset
value of Common Shares. All existing residual interest bonds were restructured in order to comply with new banking regulations
effective in July 2015 and July 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As of November 30, 2017, 15.1% of the Trust&rsquo;s net assets
were invested in residual interest bonds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As of November 30, 2017, the actual leverage attributable to
the floating-rate notes was 46.3% of the Trust&rsquo;s net assets.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Short-Term
Floating Rate Securities.</B></FONT> The Trust may also invest in Floating-Rate Notes, as described above, issued by SPVs. The
short-term floating rate security will be linked to a reference interest rate (such as LIBOR or the SIFMA Municipal Bond Swap Index)
and the SPV&rsquo;s income will be used to pay the coupon on the Floating-Rate Notes. Generally, the interest rate earned Floating-Rate
Notes will be based upon the market rates for municipal obligations with maturities or remarketing provisions that are comparable
in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year
or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond
deposited in the trust, the Trust as the holder of the Floating-Rate Notes relies upon the terms of the agreement with the financial
institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms
of the SPV provide for a liquidation of the SPV Bond and the application of the proceeds to pay off the Floating-Rate Notes. The
SPVs that are organized to issue both Floating-Rate Notes and residual interest bonds generally include liquidation triggers to
protect the investor in the Floating-Rate Notes.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ADDITIONAL INVESTMENT PRACTICES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>When-Issued
Securities.</B></FONT> The Trust may purchase securities on a &ldquo;when-issued&rdquo; basis, which means that payment and delivery
occur on a future settlement date. The price and yield of such securities are generally fixed on the date of commitment to purchase.
However, the market value of the securities may fluctuate prior to delivery and upon delivery the securities may be worth more
or less than the Trust agreed to pay for them. The Trust may be required to maintain a segregated account of liquid assets equal
to outstanding purchase commitments. The Trust may also purchase instruments that give the Trust the option to purchase a municipal
obligation when and if issued.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Futures
and Options on Futures.</B></FONT> The Trust may purchase and sell various kinds of financial futures contracts and options thereon
to seek to hedge against changes in interest rates or for other risk management purposes. Futures contracts may be based on various
debt securities and securities indices. Such transactions involve a risk of loss or depreciation due to unanticipated adverse changes
in securities prices, which may exceed the Trust&rsquo;s initial investment in these contracts. The Trust will only purchase or
sell futures contracts or related options in compliance with the rules of the CFTC. These transactions involve transaction costs.
There can be no assurance that Eaton Vance&rsquo;s use of futures will be advantageous to the Trust. Distributions by the Trust
of any gains realized on the Trust's transactions in futures and options on futures will be taxable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Interest
Rate Swaps and Forward Rate Contracts.</B></FONT> Interest rate swaps involve the exchange by the Trust with another party of their
respective commitments to pay or receive interest, e.g., an exchange of fixed rate payments for floating rate payments. The Trust
will only enter into interest rate swaps on a net basis, i.e., the two payment streams are netted out with the Trust receiving
or paying, as the case may be, only the net amount of the two payments. The Trust may also enter forward rate contracts. Under
these contracts, the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds
the lock rate, the buyer pays the seller the difference between the two rates. If the lock rate exceeds the interest rate on the
settlement date, the seller pays the buyer the difference between the two rates. Any such gain received by the Trust would be taxable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the other party to an interest rate swap or forward rate contract
defaults, the Trust&rsquo;s risk of loss consists of the net amount of payments that the Trust is contractually entitled to receive
that is in excess of collateral posted by the Trust&rsquo;s counterparty in respect of such liability. The net amount of the excess,
if any, of the Trust&rsquo;s obligations over its entitlements will be maintained in a segregated account by the Trust&rsquo;s
custodian. The Trust will not enter into any interest rate swap or forward rate contract unless the claims-paying ability of the
other party thereto is considered to be investment grade by the Adviser. If there is a default by the other party to such a transaction,
the Trust will have contractual remedies pursuant to the agreements related to the transaction. These instruments are traded in
the over-the-counter market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Company Securities.</B></FONT> The Trust may invest in the securities of other investment companies. These securities include shares
of other closed-end funds, open-end investment companies (i.e., mutual funds), exchange-traded funds (often referred to as &ldquo;ETFs&rdquo;)
and business development companies that invest primarily in municipal obligations of the types in which the Trust may invest directly.
In addition to providing tax-exempt income, such securities may provide capital appreciation. In addition, the Trust may invest
a portion of its assets in pooled investment vehicles (other than investment companies) that invest primarily in municipal obligations
of the types in which the Trust may invest directly. Such investments, which may also be leveraged and subject to similar risks
as the Trust, will not exceed 10% of the Trust&rsquo;s gross assets. To the extent that the Trust invests in other investment companies,
the Trust must bear these expenses in addition to the expenses of its own operation. The Trust will not invest in other investment
companies that are affiliated with Eaton Vance.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">INVESTMENT PROCESS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A team of Eaton Vance investment professionals is responsible
for the overall management of the Trust&rsquo;s investments. The Trust&rsquo;s investments are actively managed, and may be bought
or sold on a daily basis. The Adviser uses a variety of techniques that are designed to help control risk and seek to minimize
the Trust&rsquo;s exposure to loss of principal value due to defaults and declines in the value of portfolio investments. There
is no guarantee that it will be successful in its investment objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser&rsquo;s staff monitors the credit quality and price
of securities and instruments held by the Trust, as well as other securities and instruments that are available for investment.
The Trust is not required to dispose of an investment in the event that a Rating Agency downgrades its assessment of the credit
characteristics of a particular issue or withdraws its assessment, including in the event of a default. The Adviser&rsquo;s process
for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay
the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the Adviser considers ratings
assigned by Rating Agencies and generally performs additional credit and investment analysis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Turnover.</B></FONT> The Trust cannot accurately predict its portfolio turnover rate, but its historical annual turnover rate over
the last five years has been between 8% and 42% (excluding turnover of securities and obligations having a maturity of one year
or less). For the fiscal years ended November 30, 2017 and November 30, 2016, the Trust's portfolio turnover rates were 8% and
4%, respectively. The Trust may engage in active short-term trading to benefit from yield disparities among different issues, to
seek short-term profits or for other reasons. Such trading will increase the Trust&rsquo;s rate of turnover and may increase the
incidence of net short-term capital gains which, upon distribution by the Trust, are taxable to Common Shareholders as ordinary
income.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">USE OF LEVERAGE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As described herein, the Trust may invest in residual interest
bonds, which have the economic effect of leverage. In addition, the Trust currently uses leverage created by issuing iMTP. The
Trust previously had APS outstanding. On March 9, 1999, the Trust issued 2,620 Series A and 2,620 Series B APS, with a liquidation
preference per share of $25,000 plus accumulated but unpaid dividends. As of March 26, 2018, 2,620 Series A, 2,620 Series B and
806 Series C APS had been redeemed. On May 27, 2009, in connection with the merger of the Eaton Vance National Municipal Income
Trust into the Trust, the Trust issued 5,027,606 Common Shares and 806 shares of Series C APS in exchange for the common shares
and APS, respectively, to the Eaton Vance National Municipal Income Trust. On February 26, 2016, the Fund repurchased 1,651 shares
of Series A, 1,815 shares of Series B and 749 shares of Series C APS at a price per share equal to 94.5% of the liquidation preference
per share (or $23,625 per share) and issued 2,720 shares of iMTP with a liquidation preference of $25,000 plus the amount of any
accumulated but unpaid dividends. The iMTP has seniority over the Common Shares. For the six months ended November 30, 2017, the
Trust had no outstanding borrowings, but did have leverage in the form of residual interest bonds in addition to the outstanding
iMTP. The Adviser anticipates that the use of leverage (from such issuance of the iMTP, borrowings and investment in residual interest
bonds) will result in higher income to Common Shareholders over time. Use of financial leverage creates an opportunity for increased
income but, at the same time, creates special risks. There can be no assurance that a leveraging strategy will successful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The costs of the financial leverage program (from any issuance
of preferred shares, any borrowings, and investment in residual interest bonds) are borne by Common Shareholders and consequently
result in a reduction of the NAV of Common Shares. During periods in which the Trust is using leverage, the fees paid to Eaton
Vance for investment advisory services will be higher than if the Trust did not use leverage because the fees paid will be calculated
on the basis of the Trust&rsquo;s gross assets, including proceeds from the issuance of preferred shares, any borrowings, and investment
in residual interest bonds. In this regard, holders of debt or preferred securities do not bear the investment advisory fee. Rather,
Common Shareholders bear the portion of the investment advisory fee attributable to the assets purchased with the proceeds, which
means that Common Shareholders effectively bear the entire advisory fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Leverage creates risks for holders of the Common Shares, including
the likelihood of greater volatility of NAV and market price of the Common Shares. There is a risk that fluctuations in the distribution
rates on any outstanding preferred shares may adversely affect the return to the holders of the Common Shares. If the income from
the investments purchased with the proceeds of leverage is not sufficient to cover the cost of leverage, the return on the Trust
will be less than if leverage had not been used, and, therefore, the amount available for distribution to Common Shareholders will
be reduced. The Adviser in its best judgment nevertheless may determine to maintain the Trust&rsquo;s leveraged position if it
deems such action to be appropriate in the circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Changes in the value of the Trust&rsquo;s investment portfolio
(including investments bought with the proceeds of leverage) will be borne entirely by the Common Shareholders. If there is a net
decrease (or increase) in the value of the Trust&rsquo;s investment portfolio, the leverage will decrease (or increase) the NAV
per Common Share to a greater extent than if the Trust were not leveraged. During periods in which the Trust is using leverage,
the fees paid to Eaton Vance for investment advisory services will be higher than if the Trust did not use leverage because the
fees paid will be calculated</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">on the basis of the Trust&rsquo;s gross assets, including the
proceeds from the issuance of preferred shares, any borrowings, and investment in residual interest bonds. As discussed under &ldquo;Description
of Capital Structure,&rdquo; the Trust&rsquo;s issuance of preferred shares may alter the voting power of Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Capital raised through leverage will be subject to distribution
and/or interest payments, which may exceed the income and appreciation on the assets purchased. The issuance of preferred shares
involves offering expenses and other costs and may limit the Trust&rsquo;s freedom to pay distributions on Common Shares or to
engage in other activities. The issuance of a class of preferred shares having priority over the Common Shares creates an opportunity
for greater return per Common Share, but at the same time such leveraging is a speculative technique that will increase the Trust&rsquo;s
exposure to capital risk. Unless the income and appreciation, if any, on assets acquired with offering proceeds exceed the cost
of issuing additional classes of securities (and other Trust expenses), the use of leverage will diminish the investment performance
of the Common Shares compared with what it would have been without leverage.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is subject to certain restrictions on investments imposed
by guidelines of one or more Rating Agencies that issued ratings for preferred shares issued by the Trust. These guidelines impose
asset coverage or Trust composition requirements that are more stringent than those imposed on the Trust by the 1940 Act. These
covenants or guidelines do not currently and are not expected to impede Eaton Vance in managing the Trust&rsquo;s portfolio in
accordance with its investment objective and policies and it is not anticipated that they will so impede Eaton Vance in the future.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the 1940 Act, the Trust is not permitted to issue preferred
shares unless immediately after such issuance the total asset value of the Trust&rsquo;s portfolio is at least 200% of the liquidation
value of the outstanding preferred shares plus the amount of any senior security representing indebtedness (i.e., such liquidation
value and amount of indebtedness may not exceed 50% of the Trust&rsquo;s total assets). In addition, the Trust is not permitted
to declare any cash distribution on its Common Shares unless, at the time of such declaration, the NAV of the Trust&rsquo;s portfolio
(determined after deducting the amount of such distribution) is at least 200% of such liquidation value plus amount of indebtedness.
The Trust intends, to the extent possible, to purchase or redeem preferred shares, from time to time, to maintain coverage of any
preferred shares of at least 200%. As of November 30, 2017, the then outstanding APS and iMTP and the outstanding borrowings represented
42.04% leverage, and there was an asset coverage of the APS and iMTP of 481%. Holders of preferred shares, voting as a class, shall
be entitled to elect two of the Trust&rsquo;s Trustees. The holders of both the Common Shares and the preferred shares (voting
together as a single class with each share entitling its holder to one vote) shall be entitled to elect the remaining Trustees
of the Trust. In the event the Trust fails to pay distributions on its preferred shares for two years, preferred shareholders would
be entitled to elect a majority of the Trustees until the preferred distributions in arrears are paid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the 1940 Act, the Trust is not permitted to incur indebtedness,
including through the issuance of debt securities, unless immediately thereafter the total asset value of the Trust&rsquo;s portfolio
is at least 300% of the liquidation value of the outstanding indebtedness (i.e., such liquidation value may not exceed 33 1/3%
of the Trust&rsquo;s total assets). In addition, the Trust is not permitted to declare any cash distribution on its Common Shares
unless, at the time of such declaration, the NAV of the Trust&rsquo;s portfolio (determined after deducting the amount of such
distribution) is at least 300% of such liquidation value. If the Trust borrows money or enters into a commercial paper program,
the Trust intends, to the extent possible, to retire outstanding debt, from time to time, to maintain coverage of any outstanding
indebtedness of at least 300%. As of November 30, 2017, there were no outstanding borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To qualify for federal income taxation as a &ldquo;regulated
investment company,&rdquo; the Trust must distribute in each taxable year at least 90% of its net investment income (including
net interest income and net short-term gain). The Trust also will be required to distribute annually substantially all of its income
and capital gain, if any, to avoid imposition of a nondeductible 4% federal excise tax. If the Trust is precluded from making distributions
on the Common Shares because of any applicable asset coverage requirements, the terms of the preferred shares may provide that
any amounts so precluded from being distributed, but required to be distributed for the Trust to meet the distribution requirements
for qualification as a regulated investment company, will be paid to the holders of the preferred shares as a special distribution.
This distribution can be expected to decrease the amount that holders of preferred shares would be entitled to receive upon redemption
or liquidation of the shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Successful use of a leveraging strategy may depend on the Adviser&rsquo;s
ability to predict correctly interest rates and market movements, and there is no assurance that a leveraging strategy will be
successful during any period in which it is employed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Residual
Interest Bonds.</B></FONT> Residual interest bonds create investment leverage in the Trust because they provide more than one dollar
of exposure to municipal bonds for each dollar the Trust invests in them. Residual interest bonds are securities that pay interest
at rates that vary inversely with changes in prevailing short-term interest rates and provide the economic effect of leverage.
To initiate a residual interest bond investment, the Trust may sell a bond it holds to a SPV for cash. The SPVs are generally privately
offered under the 1933 Act and are not registered under the 1940 Act in reliance on the exclusion provided by Section 3(c)(7) thereof.
At the same time, the Trust buys a residual interest in the assets</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">and cash flows of the SPV, the assets of which is identical to
that sold to the SPV by the Trust (the &ldquo;SPV Bond&rdquo;). The SPV also issues and sells Floating-Rate Notes to third parties.
The Floating-Rate Notes have interest rates that generally reset weekly based on changes in a reference interest rate (such as
LIBOR or the SIFMA Municipal Bond Swap Index) and their holders have the option to tender to the SPV for redemption at par value
at each reset date. The income earned on the SPV Bond is, in effect, first used to pay the interest payable on the Floating-Rate
Note, with any remaining income then going to the residual interest bond. The holder of the Floating-Rate Note effectively holds
a demand obligation that bears interest at the prevailing short-term, tax-exempt rate. As the holder of the residual interest bond,
the Trust receives the residual cash flow from the SPV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A residual interest bond investment held by the Trust generally
gives the Trust the right (1) to cause the holders of the Floating-Rate Notes to tender their notes at par value and (2) to require
the SPV to terminate and transfer the SPV Bond to the Trust. Should the Trust exercise this right, it would generally pay the SPV
the par value of the Floating-Rate Notes and exchange the residual interest bond for the underlying SPV Bond. The SPV also may
be terminated upon the occurrence of certain termination events as defined in the SPV&rsquo;s trust agreement, such as a downgrade
in the credit quality of the underlying SPV Bond, bankruptcy of or payment failure by the issuer of the SPV Bond, the inability
to remarket Floating-Rate Notes that have been tendered due to insufficient buyers in the market or the SPV&rsquo;s failure to
obtain renewal of the liquidity support agreement provided for the Floating-Rate Notes. The Trust may enter into shortfall and
forbearance agreements with brokers by which the Trust agrees to reimburse the broker, in certain circumstances, for the difference
between the liquidation value of the SPV Bond and the liquidation value of the Floating-Rate Notes, as well as shortfalls in interest
cash flows. Such agreements may expose the Trust to a risk of loss that exceeds its investment in the residual interest bonds.
Absent a shortfall and forbearance agreement, the Trust would not be required to make such a reimbursement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will segregate or earmark liquid assets at its custodian
equal to the value of economic leverage created by residual interest bonds, whether initiated by the Trust or purchased on the
secondary market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments in residual interest bonds typically offer the potential
for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. Because the residual
interest bond is an inverse floating-rate security and only pays a residual income, compared to fixed rate municipal bonds, the
value of residual interest bonds will fluctuate to a greater extent in response to changes in prevailing long-term interest rates.
These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend
to outperform the market for fixed rate bonds when long-term interest rates decline. Moreover, the income earned on such bonds
will fluctuate in response to changes in prevailing short-term interest rates. When residual interest bonds are held by the Trust,
an increase in short- or long-term market interest rates may adversely affect the income received from such bonds or the net asset
value of Common Shares. All existing residual interest bonds were restructured in order to comply with new banking regulations
effective in July 2015 and July 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following table is designed to illustrate the effect on the
return to a holder of the Common Shares of leverage in the amount of approximately 42.04% of the Trust&rsquo;s gross assets, assuming
hypothetical annual returns of the Trust&rsquo;s portfolio of minus 10% to plus 10%. As the table shows, leverage generally increases
the return to Common Shareholders when portfolio return is positive and greater than the cost of leverage and decreases the return
when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are hypothetical and
actual returns may be greater or less than those appearing in the table.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Assumed Portfolio Total Return (Net of Expenses)</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">(10)%</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">(5)%</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">0%</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">5%</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">10%</TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Corresponding Common Share Total Return</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">(18.02)%</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">(9.39)%</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">(0.76)%</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">7.86%</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">16.49%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Assuming the utilization of leverage in the amount of 42.04%
of the Trust&rsquo;s gross assets, the cost of leverage is 1.05%. The additional income that the Trust must earn (net of expenses)
in order to cover such costs is approximately 0.44% of gross assets. The Trust&rsquo;s actual costs of leverage will be based on
market rates at the time the Trust undertakes a leveraging strategy, and such actual costs of leverage may be higher or lower than
that assumed in the previous example.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">ADDITIONAL RISK CONSIDERATIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may receive little or no return on your investment or even that you
may lose part or all of your investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Discount
From or Premium to NAV.</B></FONT> The Offering will be conducted only when Common Shares of the Trust are trading at a price equal
to or above the Trust&rsquo;s NAV per Common Share plus the per Common Share amount of commissions. As with any security, the market
value of the Common Shares may increase or decrease from the amount initially paid for the Common Shares. The Trust&rsquo;s Common
Shares have traded both at a premium and at a discount relative to net asset value. The shares of closed-end management investment
companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Trust&rsquo;s
NAV may decrease.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Secondary
Market for the Common Shares.</B></FONT> The issuance of Common Shares through the Offering may have an adverse effect on the secondary
market for the Common Shares. The increase in the amount of the Trust&rsquo;s outstanding Common Shares resulting from the Offering
may put downward pressure on the market price for the Common Shares of the Trust. Common Shares will not be issued pursuant to
the Offering at any time when Common Shares are trading at a price lower than a price equal to the Trust&rsquo;s NAV per Common
Share plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust also issues Common Shares of the Trust through its
dividend reinvestment plan. See &ldquo;Dividend Reinvestment Plan.&rdquo; Common Shares may be issued under the plan at a discount
to the market price for such Common Shares, which may put downward pressure on the market price for Common Shares of the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Common Shares are trading at a premium, the Trust may
also issue Common Shares of the Trust that are sold through transactions effected on the NYSE. The increase in the amount of the
Trust&rsquo;s outstanding Common Shares resulting from that offering may also put downward pressure on the market price for the
Common Shares of the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The voting power of current shareholders will be diluted to the
extent that such shareholders do not purchase shares in any future Common Share offerings or do not purchase sufficient shares
to maintain their percentage interest. In addition, if the Adviser is unable to invest the proceeds of such offering as intended,
the Trust&rsquo;s per share distribution may decrease (or may consist of return of capital) and the Trust may not participate in
market advances to the same extent as if such proceeds were fully invested as planned.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
and Market Risk.</B></FONT> An investment in Common Shares is subject to investment risk, including the possible loss of the entire
principal amount invested. An investment in Common Shares represents an indirect investment in the securities owned by the Trust,
which will generally trade in the over-the-counter (&ldquo;OTC&rdquo;) markets. The Common Shares at any point in time may be worth
less than the original investment, even after taking into account any reinvestment of distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Interest
Rate and Income Risk.</B></FONT> The prices of municipal obligations tend to fall as interest rates rise. When interest rates decline,
the value of municipal obligations held by the Trust can be expected to rise. Interest rate risk is the risk that the municipal
obligations in the Trust&rsquo;s portfolio will decline in value because of increases in market interest rates. These risks may
be greater in the current market environment because of prevailing low interest rates. In typical market interest rate environments,
the prices of longer-term municipal obligations tend to fluctuate more in price in response to changes in market interest rates
than prices of shorter-term municipal obligations. A decline in the prices of the municipal obligations owned by the Trust would
cause a decline in the NAV of the Trust, which could adversely affect the trading price of the Common Shares. This risk is usually
greater among municipal obligations with longer maturities or durations. Although the Trust has no policy governing the maturities
or durations of its investments, the Trust expects that it will generally invest in a portfolio of longer-term securities, generally
with maturities of 10 years or greater. This means that the Trust&rsquo;s share NAV and market price per share will fluctuate more
in response to changes in market interest rates than if the Trust invested primarily in shorter-term municipal obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Market risk is often greater among certain types of income securities,
such as zero-coupon bonds, which do not make regular interest payments. As interest rates change, these bonds often fluctuate in
price more than coupon bonds that make regular interest payments. Because the Trust may invest in these types of income securities,
it may be subject to greater market risk than a fund that invests only in current interest paying securities. The Trust may utilize
certain strategies, including taking positions in futures or interest rate swaps and forward rate contracts, for the purpose of
reducing the interest rate sensitivity of the portfolio and decreasing the Trust&rsquo;s exposure to interest rate risk, although
there can be no assurance that it will do so or that such strategies will be successful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The income investors receive from the Trust is based primarily
on the interest it earns from its investments, which can vary widely over the short- and long-term. If long-term interest rates
drop, investors&rsquo; income from the Trust over time could drop as well if the Trust purchases securities with lower interest
coupons. This risk is magnified when prevailing short-term interest rates increase and the Trust holds residual interest bonds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust incurs economic leverage by investing in residual interest
bonds. Compared to similar fixed-rate municipal bonds, the value of these bonds will fluctuate to a greater extent in response
to changes in prevailing long-term interest rates. Moreover, the income earned on residual interest bonds will fluctuate in response
to changes in prevailing short-term interest rates. Thus, when such bonds are held by the Trust, an increase in short- or long-term
market interest rates may adversely affect the income received from such bonds or the NAV of the Trust&rsquo;s shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Call
and Reinvestment Risks.</B></FONT> If interest rates fall, it is possible that issuers of callable bonds with high interest
coupons will &ldquo;call&rdquo; (or prepay) their bonds before their maturity date. If a call were exercised by the issuer
during a period of declining interest rates, the Trust would likely replace such called security with a lower yielding
security. If that were to happen, it could decrease the Trust&rsquo;s dividends and possibly could affect the market price of
Common Shares. Similar risks exist when the Trust invests the proceeds from matured
or traded municipal obligations at market interest rates that are below the Trust&rsquo;s current earnings rate.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Credit
Risk.</B></FONT> Credit risk is the risk that one or more municipal bonds in the Trust&rsquo;s portfolio will decline in price,
or fail to pay interest or principal when due, because the issuer of the bond experiences a decline in its financial status. Because
the Trust may invest up to 35% of its total assets in below investment grade securities, it will be subject to a high level of
credit risk. In general, lower rated municipal bonds carry a greater degree of risk that the issuer will lose its ability to make
interest and principal payments, which could have a negative impact on the Trust&rsquo;s NAV or dividends. Securities rated in
the fourth highest category (<I>i.e.</I>, Baa by Moody&rsquo;s or BBB by S&amp;P or Fitch) are considered investment grade quality,
but may have speculative characteristics.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The prices of lower grade securities are more sensitive to negative
developments, such as a decline in the issuer&rsquo;s revenues or a general economic downturn, than are the prices of higher grade
securities. Municipal securities of below investment grade quality are speculative with respect to the issuer&rsquo;s capacity
to pay interest and repay principal when due and therefore involve a greater risk of default. Lower grade securities tend to be
less liquid than investment grade securities and the market values of lower grade securities tend to be more volatile than investment
grade securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Changes in the credit quality of the issuers of municipal obligations
held by the Trust will affect the principal value of (and possibly the income earned on) such obligations. The credit quality of
an issuer of municipal obligations may be affected by a variety of factors, including the issuer&rsquo;s tax base, the extent to
which the issuer relies on federal or state aid, limitations on the taxing power of the issuer and changes in general economic
conditions. Changes by Rating Agencies in their ratings of a security and in the ability of the issuer to make payments of principal
and interest may also affect the value of the Trust&rsquo;s investments. The amount of information about the financial condition
of an issuer of municipal obligations may not be as extensive as that made available by corporations whose securities are publicly
traded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest in municipal leases and participations in
municipal leases. The obligation of the issuer to meet its obligations under such leases is often subject to the ongoing appropriation
by the appropriate legislative body, on an annual or other basis, of funds for the payment of the obligations. Investments in municipal
leases are thus subject to the risk that the legislative body will not make the necessary appropriation and the issuer will not
otherwise be willing or able to meet its obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In evaluating creditworthiness, the Adviser considers ratings
assigned by Rating Agencies and generally performs additional credit and investment analysis. Credit ratings are based largely
on the issuer&rsquo;s historical financial condition and the Rating Agency&rsquo;s investment analysis at the time of rating, and
the rating assigned to any particular security is not necessarily a reflection of the issuer&rsquo;s current financial condition.
The rating assigned to a security by a Rating Agency does not reflect assessment of the volatility of the security&rsquo;s market
value or of the liquidity of an investment in the security. Credit quality in the sectors of the market can change from time to
time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Liquidity
Risk.</B></FONT> At times, a substantial portion of the Trust&rsquo;s assets may be invested in securities for which there is no
readily available trading market or are subject to restrictions on resale, which includes residual interest bonds. The Trust, by
itself or together with other accounts managed by Eaton Vance and its affiliates, at times may hold a major portion of all of such
securities. Under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer,
the Trust could find it more difficult to sell such securities when Eaton Vance believes it is advisable to do so or may be able
to sell such securities only at prices lower than if such securities were more widely held. Under such circumstances, it may also
be more difficult to determine the fair value of such securities for purposes of computing the Trust&rsquo;s NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The secondary market for some municipal obligations is less liquid
than that for widely traded taxable debt obligations or widely traded municipal obligations. No established resale market exists
for certain of the municipal obligations in which the Trust may invest. The Trust has no limitation on the amount of its assets
that may be invested in securities that are not readily marketable or are subject to restrictions on resale. In certain situations,
the Trust could find it more difficult to sell such securities at desirable times and/or prices. The Trust may not be able to readily
dispose of such securities at prices that approximate those at which the Trust could sell such securities if they were more widely
traded or at which the Trust has valued such securities and, as a result of such illiquidity, the Trust may have to sell other
investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. In addition, the limited liquidity
could affect the market price of the securities, thereby adversely affecting the Trust&rsquo;s NAV and ability to make distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Municipal
Bond Market Risk.</B></FONT> Investing in the municipal bond market involves certain risks. Certain securities in which the Trust
will invest will not be registered with the SEC or any state securities commission and will not be listed on any national securities
exchange. The amount of public information available about the municipal obligations in the Trust&rsquo;s portfolio is generally
less than for corporate equities or bonds, and the investment performance of the Trust may, therefore, be more dependent on the
analytical abilities of Eaton Vance than if the Trust were a stock fund or taxable bond fund.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The ability of municipal issuers to make timely payments of interest
and principal may be diminished during general economic downturns and as governmental cost burdens are reallocated among federal,
state and local governments. In addition, laws enacted in the future by Congress or state legislatures or referenda could extend
the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability
of municipalities to levy taxes. Issuers of municipal obligations might seek protection under the bankruptcy laws. In the event
of bankruptcy of an issuer, the Trust could experience delays in collecting principal and interest to which it is entitled, and
may obtain only a limited recovery or no recovery in such circumstances. To enforce its rights in the event of default in the payment
of interest or repayment of principal, or both, the Trust may take possession of and manage the assets securing the issuer&rsquo;s
obligations on such securities, which may increase the Trust&rsquo;s operating expenses. Any income derived from the Trust&rsquo;s
ownership or operation of such assets may not be tax-exempt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Many state and municipal governments are under significant economic
and financial stress. Current economic conditions may increase the likelihood that a municipal issuer will be unable to make timely
payments of interest and principal or will default or seek protection under the bankruptcy laws and may increase the likelihood
of legislation that will adversely effect the Trust&rsquo;s investments in municipal obligations. See &ldquo;Investment objective,
policies and risks&mdash;Additional risk considerations&mdash;Current economic conditions risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The value of municipal securities generally may be affected by
uncertainties in the municipal markets as a result of legislation or litigation, including legislation or litigation that changes
the taxation of municipal securities or the rights of municipal security holders in the event of a bankruptcy. Certain provisions
of the U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to municipal security
issuers could produce varying results among the states or among municipal security issuers within a state. These uncertainties
could have a significant impact on the prices of the municipal securities in which the Trust invests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the number of municipal borrowers and the amount of outstanding
municipal securities contract, without corresponding reductions in investor demand for municipal securities, the Trust may have
fewer investment alternatives, may invest in securities that it previously would have declined and may concentrate its investments
in a smaller number of issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Fixed income markets have recently experienced a period of relatively
high volatility. As a result of the Federal Reserve&rsquo;s action to end its quantitative easing stimulus program as well as the
possibility that it may unwind the program and its recent decision to raise the target fed funds rate, fixed income markets could
experience continuing high volatility, which could negatively impact the Fund&rsquo;s performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Insurance
Risk.</B></FONT> Municipal obligations may be insured as to their scheduled payment of principal and interest. Although the insurance
feature may reduce some financial risks, the premiums for insurance and the higher market price sometimes paid for insured obligations
may reduce the current yield on the insured obligation. Insured obligations also may be secured by bank credit agreements or escrow
accounts. Changes in the ratings of an insurer may affect the value of an insured obligation, and in some cases may even cause
the value of a security to be less than a comparable uninsured obligation. The insurance does not guarantee the market value of
the insured obligation or the net asset value of the Trust&rsquo;s shares. The credit rating of an insured obligation reflects
the credit rating of the insurer, based on its claims-paying ability. The obligation of a municipal bond insurance company to pay
a claim extends over the life of each insured obligation. Although defaults on insured municipal obligations have been low to date
and municipal bond insurers have met their claims, there is no assurance this will continue. A higher than expected default rate
could strain the insurer&rsquo;s loss reserves and adversely affect its ability to pay claims to bondholders. Because a significant
portion of insured municipal obligations that have been issued and are outstanding is insured by a small number of insurance companies,
an event involving one or more of these insurance companies, such as a credit rating downgrade, could have a significant adverse
effect on the value of the municipal obligations insured by that insurance company and on the municipal bond markets as a whole.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risks
of MLOs and Certificates of Participation.</B></FONT> MLOs and certificates of participation involve special risks not normally
associated with general obligations or revenue bonds. MLOs are obligations in the form of a lease, installment purchase or conditional
sales contract (which typically provide for the title to the leased asset to pass to the governmental issuer) that is issued by
state or local governments to acquire equipment and facilities. Interest income from MLOs is generally exempt from local and state
taxes in the state of issuance. MLOs, like other municipal debt obligations, are subject to the risk of non-payment. Although MLOs
do not constitute general obligations of the issuer for which the issuer&rsquo;s unlimited taxing power is pledged, a lease obligation
is frequently backed by the issuer&rsquo;s covenant to budget for, appropriate and make the payments due under the lease obligation.
However, certain lease obligations contain &ldquo;non-appropriation&rdquo; clauses, which provide that the issuer has no obligation
to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis,
which function to render constitutional and statutory requirements for the issuance of debt inapplicable to such obligations. In
addition, such leases or contracts may be subject to temporary abatement of payments in the event the governmental issuer is prevented
from maintaining occupancy of the leased premises or utilizing the leased equipment. Although &ldquo;non-appropriation&rdquo; lease
obligations may </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Participations in municipal leases are undivided interests in
a portion of the total obligation or in an unmanaged pool of municipal leases or installment contracts. Certificates of participation
involve the same risks as the underlying municipal leases. Participations entitle their holders to receive a pro rata share of
all payments under the lease or pool of leases. In addition, the Trust may be dependent upon the municipal authority issuing the
certificate of participation to exercise remedies with respect to an underlying lease. Certificates of participation also entail
a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate
of participation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MLOs and participations therein represent a type of financing
that may not have the depth of marketability associated with more conventional securities and, as such, they may be less liquid
than conventional securities. Certain MLOs may be deemed illiquid, unless determined by the Adviser, pursuant to guidelines adopted
by the Board, to be liquid securities. The Adviser will consider the factors it believes are relevant to the marketability of the
obligation, to the extent that information regarding such factor is available to the Adviser and pertinent to the liquidity determination,
which may include: (1) the willingness of dealers to bid for the obligation; (2) the number of dealers willing to purchase or sell
the obligation and the number of other potential buyers; (3) the frequency of trades and quotes for the obligation; (4) the nature
of the marketplace trades, including the time needed to dispose of the obligation, the method of soliciting offers, and the mechanics
of transfer; (5) the willingness of the governmental issuer to continue to appropriate funds for the payment of the obligation;
(6) how likely or remote an event of non-appropriation may be, which depends in varying degrees on a variety of factors, including
those relating to the general creditworthiness of the governmental issuer, its dependence on its continuing access to the credit
markets, and the importance to the issuer of the equipment, property or facility covered by the lease or contract; (7) an assessment
of the likelihood that the lease may or may not be cancelled; and (8) other factors and information unique to the obligation in
determining its liquidity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The ability of issuers of MLOs to make timely lease payments
may be adversely impacted in general economic downturns and as relative governmental cost burdens are allocated and reallocated
among federal, state and local governmental units. Such non-payment would result in a reduction of income from and value of the
obligation. Issuers of MLOs might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, holders
of MLOs could experience delays and limitations with respect to the collection of principal and interest on such MLOs and may not,
in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event
of a default in lease payments, the Trust might take possession of and manage the assets securing the issuer&rsquo;s obligations
on such securities or otherwise incur costs to protect its right, which may increase the Trust&rsquo;s operating expenses and adversely
affect the net asset value of the Trust. When the lease contains a non-appropriation clause, however, the failure to pay would
not be a default and the Trust would not have the right to take possession of the assets. Any income derived from the Trust&rsquo;s
ownership or operation of such assets may not be tax-exempt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current
Regulatory Environment Risk.</B></FONT> Congress is currently actively considering significant changes to federal tax law, including
changes to the tax-exempt status of such municipal bond interest. Any proposed or actual changes in such rates or exempt status,
therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal obligations. This could
in turn affect the Trust&rsquo;s net asset value and ability to acquire and dispose of municipal obligations at desirable yield
and price levels.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">It is possible that government regulation of various types of
derivative instruments, including futures and swap agreements, may limit or prevent the Trust from using such instruments as part
of its investment strategy, which could negatively impact the Trust. For example, some legislative and regulatory proposals, such
as those in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (the &ldquo;Dodd-Frank Act&rdquo;), would, upon
implementation, impose limits on the maximum position that could be held by a single trader in certain contracts and would subject
some derivatives transactions to new forms of regulation that could create barriers to some types of investment activity. Other
provisions require many swaps to be cleared and traded on an exchange, expand entity registration requirements, impose business
conduct requirements on dealers that enter into swaps with a pension plan, endowment, retirement plan or government entity, and
require banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest
them altogether. While many provisions of the Dodd-Frank Act must be implemented through future rulemaking, and any regulatory
or legislative activity may not necessarily have a direct, immediate effect upon the Trust, it is possible that, upon implementation
of these measures or any future measures, they could potentially limit or completely restrict the ability of the Trust to use these
instruments as a part of its investment strategy, increase the costs of using these instruments or make them less effective. Limits
or restrictions applicable to the counterparties with which the Trust engages in derivative transactions also could prevent the
Trust from using these instruments or affect the pricing or other factors relating to these instruments, or may change the availability
of certain investments.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At any time after the date of this prospectus, legislation may
be enacted that could negatively affect the assets of the Trust. Legislation or regulation may change the way in which the Trust
itself is regulated. The Adviser cannot predict the effects of any new governmental regulation that may be implemented, and there
can be no assurance that any new governmental regulation will not adversely affect the Trust&rsquo;s ability to achieve its investment
objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current
Economic Conditions Risk.</B></FONT> The financial crisis in the U.S. and global economies over the past several years, including
the European sovereign debt crisis, has resulted, and may continue to result, in an unusually high degree of volatility in the
financial markets, both domestic and foreign, and in the net asset values of many investment companies, including to some extent
the Trust. Conditions in the U.S. and global economies have resulted, and may continue to result, in fixed income instruments experiencing
unusual liquidity issues, increased price volatility and, in some cases, credit downgrades and increased likelihood of default.
The financial condition of federal, state and local governments may be sensitive to market events, which may, in turn, adversely
affect the marketability of notes and bonds they issue. Recent declines in real estate prices and general business activity are
reducing tax revenues of many state and local governments and could affect the economic viability of projects that are the sole
source of revenue to support various private activity bonds. In addition, global economies and financial markets are becoming increasingly
interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a
different country or region. Because the situation is widespread and largely unprecedented, it may be unusually difficult to identify
both risks and opportunities using past models of the interplay of market forces, or to predict the duration of these market conditions.
The severity or duration of these conditions may also be affected by policy changes made by governments or quasi-governmental organizations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>United
States Credit Rating Downgrade Risk.</B></FONT> On August&nbsp;5, 2011, S&amp;P lowered its long-term sovereign credit rating on
the U.S. to &ldquo;AA+&rdquo; from &ldquo;AAA&rdquo; with a negative outlook. Moody&rsquo;s affirmed the Aaa long-term sovereign
credit rating of the U.S. on November&nbsp;21, 2011 while maintaining its negative outlook. The downgrade by S&amp;P and any future
downgrades by other Rating Agencies could increase volatility in both stock and bond markets, result in higher interest rates and
higher Treasury yields and increase borrowing costs generally. These events could have significant adverse effects on the economy
generally and could result in significant adverse impacts on municipal issuers and the Trust. In addition, following S&amp;P&rsquo;s
downgrade of the U.S., the major Rating Agencies have also placed many municipalities on review for potential downgrades, which
could impact the market price, liquidity and volatility of the municipal securities held by the Trust in its portfolio. If the
universe of municipal securities meeting the Trust&rsquo;s ratings and credit quality requirements shrinks, it may be more difficult
for the Trust to meet its investment objective and the Trust&rsquo;s investments may become more concentrated in fewer issues.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>State
Specific Risk.</B></FONT> The Trust has no current intention to invest 25% or more of its gross assets in municipal obligations
of issuers located in the same state (or U.S. territory), but reserves the flexibility to do so in the future. If the Trust focuses
its investments in any one state (or U.S. territory), the Trust may be more susceptible to adverse economic, political or regulatory
occurrences affecting a particular state (or territory). Certain municipal bond issuers in Puerto Rico have recently experienced
financial difficulties and rating agency downgrades, and two such issuers have defaulted on their payment obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Sector
Concentration Risk.</B></FONT> The Trust may invest 25% or more of its total assets in municipal obligations of issuers located
in the same economic sector, such as revenue obligations of health care facilities or hospitals, airport revenue obligations or
industrial development bonds. This may make the Trust more susceptible to adverse economic, political, or regulatory occurrences
affecting a particular state or economic sector. For example, health care related issuers are susceptible to changes in Medicaid
reimbursement policies, and national and state health care legislation. As concentration increases, so does the potential for fluctuation
in the NAV of the Trust&rsquo;s shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Below
Investment Grade Securities Risk.</B></FONT> As indicated above, the Trust may invest up to 35% of its total assets in municipal
obligations rated below investment grade by each of Moody&rsquo;s, S&amp;P and Fitch (but not, with respect to more than 30% of
its total assets, lower than B by each of Moody&rsquo;s, S&amp;P and Fitch) and unrated municipal obligations that the Adviser
considers to be of comparable quality. Such obligations are commonly called &ldquo;junk bonds&rdquo; and will have speculative
characteristics in varying degrees. Below investment grade securities held by the Trust are subject to higher risk. Also, their
yields and market values may fluctuate more than higher rated securities. Fluctuations in value do not affect the cash income from
the securities, but are reflected in the Trust&rsquo;s net asset value. The greater risks and fluctuations in yield and value occur,
in part, because investors generally perceive issuers of lower rated and unrated securities to be less creditworthy. These issuers
may be particularly susceptible to market downturns, adverse economic or political events or other developments such as weather
or other catastrophic events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Secondary market trading in below investment grade securities
may be less liquid than the market for higher grade securities. To the extent that there is no established market for some of the
lower grade municipal obligations in which the Trust may invest, trading in such securities may be relatively inactive. The Adviser
is responsible for determining the net asset value of the Trust, subject to the supervision of the Board. During periods of reduced
market liquidity and in the absence of readily available market quotations for lower grade municipal obligations held in the Trust&rsquo;s
portfolio, the ability</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">of the Adviser to value the Trust&rsquo;s securities becomes
more difficult and the Adviser&rsquo;s use of judgment may play a greater role in the valuation of the Trust&rsquo;s securities
due to the reduced availability of reliable objective data. The effects of adverse publicity and investor perceptions may be more
pronounced for securities for which no established market exists as compared with the effects on securities for which a regular
market does exist. Further, the Trust may have more difficulty selling such securities in a timely manner and at their stated value
or at the value at which the Trust is carrying them than would be the case for securities for which an established market does
exist.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Municipal obligations held by the Trust that are initially rated
below investment grade may subsequently be determined by the Adviser to be of investment grade quality for purposes of the Trust&rsquo;s
investment policies if the securities subsequently are backed by escrow accounts containing U.S. Government obligations. The Trust
may retain in its portfolio an obligation that declines in quality, including defaulted obligations, if such retention is considered
desirable by the Adviser. In the case of a defaulted obligation, the Trust may incur additional expense seeking recovery of its
investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;s credit quality policies apply only at the time
a security is purchased, and the Trust is not required to dispose of a security in the event that a Rating Agency downgrades its
assessment of the credit characteristics of a particular issuer or withdraws its assessment. Any such downgrade may adversely affect
the market price and liquidity of the security. The ratings of Rating Agencies represent their opinions as to the quality of the
obligations which they undertake to rate. Ratings are relative and subjective and, although ratings may be useful in evaluating
the safety of interest and principal payments, they do not evaluate the market value risk of such obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Unrated
Securities Risk.</B></FONT> The Trust may invest in unrated obligations for which Eaton Vance will make a credit quality determination
for purposes of the Trust&rsquo;s credit quality policy. To the extent that the Trust invests in such unrated obligations, the
Trust&rsquo;s credit quality will be more dependent on Eaton Vance&rsquo;s credit analysis than if the Trust invested in only rated
obligations. Some unrated securities may not have an active trading market or may be difficult to value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Residual
Interest Bond Risk.</B></FONT> Residual interest bonds create investment leverage in the Trust because they provide more than one
dollar of exposure to municipal bonds for each dollar the Trust invests in them. As a result, the value of residual interest bonds
may increase or decrease at a rate that is a multiple of the rate by which the value of the underlying municipal bonds underlying
the residual interest bonds increase or decrease. The market values of residual interest bonds will generally be more volatile
than the market values of fixed rate tax-exempt securities. To seek to limit the volatility of these securities, the Trust may
invest in residual interest bonds with shorter-term maturities or that contain limitations on the extent to which the interest
rate may vary. The Trust may also use derivatives to offset the volatility of residual interest bonds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Residual interest bonds pay interest at rates that vary inversely
with changes in prevailing short-term interest rates and provide the economic effect of leverage. Because the residual interest
bond is an inverse floating-rate security and only pays a residual income, compared to fixed rate municipal bonds, the value of
residual interest bonds will fluctuate to a greater extent in response to changes in prevailing long-term interest rates. These
securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform
the market for fixed rate bonds when long-term interest rates decline. Moreover, the income earned on such bonds will fluctuate
in response to changes in prevailing short-term interest rates. In the extreme, increases in short-term interest rates may eliminate
the interest paid to the Trust by residual interest bond investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The SPV underlying a residual interest bond may be terminated
by the sponsoring broker-dealer upon the occurrence of certain termination events, such as a downgrade in the credit quality of
the underlying SPV Bond, bankruptcy of or payment failure by the issuer of the SPV Bond, the broker-dealer&rsquo;s inability to
remarket Floating-Rate Notes that have been tendered due to insufficient buyers in the market or the SPV&rsquo;s failure to obtain
renewal of the liquidity support agreement provided for the Floating-Rate Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may enter into shortfall and forbearance agreements
with an SPV&rsquo;s sponsoring broker-dealer by which the Trust agrees to reimburse the broker-dealer, in certain circumstances,
for the difference between the liquidation value of the SPV Bond and the liquidation value of the Floating-Rate Notes, as well
as shortfalls in interest cash flows. The SPV termination provisions and shortfall and forbearance agreements expose the Trust
to risk of loss in SPV Bonds that may exceed its associated residual interest bond investments, and to the risk that it may be
required to sell Trust assets to fulfill its obligations under the terms of the SPV with little or no advance notice, and that
such sales may take place at inopportune times and/or unattractive prices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any economic effect of leverage through the Trust&rsquo;s investment
in residual interest bonds will create an opportunity for increased net income and returns, but will also create the possibility
that the Trust&rsquo;s long-term returns will be diminished if the cost of leverage exceeds the return on the residual interest
bonds purchased with leverage by the Trust.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The amount of fees paid to Eaton Vance for investment advisory
services will be higher if the Trust uses financial leverage because the fees will be calculated based on the Trust&rsquo;s gross
assets. Gross assets include assets financed through the creation of SPVs, the issuance of preferred equity, borrowings and other
forms of financial leverage, which may create a conflict of interest between Eaton Vance and the Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments in residual interest bonds require the Trust to maintain
segregated assets in accordance with applicable interpretations of the staff of the SEC. While the segregated assets may be invested
in liquid securities, they may not be used for other operational purposes. Consequently, investment in residual interest bonds
may limit the Trust&rsquo;s flexibility and may require the Trust to sell other portfolio securities to pay Trust expenses or to
meet other obligations at time when it may be disadvantageous to do so. Certain existing residual interest bonds will have to be
restructured in order to comply with new banking regulations effective in July 2015 or otherwise unwound while other existing residual
interest bonds must do so by July 2017. There can be no assurance that existing residual interest bonds can be restructured or,
if unwound, that the Fund will be able to reinvest assets from unwound residual interest bonds and achieve the same level of return.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Leverage
Risk.</B></FONT> As discussed above, the Trust currently uses leverage created by issuing APS, iMTP and investing in residual interest
bonds. The Trust will comply with the asset segregation requirements of the 1940 Act in making such investments. Residual interest
bonds are securities that pay interest at rates that vary inversely with changes in prevailing short-term interest rates and provide
the economic effect of leverage.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser anticipates that the use of leverage (from the issuance
of iMTP, any borrowings, and residual interest bonds) may result in higher income to Common Shareholders over time. Leverage creates
risks for Common Shareholders, including the likelihood of greater volatility of NAV and market price of the Common Shares and
the risk that fluctuations in dividend rates on iMTP and costs of borrowings may affect the return to Common Shareholders. iMTP
dividends are based on the yields of short-term municipal obligations, while the proceeds of the Trust&rsquo;s offering are invested
in longer-term municipal obligations, which typically have higher yields. To the extent the income derived from investments purchased
with funds received from leverage exceeds the cost of leverage, the Trust&rsquo;s distributions will be greater than if leverage
had not been used. Conversely, if the income from the investments purchased with such funds is not sufficient to cover the cost
of leverage, the amount available for distribution to Common Shareholders will be less than if leverage had not been used. In the
latter case, Eaton Vance, in its best judgment, may nevertheless determine to maintain the Trust&rsquo;s leveraged position if
it deems such action to be appropriate. While the Trust has preferred shares outstanding, an increase in short-term rates would
also result in an increased cost of leverage, which would adversely affect the Trust&rsquo;s income available for distribution.
There can be no assurance that a leveraging strategy will be successful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, under current federal income tax law, the Trust
is required to allocate a portion of any net realized capital gains or other taxable income to iMTP holders. The terms of the Trust&rsquo;s
iMTP require the Trust to pay to any iMTP holders additional dividends intended to compensate such holders for taxes payable on
any capital gains or other taxable income allocated to such holders. Any such additional dividends will reduce the amount available
for distribution to Common Shareholders. As discussed under &ldquo;Management of the Trust,&rdquo; the fee paid to Eaton Vance
is calculated on the basis of the Trust&rsquo;s gross assets, including proceeds from the issuance of iMTP, borrowings and investment
in residual interest bonds, so the fees will be higher when leverage is utilized. In this regard, holders of iMTP do not bear the
investment advisory fee. Rather, Common Shareholders bear the portion of the investment advisory fee attributable to the assets
purchased with the proceeds, which means that Common Shareholders effectively bear the entire advisory fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">iMTP has been rated AAA by S&amp;P and Fitch. The Trust currently
intends to seek to maintain these ratings or an equivalent credit rating from other Rating Agencies on the iMTP or any preferred
shares it issues. The Trust is subject to investment restrictions of the Rating Agencies as a result. Any bank lender in connection
with a credit facility or commercial paper program may also impose specific restrictions as a condition to borrowing. Such restrictions
imposed by a Rating Agency or lender may include asset coverage or portfolio composition requirements that are more stringent than
those imposed on the Trust by the 1940 Act. These covenants or guidelines do not currently and are not expected to impede Eaton
Vance in managing the Trust&rsquo;s portfolio in accordance with its investment objective and policies and it is not anticipated
that they will so impede Eaton Vance in the future. See &ldquo;Description of Capital Structure - Preferred Shares.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Trust&rsquo;s use of derivative instruments exposes the Trust to special risks. See &ldquo;Investment
Objective, Policies and Risks - Additional Investment Practices&rdquo; and &ldquo;Investment Objective, Policies, and Risks - Additional
Risk Considerations.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivatives
Risk.</B></FONT> In addition to investing in residual interest bonds, the Trust may invest without limitation in other derivative
instruments (which are instruments that derive their value from another instrument, security or index) acquired for hedging purposes
or investment purposes. The loss on derivative instruments (other than purchased options) may substantially exceed amounts invested
in these instruments. Derivative transactions, including options on securities and securities indices and other transactions in
which the Trust may subject the Trust to increased risk of principal loss due to unexpected movements in securities prices and
interest rates, and imperfect correlations between the Trust&rsquo;s securities</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">holdings and indices upon which derivative transactions are based.
Derivatives can be illiquid, may disproportionately increase losses, and may have a potentially large impact on the Trust&rsquo;s
performance. The Trust also will be subject to credit risk with respect to the counterparties to any OTC derivatives contracts
entered into by the Trust. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative
contract due to financial difficulties, the Trust may experience significant delays in obtaining any recovery under the derivative
contract in a bankruptcy or other reorganization proceeding. The Trust may obtain only a limited recovery or no recovery in such
circumstances. Derivatives may disproportionately increase losses and have a potentially large negative impact on the Trust&rsquo;s
performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The use of derivatives to enhance income is considered to be
speculative in nature. The use of derivatives may result in greater losses than if they had not been used, may require the Trust
to sell or purchase portfolio securities at inopportune times or for prices other than current market value, may limit the amount
of appreciation the Trust can realize on an investment or may cause the Trust to hold a security it might otherwise sell. Segregated
liquid assets, amounts paid by the Trust as premiums and cash or other assets held in margin accounts with respect to derivatives
transactions are not otherwise available to the Trust for investment or operational purposes. Certain derivative transactions may
have economic characteristics similar to leverage. See &ldquo;Additional Risk Considerations - Leverage Risk.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The regulation of the U.S. and non-U.S. derivatives markets has
undergone substantial change in recent years. In particular, the Dodd-Frank Act and related regulations require many derivatives
to be cleared and traded on an exchange, expand entity registration requirements, impose business conduct requirements on counterparties,
and impose other regulatory requirements that will continue to change derivative markets as regulations are implemented. Additional
regulation of the derivatives markets may make the use of derivatives more costly, may limit the availability or reduce the liquidity
of derivatives, and may impose limits or restrictions on the counterparties with which the Fund engages in derivative transactions.
The effects of future regulation cannot be predicted and may impair the effectiveness of the Fund&rsquo;s derivative transactions
and its ability to achieve its investment objective(s).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Counterparty
Risk.</B></FONT> Changes in the credit quality of the companies that serve as the Trust&rsquo;s counterparties with respect to
its derivatives positions and liquidity providers for the Trust&rsquo;s residual interest bonds or other investments supported
by another party&rsquo;s credit will affect the value of those instruments. Certain entities that have served as counterparties
in the municipals markets have recently incurred significant financial hardships, including bankruptcy and material loss of credit
standing as a result of exposure to investments that have experienced defaults or otherwise suffered extreme credit deterioration.
As a result, such hardships have reduced these entities&rsquo; capital and called into question their continued ability to perform
their obligations. By using derivatives or other instruments that expose the Trust to counterparties, the Trust assumes the risk
that its counterparties could experience future financial hardship.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The counterparty risk for cleared derivatives is generally lower
than for uncleared over-the-counter derivative transactions since generally a clearing organization becomes substituted for each
counterparty to a cleared derivative contract and, in effect, guarantees the parties&rsquo; performance under the contract as each
party to a trade looks only to the clearing organization for performance of financial obligations under the derivative contract.
However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Hedging
Risk.</B></FONT> The Trust&rsquo;s use of derivatives or other transactions to reduce risks involves costs and will be subject
to Eaton Vance&rsquo;s ability to predict correctly changes in the relationships of such hedge instruments to the Trust&rsquo;s
portfolio holdings or other factors. No assurance can be given that Eaton Vance&rsquo;s judgment in this respect will be correct.
In addition, no assurance can be given that the Trust will enter into hedging or other transactions at times or under circumstances
in which it may be advisable to do so. Hedging transactions have risks, including the imperfect correlation between the value of
such instruments and the underlying assets of the Trust, which creates the possibility that the loss on such instruments may be
greater than the gain, if any, in the value of the underlying asset in the Trust&rsquo;s portfolio; the limited availability of
such instruments; the loss of principal; the possible default of the other party to the transaction; illiquidity of the derivative
investments; and the imperfect correlation between the tax-exempt and taxable markets. Furthermore, the ability to successfully
use hedging transactions depends on the Eaton Vance&rsquo;s ability to predict pertinent market movements, which cannot be assured.
Thus, the use of hedging transactions may result in losses greater than if they had not been used, may require the Trust to sell
or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation
the Trust can realize on an investment, or may cause the Trust to hold a security that it might otherwise sell.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Swaps Risk</B><FONT STYLE="font-weight: normal">. Whether
the use of swap agreements will be successful will depend on the Adviser&rsquo;s ability to predict correctly whether certain types
of reference instruments are likely to produce greater returns than other instruments. Swap agreements may be subject to contractual
restrictions on transferability and termination and they may have terms of greater than seven days. The Trust&rsquo;s obligations
under a swap agreement will be accrued daily (offset against any amounts owed to the Trust under the swap). Developments in the
swaps market, including potential government regulation, could adversely affect the Trust&rsquo;s ability to terminate existing
swap agreements or to realize amounts to be received under such agreements, as well as to participate in swap agreements in the
future. If there is a default by the</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-weight: normal">counterparty to a swap, the
Trust will have contractual remedies pursuant to the swap agreement, but any recovery may be delayed depending on the circumstances
of the default.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Futures
Risk.</B></FONT> Although some futures contracts call for making or taking delivery of the underlying reference instrument, generally
these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange,
underlying security or index, and delivery month). Closing a futures contract sale is effected by purchasing a futures contract
for the same aggregate amount of the specific type of financial instrument or commodity with the same delivery date. If an offsetting
purchase price is less than the original sale price, the Trust realizes a capital gain, or if it is more, the Trust realizes a
capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Trust realizes a capital gain,
or if it is less, the Trust realizes a capital loss. The Adviser has claimed an exclusion from the definition of a Commodity Pool
Operator (&ldquo;CPO&rdquo;) under the Commodity Exchange Act with respect to the Trust and therefore, neither the Adviser nor
the Trust are subject to registration or regulation thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Structured
Notes Risk.</B></FONT> Structured notes are derivative debt instruments, the interest rate or principal of which is determined
by an unrelated indicator (for example, a currency, security, commodity or index thereof). Indexed securities may include a multiplier
that multiplies the indexed element by a specified factor and, therefore, the value of such securities may be very volatile. The
terms of structured notes and indexed securities may provide that in certain circumstances no principal is due at maturity, which
may result in a loss of invested capital. Structured notes and indexed securities may be positively or negatively indexed, so that
appreciation of the unrelated indicator may produce an increase or a decrease in the interest rate or the value of the structured
note or indexed security at maturity may be calculated as a specified multiple of the change in the value of the unrelated indicator.
Structured notes and indexed securities may entail a greater degree of market risk than other types of investments because the
investor bears the risk of the unrelated indicator. Structured notes or indexed securities also may be more volatile, less liquid,
and more difficult to accurately price than less complex securities and instruments or more traditional debt securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Inflation
Risk/Deflation Risk.</B></FONT> Inflation risk is the risk that the value of assets or income from investment will be worth less
in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions
thereon can decline. In addition, during periods of rising inflation, short-term interest rates and the Trust&rsquo;s cost of leverage
would likely increase, reducing returns to the Common Shareholders to the extent that such increased cost is not offset by commensurately
higher income. Also, distribution rates of preferred shares would likely increase, which would tend to further reduce returns to
Common Shareholders. Deflation risk is the risk that prices throughout the economy decline over time &#8722; the opposite of inflation.
Deflation may have an adverse affect on the creditworthiness of issuers and may make issuer defaults more likely, which may result
in a decline in the value of the Trust&rsquo;s investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Duration
and Maturity Risk.</B></FONT> The Trust has no set policy regarding portfolio maturity or duration. Holding long duration and long
maturity investments will expose the Trust to certain magnified risks. These risks include interest rate risk, credit risk and
liquidity risks as discussed above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Tax
Risk.</B></FONT> The value of the Trust&rsquo;s investments and its NAV may be adversely affected by changes in tax rates and policies.
Because interest income from municipal obligations normally is not subject to regular federal income taxation, the attractiveness
of municipal obligations in relation to other investment alternatives is affected by changes in federal income tax rates or changes
in the tax-exempt status of interest income from municipal obligations. Congress is currently actively considering significant
changes to federal tax law, including changes to the tax-exempt status of such municipal bond interest. Any proposed or actual
changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability
of municipal obligations. This could, in turn, affect the Trust&rsquo;s NAV and ability to acquire and dispose of municipal obligations
at desirable yield and price levels. The Trust is not a suitable investment for individual retirement accounts, for other tax-exempt
or tax-deferred accounts or for investors who are otherwise indifferent to the federal income tax consequences of their investments.
See &ldquo;Distributions&rdquo; and &ldquo;Federal income tax matters.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will invest in municipal obligations in reliance at
the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable
from gross income under the regular federal income tax, and the Adviser will typically not independently verify that opinion. Subsequent
to the Trust&rsquo;s acquisition of such a municipal security, however, the security may be determined to pay, or to have paid,
taxable income. As a result, the treatment of dividends previously paid or to be paid by the Trust as &ldquo;exempt-interest dividends&rdquo;
could be adversely affected, subjecting the Trust&rsquo;s Common Shareholders to increased federal income tax liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Interest income from certain types of municipal obligations may
be a tax preference item for purposes of the AMT for individual investors. Distributions to corporate investors of certain interest
income may also be indirectly subject to the AMT.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Management
Risk. </B></FONT>The Trust is subject to management risk because it is actively managed. Eaton Vance and the individual portfolio
managers invest the assets of the Trust as they deem appropriate in implementing the Trust&rsquo;s investment strategy. Accordingly,
the success of the Trust depends upon the investment skills and analytical abilities of Eaton Vance and the individual portfolio
managers to develop and effectively implement strategies that achieve the Trust&rsquo;s investment objective. There is no assurance
that Eaton Vance and the individual portfolio managers will be successful in developing and implementing the Trust&rsquo;s investment
strategy. Subjective decisions made by Eaton Vance and the individual portfolio managers may cause the Trust to incur losses or
to miss profit opportunities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Potential
Conflicts of Interest Risk.</B></FONT> The Adviser provides a wide array of portfolio management and other asset management services
to a mix of clients and may engage in ordinary course activities in which their respective interests or those of their clients
may compete or conflict with those of the Trust. For example, the Adviser may provide investment management services to other funds
and accounts that follow investment objectives similar to those of the Trust. In certain circumstances, and subject to its fiduciary
obligations under the Investment Advisers Act of 1940, the Adviser may have to allocate a limited investment opportunity among
its clients, which include closed-end funds, open-end funds and other commingled funds. The Adviser has adopted policies and procedures
designed to address such situations and other potential conflicts of interests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>When-Issued
and Delayed-Delivery Transactions Risk.</B></FONT> Securities may be purchased on a &ldquo;forward commitment,&rdquo; &ldquo;when-issued&rdquo;
or &ldquo;delayed delivery&rdquo; basis (meaning securities are purchased or sold with payment and delivery taking place in the
future) in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction.
When the Trust agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of
the agreement to purchase. The Trust does not earn interest on the securities it has committed to purchase until they are paid
for and delivered on the settlement date. From the time of entering into the transaction until delivery and payment is made at
a later date, the securities that are the subject of the transaction are subject to market fluctuations. In forward commitment,
when-issued or delayed delivery transactions, if the seller or buyer, as the case may be, fails to consummate the transaction the
counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. However, no payment or delivery
is made until payment is received or delivery is made from the other party to the transaction.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Other Investment Companies and ETF Risk</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may, subject to the limitations of the 1940 Act, invest
in the securities of other investment companies. Such securities may be leveraged. As a result, the Trust may be indirectly exposed
to leverage through an investment in such securities. Utilization of leverage is a speculative investment technique and involves
certain risks. The Trust, as a holder of the securities of other investment companies, will bear its pro rata portion of the other
investment companies&rsquo; expenses, including advisory fees. These expenses are in addition to the direct expenses of the Trust&rsquo;s
own operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest in the securities of ETFs, to the extent
permitted by law. ETFs are designed to provide investment results that generally correspond to the price and yield performance
of the component securities (or commodities) of the benchmark index. ETFs are listed on an exchange and trade in the secondary
market on a per-share basis. The values of ETFs are subject to change as the values of their respective component securities (or
commodities) fluctuate according to market volatility. Investments in ETFs may not exactly match the performance of a direct investment
in the respective indices to which they are intended to correspond due to the temporary unavailability of certain index securities
in the secondary market or other extraordinary circumstances, such as discrepancies with respect to the weighting of securities.
Typically, the ETF bears its own operational expenses, which are deducted from its assets. To the extent that the Trust invests
in ETFs, the Trust must bear these expenses in addition to the expenses of its own operation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Anti-takeover
provisions.</B></FONT> Pursuant to the Trust&rsquo;s Declaration of Trust, the Trust&rsquo;s Board is divided into three classes
of Trustees with each class serving for a three-year term and certain types of transactions require the favorable vote of holders
of at least 75% of the outstanding shares of the Trust. These provisions that could have the effect of limiting the ability of
other persons or entities to acquire control of the Trust or to change the composition of the Board. These provisions may have
the effect of discouraging attempts to acquire control of the Trust, which attempts could have the effect of increasing the expenses
of the Trust and interfering with the normal operation of the Trust. See &ldquo;Description of Capital Structure - Anti-takeover
provisions in the Declaration of Trust.&rdquo;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Management of the Trust</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BOARD OF TRUSTEES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The management of the Trust, including general supervision of
the duties performed by the Adviser under the Advisory Agreement (as defined below), is the responsibility of the Trust&rsquo;s
Board under the laws of The Commonwealth of Massachusetts and the 1940 Act.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE ADVISER</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance acts as the Trust's investment adviser under an Investment
Advisory Agreement (the &ldquo;Advisory Agreement&rdquo;). The Adviser's principal office is located at Two International Place,
Boston, MA 02110. Eaton Vance, its affiliates and predecessor companies have been managing assets of individuals and institutions
since 1924 and of investment companies since 1931. As of January 31, 2018, Eaton Vance and its affiliates managed approximately
$449.2 billion of fund and separate account assets on behalf of clients, including 51 open-end and closed-end municipal bond funds
with combined assets of approximately $15.0 billion. Eaton Vance is a wholly-owned subsidiary of Eaton Vance Corp., a publicly-held
holding company, which through its subsidiaries and affiliates engages primarily in investment management, administration and marketing
activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance employs 44 personnel in its municipal bond department,
with teams in both Boston and New York, including 14 portfolio managers, 14 traders and 16 research analysts. Eaton Vance was one
of the first advisory firms to manage a registered municipal bond investment company, and has done so continuously since 1978.
Eaton Vance and certain of its subsidiaries on a combined basis currently manage separately managed municipal investment accounts,
17 national municipal investment companies, and 34 single state municipal investment companies, with combined assets of approximately
$15.0 billion. Of the municipal income funds managed by Eaton Vance, 21 are closed-end funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the general supervision of the Trust&rsquo;s Board, Eaton
Vance is responsible for managing the Trust&rsquo;s overall investment program, determining the Trust&rsquo;s allocations among
its permitted investments, and selecting individual holdings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser will furnish to the Trust investment advice and office
space and all necessary office facilities, equipment and personnel for servicing the investments of the Trust. The Adviser will
compensate all Trustees and officers of the Trust who are members of the Adviser&rsquo;s organization and who render investment
services to the Trust, and will also compensate all other Adviser personnel who provide research and investment services to the
Trust. Pursuant to the investment advisory agreement and certain fee reduction agreements between the Adviser and the Trust, the
Adviser receives an annual investment advisory fee calculated as a percentage of the Trust&rsquo;s average weekly gross assets.
The annual advisory fee rate for the 12 month period ending April 30, 2018 is 0.580% (0.595% prior to May 1, 2017) of the Trust
average weekly gross assets. Such rate will be reduced by 0.015% on May 1 of each year thereafter through April 30, 2030. For purposes
of the advisory fee calculation, gross assets are calculated by deducting accrued liabilities of the Trust except the principal
amount of any indebtedness for money borrowed, which includes (i) debt securities issued by the Trust, (ii) the liquidation value
of any outstanding preferred shares issued by the Trust and (iii) the amount payable by the Trust to floating-rate note holders,
provided that the total of the liquidation value of preferred shares and the amount payable to floating-rate note holders is limited
to the value of the Trust&rsquo;s APS shares prior to any APS redemptions by the Trust. During any future periods in which the
Trust is using leverage, the fees paid to Eaton Vance for investment advisory services will be higher than if the Trust did not
use leverage because the fees paid will be calculated on the basis of the Trust&rsquo;s gross assets, including proceeds from any
borrowings and from the issuance of preferred shares. As demonstrated in the fee table under &ldquo;Summary of Trust Expenses,&rdquo;
after giving effect to the Trust&rsquo;s use of leverage and using the assumptions set forth in the fee table, the management fee
would be 1.38%. On March 9, 1999, the Trust issued 2,620 Series A and 2,620 Series B APS, with a liquidation preference per share
of $25,000 plus accumulated but unpaid dividends. On February 26, 2016, the Fund repurchased 1,651 shares of Series A, 1,815 shares
of Series B and 749 shares of Series C APS at a price per share equal to 94.5% of the liquidation preference per share (or $23,625
per share) and issued 2,720 shares of iMTP with a liquidation preference of $25,000 plus the amount of any accumulated but unpaid
dividends. The iMTP has seniority over the Common Shares. As of March 26, 2018, 2,620 Series A, 2,620 Series B and 806 Series C
APS had been redeemed. As of November 30, 2017, the Trust had no outstanding borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Cynthia J. Clemson is responsible for the overall and day-to-day
management of the Fund&rsquo;s investments. Ms. Clemson is a Vice President of EVM, is Co-Director of the Municipal Investments
Group and has been a portfolio manager of the Fund since July 2015. She has managed other Eaton Vance portfolios for more than
five years.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Additional Information Regarding Portfolio Managers</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Statement of Additional Information provides additional information
about the portfolio managers&rsquo; compensation, other accounts managed by the portfolio managers, and the portfolio managers&rsquo;
ownership of securities in the Trust. The Statement of Additional Information is available free of charge by calling 1-800-225-6265
or by visiting the Trust&rsquo;s website at http://www.eatonvance.com. The information contained in, or that can be accessed through,
the Trust&rsquo;s website is not part of this Prospectus or the Statement of Additional Information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust and the Adviser have adopted Codes of Ethics relating
to personal securities transactions. The Codes of Ethics permit Adviser personnel to invest in securities (including securities
that may be purchased or held by the Trust) for their own accounts, subject to the provisions of the Codes of Ethics and certain
employees are also subject to certain pre-clearance, reporting and other restrictions and procedures contained in such Codes of
Ethics.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&rsquo;s semi-annual shareholder report contains information
regarding the basis for the Trustees&rsquo; approval of the Trust&rsquo;s Advisory Agreement.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE ADMINISTRATOR</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance serves as administrator of the Trust and receives
an administration fee computed at an annual rate of 0.20% of the Trust's average weekly gross assets. Under an Administration Agreement
with the Trust (&ldquo;Administration Agreement&rdquo;), Eaton Vance is responsible for managing the business affairs of the Trust,
subject to the supervision of the Trust&rsquo;s Board. Eaton Vance will furnish to the Trust all office facilities, equipment and
personnel for administering the affairs of the Trust. Eaton Vance&rsquo;s administrative services include recordkeeping, preparation
and filing of documents required to comply with federal and state securities laws, supervising the activities of the Trust&rsquo;s
custodian and transfer agent, providing assistance in connection with the Trustees&rsquo; and shareholders&rsquo; meetings, providing
service in connection with any repurchase offers and other administrative services necessary to conduct the Trust&rsquo;s business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to the management fee and administration fee, the
Trust pays all costs and expenses of its operation, including compensation of tis Trustees (other than those affiliated with the
Adviser), custodial expenses, dividend disbursing expenses, legal fees, expenses of independent auditors, expenses of preparing
Trust documents and reports to governmental agencies, and taxes and filing or other fees, if any.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Plan of Distribution</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may sell the Common Shares being offered under this
Prospectus in any one or more of the following ways: (i) directly to purchasers; (ii) through agents; (iii) to or through underwriters;
or (iv) through dealers. The Prospectus Supplement relating to the Offering will identify any agents, underwriters or dealers involved
in the offer or sale of Common Shares, and will set forth any applicable offering price, sales load, fee, commission or discount
arrangement between the Trust and its agents or underwriters, or among its underwriters, or the basis upon which such amount may
be calculated, net proceeds and use of proceeds, and the terms of any sale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may distribute Common Shares from time to time in one
or more transactions at: (i) a fixed price or prices that may be changed; (ii) market prices prevailing at the time of sale; (iii)
prices related to prevailing market prices; or (iv) negotiated prices; provided, however, that in each case the offering price
per Common Share (less any underwriting commission or discount) must equal or exceed the NAV per Common Share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust from time to time may offer its Common Shares through
or to certain broker-dealers, including UBS Securities LLC, that have entered into selected dealer agreements relating to at-the-market
offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may directly solicit offers to purchase Common Shares,
or the Trust may designate agents to solicit such offers. The Trust will, in a Prospectus Supplement relating to such Offering,
name any agent that could be viewed as an underwriter under the 1933 Act, and describe any commissions the Trust must pay to such
agent(s). Any such agent will be acting on a reasonable best efforts basis for the period of its appointment or, if indicated in
the applicable Prospectus Supplement or other offering materials, on a firm commitment basis. Agents, dealers and underwriters
may be customers of, engage in transactions with, or perform services for the Trust in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If any underwriters or agents are used in the sale of Common
Shares in respect of which this Prospectus is delivered, the Trust will enter into an underwriting agreement or other agreement
with them at the time of sale to them, and the Trust will set forth in the Prospectus Supplement relating to such Offering their
names and the terms of the Trust&rsquo;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If a dealer is utilized in the sale of Common Shares in respect
of which this Prospectus is delivered, the Trust will sell such Common Shares to the dealer, as principal. The dealer may then
resell such Common Shares to the public at varying prices to be determined by such dealer at the time of resale.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may engage in at-the-market offerings to or through
a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4) under the 1933
Act. An at-the-market offering may be through an underwriter or underwriters acting as principal or agent for the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Agents, underwriters and dealers may be entitled under agreements
which they may enter into with the Trust to indemnification by the Trust against certain civil liabilities, including liabilities
under the 1933 Act, and may be customers of, engage in transactions with or perform services for the Trust in the ordinary course
of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to facilitate the Offering of Common Shares, any underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of Common Shares or any other Common Shares the
prices of which may be used to determine payments on the Common Shares. Specifically, any underwriters may over-allot in connection
with the Offering, creating a short position for their own accounts. In addition, to cover over-allotments or to stabilize the
price of Common Shares or of any such other Common Shares, the underwriters may bid for, and purchase, Common Shares or any such
other Common Shares in the open market. Finally, in any Offering of Common Shares through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allowed to an underwriter or a dealer for distributing Common Shares in the Offering
if the syndicate repurchases previously distributed Common Shares in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of Common Shares above independent
market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any
time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may enter into derivative transactions with third parties,
or sell Common Shares not covered by this Prospectus to third parties in privately negotiated transactions. If the applicable Prospectus
Supplement indicates, in connection with those derivatives, the third parties may sell Common Shares covered by this Prospectus
and the applicable Prospectus Supplement or other offering materials, including in short sale transactions. If so, the third parties
may use Common Shares pledged by the Trust or borrowed from the Trust or others to settle those sales or to close out any related
open borrowings of securities, and may use Common Shares received from the Trust in settlement of those derivatives to close out
any related open borrowings of securities. The third parties in such sale transactions will be underwriters and, if not identified
in this Prospectus, will be identified in the applicable Prospectus Supplement or other offering materials (or a post-effective
amendment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum amount of compensation to be received by any member
of the Financial Industry Regulatory Authority, Inc. will not exceed 8% of the initial gross proceeds from the sale of any security
being sold with respect to each particular Offering of Common Shares made under a single Prospectus Supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any underwriter, agent or dealer utilized in the initial Offering
of Common Shares will not confirm sales to accounts over which it exercises discretionary authority without the prior specific
written approval of its customer.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Distributions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust intends to make regular monthly cash distributions
to Common Shareholders. The amount of each monthly distribution will vary depending on a number of factors, including distributions
payable on the iMTP or other costs of financial leverage. As portfolio and market conditions change, the rate of distribution on
the Common Shares and the Trust&rsquo;s distribution policy could change. Over time, the Trust will distribute all of its net investment
income (after it pays accrued distributions on any outstanding iMTP or other costs of financial leverage).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The net investment income of the Trust will consist of all interest
income accrued on portfolio investments, short-term capital gain (including short-term gains on options, futures and forward positions
and gains on the sale of portfolio investments held for one year or less) in excess of long-term capital loss and income from certain
hedging transactions, less all expenses of the Trust. Expenses of the Trust will be accrued each day. Substantially all of the
Trust&rsquo;s investment company taxable income will be distributed each year. In addition, at least annually, the Trust intends
to distribute any net capital gain (which is the excess of net long-term capital gain over net short-term capital loss). To the
extent that the Trust&rsquo;s net investment income and net capital gain for any year exceed the total monthly distributions paid
during the year, the Trust will make a special distribution at or near year-end of such excess amount as may be required. If the
Trust&rsquo;s total monthly distributions in any year exceed the amount of its net investment income and net capital gain for the
year, any such excess would be characterized as a return of capital for federal income tax purposes. Under the 1940 Act, for any
distribution that includes amounts from sources other than net income, the Trust is required to provide Common Shareholders a written
statement regarding the components of such distribution. Such a statement will be provided at the time of any distribution believed
to include any such amounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders may automatically reinvest some or all of
their distributions in additional Common Shares pursuant to the Trust&rsquo;s dividend reinvestment plan. See &ldquo;Dividend reinvestment
plan.&rdquo;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Federal Income Tax Matters</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The discussions below and certain disclosure in the Statement
of Additional Information provide general tax information related to an investment in the Common Shares. Because tax laws are complex
and often change, you should consult your tax adviser about the tax consequences of an investment in the Trust. The following tax
discussion assumes that you are a U.S. Common Shareholder that is not subject to special rules under the Internal Revenue Code
of 1986, as amended (the &ldquo;Code&rdquo;), and that you hold the Common Shares as a capital asset (generally, property held
for investment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A U.S. Common Shareholder means an owner of Common Shares that,
for federal income tax purposes is a citizen or individual resident of the United States, a corporation (including any entity treated
as a corporation for federal income tax purposes) created or organized in or under the laws of the United States or any state thereof
or the District of Columbia, an estate the income of which is subject to federal income taxation regardless of its source, or a
trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and
one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) the trust has a valid election
in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust intends to elect to be treated and to qualify each
year as a regulated investment company (&ldquo;RIC&rdquo;) under Subchapter M of the Code. In order to qualify as a RIC, the Trust
must satisfy certain requirements regarding the sources of its income, the diversification of its assets and the distribution of
its income. As a RIC, the Trust is not expected to be subject to U.S. federal income tax to the extent that it distributes its
investment company taxable income and net recognized capital gains.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust currently intends to invest a sufficient portion of
its assets in tax-exempt municipal obligations so that it will be permitted to pay &ldquo;exempt-interest dividends&rdquo; (as
defined under applicable federal income tax law). Each distribution of exempt-interest dividends, whether paid in cash or reinvested
in additional Common Shares, ordinarily will constitute income exempt from regular federal income tax under current federal tax
law. Interest on certain municipal obligations, such as certain private activity bonds, however, is included as an item of tax
preference in determining the amount of a taxpayer&rsquo;s alternative minimum taxable income. To the extent that the Trust receives
income from such municipal obligations, a portion of the dividends paid by the Trust, although exempt from regular federal income
tax, will be taxable to Common Shareholders to the extent that their tax liability is determined under the AMT. Furthermore, exempt-interest
dividends are included in determining what portion, if any, of a person&rsquo;s social security and railroad retirement benefits
will be includible in gross income subject to regular federal income tax. The Trust will annually provide a report indicating the
percentage of the Trust&rsquo;s income attributable to municipal obligations subject to the AMT.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to exempt-interest dividends, the Trust also may
distribute to its shareholders amounts that are treated as long-term capital gain or ordinary income (which may include short-term
capital gains). These distributions may be subject to federal, state and local taxation, depending on a shareholder&rsquo;s situation.
Taxable distributions are taxable whether or not such distributions are reinvested in the Trust. Net capital gain distributions
(the excess of net long-term capital gain over net short-term capital loss) are generally taxable at rates applicable to long-term
capital gains regardless of how long a Common Shareholder has held his or her Common Shares. The maximum tax rate for individuals
on long-term capital gains is 20%. The net investment income, including capital gains, of certain individuals, estates and trusts
will be subject to an additional 3.8% Medicare tax and certain individuals may be subject to limitations on the use of itemized
deductions, which can increase the effective tax rate of such persons. The Trust does not currently expect that any part of its
distributions to shareholders from its investments will qualify for the dividends-received deduction available to corporate shareholders
or as &ldquo;qualified dividend income&rdquo; to noncorporate shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As a RIC, the Trust will not be subject to U.S. federal income
tax in any taxable year provided that it meets certain distribution requirements. If the Trust retains any net capital gain or
investment company taxable income, it will be subject to tax at regular corporate rates on the amount retained. If the Trust retains
any net capital gain, it may report the retained amount as undistributed capital gains as part of its annual reporting to its shareholders
who, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income for U.S. federal
income tax purposes, as long-term capital gain, their share of such undistributed amount; (ii) will be entitled to credit their
proportionate shares of the tax paid by the Trust on such undistributed amount against their U.S. federal income tax liabilities,
if any; and (iii) will be entitled to claim refunds to the extent the credit exceeds such liabilities. For U.S. federal income
tax purposes, the tax basis of Common Shares owned by a Common Shareholder of the Trust will be increased by an amount equal to
the difference between the amount of undistributed capital gains included in the shareholder&rsquo;s gross income and the tax deemed
paid by the Common Shareholder under clause (ii) of the preceding sentence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Internal Revenue Service (&ldquo;IRS&rdquo;) currently requires
that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such
as exempt interest, ordinary income and capital gains). Accordingly, if the Trust issues preferred shares, it will designate dividends
made with respect to Common Shares and preferred shares as consisting of particular types of income (e.g., exempt interest, net
capital gain and ordinary income) in accordance with the proportionate share of each class in the total dividends paid by the Trust
during the year.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Dividends and other taxable distributions declared by the Trust
in October, November or December to shareholders of record on a specified date in such month and paid during the following January
will be treated as having been received by shareholders in the year the distributions were declared.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Each Common Shareholder will receive an annual statement summarizing
the shareholder&rsquo;s dividend and capital gains distributions (including net capital gains credited to the Common Shareholder
but retained by the Trust) after the close of the Trust&rsquo;s taxable year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The redemption, sale or exchange of Common Shares normally will
result in capital gain or loss to Common Shareholders. Generally a shareholder&rsquo;s gain or loss will be long-term capital gain
or loss if the Common Shares have been held for more than one year. Present law taxes both long-term and short-term capital gains
of corporations at the same rates applicable to ordinary income. For non-corporate taxpayers, however, short-term capital gains
and other ordinary income are currently taxed at ordinary income rates (currently a maximum of 37%), while the maximum tax rate
for individuals on long-term capital gains is 20%. An additional 3.8% Medicare tax may apply to certain individual, estate or trust
shareholders&rsquo; taxable distributions and to any capital gains received by such shareholders. Certain individuals may be subject
to limitations on the use of itemized deductions, which can increase the effective tax rate of such persons. Any loss on the sale
of shares that have been held for six months or less will be disallowed to the extent of any distribution of exempt-interest dividends
received with respect to such shares, unless the shares are of a RIC that declares exempt-interest dividends on a daily basis in
an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends on a monthly or more frequent basis.
If a shareholder sells or otherwise disposes of shares before holding them for more than six months, any loss on the sale or disposition
will be treated as a long-term capital loss to the extent of any net capital gain distributions received by the shareholder on
such share. Any loss realized on a sale or exchange of shares of the Trust will be disallowed to the extent those shares of the
Trust are replaced by other substantially identical shares of the Trust or other substantially identical stock or securities (including
through reinvestment of dividends) within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition
of the original shares. In that event, the basis of the replacement shares of the Trust will be adjusted to reflect the disallowed
loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any interest on indebtedness incurred or continued to purchase
or carry the Trust&rsquo;s shares on which exempt-interest dividends are paid is not deductible. Under certain applicable rules,
the purchase or ownership of shares may be considered to have been made with borrowed funds even though such funds are not directly
used for the purchase or ownership of the shares. In addition, if you receive Social Security or certain railroad retirement benefits,
you may be subject to U.S. federal income tax on a portion of such benefits as a result of receiving investment income, including
exempt-interest dividends and other distributions paid by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Trust invests in certain pay-in-kind securities, zero
coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market
discount if the Trust elects to include market discount in income currently), the Trust must accrue income on such investments
for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the Trust must
distribute to shareholders, at least annually, all or substantially all of its investment company taxable income (determined without
regard to the deduction for dividends paid), including such accrued income, to qualify as a RIC and to avoid federal income and
excise taxes. Therefore, the Trust may have to dispose of its portfolio securities under disadvantageous circumstances to generate
cash, or may have to leverage itself by borrowing the cash, to satisfy these distribution requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may hold or acquire municipal obligations that are
market discount bonds. A market discount bond is a security acquired in the secondary market at a price below its redemption value
(or its adjusted issue price if it is also an original issue discount bond). If the Trust invests in a market discount bond, it
will be required to treat any gain recognized on the disposition of such market discount bond as ordinary taxable income to the
extent of the accrued market discount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As with all investment companies, the Trust may be required to
&ldquo;backup&rdquo; withhold U.S. federal income tax at the current rate of 28% of all taxable distributions payable to Common
Shareholders who fail to provide the Trust with their correct taxpayer identification number or to make required certifications,
or if the Common Shareholders have been notified by the IRS that they are subject to backup withholding. Backup withholding is
not an additional tax; rather, it is a way in which the IRS ensures it will collect taxes otherwise due. Any amounts withheld may
be credited against a shareholder&rsquo;s U.S. federal income tax liability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest in other securities the U.S. federal income
tax treatment of which is uncertain or subject to recharacterization by the IRS. To the extent the tax treatment of such securities
or their income differs from the tax treatment expected by the Trust, it could affect the timing or character of income recognized
by the Trust, requiring the Trust to purchase or sell securities, or otherwise change its portfolio, in order to comply with the
tax rules applicable to RICs under the Code.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Dividend Reinvestment Plan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the Trust&rsquo;s dividend reinvestment plan (the
&ldquo;Plan&rdquo;), unless a Common Shareholder elects to receive distributions in cash, all distributions will be automatically
reinvested in additional Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">American Stock Transfer &amp; Trust Company LLC (the &ldquo;Plan
Agent&rdquo;) serves as agent for the Common Shareholders in administering the Plan. Common Shareholders who elect not to participate
in the Plan will receive all Trust distributions in cash paid by check mailed directly to the Common Shareholder of record (or
if the Common Shares are held in street or other nominee name, then to the nominee) by the Plan Agent, as disbursing agent. Participation
in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by written notice if received
by the Plan Agent prior to any distribution record date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shares will be acquired by the Plan Agent or an independent
broker-dealer for the participants&rsquo; accounts, depending upon the circumstances described below, either (i) through receipt
of additional previously authorized but unissued Common Shares from the Trust (&ldquo;newly issued Common Shares&rdquo;) or (ii)
by purchase of outstanding Common Shares on the open market (&ldquo;open-market purchases&rdquo;) on the NYSE or elsewhere. If
on the payment date for the distribution, the NAV per Common Share is equal to or less than the market price per Common Share plus
estimated brokerage commissions (such condition being referred to herein as &ldquo;market premium&rdquo;), the Plan Agent will
invest the distribution amount in newly issued Common Shares on behalf of the participants. The number of newly issued Common Shares
to be credited to each participant&rsquo;s account will be determined by dividing the dollar amount of the distribution by the
NAV per Common Share on the date the Common Shares are issued, provided that the maximum discount from the then current market
price per Common Share on the date of issuance may not exceed 5%. If on the distribution payment date the NAV per Common Share
is greater than the market value plus estimated brokerage commissions (such condition being referred to herein as &ldquo;market
discount&rdquo;), the Plan Agent will invest the distribution amount in Common Shares acquired on behalf of the participants in
open-market purchases.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event of a market discount on the distribution payment
date, the Plan Agent will have up to 30 days after the distribution payment date to invest the distribution amount in Common Shares
acquired in open-market purchases. If, before the Plan Agent has completed its open-market purchases, the market price of a Common
Share exceeds the NAV per Common Share, the average per Common Share purchase price paid by the Plan Agent may exceed the NAV of
the Common Shares, resulting in the acquisition of fewer Common Shares than if the distribution had been paid in newly issued Common
Shares on the distribution payment date. Therefore, the Plan provides that if the Plan Agent is unable to invest the full distribution
amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase
period, the Plan Agent will cease making open-market purchases and will invest the uninvested portion of the distribution amount
in newly issued Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Plan Agent maintains all Common Shareholders&rsquo; accounts
in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by Common Shareholders
for tax records. Common Shares in the account of each Plan participant will be held by the Plan Agent on behalf of the Plan participant,
and each Common Shareholder proxy will include those Common Shares purchased or received pursuant to the Plan. The Plan Agent will
forward all proxy solicitation materials to participants and vote proxies for Common Shares held pursuant to the Plan in accordance
with the instructions of the participants. In the case of Common Shareholders such as banks, brokers or nominees that hold Common
Shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares
certified from time to time by the record Common Shareholder&rsquo;s name and held for the account of beneficial owners who participate
in the Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">There will be no brokerage charges to Common Shares issued directly
by the Trust as a result of distributions payable either in Common Shares or in cash. However, each Plan participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan Agent&rsquo;s open-market purchases in connection with
the reinvestment of distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Common Shareholders participating in the Plan may receive benefits
not available to Common Shareholders not participating in the Plan. If the market price (plus commissions) of the Common Shares
is above their NAV, participants in the Plan will receive Common Shares of the Trust purchased at a discount to market price and
having a current value that exceeds the cash distributions they would have otherwise received on their Common Shares. If the market
price (plus commissions) of the Common Shares is below their NAV, Plan participants will receive Common Shares with a NAV that
exceeds the cash distributions they would have otherwise received on their Common Shares. There may, however, be insufficient Common
Shares available in the market at prices below NAV to satisfy the Plan&rsquo;s requirements, in which case the Plan Agent will
acquire newly issued Common Shares. Also, since the Trust does not redeem its Common Shares, the price on resale may be more or
less than their NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Experience under the Plan may indicate that changes are desirable.
Accordingly, upon 30 days&rsquo; notice to Plan participants, the Trust reserves the right to amend or terminate the Plan. A Plan
participant will be charged a $5.00 service charge and pay brokerage charges whenever he or she directs the Plan Agent to sell
Common Shares held in a distribution reinvestment account.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">All correspondence concerning the Plan should be directed to
the Plan Agent at American Stock Transfer &amp; Trust Company LLC, P.O. Box 922, Wall Street Station, New York, NY 10269-0560.
Please call 1-866-706-0514 between the hours of 8:00 a.m. and 8:00 p.m. Eastern Time if you have questions regarding the Plan.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Description of Capital Structure</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is an unincorporated business trust established under
the laws of The Commonwealth of Massachusetts by an Agreement and Declaration of Trust (the &ldquo;Declaration of Trust&rdquo;).
The Declaration of Trust provides that the Trustees of the Trust may authorize separate classes of shares of beneficial interest.
The Trustees have authorized an unlimited number of Common Shares. The Trust intends to hold annual meetings of shareholders in
compliance with the requirements of the NYSE.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">COMMON SHARES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust permits the Trust to issue an unlimited
number of full and fractional Common Shares. Each Common Share represents an equal proportionate interest in the assets of the
Trust with each other Common Share in the Trust. Holders of Common Shares will be entitled to the payment of dividends when, as
and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of dividends
to the holders of Common Shares. Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to
vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Trust, after paying or adequately
providing for the payment of all liabilities of the Trust and the liquidation preference with respect to any outstanding preferred
shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the
Trustees may distribute the remaining assets of the Trust among the holders of the Common Shares. The Declaration of Trust provides
that shareholders are not liable for any liabilities of the Trust and permits inclusion of a clause to that effect in every agreement
entered into by the Trust and in coordination with the Trust's By-Laws indemnifies shareholders against any such liability. Although
shareholders of an unincorporated business trust established under Massachusetts law, in certain limited circumstances, may be
held personally liable for the obligations of the Trust as though they were general partners, the provisions of the Declaration
of Trust and By-Laws described in the foregoing sentence make the likelihood of such personal liability remote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">While there are any borrowings or preferred shares outstanding,
the Trust may not be permitted to declare any cash dividend or other distribution on its Common Shares, unless at the time of such
declaration, (i) all accrued dividends on preferred shares or accrued interest on borrowings have been paid and (ii) the value
of the Trust's total assets (determined after deducting the amount of such dividend or other distribution), less all liabilities
and indebtedness of the Trust not represented by senior securities, is at least 300% of the aggregate amount of such securities
representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate
liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase price of the outstanding
preferred shares plus redemption premium, if any, together with any accrued and unpaid dividends thereon, whether or not earned
or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Trust may be required to comply with
other asset coverage requirements as a condition of the Trust obtaining a rating of the preferred shares from a Rating Agency.
These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Trust's ability
to make distributions on its Common Shares could in certain circumstances impair the ability of the Trust to maintain its qualification
for taxation as a regulated investment company for federal income tax purposes. The Trust intends, however, to the extent possible
to purchase or redeem preferred shares or reduce borrowings from time to time to maintain compliance with such asset coverage requirements
and may pay special dividends to the holders of the preferred shares in certain circumstances in connection with any such impairment
of the Trust's status as a regulated investment company. See &ldquo;Investment Objective, Policies and Risks,&rdquo; &ldquo;Distributions&rdquo;
and &ldquo;Federal Income Tax Matters.&rdquo; Depending on the timing of any such redemption or repayment, the Trust may be required
to pay a premium in addition to the liquidation preference of the preferred shares to the holders thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust has no present intention of offering additional Common
Shares, except as described herein. Other offerings of its Common Shares, if made, will require approval of the Board. Any additional
offering will not be sold at a price per Common Share below the then current NAV (exclusive of underwriting discounts and commissions)
except in connection with an offering to existing shareholders or with the consent of a majority of the Trust's outstanding Common
Shares. The Common Shares have no preemptive rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust generally will not issue Common Share certificates.
However, upon written request to the Trust's transfer agent, a share certificate will be issued for any or all of the full Common
Shares credited to an investor's account. Common Share certificates that have been issued to an investor may be returned at any
time.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">REPURCHASE OF COMMON SHARES AND OTHER DISCOUNT MEASURES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Because shares of closed-end management investment companies
frequently trade at a discount to their NAVs, the Board has determined that from time to time it may be in the interest of shareholders
for the Trust to take corrective actions. The Board, in consultation with Eaton Vance, will review at least annually the possibility
of open market repurchases and/or tender offers for the Common Shares and will consider such factors as the market price of the
Common Shares, the NAV of the Common Shares, the liquidity of the assets of the Trust, effect on the Trust's expenses, whether
such transactions would impair the Trust's status as a regulated investment company or result in a failure to comply with applicable
asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect on
the Trust's ability to consummate such transactions. There are no assurances that the Board will, in fact, decide to undertake
either of these actions or if undertaken, that such actions will result in the Trust's Common Shares trading at a price which is
equal to or approximates their NAV. In recognition of the possibility that the Common Shares might trade at a discount to NAV and
that any such discount may not be in the interest of shareholders, the Board, in consultation with Eaton Vance, from time to time
may review possible actions to reduce any such discount.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">PREFERRED SHARES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust authorizes the issuance of an unlimited
number of shares of beneficial interest with preference rights, including preferred shares, having a par value of $0.01 per share,
in one or more series, with rights as determined by the Board, by action of the Board without the approval of the Common Shareholders.
On March 9, 1999, the Trust issued 2,620 Series A and 2,620 Series B APS, with a liquidation preference per share of $25,000 plus
accumulated but unpaid dividends. On February 26, 2016, the Fund repurchased 1,651 shares of Series A, 1,815 shares of Series B
and 749 shares of Series C APS at a price per share equal to 94.5% of the liquidation preference per share (or $23,625 per share)
and issued 2,720 shares of iMTP with a liquidation preference of $25,000 plus the amount of any accumulated but unpaid dividends.
The iMTP has seniority over the Common Shares. As of March 26, 2018, 2,620 Series A, 2,620 Series B and 806 Series C APS had been
redeemed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under the requirements of the 1940 Act, the Trust must, immediately
after the issuance of any preferred shares, have an &ldquo;asset coverage&rdquo; of at least 200%. Asset coverage means the ratio
which the value of the total assets of the Trust, less all liability and indebtedness not represented by senior securities (as
defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Trust, if any, plus
the aggregate liquidation preference of the preferred shares. The liquidation value of the preferred shares is expected to equal
to their aggregate original purchase price plus the applicable redemption premium, if any, together with any accrued and unpaid
distributions thereon (on a cumulative basis), whether or not earned or declared. The terms of the preferred shares, including
their distribution rate, voting rights, liquidation preference and redemption provisions, are determined by the Board (subject
to applicable law and the Trust&rsquo;s Declaration of Trust). The Trust may issue preferred shares that provide for the periodic
redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the
terms of the preferred shares may also enable the Trust to lengthen such intervals. At times, the distribution rate on the Trust&rsquo;s
preferred shares may exceed the Trust&rsquo;s return after expenses on the investment of proceeds from the preferred shares and
the Trust&rsquo;s leverage structure, resulting in a lower rate of return to Common Shareholders than if the preferred shares were
not outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Trust, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential
liquidating distribution (expected to equal to the original purchase price per share plus the applicable redemption premium, if
any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution
of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are
entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Holders of preferred shares, voting as a class, shall be entitled
to elect two of the Trust&rsquo;s Trustees. The holders of both the Common Shares and the preferred shares (voting together as
a single class with each share entitling its holder to one vote) shall be entitled to elect the remaining Trustees of the Trust.
Under the 1940 Act, if at any time distributions on the preferred shares are unpaid in an amount equal to two full years&rsquo;
distributions thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect a majority
of the Trust&rsquo;s Trustees until all distributions in arrears have been paid or declared and set apart for payment. In addition,
if required by a Rating Agency rating the preferred shares or if the Board determines it to be in the best interests of the Common
Shareholders, issuance of the preferred shares may result in more restrictive provisions than required by the 1940 Act being imposed.
In this regard, holders of the preferred shares may be entitled to elect a majority of the Trust&rsquo;s Board in other circumstances,
for example, if one payment on the preferred shares is in arrears. The differing rights of the holders of preferred and Common
Shares with respect to the election of Trustees do not affect the obligation of all Trustees to take actions they believe to be
consistent with the best interests of the Trust. All such actions must be consistent with (i) the obligations of the Trust with
respect to the holders of preferred shares (which obligations arise primarily from the contractual terms of the preferred shares, as specified in the Declaration of Trust
and By-laws of the Trust) and (ii) the fiduciary duties owed to the Trust, which include the duties of loyalty and care.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">iMTP has been rated AAA by S&amp;P and Fitch. The Trust currently
intends to seek to maintain these ratings or an equivalent credit rating from other Rating Agencies on the iMTP or any preferred
shares it issues. The Trust is subject to investment restrictions of the Rating Agencies as a result. Any bank lender in connection
with a credit facility or commercial paper program may also impose specific restrictions as a condition to borrowing. Such restrictions
imposed by a Rating Agency or lender may include asset coverage or portfolio composition requirements that are more stringent than
those imposed on the Trust by the 1940 Act. These covenants or guidelines do not currently and are not expected to impede Eaton
Vance in managing the Trust&rsquo;s portfolio in accordance with its investment objective and policies and it is not anticipated
that they will so impede Eaton Vance in the future.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CERTAIN PROVISIONS OF THE DECLARATION OF TRUST</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Anti-Takeover Provisions in the Declaration of Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust includes provisions that could have
the effect of limiting the ability of other entities or persons to acquire control of the Trust or to change the composition of
its Board, and could have the effect of depriving holders of Common Shares of an opportunity to sell their shares at a premium
over prevailing market prices by discouraging a third party from seeking to obtain control of the Trust. These provisions may have
the effect of discouraging attempts to acquire control of the Trust, which attempts could have the effect of increasing the expenses
of the Trust and interfering with the normal operation of the Trust. The Board is divided into three classes, with the term of
one class expiring at each annual meeting of holders of Common Shares and preferred shares. At each annual meeting, one class of
Trustees is elected to a three-year term. This provision could delay for up to two years the replacement of a majority of the Board.
A Trustee may be removed from office only for cause by a written instrument signed by the remaining Trustees or by a vote of the
holders of at least two-thirds of the class of shares of the Trust that elected such Trustee and are entitled to vote on the matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the Declaration of Trust requires the favorable
vote of the holders of at least 75% of the outstanding shares of each class of the Trust, voting as a class, then entitled to vote
to approve, adopt or authorize certain transactions with 5%-or-greater holders (&ldquo;Principal Shareholders&rdquo;) of a class
of shares and their associates, unless the Board shall by resolution have approved a memorandum of understanding with such holders,
in which case normal voting requirements would be in effect. For purposes of these provisions, a Principal Shareholder refers to
any person who, whether directly or indirectly and whether alone or together with its affiliates and associates, beneficially owns
5% or more of the outstanding shares of any class of beneficial interest of the Trust. The transactions subject to these special
approval requirements are: (i) the merger or consolidation of the Trust or any subsidiary of the Trust with or into any Principal
Shareholder; (ii) the issuance of any securities of the Trust to any Principal Shareholder for cash; (iii) the sale, lease or exchange
of all or any substantial part of the assets of the Trust to any Principal Shareholder (except assets having an aggregate fair
market value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any
series of similar transactions within a twelve-month period); or (iv) the sale, lease or exchange to the Trust or any subsidiary
thereof, in exchange for securities of the Trust, of any assets of any Principal Shareholder (except assets having an aggregate
fair market value of less than $1,000,000, aggregating for the purposes of such computation all assets sold, leased or exchanged
in any series of similar transactions within a twelve-month period).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has determined that provisions with respect to the
Board and the 75% voting requirements described above, which voting requirements are greater than the minimum requirements under
Massachusetts law or the 1940 Act, are in the best interest of holders of Common Shares and preferred shares generally. Reference
should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Conversion to Open-End Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may be converted to an open-end investment company
at any time if approved by the lesser of (i) two-thirds or more of the Trust&rsquo;s then outstanding Common Shares and preferred
shares, each voting separately as a class, or (ii) more than 50% of the then outstanding Common Shares and preferred shares, voting
separately as a class if such conversion is recommended by at least 75% of the Trustees then in office. If approved in the foregoing
manner, conversion of the Trust could not occur until 90 days after the Common Shareholders&rsquo; meeting at which such conversion
was approved and would also require at least 30 days&rsquo; prior notice to all Common Shareholders. Conversion of the Trust to
an open-end management investment company also would require the redemption of any outstanding preferred shares, including iMTP,
and could require the repayment of borrowings. The Board believes that the closed-end structure is desirable, given the Trust&rsquo;s
investment objective and policies. Investors should assume, therefore, that it is unlikely that the Board would vote to convert
the Trust to an open-end management investment company.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Custodian and Transfer Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">State Street Bank and Trust Company (&ldquo;State Street&rdquo;),
State Street Financial Center, One Lincoln Street, Boston, MA 02111, is the custodian of the Trust and will maintain custody of
the securities and cash of the Trust. State Street maintains the Trust&rsquo;s general ledger and computes NAV per share at least
weekly. State Street also attends to details in connection with the sale, exchange, substitution, transfer and other dealings with
the Trust&rsquo;s investments, and receives and disburses all funds. State Street also assists in preparation of shareholder reports
and the electronic filing of such reports with the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">American Stock Transfer &amp; Trust Company, LLC, 6201 15th Avenue,
Brooklyn, NY 11219 is the transfer agent and dividend disbursing agent of the Trust.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Legal Opinions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain legal matters in connection with the Common Shares will
be passed upon for the Trust by internal counsel for Eaton Vance.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Reports to Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will send to Common Shareholders unaudited semi-annual
and audited annual reports, including a list of investments held.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Independent Registered Public Accounting Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Deloitte &amp; Touche LLP, 200 Berkeley Street, Boston, MA 02116,
independent registered public accounting firm, audits the Trust&rsquo;s financial statements and provides other audit, tax and
related services.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Prospectus and the Statement of Additional Information do
not contain all of the information set forth in the Registration Statement that the Trust has filed with the SEC. The complete
Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations. The Statement
of Additional Information can be obtained without charge by calling 1-800-262-1122.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Statements contained in this Prospectus as to the contents of
any contract or other document referred to are not necessarily complete, and, in each instance, reference is made to the copy of
such contract or other document filed as an exhibit to the Registration Statement of which this Prospectus forms a part, each such
statement being qualified in all respects by such reference.</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents for the Statement of Additional Information</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 89%; padding: 3pt 5.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; padding: 3pt 17pt 3pt 5.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">Page</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Additional Investment Information and Restrictions&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Trustees and Officers&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Investment Advisory and Other Services&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Determination of Net Asset Value&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Portfolio Trading&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Taxes&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Other Information&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Custodian&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Independent Registered Public Accounting Firm&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Financial Statements&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">APPENDIX A: Ratings&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">APPENDIX B: Proxy Voting Policy and Procedures&#9;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right">44</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust&rsquo;s Privacy Policy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Eaton Vance organization is committed to ensuring your financial
privacy. Each of the financial institutions identified below has in effect the following policy (&ldquo;Privacy Policy&rdquo;)
with respect to nonpublic personal information about its customers:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund
transactions will be collected. This may include information such as name, address, social security number, tax status, account
balances and transactions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account). In the normal course of servicing a customer&rsquo;s account, Eaton
Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians
and broker/dealers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect
the confidentiality of such information.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review
our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Our pledge of privacy applies to the following entities within
the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance
Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International
Ltd., Eaton Vance Management&rsquo;s Real Estate Investment Group and Boston Management and Research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, our Privacy Policy applies only to those Eaton Vance
customers who are individuals and who have a direct relationship with us. If a customer&rsquo;s account (i.e., fund shares) is
held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser&rsquo;s privacy policies
apply to the customer. This notice supersedes all previously issued privacy disclosures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For more information about Eaton Vance&rsquo;s Privacy Policy,
please call 1-800-262-1122.</P>


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<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Up to 2,610,553 Shares</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Municipal Income Trust</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Common Shares</P>

<P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Prospectus March 27, 2018</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Printed on recycled paper.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 4.5in">STATEMENT OF<BR>
ADDITIONAL INFORMATION<BR>
March 27, 2018</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Municipal Income Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Two International Place<BR>
Boston, Massachusetts 02110<BR>
1-800-262-1122</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Table of Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; padding: 3pt 5.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 3pt 5.5pt; text-align: center">Page</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Additional Investment Information and Restrictions&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Trustees and Officers&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Investment Advisory and Other Services&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">23</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Determination of Net Asset Value&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">26</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Portfolio Trading&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">27</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Taxes&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">29</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Other Information&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">33</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Custodian&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Independent Registered Public Accounting Firm&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">Financial Statements&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">APPENDIX A: Ratings&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt">APPENDIX B: Proxy Voting Policy and Procedures&#9;</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center">44</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THIS STATEMENT OF ADDITIONAL INFORMATION (&#8220;SAI&#8221;)
IS NOT A PROSPECTUS AND IS AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS ONLY IF PRECEDED OR ACCOMPANIED BY THE PROSPECTUS
OF EATON VANCE MUNICIPAL INCOME TRUST (THE &#8220;TRUST&#8221;) DATED MARCH 27, 2018, AS SUPPLEMENTED FROM TIME TO TIME, WHICH
IS INCORPORATED HEREIN BY REFERENCE. THIS SAI SHOULD BE READ IN CONJUNCTION WITH SUCH PROSPECTUS, A COPY OF WHICH MAY BE OBTAINED
WITHOUT CHARGE BY CONTACTING YOUR FINANCIAL INTERMEDIARY OR CALLING THE TRUST AT 1-800-262-1122.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Capitalized terms used in this SAI and not otherwise defined
have the meanings given them in the Trust&#8217;s Prospectus and any related Prospectus Supplements.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">ADDITIONAL INVESTMENT INFORMATION AND
RESTRICTIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Primary investment strategies are described in the Prospectus.
The following is a description of the various investment practices that may be engaged in, whether as a primary or secondary strategy,
and a summary of certain attendant risks. The Adviser may not buy any of the following instruments or use any of the following
techniques unless it believes that doing so will help to achieve the Trust&#8217;s investment objective.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">OTHER INVESTMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>U.S.
Government Securities.</B></FONT> U.S. Government securities include: (1) U.S. Treasury obligations, which differ in their interest
rates, maturities and times of issuance, including: U.S. Treasury bills (maturities of one year or less); U.S. Treasury notes (maturities
of one year to ten years); and U.S. Treasury bonds (generally maturities of greater than ten years); and (2) obligations issued
or guaranteed by U.S. Government agencies and instrumentalities which are supported by any of the following: (a) the full faith
and credit of the U.S. Treasury; (b) the right of the issuer to borrow an amount limited to a specific line of credit from the
U.S. Treasury; ( c) discretionary authority of the U.S. Government to purchase certain obligations of the U.S. Government agency
or instrumentality; or (d) the credit of the agency or instrumentality. U.S. Government securities also include any other security
or agreement collateralized or otherwise secured by U.S. Government securities. Agencies and instrumentalities of the U.S. Government
include but are not limited to: Farmers Home Administration, Export-Import Bank of the United States, Federal Housing Administration,
Federal Land Banks, Federal Financing Bank, Central Bank for Cooperatives, Federal Intermediate Credit Banks, Farm Credit Bank
System, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, General Services
Administration, Government National Mortgage Association, Student Loan Marketing Association, United States Postal Service, Maritime
Administration, Small Business Administration, Tennessee Valley Authority, Washington D.C. Armory Board and any other enterprise
established or sponsored by the U.S. Government. The U.S. Government generally is not obligated to provide support to its instrumentalities.
The principal of and/or interest on certain U.S. Government securities could be: (a) payable in foreign currencies rather than
U.S. dollars; or (b) increased or diminished as a result of changes in the value of the U.S. dollar relative to the value of foreign
currencies. The value of such portfolio securities denominated in foreign currencies may be affected favorably by changes in the
exchange rate between foreign currencies and the U.S. dollar.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Municipal
Obligations. </B></FONT>Municipal obligations include debt obligations issued to obtain funds for various public purposes, including
the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating
expenses and loans to other public institutions and facilities. Certain types of bonds are issued by or on behalf of public authorities
to finance various privately owned or operated facilities, including certain facilities for the local furnishing of electric energy
or gas, sewage facilities, solid waste disposal facilities and other specialized facilities. Municipal obligations include bonds
as well as tax-exempt commercial paper, project notes and municipal notes such as tax, revenue and bond anticipation notes of short
maturity, generally less than three years. While most municipal bonds pay a fixed rate of interest semiannually in cash, there
are exceptions. Some bonds pay no periodic cash interest, but rather make a single payment at maturity representing both principal
and interest. Some bonds may pay interest at a variable or floating rate. Bonds may be issued or subsequently offered with interest
coupons materially greater or less than those then prevailing, with price adjustments reflecting such deviation. Municipal obligations
also include trust certificates representing interests in municipal securities held by a trustee. The trust certificates may evidence
ownership of future interest payments, principal payments or both on the underlying securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In general, there are three categories of municipal obligations,
the interest on which is exempt from federal income tax and is not a tax preference item for purposes of the alternative minimum
tax (&#8220;AMT&#8221;): (i) certain &#8220;public purpose&#8221; obligations (whenever issued), which include obligations issued
directly by state and local governments or their agencies to fulfill essential governmental functions; (ii) certain obligations
issued before August 8, 1986 for the benefit of non-governmental persons or entities; and (iii) certain &#8220;private activity
bonds&#8221; issued after August 7, 1986, which include &#8220;qualified Section 501(c)(3) bonds&#8221; or refundings of certain
obligations included in the second category. Opinions relating to the validity of municipal bonds, exclusion of municipal bond
interest from an investor&#8217;s gross income for federal income tax purposes and, where applicable, state and local income tax,
are rendered by bond counsel to the issuing authorities at the time of issuance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Interest on certain &#8220;private activity bonds&#8221; issued
after August 7, 1986 is exempt from regular federal income tax, but such interest (including a distribution by the Trust derived
from such interest) is treated as a tax preference item that could subject the recipient to or increase the recipient&#8217;s liability
for the AMT. For corporate shareholders, the Trust&#8217;s distributions derived from interest on all municipal obligations (whenever
issued) are included in &#8220;adjusted current earnings&#8221; for purposes of the AMT as applied to corporations (to the extent
not already included in alternative minimum taxable income as income attributable to private activity bonds).</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The two principal classifications of municipal bonds are &#8220;general
obligation&#8221; and &#8220;revenue&#8221; bonds. Issuers of general obligation bonds include states, counties, cities, towns
and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including the construction
or improvement of schools, highways and roads, water and sewer systems and a variety of other public purposes. The basic security
of general obligation bonds is the issuer&#8217;s pledge of its faith, credit, and taxing power for the payment of principal and
interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to rate and amount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Typically, the only security for a limited obligation or revenue
bond is the net revenue derived from a particular facility or class of facilities financed thereby or, in some cases, from the
proceeds of a special tax or other special revenues. Revenue bonds have been issued to fund a wide variety of revenue-producing
public capital projects including: electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities;
colleges and universities; hospitals; and convention, recreational, tribal gaming and housing facilities. Although the security
behind these bonds varies widely, many lower rated bonds provide additional security in the form of a debt service reserve fund
that may also be used to make principal and interest payments on the issuer's obligations. In addition, some revenue obligations
(as well as general obligations) are insured by a bond insurance company or backed by a letter of credit issued by a banking institution.
Revenue bonds also include, for example, pollution control, health care and housing bonds, which, although nominally issued by
municipal authorities, are generally not secured by the taxing power of the municipality but by the revenues of the authority derived
from payments by the private entity that owns or operates the facility financed with the proceeds of the bonds. Obligations of
housing finance authorities have a wide range of security features, including reserve funds and insured or subsidized mortgages,
as well as the net revenues from housing or other public projects. Many of these bonds do not generally constitute the pledge of
the credit of the issuer of such bonds. The credit quality of such revenue bonds is usually directly related to the credit standing
of the user of the facility being financed or of an institution which provides a guarantee, letter of credit or other credit enhancement
for the bond issue. The Trust may on occasion acquire revenue bonds that carry warrants or similar rights covering equity securities.
Such warrants or rights may be held indefinitely, but if exercised, the Trust anticipates that it would, under normal circumstances,
dispose of any equity securities so acquired within a reasonable period of time. Investing in revenue bonds may involve (without
limitation) the following risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Hospital bond ratings are often based on feasibility studies
that contain projections of expenses, revenues and occupancy levels. A hospital&#8217;s income available to service its debt may
be influenced by demand for hospital services, management capabilities, the service area economy, efforts by insurers and government
agencies to limit rates and expenses, competition, availability and expense of malpractice insurance, and Medicaid and Medicare
funding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Education-related bonds are comprised of two types: (i) those
issued to finance projects for public and private colleges and universities, charter schools and private schools, and (ii) those
representing pooled interests in student loans. Bonds issued to supply educational institutions with funding are subject to many
risks, including the risks of unanticipated revenue decline, primarily the result of decreasing student enrollment, decreasing
state and federal funding, or changes in general economic conditions. Additionally, higher than anticipated costs associated with
salaries, utilities, insurance or other general expenses could impair the ability of a borrower to make annual debt service payments.
Student loan revenue bonds are generally offered by state (or sub-state) authorities or commissions and are backed by pools of
student loans. Underlying student loans may be guaranteed by state guarantee agencies and may be subject to reimbursement by the
United States Department of Education through its guaranteed student loan program. Others may be private, uninsured loans made
to parents or students that may be supported by reserves or other forms of credit enhancement. Cash flows supporting student loan
revenue bonds are impacted by numerous factors, including the rate of student loan defaults, seasoning of the loan portfolio, and
student repayment deferral periods of forbearance. Other risks associated with student loan revenue bonds include potential changes
in federal legislation regarding student loan revenue bonds, state guarantee agency reimbursement and continued federal interest
and other program subsidies currently in effect.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Transportation debt may be issued to finance the construction
of airports, toll roads, highways, or other transit facilities. Airport bonds are dependent on the economic conditions of the airport&#8217;s
service area and may be affected by the business strategies and fortunes of specific airlines. They may also be subject to competition
from other airports and modes of transportation. Air traffic generally follows broader economic trends and is also affected by
the price and availability of fuel. Toll road bonds are also affected by the cost and availability of fuel as well as toll levels,
the presence of competing roads and the general economic health of an area. Fuel costs, transportation taxes and fees, and availability
of fuel also affect other transportation-related securities, as do the presence of alternate forms of transportation, such as public
transportation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Industrial development bonds (&#8220;IDBs&#8221;) are normally
secured only by the revenues from the project and not by state or local government tax payments, they are subject to a wide variety
of risks, many of which relate to the nature of the specific project. Generally, IDBs are sensitive to the risk of a slowdown in
the economy.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Electric utilities face problems in financing large construction
programs in an inflationary period, cost increases and delay occasioned by safety and environmental considerations (particularly
with respect to nuclear facilities), difficulty in obtaining fuel at reasonable prices, and in achieving timely and adequate rate
relief from regulatory commissions, effects of energy conservation and limitations on the capacity of the capital market to absorb
utility debt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Water and sewer revenue bonds are generally secured by the fees
charged to each user of the service. The issuers of water and sewer revenue bonds generally enjoy a monopoly status and latitude
in their ability to raise rates. However, lack of water supply due to insufficient rain, run-off, or snow pack can be a concern
and has led to past defaults. Further, public resistance to rate increases, declining numbers of customers in a particular locale,
costly environmental litigation, and federal environmental mandates are challenges faced by issuers of water and sewer bonds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The obligations of any person or entity to pay the principal
of and interest on a municipal obligation are subject to the provisions of bankruptcy, insolvency and other laws affecting the
rights and remedies of creditors, such as the Federal Bankruptcy Act, and laws, if any, that may be enacted by Congress or state
legislatures extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of
such obligations. Certain bond structures may be subject to the risk that a taxing authority may issue an adverse ruling regarding
tax-exempt status. There is also the possibility that as a result of adverse economic conditions (including unforeseen financial
events, natural disasters and other conditions that may affect an issuer&#8217;s ability to pay its obligations), litigation or
other conditions, the power or ability of any person or entity to pay when due principal of and interest on a municipal obligation
may be materially affected or interest and principal previously paid may be required to be refunded. There have been instances
of defaults and bankruptcies involving municipal obligations that were not foreseen by the financial and investment communities.
The Trust will take whatever action it considers appropriate in the event of anticipated financial difficulties, default or bankruptcy
of either the issuer of any municipal obligation or of the underlying source of funds for debt service. Such action may include:
(i) retaining the services of various persons or firms (including affiliates of the investment adviser) to evaluate or protect
any real estate, facilities or other assets securing any such obligation or acquired by the Trust as a result of any such event;
(ii) managing (or engaging other persons to manage) or otherwise dealing with any real estate, facilities or other assets so acquired;
and (iii) taking such other actions as the adviser (including, but not limited to, payment of operating or similar expenses of
the underlying project) may deem appropriate to reduce the likelihood or severity of loss on the fund&#8217;s investment.&nbsp;
The Trust will incur additional expenditures in taking protective action with respect to portfolio obligations in (or anticipated
to be in) default and assets securing such obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Historically, municipal bankruptcies have been rare and certain
provisions of the U.S. Bankruptcy Code governing such bankruptcy are unclear. Further, the application of state law to municipal
obligation issuers could produce varying results among the states or among municipal obligation issuers within a state. These uncertainties
could have a significant impact on the prices of the municipal obligations in which the Trust invests. There could be economic,
business or political developments or court decisions that adversely affect all municipal obligations in the same sector. Developments
such as changes in healthcare regulations, environmental considerations related to construction, construction cost increases and
labor problems, failure of healthcare facilities to maintain adequate occupancy levels, and inflation can affect municipal obligations
in the same sector. As the similarity in issuers of municipal obligations held by the Trust increases, the potential for fluctuations
in the Trust&#8217;s share price also may increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The secondary market for some municipal obligations issued within
a state (including issues that are privately placed with the Trust) is less liquid than that for taxable debt obligations or other
more widely traded municipal obligations. No established resale market exists for certain of the municipal obligations in which
the Trust may invest. The market for obligations rated below investment grade is also likely to be less liquid than the market
for higher rated obligations. As a result, the Trust may be unable to dispose of these municipal obligations at times when it would
otherwise wish to do so at the prices at which they are valued.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Municipal obligations that are rated below investment grade but
that, subsequent to the assignment of such rating, are backed by escrow accounts containing U.S. Government obligations may be
determined by the investment adviser to be of investment grade quality for purposes of the Trust&#8217;s investment policies. In
the case of a defaulted obligation, the Trust may incur additional expense seeking recovery of its investment. Defaulted obligations
are denoted in the &#8220;Portfolio of Investments&#8221; in the &#8220;Financial Statements&#8221; included in the Trust&#8217;s
reports to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The yields on municipal obligations depend on a variety of factors,
including purposes of the issue and source of funds for repayment, general money market conditions, general conditions of the municipal
bond market, size of a particular offering, maturity of the obligation and rating of the issue. The ratings of Moody&#8217;s, S&amp;P
and Fitch represent their opinions as to the quality of the municipal obligations which they undertake to rate, and in the case
of insurers, other factors including the claims-paying ability of such insurer. It should be emphasized, however, that ratings
are based on judgment and are not absolute standards of quality. Consequently, municipal obligations with the same maturity, coupon
and rating may have different yields while obligations of the same maturity and coupon with different ratings may have the same
yield. In addition, the market price of such obligations will normally fluctuate with changes in interest rates, and therefore
the net asset value of the Trust will be affected by such changes.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>State
Specific Investments.</B></FONT> The Trust has no current intention to invest 25% or more of its gross assets (but may invest up
to such amounts) in municipal obligations of issuers located in the same state (or U.S. territory), but reserves the flexibility
to do so in the future. If the Trust invests 25% or more of its gross assets in any one state (or U.S. territory), the Trust may
be more susceptible to adverse economic, political or regulatory occurrences affecting a particular state (or U.S. territory).
Municipal obligations of issuers located in a single state may be adversely affected by economic developments (including insolvency
of an issuer) and by legislation and other governmental activities in that state. There could be economic, business or political
developments or court decisions that adversely affect all municipal obligations in the same sector. In particular, investments
in revenue bonds might involve (without limitation) the following risks. For purposes of this policy, the Trust&#8217;s investments
in pre-refunded municipal obligations that are fully backed as to payment of principal and interest by a pledge to an independent
escrow agent of U.S. Government securities shall not count as obligations of an issuer located in a particular state. Certain municipal
bond issuers in Puerto Rico have recently experienced financial difficulties and rating agency downgrades, and two such issuers
have defaulted on their payment obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Sector
Concentration.</B></FONT> The Trust may invest 25% or more of its total assets in municipal obligations in certain economic sectors.
There could be economic, business or political developments or court decisions that adversely affect all municipal obligations
in a particular economic sector. In particular, investments in revenue bonds might involve (without limitation) the following risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Bonds to finance life care facilities are normally secured only
by the revenues of each facility and not by state or local government tax payments, as they are subject to a wide variety of risks.
Primarily, the projects must maintain adequate occupancy levels to be able to provide revenues sufficient to meet debt service
payments. Moreover, since a portion of housing, medical care and other services may be financed by an initial deposit, it is important
that the facility maintain adequate financial reserves to secure estimated actuarial liabilities. The ability of management to
accurately forecast inflationary cost pressure is an important factor in this process. The facilities may also be affected adversely
by regulatory cost restrictions applied to health care delivery in general, particularly state regulations or changes in Medicare
and Medicaid payments or qualifications, or restrictions imposed by medical insurance companies. They may also face competition
from alternative health care or conventional housing facilities in the private or public sector.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest in tobacco settlement bonds. Standard tobacco
settlement bonds are secured by a single source of revenue, installment payments made by tobacco companies stemming from the settlement
of lawsuits brought against them by various states (the &#8220;Master Settlement Agreement&#8221;). Appropriation backed tobacco
bonds are supported by the same Master Settlement Agreement payments as standard tobacco bonds, but are also subject to a state&#8217;s
pledge that the governor will request an appropriation of funds in its annual budget for debt service if Master Settlement Agreement
revenues are insufficient. These payments are not generally fixed, but rather are tied to the volume of the company&#8217;s U.S.
sales of cigarettes. Tobacco bonds are subject to several risks, including the risk that cigarette consumption declines or that
a tobacco company defaults on its obligation to make payments to the state. Escrowed tobacco bonds no longer rely on Master Settlement
Agreement revenue as security, and are backed by a variety of government securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition, the airline industry continues to evolve. A number
of major carriers have either emerged from bankruptcy or are currently in bankruptcy. Recent problems include, but are not limited
to, increased competition, labor and union conflicts, greater security costs and fluctuating jet fuel prices. Court rulings have
given some guidance to the viability of collateral structures. However, there is still uncertainty as to the strength of collateral
pledged under various security systems.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain tax-exempt bonds issued by Native American tribes may
be subject to the risk that a taxing authority would determine that the income from such bonds is not eligible for tax-exempt status.
In the event of any final adverse ruling to this effect, holders of such bonds may be subject to penalties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Insured
Obligations.</B></FONT> The Trust may purchase municipal obligations insured as to their scheduled payment of principal and interest
or municipal obligations that are additionally secured by bank credit agreements or escrow accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The credit quality of companies that provide such credit enhancements
will affect the value of those securities. Although the insurance feature may reduce certain financial risks, the premiums for
insurance and the higher market price sometimes paid for insured obligations may reduce the Trust&#8217;s current yield. Insurance
generally will be obtained from insurers with a claims-paying ability rated Baa by Moody&#8217;s or BBB by S&amp;P or Fitch. See
Appendix A for a description of the claims-paying ability ratings of S&amp;P and Moody&#8217;s. In addition, changes in the claims-paying
ability or other ratings of an insurer may affect the value of an insured obligation, and in some cases may even cause the value
of a security to be less than a comparable uninsured obligation. The insurance does not guarantee the market value of the insured
obligation or the NAV of the Trust&#8217;s shares. To the extent that securities held by the Trust are insured as to principal
and interest payments by insurers whose claims-paying ability rating is downgraded by Moody&#8217;s, S&amp;P or Fitch, the value
of such securities may be affected.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Credit
Quality.</B></FONT> While municipal obligations rated investment grade or below and comparable unrated municipal obligations may
have some quality and protective characteristics, these characteristics can be expected to be offset or outweighed by uncertainties
or major risk exposures to adverse conditions. Lower rated and comparable unrated municipal obligations are subject to the risk
of an issuer&#8217;s inability to meet principal and interest payments on the obligations (credit risk) and may also be subject
to greater price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the
issuer and general market liquidity (market risk). Lower rated or unrated municipal obligations are also more likely to react to
real or perceived developments affecting market and credit risk than are more highly rated obligations, which react primarily to
movements in the general level of interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Municipal obligations held by the Trust that are rated below
investment grade but which, subsequent to the assignment of such rating, are backed by escrow accounts containing U.S. Government
obligations may be determined by the Adviser to be of investment grade quality for purposes of the Trust&#8217;s investment policies.
The Trust may retain in its portfolio an obligation whose rating drops after its acquisition, including defaulted obligations,
if such retention is considered desirable by the Adviser. In the event the rating of an obligation held by the Trust is downgraded,
causing the Trust to exceed a limitation, the Adviser will (in an orderly fashion within a reasonable period of time) dispose of
such obligations as it deems necessary in order to comply with the Trust&#8217;s credit quality limitations. In the case of a defaulted
obligation, the Trust may incur additional expense seeking recovery of its investment. See &#8220;Portfolio of Investments&#8221;
in the &#8220;Financial Statements&#8221; incorporated by reference into this SAI with respect to any defaulted obligations held
by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">When the Trust invests in lower rated or unrated municipal obligations,
the achievement of the Trust&#8217;s goals is more dependent on the Adviser&#8217;s ability than would be the case if the Trust
were investing in municipal obligations in the higher rating categories. In evaluating the credit quality of a particular issue,
whether rated or unrated, the Adviser may take into consideration, among other things, the financial resources of the issuer (or,
as appropriate, of the underlying source of funds for debt service), its sensitivity to economic conditions and trends, any operating
history of and the community support for the facility financed by the issue, the ability of the issuer&#8217;s management and regulatory
matters. The Adviser may also purchase structured derivative products with greater or lesser credit risk than the underlying bonds.
Such bonds may be rated investment grade, as well as below investment grade. For a description of municipal bond ratings, see Appendix
A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Zero
Coupon Bonds, Step-Ups and Payment-In-Kind Securities. </B></FONT>Zero coupon bonds are debt obligations that do not require the
periodic payment of interest and are issued at a significant discount from face value. The discount approximates the total amount
of interest the bonds will accrue and compound over the period until maturity at a rate of interest reflecting the market rate
of the security at the time of purchase. The effect of owning debt obligations that do not make current interest payments is that
a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the
debt obligation. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions
at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder&#8217;s ability to
reinvest at higher rates in the future. The Trust is required to accrue income from zero coupon bonds on a current basis, even
though it does not receive that income currently in cash, and the Trust is required to distribute that income for each taxable
year. Thus, the Trust may have to sell other investments to obtain cash needed to make income distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Bonds and preferred stocks that make &#8220;in-kind&#8221; payments
and other securities that do not pay regular income distributions may experience greater volatility in response to interest rate
changes and issuer developments. PIK securities generally carry higher interest rates compared to bonds that make cash payments
of interest to reflect their payment deferral and increased credit risk. PIK securities generally involve significantly greater
credit risk than coupon loans because the Trust receives no cash payments until the maturity date or a specified cash payment date.
Even if accounting conditions are met for accruing income payable at a future date under a PIK bond, the issuer could still default
when the collection date occurs at the maturity of or payment date for the PIK bond. PIK bonds may be difficult to value accurately
because they involve ongoing judgments as to the collectability of the deferred payments and the value of any associated collateral.
If the issuer of a PIK security defaults, the Trust may lose its entire investment. PIK interest has the effect of generating investment
income and increasing the incentive fees, if any, payable at a compounding rate. Generally, the deferral of PIK interest increases
the loan to value ratio.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Payment-in-kind securities (&#8220;PIKs&#8221;) are debt obligations
that pay &#8220;interest&#8221; in the form of other debt obligations, instead of in cash. Each of these instruments is normally
issued and traded at a deep discount from face value. Zero-coupon bonds, step-ups and PIKs allow an issuer to avoid or delay the
need to generate cash to meet current interest payments and, as a result, may involve greater credit risk than bonds that pay interest
currently or in cash. The Trust would be required to distribute the income on these instruments as it accrues, even though the
Trust will not receive the income on a current basis or in cash. Thus, the Trust may have to sell other investments, including
when it may not be advisable to do so, to make income distributions to its shareholders. PIKs and other obligations that do not
pay regular income distributions may experience greater volatility in response to interest rate changes and issuer developments.
PIKs generally carry higher interest rates compared to obligations that make cash payments of interest to reflect their payment
deferral and</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">increased credit risk. Even if accounting conditions are met
for accruing income payable at a future date under a PIK, the issuer could still default when the collection date occurs at the
maturity of or payment date for the PIK.&nbsp; PIKs may be difficult to value accurately because they involve ongoing judgments
as to the collectability of the deferred payments and the value of any associated collateral.&nbsp; If the issuer of a PIK defaults
the Trust may lose its entire investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>When-Issued,
Delayed Delivery and Forward Commitment Transactions.</B></FONT> Securities may be purchased on a &#8220;forward commitment,&#8221;
&#8220;when-issued&#8221; or &#8220;delayed delivery&#8221; basis (meaning securities are purchased or sold with payment and delivery
taking place in the future) in order to secure what is considered to be an advantageous price and yield at the time of entering
into the transaction. When the Trust agrees to purchase such securities, it assumes the risk of any decline in value of the security
from the date of the agreement to purchase. The Trust does not earn interest on the securities it has committed to purchase until
they are paid for and delivered on the settlement date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">From the time of entering into the transaction until delivery
and payment is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations.
In forward commitment, when-issued or delayed delivery transactions, if the seller or buyer, as the case may be, fails to consummate
the transaction the counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. However,
no payment or delivery is made until payment is received or delivery is made from the other party to the transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will make commitments to purchase when-issued securities
only with the intention of actually acquiring the securities, but may sell such securities before the settlement date if it is
deemed advisable as a matter of investment strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Variable
and Floating Rate Debt Instruments.</B></FONT> Variable rate instruments provide for adjustments in the interest rate at specified
intervals (daily, weekly, monthly, semiannually, etc.) based on market conditions, credit ratings or interest rates and the investor
may have the right to &#8220;put&#8221; the security back to the issuer or its agent. Variable rate obligations normally provide
that the holder can demand payment of the obligation on short notice at par with accrued interest and which are frequently secured
by letters of credit or other support arrangements provided by banks. To the extent that such letters of credit or other arrangements
constitute an unconditional guarantee of the issuer&#8217;s obligations, a bank may be treated as the issuer of a security for
the purposes of complying with the diversification requirements set forth in Section 5(b) of the 1940 Act and Rule 5b-2 thereunder.
The Trust would anticipate using these bonds as cash equivalents pending longer term investment of its Trusts. The rate adjustment
features tend to limit the extent to which the market value of the obligations will fluctuate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivative
Instruments.</B></FONT> Generally, derivatives can be characterized as financial instruments whose performance is derived at least
in part from the performance of an underlying reference instrument. Derivative instruments may be acquired in the United States
or abroad and include the various types of exchange-traded and over-the-counter (&#8220;OTC&#8221;) instruments described herein
and other instruments with substantially similar characteristics and risks. Derivative instruments may be based on securities,
indices, currencies, commodities, economic indicators and events (referred to as &#8220;reference instruments&#8221;). Trust obligations
created pursuant to derivative instruments may be subject to the requirements described under &#8220;Asset Coverage&#8221; herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Derivative instruments are subject to a number of risks, including
adverse or unexpected movements in the price of the reference instrument, and counterparty, liquidity, tax, correlation and leverage
risks. Use of derivative instruments may cause the realization of higher amounts of short-term capital gains (generally taxed at
ordinary income tax rates) than if such instruments had not been used. Success in using derivative instruments to hedge portfolio
assets depends on the degree of price correlation between the derivative instruments and the hedged asset. Imperfect correlation
may be caused by several factors, including temporary price disparities among the trading markets for the derivative instrument,
the reference instrument and the Trust&#8217;s assets. To the extent that a derivative instrument is intended to hedge against
an event that does not occur, the Trust may realize losses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>OTC
Derivatives.</I></FONT> OTC derivative instruments involve an additional risk in that the issuer or counterparty will fail to perform
its contractual obligations. Some derivative instruments are not readily marketable or may become illiquid under adverse market
conditions. In addition, during periods of market volatility, an option or commodity exchange or swap execution facility or clearinghouse
may suspend or limit trading in an exchange-traded derivative instrument, which may make the contract temporarily illiquid and
difficult to price. Commodity exchanges may also establish daily limits on the amount that the price of a futures contract or futures
option can vary from the previous day&#8217;s settlement price. Once the daily limit is reached, no trades may be made that day
at a price beyond the limit. This may prevent the closing out of positions to limit losses. The staff of the SEC takes the position
that certain purchased OTC options, and assets used as cover for written OTC options, are illiquid. The ability to terminate OTC
derivative instruments may depend on the cooperation of the counterparties to such contracts. For thinly traded derivative instruments,
the only source of price quotations may be the selling dealer or counterparty. In addition, certain provisions of the Internal
Revenue Code of 1986, as amended (the &#8220;Code&#8221;) limit the use of derivative instruments. Derivatives permit the Trust
to increase or decrease the level of risk, or change the character of the risk, to which its</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">portfolio is exposed in much the same way as the Trust
can increase or decrease the level of risk, or change the character of the risk, of its portfolio by making investments in specific
securities. There can be no assurance that the use of derivative instruments will benefit the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Credit
Derivatives.</I></FONT> The Trust may invest in credit default swaps, total return swaps or credit options for hedging and other
risk management purposes. In a credit default swap, the buyer of credit protection (or seller of credit risk) agrees to pay the
counterparty a fixed, periodic premium for a specified term. In return, the counterparty agrees to pay a contingent payment to
the buyer in the event of an agreed upon credit occurrence with respect to a particular reference entity. In a total return swap,
the buyer receives a periodic return equal to the total economic return of a specified security, securities or index, for a specified
period of time. In return, the buyer pays the counterparty a variable stream of payments, typically based upon short term interest
rates, possibly plus or minus an agreed upon spread. Credit options are options whereby the purchaser has the right, but not the
obligation, to enter into a transaction involving either an asset with inherent credit risk or a credit derivative, at terms specified
at the initiation of the option. Transactions in derivative instruments involve a risk of loss or depreciation due to: unanticipated
adverse changes in securities prices, interest rates, indices, the other financial instruments&#8217; prices or currency exchange
rates; the inability to close out a position; default by the counterparty; imperfect correlation between a position and the desired
hedge; tax constraints on closing out positions; and portfolio management constraints on securities subject to such transactions.
Derivative instruments may sometimes increase or leverage exposure to a particular market risk, thereby increasing price volatility.
The counterparties to many derivatives transactions are investment banks (or, if recently restructured, formerly categorized as
investment banks), an industry that has recently experienced higher than normal bankruptcies. The risk of counterparty default
increases in the event such counterparties undergo bankruptcy or are otherwise part of an industry affected by increased bankruptcy
activity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Interest
Rate Swaps and Forward Rate Contracts.</I></FONT> Interest rate swaps involve the exchange by the Trust with another party of their
respective commitments to pay or receive interest (e.g., an exchange of fixed rate payments for floating rate payments). The Trust
will only enter into interest rate swaps on a net basis (i.e., the two payment streams are netted out with the Trust receiving
or paying, as the case may be, only the net amount of the two payments). The Trust may also enter forward rate contracts. Under
these contracts, the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds
the lock rate, the buyer pays the seller the difference between the two rates. If the lock rate exceeds the interest rate on the
settlement date, the seller pays the buyer the difference between the two rates. Any such gain received by the Trust would be taxable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If the other party to an interest rate swap or forward
rate contract defaults, the Trust&#8217;s risk of loss consists of the net amount of payments that the Trust is contractually entitled
to receive. The net amount of the excess, if any, of the Trust&#8217;s obligations over its entitlements will be maintained in
a segregated account by the Trust&#8217;s custodian. The Trust will not enter into any interest rate swap or forward rate contract
unless the claims-paying ability of the other party thereto is considered to be investment grade by the Adviser. If there is a
default by the other party to such a transaction, the Trust will have contractual remedies pursuant to the agreements related to
the transaction. These instruments are traded in the over the-counter market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Futures
Contracts and Options on Futures Contracts.</I></FONT> A change in the level of interest rates may affect the value of the securities
held by the Trust (or of securities that the Trust expects to purchase). The Trust may enter into (i) futures contracts for the
purchase or sale of debt securities and (ii) futures contracts on securities indices. All futures contracts entered into by the
Trust are traded on exchanges or boards of trade that are licensed and regulated by the U.S. Commodity Futures Trading Commission
(&#8220;CFTC&#8221;) and must be executed through a futures commission merchant or brokerage firm which is a member of the relevant
exchange. The Trust may purchase and write call and put options on futures contracts which are traded on a United States exchange
or board of trade. The Trust will be required, in connection with transactions in futures contracts and the writing of options
on futures, to make margin deposits, which will be held by the futures commission merchant through whom the Trust engages in such
futures and options transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Some futures contracts and options thereon may become
illiquid under adverse market conditions. In addition, during periods of market volatility, a commodity exchange may suspend or
limit transactions in an exchange-traded instrument, which may make the instrument temporarily illiquid and difficult to price.
Commodity exchanges may also establish daily limits on the amount that the price of a futures contract or futures option can vary
from the previous day&#8217;s settlement price. Once the daily limit is reached, no trades may be made that day at a price beyond
the limit. This may prevent the Trust from closing out positions and limiting its losses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Trust will engage in futures and related options
transactions for either hedging or non-hedging purposes. The Trust will determine that the price fluctuations in the futures contracts
and options on futures used for hedging purposes are substantially related to price fluctuations in securities held by the Trust
or which it expects to purchase. The Trust will engage in transactions in futures and related options contracts only to the extent
such transactions are consistent with the requirements of the Code, for maintaining qualification of the Trust as a regulated investment
company for federal income tax purposes. The Trust has claimed an exclusion from the definition of a Commodity Pool Operator (&#8220;CPO&#8221;) under the Commodity
Exchange Act and therefore are not subject to registration or regulation as a CPO.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Residual
Interest Bonds.</B></FONT> The Trust may invest in residual interests in a trust that holds municipal securities (&#8220;inverse
floaters&#8221; also known as &#8220;residual interest bonds&#8221;). The interest rate payable on an inverse floater bears an
inverse relationship to the interest rate on another security issued by the trust. Because changes in the interest rate on the
other security inversely affect the interest paid on the inverse floater, the value and income of an inverse floater is generally
more volatile than that of a fixed rate bond. Inverse floaters have interest rate adjustment formulas that generally reduce or,
in the extreme, eliminate the interest paid to the Trust when short-term interest rates rise, and increase the interest paid to
the Trust when short-term interest rates fall. Inverse floaters have varying degrees of liquidity, and the market for these securities
is relatively volatile. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate
environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. Although volatile, inverse
floaters typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality
and maturity. These securities usually permit the investor to convert the floating rate to a fixed rate (normally adjusted downward),
and this optional conversion feature may provide a partial hedge against rising rates if exercised at an opportune time. While
inverse floaters expose the Trust to leverage risk because they provide more than one dollar of bond market exposure for every
dollar invested, they are not subject to the Trust&#8217;s restrictions on borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A tender option bond trust typically can be collapsed or closed
by the holder of the residual interest bonds (such as the Trust) or by the liquidity provider. Generally, because the Trust may
act to collapse the tender option bond trust and receive the value of the residual interest bonds held by the Trust within 7-days,
such residual interest bonds are considered liquid securities when held by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At the discretion of the Adviser, the Trust may enter into a
so-called shortfall and forbearance agreement with respect to an inverse floater held by the Trust. The Trust generally may enter
into such agreements (i) when the liquidity provider to the tender option bond trust requires such an agreement because the level
of leverage in the tender option bond trust exceeds the level that the liquidity provider is willing support absent such an agreement;
and/or (ii) to seek to prevent the liquidity provider from collapsing the tender option bond trust in the event that the municipal
obligation held in the trust has declined in value. Such agreements commit the Trust to reimburse, upon the termination of the
trust issuing the inverse floater, the difference between the liquidation value of the underlying security (which is the basis
of the inverse floater) and the principal amount due to the holders of the floating rate security issued in conjunction with the
inverse floater. Such agreements may expose the Trust&#8217;s other assets to losses. Absent a shortfall and forbearance agreement,
the Trust would not be required to make such a reimbursement. If the Trust chooses not to enter into such an agreement, the inverse
floater could be terminated and the Trust could incur a loss. Consistent with SEC staff guidance, the Trust will segregate or earmark
liquid assets with its custodian on a mark-to-market basis to cover any such payment obligations to liquidity providers. Certain
existing residual interest bonds were restructured in order to comply with new banking regulations effective in July 2015 while
other existing residual interest bonds must do so by July 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The regulation of derivatives has undergone substantial
change in recent years and such change may continue. In particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the &#8220;Dodd-Frank Act&#8221;), and regulations proposed to be promulgated thereunder require many derivatives to be cleared
and traded on an exchange, expand entity registration requirements, impose business conduct requirements on dealers that enter
into swaps with a pension plan, endowment, retirement plan or government entity, and require banks to move some derivatives trading
units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. Although the CFTC has released
final rules relating to clearing, reporting, recordkeeping, required margin and registration requirements under the legislation,
many of the provisions are subject to further final rule making, and thus its ultimate impact remains unclear. New regulations
and the implementation of existing regulations could, among other things, restrict the&nbsp;Trust&#8217;s ability to engage in
derivatives transactions (for example, by making certain types of derivatives transactions no longer available to the&nbsp;Trust)
and/or increase the costs of such derivatives transactions (for example, by increasing margin or capital requirements), and the&nbsp;Trust
may be unable to fully execute its investment strategies as a result. Limits or restrictions applicable to the counterparties with
which the&nbsp;Trust engages in derivative transactions also could prevent the&nbsp;Trust from using these instruments or affect
the pricing or other factors relating to these instruments, or may change the availability of certain investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Likewise, the SEC has proposed regulations that, if
adopted, would significantly change the manner in which a Fund must segregate assets to cover its future obligations. The proposed
regulations would restrict its ability to enter into derivative transactions for speculative or hedging purposes and would require
the&nbsp;Trust&#8217;s Board to adopt a derivative risk management and governance framework. These regulations could also limit
the ability of a Fund to use these instruments as part of its investment management strategy, increase the costs of using these
instruments or make them less effective. Limits or restrictions applicable to the counterparties with which a Fund engages in derivative
transactions also could prevent the&nbsp;Trust from using these instruments or affect the pricing or other factors relating to
these instruments, or may change the availability of certain investments.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Legislation may be enacted that could negatively affect
the assets of the&nbsp;Trust. Legislation or regulation may also change the way in which the&nbsp;Trust itself is regulated. The
effects of any new governmental regulation cannot be predicted and there can be no assurance that any new governmental regulation
will not adversely affect the&nbsp;Trust&#8217;s ability to achieve its investment objective(s).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Redemption,
Demand and Put Features and Put Options.</B></FONT> Issuers of municipal obligations reserve the right to call (redeem) the bond.
If an issuer redeems securities held by the Trust during a time of declining interest rates, the Trust may not be able to reinvest
the proceeds in securities providing the same investment return as the securities redeemed. Also, some bonds may have &#8220;put&#8221;
or &#8220;demand&#8221; features that allow early redemption by the bondholder. Longer term fixed-rate bonds may give the holder
a right to request redemption at certain times (often annually after the lapse of an intermediate term). These bonds are more defensive
than conventional long term bonds (protecting to some degree against a rise in interest rates) while providing greater opportunity
than comparable intermediate term bonds, because the Trust may retain the bond if interest rates decline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Liquidity
and Protective Put Options.</B></FONT> The Trust may enter into a separate agreement with the seller of the security or some other
person granting the Trust the right to put the security to the seller thereof or the other person at an agreed upon price. Such
agreements are subject to the risk of default by the other party, although the Trust intends to limit this type of transaction
to institutions (such as banks or securities dealers) that the Adviser believes present minimal credit risks and would engage in
this type of transaction to facilitate portfolio liquidity or (if the seller so agrees) to hedge against rising interest rates.
There is no assurance that this kind of put option will be available to the Trust or that selling institutions will be willing
to permit the Trust to exercise a put to hedge against rising interest rates. The Trust does not expect to assign any value to
any separate put option that may be acquired to facilitate portfolio liquidity, inasmuch as the value (if any) of the put will
be reflected in the value assigned to the associated security; any put acquired for hedging purposes would be valued in good faith
under methods or procedures established by the Trustees after consideration of all relevant factors, including its expiration date,
the price volatility of the associated security, the difference between the market price of the associated security and the exercise
price of the put, the creditworthiness of the issuer of the put and the market prices of comparable put options. Interest income
generated by certain bonds having put or demand features may be taxable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>OTC
Options.</B></FONT> The Trust may enter into an agreement with a potential buyer of a municipal obligation that gives the buyer
the right, but not the obligation, to purchase a municipal obligation held by the Trust at a particular price in the future and
is commonly referred to as an over-the-counter option or OTC option. Such agreements will be entered solely to help facilitate
the selling of municipal obligations, for instance, if the buyer wishes to lock in a price for a particular municipal obligation
subject to performing due diligence on the issue or issuer. The buyer may not pay a premium for such option. There is a risk that
the value of a municipal obligation underlying an option may appreciate above the value that the buyer has agreed to pay for the
municipal obligation and, therefore, the Trust would not be entitled to the appreciation above such price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Inflation-Indexed
(or Inflation-Linked) Bonds.</B></FONT> Inflation-indexed bonds are fixed-income securities the principal value of which is periodically
adjusted according to the rate of inflation. Inflation-indexed bonds are issued by governments, their agencies or instrumentalities
and corporations. Two structures are common: The U.S. Treasury and some other issuers use a structure that accrues inflation into
the principal value of the bond. Most other issuers pay out the inflation accruals as part of a semiannual coupon. The principal
amount of an inflation-indexed bond is adjusted in response to changes in the level of inflation. Repayment of the original bond
principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, and therefore,
the principal amount of such bonds cannot be reduced below par even during a period of deflation. However, the current market value
of these bonds is not guaranteed and will fluctuate, reflecting the risk of changes in their yields. In certain jurisdictions outside
the United States, the repayment of the original bond principal upon the maturity of an inflation-indexed bond is not guaranteed,
allowing for the amount of the bond repaid at maturity to be less than par. The interest rate for inflation-indexed bonds is fixed
at issuance as a percentage of this adjustable principal. Accordingly, the actual interest income may both rise and fall as the
principal amount of the bonds adjusts in response to movements in the Consumer Price Index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The value of inflation-indexed bonds is expected to change in
response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates
and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates
might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at
a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. While
these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to
a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange
rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond&#8217;s
inflation measure.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Event-Linked
Securities.</B></FONT> The Trust may obtain event-linked exposure by investing in &#8220;event-linked bonds,&#8221; &#8220;event-linked
swaps&#8221; or other &#8220;event-linked securities.&#8221; Event-linked exposure results in gains or losses that typically are
contingent, or formulaically related to defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related
phenomena, or statistics relating to such events. Some event-linked bonds are commonly referred to as &#8220;catastrophe bonds.&#8221;
They may be issued by government agencies, insurance companies, reinsurers, special purpose corporations or other on-shore or off-shore
entities (such special purpose entities are created to accomplish a narrow and well-defined objective, such as the issuance of
a note in connection with a reinsurance transaction). If a trigger event causes losses exceeding a specific amount in the geographic
region and time period specified in a bond, the Trust investing in the bond may lose a portion or all of its entire investment
in the security or notional amount on a swap. If no trigger event occurs, the Trust will recover its principal plus interest. For
some event-linked bonds, the trigger event or losses may be based on company-wide losses, index-portfolio losses, industry indices,
or readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for extensions
of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss claims in those
cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. In addition to the
specified trigger events, event-linked bonds also may expose the Trust to certain unanticipated risks including but not limited
to issuer risk, credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences.
As derivatives instruments, event-linked swaps are also subject to the risk associated with derivatives, including leverage risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Event-linked bonds are a relatively new type of financial instrument.
As such, there is no significant trading history of these securities, and there can be no assurance that a liquid market in these
instruments will develop. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that the
Trust may be forced to liquidate positions when it would not be advantageous to do so.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivative-Linked
and Commodity-Linked Hybrid Instruments. </B></FONT>A derivative-linked or commodity-linked hybrid instrument (referred to herein
as a &#8220;hybrid instrument&#8221;) is a type of potentially high-risk derivative that combines a traditional stock, bond, or
commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest
rate of a hybrid instrument is tied (positively or negatively) to the price of some commodity, currency or securities index or
another interest rate or some other economic factor (each a &#8220;benchmark&#8221;). The interest rate or (unlike most fixed-income
securities) the principal amount payable at maturity of a hybrid instrument may be increased or decreased, depending on changes
in the value of the benchmark. An example of a hybrid instrument is a bond issued by an oil company that pays a small base level
of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined
level. Such a hybrid instrument would be a combination of a bond and a call option on oil.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The risks of investing in hybrid instruments reflect a combination
of the risks of investing in securities, options, futures and currencies. An investment in a hybrid instrument may entail significant
risks that are not associated with a similar investment in a traditional debt instrument that has a fixed principal amount, is
denominated in U.S. dollars or bears interest either at a fixed rate or a floating rate determined by reference to a common, nationally
published benchmark. The risks of a particular hybrid instrument will depend upon the terms of the instrument, but may include
the possibility of significant changes in the benchmark(s) or the prices of the underlying assets to which the instrument is linked.
Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument,
which may not be foreseen by the purchaser, such as economic and political events, the supply and demand of the underlying assets
and interest rate movements. Hybrid instruments may be highly volatile and their use by the Trust may not be successful. Hybrid
instruments may also carry liquidity risk since the instruments are often &#8220;customized&#8221; to meet the portfolio needs
of a particular investor, and therefore, the number of investors that are willing and able to buy such instruments in the secondary
market may be smaller than that for more traditional debt securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Hybrid instruments may bear interest or pay preferred dividends
at below market (or even relatively nominal) rates. Alternatively, hybrid instruments may bear interest at above market rates but
bear an increased risk of principal loss (or gain). The latter scenario may result if &#8220;leverage&#8221; is used to structure
the hybrid instrument. Leverage risk occurs when the hybrid instrument is structured so that a given change in a benchmark or underlying
asset is multiplied to produce a greater value change in the hybrid instrument, thereby magnifying the risk of loss as well as
the potential for gain.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Hybrid instruments are potentially more volatile and carry greater
market risks than traditional debt instruments. Depending on the structure of the particular hybrid instrument, changes in a benchmark
may be magnified by the terms of the hybrid instrument and have an even more dramatic and substantial effect upon the value of
the hybrid instrument. Also, the prices of the hybrid instrument and the benchmark or underlying asset may not move in the same
direction or at the same time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Hybrid instruments can be used as an efficient means of pursuing
a variety of investment goals, including currency hedging, duration management, and increased total return and creating exposure
to a particular market or segment of that market. The value of a hybrid instrument or its interest rate may be a multiple of a
benchmark and, as a result, may be</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">leveraged and move (up or down) more steeply and rapidly than
the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations,
which cannot be readily foreseen by the purchaser of a hybrid instrument. Under certain conditions, the redemption value of a hybrid
instrument could be zero. The purchase of hybrid instruments also exposes the Trust to the credit risk of the issuer of the hybrids.
These risks may cause significant fluctuations in the net asset value of the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain hybrid instruments may provide exposure to the commodities
markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity
futures contracts, commodity options, or similar instruments. Commodity-linked hybrid instruments may be either equity or debt
securities, leveraged or unleveraged, and are considered hybrid instruments because they have both security and commodity-like
characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index
or other economic variable. The Trust will invest only in commodity-linked hybrid instruments that qualify under applicable rules
of the CFTC for an exemption from the provisions of the CEA. Certain issuers of structured products such as hybrid instruments
may be deemed to be investment companies as defined in the 1940 Act. As a result, the Trust&#8217;s investments in these products
may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the
1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Illiquid
Obligations.</B></FONT> Illiquid securities include obligations legally restricted as to resale, and may include commercial paper
issued pursuant to Section 4(2) of the 1933 Act and securities eligible for resale pursuant to Rule 144A thereunder. Section 4(2)
and Rule 144A obligations may, however, be treated as liquid by the Adviser pursuant to procedures adopted by the Trustees, which
require consideration of factors such as trading activity, availability of market quotations and number of dealers willing to purchase
the security. Even if determined to be liquid, Rule 144A securities may increase the level of portfolio illiquidity if eligible
buyers become uninterested in purchasing such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The secondary market for some municipal obligations issued within
a state (including issues which are privately placed with the Trust) is less liquid than that for taxable debt obligations or other
more widely traded municipal obligations. No established resale market exists for certain of the municipal obligations in which
the Trust may invest. The market for obligations rated below investment grade is also likely to be less liquid than the market
for higher rated obligations. As a result, the Trust may be unable to dispose of these municipal obligations at times when it would
otherwise wish to do so at the prices at which they are valued.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At times, a portion of the Trust&#8217;s assets may be invested
in securities as to which the Trust, by itself or together with other accounts managed by the Adviser and its affiliates, holds
a major portion or all of such securities. Under adverse market or economic conditions or in the event of adverse changes in the
financial condition of the issuer, the Trust could find it more difficult to sell such securities when the Adviser believes it
advisable to do so or may be able to sell such securities only at prices lower than if such securities were more widely held. It
may also be more difficult to determine the fair value of such securities for purposes of computing the Trust&#8217;s net asset
value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Asset
Coverage Requirements.</B></FONT> Transactions involving when-issued securities, futures contracts and options (other than options
that the Trust has purchased), interest rate swaps or forward rate contracts may expose the Trust to an obligation to another party.
The Trust will not enter into any such transactions unless it owns either (1) an offsetting (&#8220;covered&#8221;) position for
the same type of financial asset, or (2) cash or liquid securities with a value sufficient at all times to cover its potential
obligations not covered as provided in (1). The Trust will comply with SEC guidelines regarding cover for these instruments and,
if the guidelines so require, set aside cash or liquid securities in a segregated account with its custodian in the prescribed
amount. The securities in the segregated account will be marked to market daily. Assets used as cover or held in a segregated account
maintained by the custodian cannot be sold while the position(s) requiring coverage or segregation is outstanding unless they are
replaced with other appropriate assets. As a result, if a large portion of assets is segregated or committed as cover, it could
impede portfolio management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other
Investment Companies.</B></FONT> The Trust may invest in pooled investment vehicles including other open-end or closed-end investment
companies, exchange-traded Trusts (described herein) and other collective investment pools in accordance with the requirements
of the 1940 Act. Closed-end investment company securities are usually traded on an exchange. The demand for the closed-end Trust
securities is independent of the demand for the underlying portfolio assets, and accordingly, such securities can trade at a discount
from their net asset values. The Trust generally will indirectly bear its proportionate share of any management fees paid by a
pooled investment vehicle in which it invests in addition to the investment advisory fee paid by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">ETFs are pooled investment vehicles that are designed to provide
investment results corresponding to an index. These indexes may be either broad-based, sector or international. ETFs usually are
units of beneficial interest in an investment trust or represent undivided ownership interests in a portfolio of securities (or
commodities), in each case with respect to a portfolio of all or substantially all of the component securities of, and in substantially
the same weighting as, the relevant benchmark index. ETFs are designed to provide investment results that generally correspond
to the price and yield performance of the component securities (or commodities) of the benchmark index. ETFs are listed on an exchange
and</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">trade in the secondary market on a per-share basis. The values
of ETFs are subject to change as the values of their respective component securities (or commodities) fluctuate according to market
volatility. Investments in ETFs may not exactly match the performance of a direct investment in the respective indices to which
they are intended to correspond due to the temporary unavailability of certain index securities in the secondary market or other
extraordinary circumstances, such as discrepancies with respect to the weighting of securities. Typically, the ETF bears its own
operational expenses, which are deducted from its assets. To the extent that the Trust invests in ETFs, the Trust must bear these
expenses in addition to the expenses of its own operation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Temporary
Investments.</B></FONT> The Trust may invest in cash equivalents to invest daily cash balances or for temporary defensive purposes.
Cash equivalents are highly liquid, short-term securities such as commercial paper, time deposits, certificates of deposit, short-term
notes and short-term U.S. Government obligations. These securities may be subject to federal income, state income and/or other
taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cash
Equivalents.</B></FONT> Cash equivalents include short term, high quality, U.S. dollar denominated instruments such as commercial
paper, certificates of deposit and bankers&#8217; acceptances issued by U.S. or foreign banks, and Treasury bills and other obligations
with a maturity of one year or less, including those issued or guaranteed by U.S. Government agencies and instrumentalities. See
&#8220;U.S. Government Securities&#8221; above. Certificates of deposit are certificates issued against funds deposited in a commercial
bank, are for a definite period of time, earn a specified rate of return, and are normally negotiable. Bankers&#8217; acceptances
are short-term credit instruments used to finance the import, export, transfer or storage of goods. They are termed &#8220;accepted&#8221;
when a bank guarantees their payment at maturity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The obligations of foreign branches of U.S. banks may be general
obligations of the parent bank in addition to the issuing branch, or may be limited by the terms of a specific obligation and by
governmental regulation. Payment of interest and principal upon these obligations may also be affected by governmental action in
the country of domicile of the branch (generally referred to as sovereign risk). In addition, evidence of ownership of portfolio
securities may be held outside of the U.S. and generally will be subject to the risks associated with the holding of such property
overseas. Various provisions of U.S. law governing the establishment and operation of domestic branches do not apply to foreign
branches of domestic banks. The obligations of U.S. branches of foreign banks may be general obligations of the parent bank in
addition to the issuing branch, or may be limited by the terms of a specific obligation and by federal and state regulation as
well as by governmental action in the country in which the foreign bank has its head office.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Cash equivalents are often acquired directly from the issuers
thereof or otherwise are normally traded on a net basis (without commission) through broker-dealers and banks acting for their
own account. Such firms attempt to profit from such transactions by buying at the bid price and selling at the higher asked price
of the market, and the difference is customarily referred to as the spread. Cash equivalents may be adversely affected by market
and economic events, such as a sharp rise in prevailing short-term interest rates; adverse developments in the banking industry,
which issues or guarantees many money market securities; adverse economic, political or other developments affecting domestic issuers
of money market securities; changes in the credit quality of issuers; and default by a counterparty. These securities may be subject
to federal income, state income and/or other taxes. Instead of investing in cash equivalents directly, the Trust may invest in
an affiliated money market fund (such as Eaton Vance Cash Reserves Fund, LLC, which is managed by Eaton Vance) or unaffiliated
money market fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Fixed-Income
Securities.</B></FONT> Fixed-income securities include bonds, preferred, preference and convertible securities, notes, debentures,
asset-backed securities (including those backed by mortgages), loan participations and assignments, equipment lease certificates,
equipment trust certificates and conditional sales contracts. Generally, issuers of fixed-income securities pay investors periodic
interest and repay the amount borrowed either periodically during the life of the security and/or at maturity. Some fixed-income
securities, such as zero coupon bonds, do not pay current interest, but are purchased at a discount from their face values, and
values accumulate over time to face value at maturity. The market prices of fixed-income securities fluctuate depending on such
factors as interest rates, credit quality and maturity. In general, market prices of fixed-income securities decline when interest
rates rise and increase when interest rates fall. Fixed-income securities are subject to risk factors such as sensitivity to interest
rate and real or perceived changes in economic conditions, payment expectations, liquidity and valuation. Fixed-income securities
with longer maturities (for example, over ten years) are more affected by changes in interest rates and provide less price stability
than securities with short-term maturities (for example, one to ten years). Fixed-income securities bear the risk of principal
and interest default by the issuer, which will be greater with higher yielding, lower grade securities. During an economic downturn,
the ability of issuers to service their debt may be impaired. The rating assigned to a fixed-income security by a rating agency
does not reflect assessment of the volatility of the security&#8217;s market value or of the liquidity of an investment in the
securities. Credit ratings are based largely on the issuer&#8217;s historical financial condition and a rating agency&#8217;s investment
analysis at the time of rating, and the rating assigned to any particular security is not necessarily a reflection of the issuer&#8217;s
current financial condition. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect
the actual risks posed by a particular high yield security. Preferred stock and certain other hybrid securities may pay a fixed-dividend rate, but may be considered equity securities
for purposes of the Trust&#8217;s investment restrictions. For a description of corporate bond ratings, see Appendix A.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Trading and Turnover Rate.</B></FONT> A change in the securities held by the Trust is known as &#8220;portfolio turnover&#8221;
and generally involves expense to the Trust, including brokerage commissions or dealer markups and other transaction costs on both
the sale of securities and the reinvestment of the proceeds in other securities. If sales of portfolio securities cause the Trust
to realize net short-term capital gains, such gains will be taxable as ordinary income to taxable shareholders. Portfolio turnover
rate for a fiscal year is the ratio of the lesser of purchases or sales of portfolio securities to the monthly average of the value
of portfolio securities &#8722; excluding securities whose maturities at acquisition were one year or less. The Trust's portfolio
turnover rate is not a limiting factor when the Adviser considers a change in the Trust's portfolio holdings. The portfolio turnover
rates for the Trust for the fiscal years ended November 30, 2017 and November 30, 2016 were 8% and 4%, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Government
Intervention in Financial Markets.</B></FONT> Since 2008, instability in the financial markets has led the U.S. Government to take
a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that
have experienced extreme volatility, and in some cases a lack of liquidity. Federal, state, and other governments, their regulatory
agencies, or self regulatory organizations may take actions that affect the regulation of the instruments in which the Trust invests,
or the issuers of such instruments, in ways that are unforeseeable or not fully understood or anticipated. Legislation or regulation
may also change the way in which the Trust itself is regulated. Such legislation or regulation could limit or preclude the Trust&#8217;s
ability to achieve its investment objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Governments or their agencies have and may in the future acquire
distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government
ownership and disposition of these assets are unclear, and such a program may have positive or negative effects on the liquidity,
valuation and performance of the Trust&#8217;s portfolio holdings. Furthermore, volatile financial markets can expose the Trust
to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Trust. The Trust has
established procedures to assess the liquidity of portfolio holdings and to value instruments for which market prices may not be
readily available. Eaton Vance will monitor developments and seek to manage the Trust in a manner consistent with achieving the
Trust&#8217;s investment objective, but there can be no assurance that it will be successful in doing so.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Lending
Portfolio Securities.</B></FONT> The Trust may lend a portion of its portfolio securities to broker-dealers or other institutional
borrowers. Loans will be made only to organizations whose credit quality or claims paying ability is considered by the Adviser
to be at least investment grade at the time a loan is made. All securities loans will be collateralized on a continuous basis by
cash or U.S. government securities having a value, marked to market daily, of at least 100% of the market value of the loaned securities.
The Trust may receive loan fees in connection with loans that are collateralized by securities or on loans of securities for which
there is special demand. Securities loans may result in delays in recovering, or a failure of the borrower to return, the loaned
securities. The defaulting borrower ordinarily would be liable to the Trust for any losses resulting from such delays or failures,
and the collateral provided in connection with the loan normally would also be available for that purpose. Securities loans normally
may be terminated by either the Trust or the borrower at any time. Upon termination and return of the loaned securities, the Trust
would be required to return the related collateral to the borrower and, if this collateral has been reinvested, it may be required
to liquidate portfolio securities in order to do so. To the extent that such securities have decreased in value, this may result
in the Trust realizing a loss at a time when it would not otherwise do so. The Trust also may incur losses if it is unable to reinvest
cash collateral at rates higher than applicable rebate rates paid to borrowers and related administrative costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will receive amounts equivalent to any interest or
other distributions paid on securities while they are on loan, and the Trust will not be entitled to exercise voting or other beneficial
rights on loaned securities. The Trust will exercise its right to terminate loans and thereby regain these rights whenever the
Adviser considers it to be in the Trust&#8217;s interest to do so, taking into account the related loss of reinvestment income
and other factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Restrictions.</B></FONT> The following investment restrictions of the Trust are designated as fundamental policies and as such
cannot be changed without the approval of the holders of a majority of the Trust&#8217;s outstanding voting securities, which as
used in this SAI means the lesser of (a) 67% of the shares of the Trust present or represented by proxy at a meeting if the holders
of more than 50% of the outstanding shares are present or represented at the meeting or (b) more than 50% of outstanding shares
of the Trust. As a matter of fundamental policy the Trust may not:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Borrow money, except as permitted by the 1940 Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Issue senior securities, as defined in the 1940 Act, other than (i) preferred shares which immediately after issuance will
have asset coverage of at least 200%, (ii) indebtedness which immediately after issuance will have asset coverage of at least 300%,
or (iii) the borrowings permitted by investment restriction (1) above;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Purchase securities on margin (but the Trust may obtain such short-term credits as may be necessary for the clearance of purchases
and sales of securities). The purchase of investment assets with the proceeds of a permitted borrowing or securities offering will
not be deemed to be the purchase of securities on margin;</TD></TR></TABLE>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Underwrite securities issued by other persons, except insofar as it may technically be deemed to be an underwriter under the
Securities Act of 1933, as amended, in selling or disposing of a portfolio investment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Make loans to other persons, except by (a) the acquisition of loan interests, debt securities and other obligations in which
the Trust is authorized to invest in accordance with its investment objective and policies, (b) entering into repurchase agreements,
and (c) lending its portfolio securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Purchase or sell real estate, although it may purchase and sell securities which are secured by interests in real estate and
securities of issuers which invest or deal in real estate. The Trust reserves the freedom of action to hold and to sell real estate
acquired as a result of the ownership of securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Purchase or sell physical commodities or contracts for the purchase or sale of physical commodities. Physical commodities do
not include futures contracts with respect to securities, securities indices or other financial instruments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>Invest more than 25% of its total assets in issuers in any one industry.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For purposes of the Trust&#8217;s investment restrictions, the
determination of the &#8220;issuer&#8221; of a municipal obligation that is not a general obligation bond will be made by the Adviser
on the basis of the characteristics of the obligation and other relevant factors, the most significant of which is the source of
funds committed to meeting interest and principal payments of such obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may borrow money as a temporary measure for extraordinary
or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require
untimely dispositions of Trust securities. The 1940 Act currently requires that the Trust have 300% asset coverage with respect
to all borrowings other than temporary borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For purposes of construing restriction (8), securities of the
U.S. Government, its agencies, or instrumentalities are not considered to represent industries. Municipal obligations backed by
the credit of a governmental entity are also not considered to represent industries. However, municipal obligations backed only
by the assets and revenues of non-governmental users may for this purpose be deemed to be issued by such non-governmental users.
The foregoing 25% limitation would apply to these issuers. As discussed in the Trust&#8217;s prospectus and this SAI, the Trust
may invest more than 25% of its total assets in certain economic sectors, such as revenue bonds, housing, hospitals and other health
care facilities, industrial development bonds, electrical utility revenue obligations and private activity securities. The Trust
reserves the right to invest more than 25% of total assets in each of these sectors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust has adopted the following nonfundamental investment
policy, which may be changed by the Board without approval of the Trust&#8217;s shareholders. As a matter of nonfundamental policy,
the Trust may not make short sales of securities or maintain a short position, unless at all times when a short position is open
it either owns an equal amount of such securities or owns securities convertible into or exchangeable, without payment of any further
consideration, for securities of the same issuer as, and equal in amount to, the securities sold short.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Upon the Board's approval, the Trust may invest more than 10%
of its total assets in one or more other management investment companies (or may invest in affiliated investment companies) to
the extent permitted by the 1940 Act and rules thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Whenever an investment policy or investment restriction set forth
in the Prospectus or this SAI states a maximum percentage of assets that may be invested in any security or other asset or describes
a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result
of the Trust&#8217;s acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change
in values, assets or other circumstances or any subsequent rating change made by a rating service (or as determined by the Adviser
if the security is not rated by a rating agency) will not compel the Trust to dispose of such security or other asset. Notwithstanding
the foregoing, the Trust must always be in compliance with the borrowing policies set forth above.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">TRUSTEES AND OFFICERS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board of Trustees of the Trust (the &#8220;Board&#8221;)
is responsible for the overall management and supervision of the affairs of the Trust. The Board members and officers of the Trust
are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last
five years. The &#8220;noninterested Trustees&#8221; consist of those Trustees who are not &#8220;interested persons&#8221; of
the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International
Place, Boston, Massachusetts 02110. As used in this SAI, &#8220;EVC&#8221; refers to Eaton Vance Corp., &#8220;EV&#8221; refers
to Eaton Vance, Inc., &#8220;BMR&#8221; refers to Boston Management and Research and &#8220;EVD&#8221; refers to Eaton Vance Distributors
Inc. EVC and EV are the corporate parent and trustee, respectively, of Eaton Vance and BMR. EVD is a wholly-owned subsidiary of
EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or
her position with Eaton Vance listed below.<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Trust <BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3) </SUP></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Interested Trustee</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">THOMAS E. FAUST JR.<BR>
1958</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class II <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2019. <BR>
3 years. <BR>
Since 2007.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of Eaton Vance and BMR, and Director of EVD.&nbsp;&nbsp;Trustee and/or officer of 174 registered investment companies. Mr. Faust is an interested person because of his positions with BMR, Eaton Vance, EVC, EVD and EV, which are affiliates of the Trust.</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">174</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Director of EVC and Hexavest Inc. (investment management firm).</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">Noninterested Trustees</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">MARK R. FETTING<BR>
1954</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class III <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2020. <BR>
3 Years. <BR>
Since 2016.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor.&nbsp;&nbsp;Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004).&nbsp;&nbsp;Formerly, President of Legg Mason family of funds (2001-2008).&nbsp;&nbsp;Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">174</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">CYNTHIA E. FROST<BR>
1961</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class I <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2021. <BR>
3 Years. <BR>
Since 2014.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor.&nbsp;&nbsp;Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989); Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">174</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">GEORGE J. GORMAN<BR>
1952</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class I <BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2021.<BR>
&nbsp;3 Years. <BR>
Since 2014.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst &amp; Young LLP (a registered public accounting firm) (1974-2009).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">174</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">VALERIE A. MOSLEY<BR>
1960</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class I <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2021.<BR>
&nbsp;3 Years. <BR>
Since 2014.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm).&nbsp;&nbsp;Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012).&nbsp;&nbsp;Former Chief Investment Officer, PG Corbin Asset Management (1990-1992).&nbsp;&nbsp;Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">174</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Trust <BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3) </SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">WILLIAM H. PARK<BR>
1947</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Chairperson of the Board and Class III <BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2020. <BR>
3 Years. <BR>
Chairperson of the Board since 2016 and Trustee since 2003.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group, L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">174</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">HELEN FRAME PETERS<BR>
1948<BR>
<BR>
</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class III <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2020. <BR>
3 Years. <BR>
Since 2008.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999).&nbsp;&nbsp;Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">174</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">SUSAN J. SUTHERLAND<BR>
1957</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class I <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2021. <BR>
3 years. <BR>
Since 2015.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher &amp; Flom LLP (law firm) (1982-2013).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">174</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">HARRIETT TEE TAGGART<BR>
1948</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class III <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2020. <BR>
3 Years. <BR>
Since 2011.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006).&nbsp;&nbsp;Ms. Taggart has apprised the Board of Trustees that she intends to retire as a Trustee of all Eaton Vance Funds in 2018.</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">174</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009).</TD></TR>
</TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Trust <BR>
Position(s)<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Principal Occupation(s) During Past Five Years<BR>
and Other Relevant Experience</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; line-height: 10pt">Number of Portfolios<BR>
in Fund Complex<BR>
Overseen By<BR>
Trustee<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Other Directorships Held<BR>
During Last Five Years<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3) </SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">SCOTT E. WENNERHOLM<BR>
1959</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Class II <BR>
Trustee</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Until 2019. <BR>
3 years. <BR>
Since 2016.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011).&nbsp;&nbsp;Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004).&nbsp;&nbsp;Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">174</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">None</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>The Board of Trustees is divided into three classes, each class having a term of three years to expire on the date of the third
annual meeting following its election.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>Includes both master and feeder funds in a master-feeder structure.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm)
also served as Board members of one or more of the following funds (which operated in the years noted): eUnits<SUP>TM</SUP> 2 Year
U.S. Market Participation Trust: Upside to Cap/Buffered Downside (launched in 2012 and terminated in 2014); and eUnits<SUP>TM</SUP>
2 Year U.S. Market Participation Trust II: Upside to Cap/Buffered Downside (launched in 2012 and terminated in 2014). However,
Ms. Mosley did not serve as a Board member of eUnits<SUP>TM</SUP> 2 Year U.S. Market Participation Trust: Upside to Cap/Buffered
Downside (launched in 2012 and terminated in 2014).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD><TD>APS&nbsp;Trustee.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt; font-weight: bold"><BR STYLE="clear: both">
Principal Officers who are not Trustees</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Name and Year of Birth</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Trust Position(s)</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Length of Service</TD>
    <TD STYLE="width: 2%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 2.9pt; line-height: 10pt">Principal Occupation(s) During Past Five Years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">PAYSON F. SWAFFIELD<BR>
1956</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">President</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2014</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President and Chief Income Investment Officer of Eaton Vance and BMR.&nbsp;&nbsp;Officer of 146 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of Calvert Research and Management (&#8220;CRM&#8221;) since 2016.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">MAUREEN A. GEMMA<BR>
1960</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Vice President, Secretary and Chief Legal Officer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008.</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President of Eaton Vance and BMR.&nbsp;&nbsp;Officer of 174 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2016.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">JAMES F. KIRCHNER<BR>
1967</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Treasurer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2013</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President of Eaton Vance and BMR.&nbsp;&nbsp;Officer of 174 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2016.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">RICHARD F. FROIO<BR>
1968</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Chief Compliance Officer</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">Since 2017</TD>
    <TD STYLE="padding: 6pt 0.1in 6pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">Vice President of Eaton Vance and BMR since 2017.&nbsp;&nbsp;Officer of 173 registered investment companies managed by Eaton Vance or BMR.&nbsp;&nbsp;Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has general oversight responsibility with respect to
the business and affairs of the Trust. The Board has engaged an investment adviser and (if applicable) a sub-adviser (collectively
the &#8220;adviser&#8221;) to manage the&nbsp;Trust and an administrator to administer the&nbsp;Trust and is responsible for overseeing
such adviser and administrator and other service providers to the Trust. The Board is currently composed of ten Trustees, including
nine Trustees who are not &#8220;interested persons&#8221; of the&nbsp;Trust, as that term is defined in the 1940 Act (each a &#8220;noninterested
Trustee&#8221;). In addition to six regularly scheduled meetings per year, the Board holds special meetings or informal conference
calls to discuss specific matters that may require action prior to the next regular meeting. As discussed below, the Board has
established six committees to assist the Board in performing its oversight responsibilities.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has appointed a noninterested Trustee to serve in the
role of Chairperson. The Chairperson&#8217;s primary role is to participate in the preparation of the agenda for meetings of the
Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the Board.
The Chairperson also presides at all meetings of the Board and acts as a liaison with service providers, officers, attorneys, and
other Board members generally between meetings. The Chairperson may perform such other functions as may be requested by the Board
from time to time. In addition, the Board may appoint a noninterested Trustee to serve in the role of Vice-Chairperson. The Vice-Chairperson
has the power and authority to perform any or all of the duties and responsibilities of the Chairperson in the absence of the Chairperson
and/or as requested by the Chairperson. Except for any duties specified herein or pursuant to the Trust&#8217;s Declaration of
Trust or By-laws, the designation of Chairperson or Vice-Chairperson does not impose on such noninterested Trustee any duties,
obligations or liability that is greater than the duties, obligations or liability imposed on such person as a member of the Board,
generally.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is subject to a number of risks, including, among others,
investment, compliance, operational, and valuation risks. Risk oversight is part of the Board&#8217;s general oversight of the
Trust and is addressed as part of various activities of the Board and its Committees. As part of its oversight of the Trust, the
Board directly, or through a Committee, relies on and reviews reports from, among others, Trust management, the adviser, the administrator,
the principal underwriter, the Chief Compliance Officer (the &#8220;CCO&#8221;), and other Trust service providers responsible
for day-to-day oversight of Trust investments, operations and compliance to assist the Board in identifying and understanding the
nature and extent of risks and determining whether, and to what extent, such risks can or should be mitigated. The Board also interacts
with the CCO and with senior personnel of the adviser, administrator, principal underwriter and other Trust service providers and
provides input on risk management issues during meetings of the Board and its Committees. Each of the adviser, administrator, principal
underwriter and the other Trust service providers has its own, independent interest and responsibilities in risk management, and
its policies and methods for carrying out risk management functions will depend, in part, on its individual priorities, resources
and controls. It is not possible to identify all of the risks that may affect the&nbsp;Trust or to develop processes and controls
to eliminate or mitigate their occurrence or effects. Moreover, it is necessary to bear certain risks (such as investment-related
risks) to achieve the&nbsp;Trust&#8217;s goals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board, with the assistance of management and with input from
the Board's various committees, reviews investment policies and risks in connection with its review of Trust performance. The Board
has appointed a Trust CCO who oversees the implementation and testing of the Trust compliance program and reports to the Board
regarding compliance matters for the Trust and its principal service providers. In addition, as part of the Board&#8217;s periodic
review of the advisory, subadvisory (if applicable), distribution and other service provider agreements, the Board may consider
risk management aspects of their operations and the functions for which they are responsible. With respect to valuation, the Board
approves and periodically reviews valuation policies and procedures applicable to valuing the&nbsp;Trust&#8217;s shares. The administrator,
the investment adviser and the sub-adviser (if applicable) are responsible for the implementation and day-to-day administration
of these valuation policies and procedures and provides reports to the Audit Committee of the Board and the Board regarding these
and related matters. In addition, the Audit Committee of the Board or the Board receives reports periodically from the independent
public accounting firm for the Trust regarding tests performed by such firm on the valuation of all securities, as well as with
respect to other risks associated with mutual funds. Reports received from service providers, legal counsel and the independent
public accounting firm assist the Board in performing its oversight function.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&#8217;s Declaration of Trust&nbsp;does not set forth
any specific qualifications to serve as a Trustee. The Charter of the Governance Committee also does not set forth any specific
qualifications, but does set forth certain factors that the Committee may take into account in considering noninterested Trustee
candidates. In general, no one factor is decisive in the selection of an individual to join the Board. Among the factors the Board
considers when concluding that an individual should serve on the Board are the following: (i) knowledge in matters relating to
the mutual fund industry; (ii) experience as a director or senior officer of public companies; (iii) educational background; (iv)
reputation for high ethical standards and professional integrity; (v) specific financial, technical or other expertise, and the
extent to which such expertise would complement the Board members&#8217; existing mix of skills, core competencies and qualifications;
(vi) perceived ability to contribute to the ongoing functions of the Board, including the ability and commitment to attend meetings
regularly and work collaboratively with other members of the Board; (vii) the ability to qualify as a noninterested Trustee for
purposes of the 1940 Act and any other actual or potential conflicts of interest involving the individual and the Trust; and (viii)
such other factors as the Board determines to be relevant in light of the existing composition of the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Among the attributes or skills common to all Board members are
their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the
other members of the Board, management, sub-advisers, other service providers, counsel and independent registered public accounting
firms, and to exercise effective and independent business judgment in the performance of their duties as members of the Board.
Each Board member&#8217;s ability to perform his or her duties effectively has been attained through the Board member&#8217;s business,
consulting, public service and/or academic positions and through experience from service as a member of the Boards of the Eaton
Vance family of funds (&#8220;Eaton Vance Fund Boards&#8221;) (and/or in other capacities, including for any predecessor funds),
public</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">companies, or non-profit entities or other organizations as set
forth below. Each Board member&#8217;s ability to perform his or her duties effectively also has been enhanced by his or her educational
background, professional training, and/or other life experiences.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In respect of each current member of the Board, the individual&#8217;s
substantial professional accomplishments and experience, including in fields related to the operations of registered investment
companies, were a significant factor in the determination that the individual should serve as a member of the Board. The following
is a summary of each Board member&#8217;s particular professional experience and additional considerations that contributed to
the Board&#8217;s conclusion that he or she should serve as a member of the Board:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Thomas
E. Faust Jr.</I></FONT> Mr. Faust has served as a member of the Eaton Vance Fund Boards since 2007. He is currently Chairman, Chief
Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of Eaton Vance and
BMR, and Director of EVD. Mr. Faust has served as a Director of Hexavest Inc. since 2012 and of SigFig Wealth Management LLC since
2016. Mr. Faust previously served as an equity analyst, portfolio manager, Director of Equity Research and Management and Chief
Investment Officer of Eaton Vance (1985-2007). He holds B.S. degrees in Mechanical Engineering and Economics from the Massachusetts
Institute of Technology and an MBA from Harvard Business School. Mr. Faust has been a Chartered Financial Analyst since 1988.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Mark
R. Fetting.</I></FONT> Mr. Fetting has served as a member of the Eaton Vance Fund Boards since September 1, 2016. He has over 30
years of experience in the investment management industry as an executive and in various leadership roles. From 2000 through 2012,
Mr. Fetting served in several capacities at Legg Mason, Inc., including most recently serving as President, Chief Executive Officer,
Director and Chairman from 2008 to his retirement in 2012. He also served as a Director/Trustee and Chairman of the Legg Mason
family of funds (2008-2012) and Director/Trustee of the Royce family of funds (2001-2012). From 2001 through 2008, Mr. Fetting
also served as President of the Legg Mason family of funds. From 1991 through 2000, Mr. Fetting served as Division President and
Senior Officer of Prudential Financial Group, Inc. and related companies. Early in his professional career, Mr. Fetting was a Vice
President at T. Rowe Price and served in leadership roles within the firm&#8217;s mutual fund division from 1981 through 1987.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><I>Cynthia E. Frost</I>. Ms. Frost has served as a member of
the Eaton Vance Fund Boards since 2014 and is the Chairperson of the Portfolio Management Committee. From 2000 through 2012, Ms.
Frost was the Chief Investment Officer of Brown University, where she oversaw the evaluation, selection and monitoring of the third
party investment managers who managed the university&#8217;s endowment. From 1995-2000, Ms. Frost was a Portfolio Strategist for
Duke Management Company, which oversaw Duke University&#8217;s endowment. Ms. Frost also served in various investment and consulting
roles at Cambridge Associates (1989-1995), Bain and Company (1987-1989) and BA Investment Management Company (1983-1985). She serves
as a member of an advisory board of Creciente Partners Investment Management, LLC, a manager of a hedge fund of funds, and has
additional experience as a member of the investment committee of several non-profit organizations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>George
J. Gorman</I></FONT>. Mr. Gorman has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the
Audit Committee. From 1974 through 2009, Mr. Gorman served in various capacities at Ernst &amp; Young LLP, including as a Senior
Partner in the Asset Management Group (from 1988) specializing in managing engagement teams responsible for auditing mutual funds
registered with the SEC, hedge funds and private equity funds. Mr. Gorman also has experience serving as an independent trustee
of other mutual fund complexes, including the Bank of America Money Market Funds Series Trust (2011-2014) and the Ashmore Funds
(2010-2014).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Valerie
A. Mosley.</I></FONT> Ms. Mosley has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the
Governance Committee&nbsp;and of the Ad Hoc Committee for Closed-End Fund Matters. She currently owns and manages a consulting
and investment firm, Valmo Ventures and is a Director of Progress Investment Management Company, a manager of emerging managers.
From 1992 through 2012, Ms. Mosley served in several capacities at Wellington Management Company, LLP, an investment management
firm, including as a Partner, Senior Vice President, Portfolio Manager and Investment Strategist. Ms. Mosley also served as Chief
Investment Officer at PG Corbin Asset Management from 1990-1992 and worked in institutional corporate bond sales at Kidder Peabody
from 1986-1990. Ms. Mosley is a Director of Dynex Capital, Inc., a mortgage REIT, where she serves on the board&#8217;s audit and
investment committees. She also serves as a trustee or board member of several major non-profit organizations and endowments, including
New Profit, a non-profit venture philanthropy fund. She is a member of the Risk Audit Committee of the United Auto Workers Retiree
Medical Benefits Trust and a member of the Investment Advisory Committee of New York State Common Retirement Fund. She is also
an advisor to New Technology Ventures, a venture capital firm, and to Auditchain, a decentralized audit and reporting ecosystem.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>William
H. Park.</I></FONT> Mr. Park has served as a member of the Eaton Vance Fund Boards since 2003 and is the Independent Chairperson
of the Board. Mr. Park was formerly a consultant from 2012-2014 and formerly the Chief Financial Officer of Aveon Group, L.P.
from 2010-2011. Mr. Park also served as Vice Chairman of Commercial Industrial Finance Corp. from 2006-2010, as President and
Chief Executive Officer of Prizm Capital Management, LLC from 2002-2005, as Executive Vice President and Chief Financial Officer
of United Asset Management Corporation from 1982-2001 and as Senior Manager of Price Waterhouse (now PricewaterhouseCoopers) from
1972-1981.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Helen
Frame Peters.</I></FONT> Dr. Peters has served as a member of the Eaton Vance Fund Boards since 2008. Dr. Peters is currently a
Professor of Finance at Carroll School of Management, Boston College and was formerly Dean of Carroll School of Management from
2000-2002. Dr. Peters was previously a Director of BJ&#8217;s Wholesale Club, Inc. from 2004-2011. In addition, Dr. Peters was
the Chief Investment Officer, Fixed Income at Scudder Kemper Investments from 1998-1999 and Chief Investment Officer, Equity and
Fixed Income at Colonial Management Associates from 1991-1998. Dr. Peters also served as a Trustee of SPDR Index Shares Funds and
SPDR Series Trust from 2000-2009 and as a Director of the Federal Home Loan Bank of Boston from 2007-2009.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Susan
J. Sutherland. </I></FONT>Ms. Sutherland has served as a member of the Eaton Vance Fund Boards since 2015 and is the Chairperson
of the Compliance Reports and Regulatory Matters Committee. Ms. Sutherland also serves as a Director of Hagerty Holding Corp.,
a leading provider of specialized automobile and marine insurance, where she serves on the board&#8217;s audit and human resources
and compensation committees. She is also a Director of Ascot Group Limited which, through its related businesses including Syndicate
1414 at Lloyd&#8217;s of London, is a leading global underwriter of specialty property and casualty insurance and reinsurance.
Ms. Sutherland was a Director of Montpelier Re Holdings Ltd., a global provider of customized reinsurance and insurance products,
from 2013 until its sale in 2015. From 1982 through 2013, Ms. Sutherland was an associate, counsel and then a partner in the Financial
Institutions Group of Skadden, Arps, Slate, Meagher &amp; Flom LLP, where she primarily represented U.S. and international insurance
and reinsurance companies, investment banks and private equity firms in insurance-related corporate transactions. In addition,
Ms. Sutherland is qualified as a Governance Fellow of the National Association of Corporate Directors and has also served as a
board member of prominent non-profit organizations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Harriett
Tee Taggart.</I></FONT> Ms. Taggart has served as a member of the Eaton Vance Fund Boards since 2011. Ms. Taggart currently manages
a professional practice, Taggart Associates. Since 2007, Ms. Taggart has been a Director of Albemarle Corporation, a specialty
chemical company where she serves as a member of the Executive Compensation Committee. Since 2009 she has served as a Director
of the Hanover Insurance Group, Inc. where she serves as Chair of the Nomination and Governance Committee. Ms. Taggart is also
a trustee or member of several major non-profit boards, advisory committees and endowment investment companies. From 1983 through
2006, Ms. Taggart served in several capacities at Wellington Management Company, LLP, an investment management firm, including
as a Partner, Senior Vice President and chemical industry sector portfolio manager. Ms. Taggart also served as a Director of the
Lubrizol Corporation, a specialty chemicals manufacturer from 2007-2011.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Scott
E. Wennerholm.</I></FONT> Mr. Wennerholm has served as a member of the Eaton Vance Fund Boards since September 1, 2016 and is the
Chairperson of the Contract Review Committee. He has over 30 years of experience in the financial services industry in various
leadership and executive roles. Mr. Wennerholm served as Chief Operating Officer and Executive Vice President at BNY Mellon Asset
Management from 2005-2011. He also served as Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management
from 1997-2004 and was a Vice President at Fidelity Investments Institutional Services from 1994-1997. Mr. Wennerholm currently
serves as a Trustee at Wheelock College, a postsecondary institution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board(s) of the Trust&nbsp;has several standing Committees,
including the Governance Committee, the Audit Committee, the Portfolio Management Committee, the Compliance Reports and Regulatory
Matters Committee, the Contract Review Committee and the Ad Hoc Committee for Closed-End Fund Matters. Each of the Committees are
comprised of only noninterested Trustees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Mmes. Mosley (Chairperson), Frost, Peters, Sutherland and Taggart,
and Messrs. Fetting, Gorman, Park and Wennerholm are members of the Governance Committee. The purpose of the Governance Committee
is to consider, evaluate and make recommendations to the Board with respect to the structure, membership and operation of the Board
and the Committees thereof, including the nomination and selection of noninterested Trustees and a Chairperson of the Board and
the compensation of such persons. During the fiscal year ended November 30, 2017, the Governance Committee convened six times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Governance Committee will, when a vacancy exists, consider
a nominee for Trustee recommended by a shareholder, provided that such recommendation is submitted in writing to the Trust&#8217;s
Secretary at the principal executive office of the Trust. Such recommendations must be accompanied by biographical and occupational
data on the candidate (including whether the candidate would be an &#8220;interested person&#8221; of the Trust), a written consent
by the candidate to be named as a</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">nominee and to serve as Trustee if elected, record and ownership
information for the recommending shareholder with respect to the Trust, and a description of any arrangements or understandings
regarding recommendation of the candidate for consideration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Messrs. Gorman (Chairperson), Park and Wennerholm and Ms. Mosley
are members of the Audit Committee. The Board has designated Messrs. Gorman and Park, each a noninterested Trustee, as audit committee
financial experts. The Audit Committee&#8217;s purposes are to (i) oversee the&nbsp;Trust's accounting and financial reporting
processes, its internal control over financial reporting, and, as appropriate, the internal control over financial reporting of
certain service providers; (ii) oversee or, as appropriate, assist Board oversight of the quality and integrity of the&nbsp;Trust's
financial statements and the independent audit thereof; (iii) oversee, or, as appropriate, assist Board oversight of, the&nbsp;Trust's
compliance with legal and regulatory requirements that relate to the&nbsp;Trust's accounting and financial reporting, internal
control over financial reporting and independent audits; (iv) approve prior to appointment the engagement and, when appropriate,
replacement of the independent registered public accounting firm, and, if applicable, nominate the independent registered public
accounting firm to be proposed for shareholder ratification in any proxy statement of the&nbsp;Trust; (v) evaluate the qualifications,
independence and performance of the independent registered public accounting firm and the audit partner in charge of leading the
audit; and (vi) prepare, as necessary, audit committee reports consistent with the requirements of applicable SEC and stock exchange
rules for inclusion in the proxy statement of the&nbsp;Trust. During the fiscal year ended November 30, 2017, the Audit Committee
convened fourteen times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Messrs. Wennerholm (Chairperson), Fetting, Gorman and Park, and
Mmes. Frost, Mosley, Peters, Sutherland and Taggart are members of the Contract Review Committee. The purposes of the Contract
Review Committee are to consider, evaluate and make recommendations to the Board concerning the following matters: (i) contractual
arrangements with each service provider to the Trust, including advisory, sub-advisory, transfer agency, custodial and fund accounting,
distribution services and administrative services; (ii) any and all other matters in which any service provider (including Eaton
Vance or any affiliated entity thereof) has an actual or potential conflict of interest with the interests of the Trust; and (iii)
any other matter appropriate for review by the noninterested Trustees, unless the matter is within the responsibilities of the
other Committees of the Board. During the fiscal year ended November 30, 2017, the Contract Review Committee convened seven times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Mmes. Frost (Chairperson), Mosley and Peters and Mr. Fetting
are members of the Portfolio Management Committee. The purposes of the Portfolio Management Committee are to: (i) assist the Board
in its oversight of the portfolio management process employed by the Trust and its investment adviser and sub-adviser(s), if applicable,
relative to the Trust's stated objective(s), strategies and restrictions; (ii) assist the Board in its oversight of the trading
policies and procedures and risk management techniques applicable to the Trust; and (iii) assist the Board in its monitoring of
the performance results of all funds and portfolios, giving special attention to the performance of certain funds and portfolios
that it or the Board identifies from time to time. During the fiscal year ended November 30, 2017, the Portfolio Management Committee
convened eight times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Mmes. Sutherland (Chairperson) and Taggart and Messrs. Gorman
and Wennerholm are members of the Compliance Reports and Regulatory Matters Committee. The purposes of the Compliance Reports and
Regulatory Matters Committee are to: (i) assist the Board in its oversight role with respect to compliance issues and certain other
regulatory matters affecting the Trust; (ii) serve as a liaison between the Board and the Trust's CCO; and (iii) serve as a &#8220;qualified
legal compliance committee&#8221; within the rules promulgated by the SEC. During the fiscal year ended November 30, 2017, the
Compliance Reports and Regulatory Matters Committee convened ten times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Ms. Mosley (Chairperson) and Messrs. Gorman and Park are members
of the Ad Hoc Committee for Closed-End Fund Matters. The purpose of the Ad Hoc Committee for Closed-End Fund Matters is to consider,
evaluate and make recommendations to the Board with respect to issues specifically related to Eaton Vance Closed-End Funds. During
the fiscal year ended November 30, 2017, the Ad Hoc Committee for Closed-End Fund Matters did not meet.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Share
Ownership.</B></FONT> The following table shows the dollar range of equity securities beneficially owned by each Trustee in the
Trust and in the Eaton Vance family of funds overseen by the Trustee as of December 31, 2017.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.75pt; text-align: center; line-height: 10pt">Name of Trustee</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Dollar Range of Equity Securities<BR>
Beneficially Owned in the Trust</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Aggregate Dollar Range of Equity<BR>
Securities Beneficially Owned in Funds<BR>
Overseen by Trustee in the<BR>
Eaton Vance Family of Funds</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Interested Trustee</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Thomas E. Faust Jr.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Noninterested Trustees</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Mark R. Fetting</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Cynthia E. Frost</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">George J. Gorman</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Valerie A. Mosley</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">William H. Park</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Helen Frame Peters</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Susan J. Sutherland</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Over $100,000<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Harriett Tee Taggart</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt 5.75pt 3pt 2.9pt; line-height: 10pt">Scott E. Wennerholm</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Over $100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 3pt 5.75pt 3pt 0.25in; text-indent: -0.25in; line-height: 10pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT> Includes shares which may be deemed to be beneficially owned through the Trustee Deferred Compensation Plan.</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As of December 31, 2017, no noninterested Trustee or any of their
immediate family members owned beneficially or of record any class of securities of EVC, EVD, any sub-adviser, if applicable, or
any person controlling, controlled by or under common control with EVC or EVD or any sub-adviser, if applicable, collectively (&#8220;Affiliated
Entity&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During the calendar years ended December 31, 2016 and December
31, 2017, no noninterested Trustee (or their immediate family members) had:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Any direct or indirect interest in any Affiliated Entity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Any direct or indirect material interest in any transaction or series of similar transactions with (i) the Trust; (ii) another
fund managed or distributed by any Affiliated Entity; (iii) any Affiliated Entity; or (iv) an officer of any of the above; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Any direct or indirect relationship with (i) the Trust; (ii) another fund managed or distributed by any Affiliated Entity;
(iii) any Affiliated Entity; or (iv) an officer of any of the above.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During the calendar years ended December 31, 2016 and December
31, 2017, no officer of any Affiliated Entity served on the Board of Directors of a company where a noninterested Trustee of the
Trust or any of their immediate family members served as an officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Noninterested Trustees may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of a Trustees Deferred Compensation Plan (the &#8220;Deferred Compensation
Plan&#8221;). Under the Deferred Compensation Plan, an eligible Board member may elect to have his or her deferred fees invested
in the shares of one or more funds in the Eaton Vance family of funds, and the amount paid to the Board members under the Deferred
Compensation Plan will be determined based upon the performance of such investments. Deferral of Board members&#8217; fees in accordance
with the Deferred Compensation Plan will have a negligible effect on the assets, liabilities, and net income of a participating
fund or portfolio, and do not require that a participating Board member be retained. There is no retirement plan for Board members.</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The fees and expenses of the Trustees of the Trust are paid by
the Trust. (A Board member who is a member of the Eaton Vance organization receives no compensation from the Trust.) During the
fiscal year ended November 30, 2017, the Trustees of the Trust earned the following compensation in their capacities as Board members
from the Trust. For the year ended December 31, 2017, the Board members earned the following compensation in their capacities as
members of the Eaton Vance Fund Boards<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(1)</SUP></FONT>:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Source of Compensation</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Mark R.<BR>
Fetting</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Cynthia E.<BR>
Frost</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">George J.<BR>
Gorman</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Valerie A.<BR>
Mosley</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">William H<BR>
Park</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Helen Frame<BR>
Peters</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Susan J.<BR>
Sutherland</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Harriett Tee<BR>
Taggart</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Scott E.<BR>
Wennerholm</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Trust</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$2,437</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$2,263</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$2,480</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$2,263<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$3,165</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$2,480</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$2,319<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$2,480</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$2,270<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Trust and Fund <BR>
Complex<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$338,333</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$313,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$343,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$313,750<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$438,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$343,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$321,250<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$343,750</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$316,250<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>As of March 23, 2018, the Eaton Vance fund complex consists of 174 registered investment companies or series thereof. Ralph
F. Verni retired as a Trustee effective July 1, 2017. For the fiscal year ended November 30, 2017, Mr. Verni received Trustee fees
of $1,837 from the Trust. For the calendar year ended December 31, 2017, he received $256,250 from the Trust and Fund Complex.
Scott E. Eston retired as a Trustee effective September 30, 2017. For the fiscal year ended November 30, 2017, Mr. Eston received
Trustee fees of $2,461 from the Trust. For the calendar year ended December 31, 2017, he received $341,250 from the Trust and Fund
Complex.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(2)</SUP></FONT></TD><TD>Includes $690 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD><TD>Includes $2,319 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD><TD>Includes $1,190 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(5)</SUP></FONT></TD><TD>Includes $94,125 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(6)</SUP></FONT></TD><TD>Includes $316,231 of deferred compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(7)</SUP></FONT></TD><TD>Includes $164,858 of deferred compensation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proxy
Voting Policy.</B></FONT> The Board adopted a proxy voting policy and procedures (the &#8220;Trust Policy&#8221;), pursuant to
which the Board has delegated proxy voting responsibility to the Adviser and adopted the Adviser&#8217;s proxy voting policies
and procedures (the &#8220;Adviser Policies&#8221;). An independent proxy voting service has been retained to assist in the voting
of Trust proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The members
of the Board will review the Trust&#8217;s proxy voting records from time to time and will annually consider approving the Adviser
Policies for the upcoming year. In the event that a material conflict of interest exists between the Trust&#8217;s shareholders
and the Adviser or any of its affiliates or any affiliate of the Trust, the Adviser will generally refrain from voting the proxies
related to the companies giving rise to such conflict until it notifies and consults with the appropriate Board, or any committee,
sub-committee or group of Independent Trustees identified by the Board concerning the material conflict. The Trust&#8217;s and
the Adviser&#8217;s Proxy Voting Policies and Procedures are attached as Appendix B to this SAI. Pursuant to certain provisions
of the 1940 Act and certain exemptive orders relating to funds investing in other funds, a Trust may be required or may elect to
vote its interest in another fund in the same proportion as the holders of all other shares of that fund. Information on how the
Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without
charge, upon request, by calling 1-800-262-1122, and (2) on the SEC&#8217;s website at http://www.sec.gov.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">INVESTMENT ADVISORY AND OTHER SERVICES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance, its affiliates and its predecessor companies have
been managing assets of individuals and institutions since 1924 and of investment companies since 1931. Eaton Vance and its affiliates
act as adviser to a family of mutual funds, and individual and various institutional accounts, including corporations, hospitals,
retirement plans, universities, foundations and trusts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust will be responsible for all of its costs and expenses
not expressly stated to be payable by Eaton Vance under the Investment Advisory Agreement (the &#8220;Advisory Agreement&#8221;)
or the Administration Agreement. Such costs and expenses to be borne by the Trust include, without limitation: custody and transfer
agency fees and expenses, including those incurred for determining NAV and keeping accounting books and records; expenses of pricing
and valuation services; the cost of share certificates; membership dues in investment company organizations; expenses of acquiring,
holding and disposing of securities and other investments; fees and expenses of registering under the securities laws; stock exchange
listing fees and governmental fees; rating agency fees and preferred share remarketing expenses; expenses of reports to shareholders,
proxy statements and other expenses of shareholders&#8217; meetings; insurance premiums; printing and mailing expenses; interest,
taxes and corporate fees; legal and accounting expenses; compensation and expenses of Trustees not affiliated with Eaton Vance;
expenses of conducting repurchase offers for the purpose of repurchasing Trust shares; and investment advisory and administration
fees. The Trust will also bear expenses incurred in connection with any litigation in which the Trust is a party and any legal
obligation to indemnify its officers and Trustees with respect thereto, to the extent not covered by insurance.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisory Agreement with the Adviser continues in effect indefinitely
so long as such continuance is approved at least annually (i) by the vote of a majority of those Trustees of the Trust who are
not interested persons of the Adviser or the Trust cast in person at a meeting specifically called for the purpose of voting on
such approval and (ii) by the Trust&#8217;s Board or by vote of a majority of the outstanding voting securities of the Trust. The
Trust&#8217;s Administration Agreement continues in effect indefinitely thereafter so long as such continuance is approved at least
annually by (i) the Trust&#8217;s Board and (ii) the vote of a majority of those Trustees of the Trust who are not interested persons
of the Eaton Vance or the Trust. Each agreement may be terminated at any time without penalty on sixty (60) days&#8217; written
notice by the Trustees of the Trust or Eaton Vance, as applicable, or by vote of the majority of the outstanding shares of the
Trust. Each agreement will terminate automatically in the event of its assignment. The Advisory Agreement provides that, in the
absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations or duties to the Trust under
the Advisory Agreement on the part of Eaton Vance, Eaton Vance shall not be subject to liability to the Trust or to any shareholder
of the Trust for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may
be sustained in the acquisition, holding or disposition of any interest in a loan or of any security, investment or other asset.
The Administration Agreement provides that in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard
of its obligations or duties to the Trust under the Administration Agreement on the part of the Eaton Vance, Eaton Vance shall
not be subject to liability to the Trust or to any shareholder of the Trust for any act or omission in the course of, or connected
with, rendering services under the Administration Agreement or for any losses which may be sustained in the acquisition, holding
or disposition of any security or other investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the investment advisory agreement and certain fee
reduction agreements between the Adviser and the Trust, the Adviser receives an annual investment advisory fee calculated as a
percentage of the Trust&#8217;s average weekly gross assets. The annual advisory fee rate for the 12 month period ending April
30, 2018 is 0.580% (0.595% prior to May 1, 2017) of the Trust average weekly gross assets. Such rate will be reduced by 0.015%
on May 1 of each year thereafter through April 30, 2030. For purposes of the advisory fee calculation, gross assets are calculated
by deducting accrued liabilities of the Trust except the principal amount of any indebtedness for money borrowed, which includes
(i) debt securities issued by the Trust, (ii) the liquidation value of any outstanding preferred shares issued by the Trust and
(iii) the amount payable by the Trust to floating rate note holders, provided that the total of the liquidation value of preferred
shares and the amount payable to floating-rate note holders is limited to the value of the Trust&#8217;s APS shares prior to any
APS redemptions by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As of November 30, 2017, the Trust had net assets of $315,079,942.
For the fiscal years ended November 30, 2017, 2016 and 2015, the Trust incurred $2,821,218, $2,809,887 and $2,920,777, respectively,
in advisory fees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The administration fee is earned by Eaton Vance for administering
the business affairs of the Trust and is computed at an annual rate of 0.20% of the Trust&#8217;s average weekly gross assets.
For the fiscal years ended November 30, 2017, 2016 and 2015, Eaton Vance earned $949,962, $934,652 and $947,842, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Information
About Eaton Vance.</B></FONT>&#8194;Eaton Vance&nbsp;is a business trust organized under the laws of The Commonwealth of Massachusetts.
EV serves as trustee of Eaton Vance. EV and Eaton Vance are wholly-owned subsidiaries of EVC, a Maryland corporation and publicly-held
holding company. BMR is an indirect subsidiary of EVC. EVC through its subsidiaries and affiliates engages primarily in investment
management, administration and marketing activities. The Directors of EVC are Thomas E. Faust Jr., Ann E. Berman, Leo I. Higdon,
Jr., Brian D. Langstraat, Dorothy E. Puhy, Winthrop H. Smith, Jr. and Richard A. Spillane, Jr. All shares of the outstanding Voting
Common Stock of EVC are deposited in a Voting Trust, the Voting Trustees of which are Mr. Faust, Jeffrey P. Beale, Craig R. Brandon,
Daniel C. Cataldo, Michael A. Cirami, Cynthia J. Clemson, James H. Evans, Maureen A. Gemma, Laurie G. Hylton, Mr. Langstraat, Frederick
S. Marius, David C. McCabe, Scott H. Page, Edward J. Perkin, Lewis R. Piantedosi, Charles B. Reed, Craig P. Russ, John L. Shea,
Eric A. Stein, Payson F. Swaffield, Michael W. Weilheimer, R. Kelly Williams and Matthew J. Witkos (all of whom are officers of
Eaton Vance or its affiliates). The Voting Trustees have unrestricted voting rights for the election of Directors of EVC. All of
the outstanding voting trust receipts issued under said Voting Trust are owned by certain of the officers of Eaton Vance who may
also be officers, or officers and Directors of EVC and EV. As indicated under &#8220;Management and Organization,&#8221; all of
the officers of the Trust (as well as Mr. Faust who is also a Trustee) hold positions in the Eaton Vance organization.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Code
of Ethics.</B></FONT> The Adviser and the Trust have adopted Codes of Ethics (the &#8220;Codes&#8221;) governing personal securities
transactions pursuant to Rule 17j-1 under the 1940 Act. Under the Codes, employees of the Adviser may purchase and sell securities
(including securities held or eligible for purchase by the Trust) subject to the provisions of the Codes and certain employees
are also subject to pre-clearance, reporting requirements and/or other procedures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Codes can be reviewed and copied at the Securities and Exchange
Commission&#8217;s public reference room in Washington, DC (call 1-202-551-8090 for information on the operation of the public
reference room); on the EDGAR Database on the SEC&#8217;s Internet site (http://www.sec.gov); or, upon payment of copying fees,
by writing the SEC&#8217;s public reference section, Washington, DC 20549-1520, or by electronic mail at publicinfo@sec.gov.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Managers.</B></FONT> Cynthia J. Clemson serves as the portfolio manager of the Trust. The following table shows, as of the Trust&#8217;s
most recent fiscal year end, the number of accounts Ms. Clemson managed in each of the listed categories and the total assets (in
millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to
which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those
accounts.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">Number of<BR>
All Accounts</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">Total Assets of<BR>
All Accounts</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">Number of Accounts<BR>
Paying a Performance Fee</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding: 3pt 5.5pt; text-align: center; line-height: 10pt">Total Assets of Accounts<BR>
Paying a Performance Fee</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 6pt 5.5pt 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">14</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$4,055.3</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Other Pooled Investment Vehicles</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">1</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$90.7</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Other Accounts</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">2</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$2.4</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">0</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">$0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Ms. Clemson did not beneficially own shares of the Trust as of
November 30, 2017. As of December 31, 2017, Ms. Clemson beneficially owned over $1,000,000 of funds in the Eaton Vance Fund Complex.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">It is possible that conflicts of interest may arise in connection
with a portfolio manager&#8217;s management of Trust&#8217;s investments on the one hand and the investments of other accounts
for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating
management time, resources and investment opportunities among Trust and other accounts he advises. In addition, due to differences
in the investment strategies or restrictions between Trust and the other accounts, the portfolio manager may take action with respect
to another account that differs from the action taken with respect to Trust. In some cases, another account managed by a portfolio
manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of
such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management
time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise
his discretion in a manner that he believes is equitable to all interested persons. The investment adviser has adopted several
policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment
adviser's trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations,
cross trades and best execution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Compensation
Structure for Eaton Vance. </I></FONT> Compensation of the Adviser's portfolio managers and other investment professionals has
three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual non-cash compensation consisting of options
to purchase shares of EVC nonvoting common stock, restricted shares of EVC&#8217;s nonvoting common stock and a Deferred Alpha
Incentive Plan, which pays a deferred cash award tied to future excess returns in certain equity strategy portfolios. The Adviser&#8217;s
investment professionals also receive certain retirement, insurance and other benefits that are broadly available to the Adviser&#8217;s
employees. Compensation of the Adviser&#8217;s investment professionals is reviewed primarily on an annual basis. Cash bonuses,
stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October
31st fiscal year end of EVC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Method
to Determine Compensation.</I></FONT> The Adviser compensates its portfolio managers based primarily on the scale and complexity
of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated
in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds
on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance
measures include, but are not limited to, the Sharpe ratio (Sharpe ratio uses standard deviation and excess return to determine
reward per unit of risk). Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund
performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When
a fund&#8217;s peer group as determined by Lipper or Morningstar is deemed by the Adviser&#8217;s management not to provide a fair
comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance
of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance
over longer and shorter periods. A portion of the compensation payable to equity portfolio managers and investment professionals
will be determined based on the ability of one or more accounts managed by such manager to achieve a specified target average annual
gross return over a three year period in excess of the account benchmark. The cash bonus to be payable at the end of the three
year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the
average annual gross return varies from the specified target return. For funds that are tax-managed or otherwise have an objective
of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds
with an investment objective other than total return (such as current income), consideration will also be given to the fund&#8217;s
success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated
on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded
disproportionate weightings in measuring aggregate portfolio manager performance.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The compensation of portfolio managers with other job responsibilities
(such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope
of such responsibilities and the managers&#8217; performance in meeting them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser seeks to compensate portfolio managers commensurate
with their responsibilities and performance, and competitive with other firms within the investment management industry. The Adviser
participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and
stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation
are also influenced by the operating performance of the Adviser and its parent company. The overall annual cash bonus pool is generally
based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of the Adviser&#8217;s portfolio
managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based
on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses
and stock-based compensation may represent a substantial portion of total compensation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Advisory Services.</B></FONT> Under the general supervision of the Trust&#8217;s Board, Eaton Vance will carry out the investment
and reinvestment of the assets of the Trust, will furnish continuously an investment program with respect to the Trust, will determine
which securities should be purchased, sold or exchanged, and will implement such determinations. Eaton Vance will furnish to the
Trust investment advice and provide related office facilities and personnel for servicing the investments of the Trust. Eaton Vance
will compensate all Trustees and officers of the Trust who are members of the Eaton Vance organization and who render investment
services to the Trust, and will also compensate all other Eaton Vance personnel who provide research and investment services to
the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Commodity
Futures Trading Commission Registration. </B></FONT>Effective December 31, 2012, the Commodity Futures Trading Commission (&#8220;CFTC&#8221;)
adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund
invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and
swaps agreements) or markets itself as providing investment exposure to such instruments. The Trust has claimed an exclusion from
the definition of the term &#8220;commodity pool operator&#8221; under the Commodity Exchange Act. Accordingly, neither the Trust
nor the adviser with respect to the operation of the Trust is subject to CFTC regulation. Because of its management of other strategies,
Eaton Vance is registered with the CFTC as a commodity pool operator. Eaton Vance is also registered as a commodity trading advisor.
The CFTC has neither reviewed nor approved the Trust's investment strategies or this SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Administrative
Services.</B></FONT> Under the Administration Agreement, Eaton Vance is responsible for managing the business affairs of the Trust,
subject to the supervision of the Trust&#8217;s Board. Eaton Vance will furnish to the Trust all office facilities, equipment and
personnel for administering the affairs of the Trust. Eaton Vance will compensate all Trustees and officers of the Trust who are
members of the Eaton Vance organization and who render executive and administrative services to the Trust, and will also compensate
all other Eaton Vance personnel who perform management and administrative services for the Trust. Eaton Vance&#8217;s administrative
services include recordkeeping, preparation and filing of documents required to comply with federal and state securities laws,
supervising the activities of the Trust&#8217;s custodian and transfer agent, providing assistance in connection with the Trustees
and shareholders&#8217; meetings, providing services in connection with repurchase offers, if any, and other administrative services
necessary to conduct the Trust&#8217;s business.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">DETERMINATION OF NET ASSET VALUE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The net asset value of the Trust is determined by State Street
Bank and Trust Company (as agent and custodian) by subtracting the liabilities of the Trust from the value of its total assets.
&nbsp; The Trust is closed for business and will not issue a net asset value on the following business holidays and any other business
day that the New York Stock Exchange (the &#8220;Exchange&#8221;) is closed: New Year&#8217;s Day, Martin Luther King, Jr. Day,
Presidents&#8217; Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board has approved procedures pursuant to which investments
are valued for purposes of determining the Trust&#8217;s net asset value. Listed below is a summary of the methods generally used
to value investments (some or all of which may be held by the Trust) under the procedures.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Equity securities (including common stock, exchange-traded funds, closed end funds, preferred equity securities, exchange-traded
notes and other instruments that trade on recognized stock exchanges) are valued at the last sale, official close or if there are
no reported sales at the mean between the bid and asked price on the primary exchange on which they are traded.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Most debt obligations are valued on the basis of market valuations furnished by a pricing service or at the mean of the bid
and asked prices provided by recognized broker/dealers of such securities. The pricing service may use a pricing matrix to determine
valuation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Short-term instruments with remaining maturities of less than 397 days are valued on the basis of market valuations furnished
by a pricing service or based on dealer quotations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange quotations supplied by a pricing
service.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Senior and Junior Loans are valued on the basis of prices furnished by a pricing service. The pricing service uses transactions
and market quotations from brokers in determining values.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Futures contracts are valued at the settlement or closing price on the primary exchange or board of trade on which they are
traded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Exchange-traded options are valued at the mean of the bid and asked prices. Over-the-counter options are valued based on quotations
obtained from a pricing service or from a broker (typically the counterparty to the option).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Non-exchange traded derivatives (including swap agreements, forward contracts and equity participation notes) are generally
valued on the basis of valuations provided by a pricing service or using quotes provided by a broker/dealer (typically the counterparty).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Precious metals are valued at the New York Composite mean quotation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Liabilities with a payment or maturity date of 364 days or less are stated at their principal value and longer dated liabilities
generally will be carried at their fair value.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Valuations of foreign equity securities and total return swaps and exchange-traded futures contracts on non-North American
equity indices may be adjusted from prices in effect at the close of trading on foreign exchanges to more accurately reflect their
fair value as of the close of regular trading on the Exchange. Such fair valuations may be based on information provided by a pricing
service.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investments which are unable to be valued in accordance with
the foregoing methodologies are valued at fair value using methods determined in good faith by or at the direction of the members
of the Board. Such methods may include consideration of relevant factors, including but not limited to (i) the type of security,
the existence of any contractual restrictions on the security&#8217;s disposition, (ii) the price and extent of public trading
in similar securities of the issuer or of comparable companies or entities, (iii) quotations or relevant information obtained from
broker-dealers or other market participants, (iv) information obtained from the issuer, analysts, and/or the appropriate stock
exchange (for exchange-traded securities), (v) an analysis of the company&#8217;s or entity&#8217;s financial condition, (vi) an
evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (vii) an analysis
of the terms of any transaction involving the issuer of such securities; and (viii) any other factors deemed relevant by the investment
adviser. The portfolio managers of one Eaton Vance fund that invests in Senior and Junior Loans may not possess the same information
about a Senior or Junior Loan as the portfolio managers of another Eaton Vance fund. As such, at times the fair value of a Loan
determined by certain Eaton Vance portfolio managers may vary from the fair value of the same Loan determined by other portfolio
managers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest in Eaton Vance Cash Reserves Fund, LLC (Cash
Reserves Fund), an affiliated investment company managed by Eaton Vance. Cash Reserves Fund generally values its investment securities
utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially
valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium.
If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same
manner as debt obligations described above.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PORTFOLIO TRADING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Decisions concerning the execution of portfolio security transactions,
including the selection of the market and the broker-dealer firm, are made by the investment adviser. The Trust is responsible
for the expenses associated with its portfolio transactions. The investment adviser is also responsible for the execution of transactions
for all other accounts managed by it. The investment adviser places the portfolio security transactions for execution with one
or more broker-dealer firms. The investment adviser uses its best efforts to obtain execution of portfolio security transactions
at prices which in the investment adviser&#8217;s judgment are advantageous to the client and at a reasonably competitive spread
or (when a disclosed commission is being charged) at reasonably competitive commission rates. In seeking such execution, the investment
adviser will use its best judgment in evaluating the terms of a transaction, and will give consideration to various relevant factors,
including without limitation the full range and quality of the broker-dealer firm&#8217;s services, responsiveness of the firm
to the investment adviser, the size and type of the transaction, the nature and character of the market for the security, the confidentiality,
speed and certainty of effective execution required for the transaction, the</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">general execution and operational capabilities of the broker-dealer
firm, the reputation, reliability, experience and financial condition of the firm, the value and quality of the services rendered
by the firm in this and other transactions, and the amount of the spread or commission, if any. In addition, the investment adviser
may consider the receipt of Research Services (as defined below), provided it does not compromise the investment adviser&#8217;s
obligation to seek best overall execution for the&nbsp;Trust and is otherwise in compliance with applicable law. The investment
adviser may engage in portfolio brokerage transactions with a broker-dealer firm that sells shares of Eaton Vance funds, provided
such transactions are not directed to that firm as compensation for the promotion or sale of such shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Municipal obligations, including state obligations, purchased
and sold by the&nbsp;Trust are generally traded in the over-the-counter market on a net basis (i.e., without commission) through
broker-dealers and banks acting for their own account rather than as brokers, or otherwise involve transactions directly with the
issuer of such obligations. Such firms attempt to profit from such transactions by buying at the bid price and selling at the higher
asked price of the market for such obligations, and the difference between the bid and asked price is customarily referred to as
the spread. The&nbsp;Trust may also purchase municipal obligations from underwriters, and dealers in fixed-price offerings, the
cost of which may include undisclosed fees and concessions to the underwriters. On occasion it may be necessary or appropriate
to purchase or sell a security through a broker on an agency basis, in which case the Trust will incur a brokerage commission.
Although spreads or commissions on portfolio security transactions will, in the judgment of the investment adviser, be reasonable
in relation to the value of the services provided, spreads or commissions exceeding those which another firm might charge may be
paid to firms who were selected to execute transactions on behalf of the&nbsp;Trust and the investment adviser&#8217;s other clients
for providing brokerage and research services to the investment adviser as permitted by applicable law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the safe harbor provided in Section 28(e) of the
Securities Exchange Act of 1934, as amended (&#8220;Section 28(e)&#8221;) and to the extent permitted by other applicable law,
a broker or dealer who executes a portfolio transaction may receive a commission that is in excess of the amount of commission
another broker or dealer would have charged for effecting that transaction if the investment adviser determines in good faith that
such compensation was reasonable in relation to the value of the brokerage and research services provided. This determination may
be made on the basis of either that particular transaction or on the basis of the overall responsibility which the investment adviser
and its affiliates have for accounts over which they exercise investment discretion. &#8220;Research Services&#8221; as used herein
includes any and all brokerage and research services to the extent permitted by Section 28(e) and other applicable law. Generally,
Research Services may include, but are not limited to, such matters as research, analytical and quotation services, data, information
and other services products and materials which assist the investment adviser in the performance of its investment responsibilities.
More specifically, Research Services may include general economic, political, business and market information, industry and company
reviews, evaluations of securities and portfolio strategies and transactions, technical analysis of various aspects of the securities
markets, recommendations as to the purchase and sale of securities and other portfolio transactions, certain financial, industry
and trade publications, certain news and information services, and certain research oriented computer software, data bases and
services. Any particular Research Service obtained through a broker-dealer may be used by the investment adviser in connection
with client accounts other than those accounts which pay commissions to such broker-dealer, to the extent permitted by applicable
law. Any such Research Service may be broadly useful and of value to the investment adviser in rendering investment advisory services
to all or a significant portion of its clients, or may be relevant and useful for the management of only one client&#8217;s account
or of a few clients&#8217; accounts, or may be useful for the management of merely a segment of certain clients&#8217; accounts,
regardless of whether any such account or accounts paid commissions to the broker-dealer through which such Research Service was
obtained. The investment adviser evaluates the nature and quality of the various Research Services obtained through broker-dealer
firms and, to the extent permitted by applicable law, may attempt to allocate sufficient portfolio security transactions to such
firms to ensure the continued receipt of Research Services which the investment adviser believes are useful or of value to it in
rendering investment advisory services to its clients. The investment adviser may also receive brokerage and Research Services
from underwriters and dealers in fixed-price offerings, when permitted under applicable law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Research Services provided by (and produced by) broker-dealers
that execute portfolio transactions or from affiliates of executing broker-dealers are referred to as &#8220;Proprietary Research.&#8221;
Except for trades executed in jurisdictions where such consideration is not permissible, the investment adviser may and does consider
the receipt of Proprietary Research Services as a factor in selecting broker dealers to execute client portfolio transactions,
provided it does not compromise the investment adviser&#8217;s obligation to seek best overall execution. In jurisdictions where
permissible, the investment adviser also may consider the receipt of Research Services under so called &#8220;client commission
arrangements&#8221; or &#8220;commission sharing arrangements&#8221; (both referred to as &#8220;CCAs&#8221;) as a factor in selecting
broker dealers to execute transactions, provided it does not compromise the investment adviser&#8217;s obligation to seek best
overall execution. Under a CCA arrangement, the investment adviser may cause client accounts to effect transactions through a broker-dealer
and request that the broker-dealer allocate a portion of the commissions paid on those transactions to a pool of commission credits
that are paid to other firms that provide Research Services to the investment adviser. Under a CCA, the broker-dealer that provides
the Research Services need not execute the trade. Participating in CCAs may enable the investment</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">adviser to consolidate payments for research using accumulated
client commission credits from transactions executed through a particular broker-dealer to periodically pay for Research Services
obtained from and provided by other firms, including other broker-dealers that supply Research Services. The investment adviser
believes that CCAs offer the potential to optimize the execution of trades and the acquisition of a variety of high quality Research
Services that the investment adviser might not be provided access to absent CCAs. The investment adviser will only enter into and
utilize CCAs to the extent permitted by Section 28(e) and other applicable law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The investment companies sponsored by the investment adviser
or its affiliates also may allocate trades in such offerings to acquire information relating to the performance, fees and expenses
of such companies and other investment companies, which information is used by the members of the Board of such companies to fulfill
their responsibility to oversee the quality of the services provided to various entities, including the investment adviser, to
such companies. Such companies may also pay cash for such information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Municipal obligations considered as investments for the Trust
may also be appropriate for other investment accounts managed by the investment adviser or its affiliates. Whenever decisions are
made to buy or sell securities by the Trust and one or more of such other accounts simultaneously, the investment adviser will
allocate the security transactions (including &#8220;new&#8221; issues) in a manner which it believes to be equitable under the
circumstances. As a result of such allocations, there may be instances where the Trust will not participate in a transaction that
is allocated among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made on a
pro rata basis. An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to portfolio managers
who have been instrumental in developing or negotiating a particular investment; (ii) consideration is given to an account with
specialized investment policies that coincide with the particulars of a specific investment; (iii) pro rata allocation would result
in odd-lot or de minimis amounts being allocated to a portfolio or other client; or (iv) where the investment adviser reasonably
determines that departure from a pro rata allocation is advisable. While these aggregation and allocation policies could have a
detrimental effect on the price or amount of the securities available to the Trust from time to time, it is the opinion of the
members of the Board that the benefits from the investment adviser organization outweigh any disadvantage that may arise from exposure
to simultaneous transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The following table shows brokerage commissions paid during the
three fiscal years ended November 30, 2017, as well as the amount of Trust security transactions for the most recent fiscal year
(if any) that were directed to firms that provided some Research Services to the investment adviser or its affiliates (see above),
and the commissions paid in connection therewith.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Fiscal Year End</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Brokerage Commission Paid</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Amount of Transactions Directed to Firms<BR>
Providing Research</TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Commissions Paid on Transactions<BR>
Directed to Firms Providing Research</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">November 30, 2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$0</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$0</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">November 30, 2016</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$0</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">November 30, 2015</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$0</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">During the fiscal year ended November 30, 2017, the&#8194;Trust
held no securities of its &#8220;regular brokers or dealers,&#8221; as that term is defined in Rule 10b-1 of the 1940 Act.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">TAXES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The discussions below and certain disclosure in the Prospectus
provide general tax information related to an investment in the Common Shares. Because tax laws are complex and often change, you
should consult your tax advisor about the tax consequences of an investment in the Trust. The following tax discussion assumes
that you are a U.S. Common Shareholder that is not subject to special rules under the Code, and that you hold the Common Shares
as a capital asset (generally, property held for investment). A U.S. Common Shareholder means an owner of Common Shares that, for
federal income tax purposes is a citizen or individual resident of the United States, a corporation (including any entity treated
as a corporation for federal income tax purposes) created or organized in or under the laws of the United States or any state thereof
or the District of Columbia, an estate the income of which is subject to federal income taxation regardless of its source, or a
trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and
one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) the trust has a valid election
in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust intends to qualify each year as a regulated investment
company (a &#8220;RIC&#8221;) under Subchapter M the Code. Accordingly, the Trust intends to satisfy certain requirements relating
to sources of its income and diversification of its assets and to distribute substantially all of its net investment income (including
both investment company taxable income and net tax-exempt interest income) and net short-term capital gains (after reduction by
net long term capital losses and</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">any available capital loss carryforwards) in accordance with
the timing requirements imposed by the Code, so as to maintain its RIC status and generally to avoid paying federal income or excise
tax thereon. If it qualifies for treatment as a RIC and satisfies the above-mentioned distribution requirements, the Trust will
not be subject to federal income tax on income paid to its shareholders in the form of dividends or capital gains distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To qualify as a RIC for federal income tax purposes, the Trust
must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains
from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to,
gains from options, futures or forward contracts) derived with respect to its business of investing in stock, securities and currencies,
and net income derived from an interest in a &#8220;qualified publicly traded partnership&#8221; (as defined in the Code). The
Trust must also distribute to its shareholders at least the sum of 90% of its investment company taxable income and 90% of its
net tax-exempt interest income for each taxable year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust must also satisfy certain requirements with respect
to the diversification of its assets. The Trust must have, at the close of each quarter of its taxable year, at least 50% of the
value of its total assets represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities
that, in respect of any one issuer, do not represent more than 5% of the value of the assets of the Trust or more than 10% of the
voting securities of that issuer. In addition, at those times, not more than 25% of the value of the Trust&#8217;s assets may be
invested in securities (other than U.S. Government securities or the securities of other RICs) of any one issuer, or of two or
more issuers that the Trust controls and which are engaged in the same or similar trades or businesses or related trades or businesses,
or of one or more qualified publicly traded partnerships. For purposes of asset diversification testing, obligations issued or
guaranteed by certain agencies or instrumentalities of the U.S. government, such as the Federal Agricultural Mortgage Corporation,
the Federal Farm Credit System Financial Assistance Corporation, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation,
Federal National Mortgage Association, Government National Mortgage Association, and Student Loan Marketing Corporation are treated
as U.S. government securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In order to avoid incurring a nondeductible 4% U.S. federal excise
tax obligation, the Code requires that the Trust distribute (or be deemed to have distributed) by December 31 of each calendar
year an amount at least equal to the sum of (i) 98% of its ordinary income for such year, (ii) 98.2% of its capital gain net income
(which is the excess of its capital gain over its capital loss), generally computed on the basis of the one-year period ending
on October 31 of such year, after reduction by any available capital loss carryforwards and (iii) 100% of any ordinary income and
capital gain net income from the prior year (as previously computed) that were not paid out during such year and on which the Trust
paid no U.S. federal income tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Trust does not qualify as a RIC for any taxable year,
the Trust&#8217;s taxable income will be subject to corporate income taxes, and all distributions from earnings and profits, including
distributions of net capital gain (if any), will be taxable to the Common Shareholder as ordinary income. Such distributions will
be treated as qualified dividend income with respect to Common Shareholders who are individuals and will be eligible for the dividends
received deduction in the case of Common Shareholders taxed as corporations, provided certain holding period requirements are met.
In order to requalify for taxation as a RIC, the Trust may be required to recognize unrealized gains, pay substantial taxes and
interest, and make substantial distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust intends to invest a sufficient portion of its assets
in tax-exempt municipal obligations so that it will be permitted to pay &#8220;exempt-interest dividends&#8221; (as defined under
applicable federal income tax law). Each distribution of exempt-interest dividends, whether paid in cash or reinvested in additional
Common Shares, ordinarily will constitute income exempt from regular federal income tax under current federal tax law. Interest
on certain municipal obligations, such as certain private activity bonds, however, is included as an item of tax preference in
determining the amount of a taxpayer&#8217;s alternative minimum taxable income. To the extent that the Trust receives income from
such municipal obligations, a portion of the dividends paid by the Trust, although exempt from regular federal income tax, will
be taxable to Common Shareholders to the extent that their tax liability is determined under the AMT. Furthermore, exempt-interest
dividends are included in determining what portion, if any, of a person&#8217;s social security and railroad retirement benefits
will be includible in gross income subject to regular federal income tax. The Trust will annually provide a report indicating the
percentage of the Trust&#8217;s income attributable to municipal obligations subject to the AMT.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to exempt-interest dividends, the Trust also may
distribute to its shareholders amounts that are treated as long-term capital gain or ordinary income (which may include short-term
capital gains). These distributions may be subject to federal, state and local taxation, depending on a shareholder&#8217;s situation.
Taxable distributions are taxable whether or not such distributions are reinvested in the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">At least annually, the Trust intends to distribute any net capital
gain (which is the excess of net long-term capital gain over net short-term capital loss) or, alternatively, to retain all or a
portion of the year&#8217;s net capital gain and pay federal income tax on the retained gain.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Net capital gain distributions are generally taxable at rates
applicable to long-term capital gains regardless of how long a Common Shareholder has held his or her Common Shares. The maximum
tax rate for individuals on long-term capital gains is 20%. Certain individuals, estates and trusts will be subject to an additional
3.8% tax on net investment income, including net capital gains.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Trust retains any net capital gain or investment company
taxable income, it will be subject to tax at regular corporate rates on the amount retained. If the Trust retains any net capital
gain, it may report the retained amount as undistributed capital gains as part of its annual reporting to its shareholders who,
if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income for U.S. federal income
tax purposes, as long-term capital gain, their share of such undistributed amount; (ii) will be entitled to credit their proportionate
shares of the tax paid by the Trust on such undistributed amount against their U.S. federal income tax liabilities, if any; and
(iii) will be entitled to claim refunds to the extent the credit exceeds such liabilities. For U.S. federal income tax purposes,
the tax basis of Common Shares owned by a Common Shareholder of the Trust will be increased by an amount equal to the difference
between the amount of undistributed capital gains included in the shareholder&#8217;s gross income and the tax deemed paid by the
Common Shareholder under clause (ii) of the preceding sentence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Trust makes a distribution to a shareholder in excess
of the Trust&#8217;s current and accumulated earnings and profits in any taxable year, the excess distribution will be treated
as a return of capital to the extent of such shareholder&#8216;s tax basis in its shares, and thereafter as capital gain. A return
of capital is not taxable, but it reduces a shareholder&#8217;s tax basis in its shares, thus reducing any loss or increasing any
gain on a subsequent taxable disposition by the shareholder of its shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Internal Revenue Service (&#8220;IRS&#8221;) currently requires
that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such
as exempt interest, ordinary income and capital gains). Accordingly, if the Trust issues preferred shares, it will designate dividends
made with respect to Common Shares and preferred shares as consisting of particular types of income (e.g., exempt interest, net
capital gain and ordinary income) in accordance with the proportionate share of each class in the total dividends paid by the Trust
during the year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Dividends and other taxable distributions declared by the Trust
in October, November or December to shareholders of record on a specified date in such month and paid during the following January
will be treated as having been received by shareholders in the year the distributions were declared.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Each Common Shareholder will receive an annual statement summarizing
the shareholder&#8217;s dividend and capital gains distributions (including net capital gains credited to the Common Shareholder
but retained by the Trust) after the close of the Trust&#8217;s taxable year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The redemption, sale or exchange of Common Shares normally will
result in capital gain or loss to Common Shareholders. Generally a shareholder&#8217;s gain or loss will be long-term capital gain
or loss if the Common Shares have been held for more than one year. Present law taxes both long-term and short-term capital gains
of corporations at the same rates applicable to ordinary income. For non-corporate taxpayers, however, short-term capital gains
and other ordinary income are currently taxed at ordinary income rates, while the maximum tax rate for individuals on long-term
capital gains is 20%. An additional 3.8% tax may apply to certain individual, estate or trust shareholders&#8217; taxable distributions
and to any capital gains received by such shareholders. Any loss on the sale of shares that have been held for six months or less
will be disallowed to the extent of any distribution of exempt-interest dividends received with respect to such shares, unless
the shares are of a RIC that declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net
tax-exempt interest and distributes such dividends on a monthly or more frequent basis. If a shareholder sells or otherwise disposes
of shares before holding them for more than six months, any loss on the sale or disposition will be treated as a long-term capital
loss to the extent of any net capital gain distributions received by the shareholder on such share. Any loss realized on a sale
or exchange of shares of the Trust will be disallowed to the extent those shares of the Trust are replaced by other substantially
identical shares of the Trust or other substantially identical stock or securities (including through reinvestment of dividends)
within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the original shares. In
that event, the basis of the replacement shares of the Trust will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Sales charges paid upon a purchase of shares cannot be taken
into account for purposes of determining gain or loss on a sale of the shares before the 91st day after their purchase to the extent
a sales charge is reduced or eliminated in a subsequent acquisition of shares of the Trust, during the period beginning on the
date of such sale and ending on January 31 of the calendar year following the calendar year in which such sale was made, pursuant
to a reinvestment or exchange privilege. Any disregarded amounts will result in an adjustment to the shareholder&#8217;s tax basis
in some or all of any other shares acquired.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An investor should be aware that, if Shares are purchased shortly
before the record date for any taxable dividend (including a capital gain dividend), the purchase price likely will reflect the
value of the dividend and the investor then would receive a taxable distribution likely to reduce the trading value of such Shares,
in effect resulting in a taxable return</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">of some of the purchase price. An investor should also be aware
that the benefits of the reduced tax rate applicable to long-term capital gains may be impacted by the application of the alternative
minimum tax to individual shareholders. Further, entities or persons who are &#8220;substantial users&#8221; (or persons related
to &#8220;substantial users&#8221;) of facilities financed by industrial development or private activity bonds should consult their
tax advisers before purchasing shares of the Trust. &#8220;Substantial user&#8221; is defined in applicable Treasury regulations
to include a &#8220;non-exempt person&#8221; who regularly uses in its trade or business a part of a facility financed from the
proceeds of industrial development bonds, and the same definition should apply in the case of private activity bonds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any interest on indebtedness incurred or continued to purchase
or carry the Trust&#8217;s shares to which exempt-interest dividends are allocated is not deductible by shareholders. Under certain
applicable rules, the purchase or ownership of shares may be considered to have been made with borrowed funds even though such
funds are not directly used for the purchase or ownership of the shares. In addition, if you receive Social Security or certain
railroad retirement benefits, you may be subject to U.S. federal income tax on a portion of such benefits as a result of receiving
investment income, including exempt-interest dividends and other distributions paid by the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Trust invests in certain pay-in-kind securities, zero
coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market
discount if the Trust elects to include market discount in income currently), the Trust must accrue income on such investments
for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the Trust must
distribute to shareholders, at least annually, all or substantially all of its investment company taxable income and net tax-exempt
income (determined without regard to the deduction for dividends paid), including such accrued income, to qualify as a RIC and
to avoid federal income and excise taxes. Therefore, the Trust may have to dispose of its portfolio securities under disadvantageous
circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy these distribution requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may hold or acquire municipal obligations that are
market discount bonds. A market discount bond is a security acquired in the secondary market at a price below its redemption value
(or its adjusted issue price if it is also an original issue discount bond). If the Trust invests in a market discount bond, it
will be required to treat any gain recognized on the disposition of such market discount bond as ordinary taxable income to the
extent of the accrued market discount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest to a significant extent in debt obligations
that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or
who are in default. Investments in debt obligations that are at risk of or in default present special tax issues for the Trust.
Tax rules are not entirely clear about issues such as when the Trust may cease to accrue interest, original issue discount or market
discount, when and to what extent deductions may be taken for bad debts or worthless securities and how payments received on obligations
in default should be allocated between principal and income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&#8217;s investments in options, futures contracts,
hedging transactions, forward contracts (to the extent permitted) and certain other transactions will be subject to special tax
rules (including mark-to-market, constructive sale, straddle, wash sale, short sale and other rules), the effect of which may be
to accelerate income to the Trust, defer Trust losses, cause adjustments in the holding periods of Trust securities, convert capital
gain into ordinary income and convert short-term capital losses into long-term capital losses. These rules could therefore affect
the amount, timing and character of distributions to investors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As a result of entering into swap contracts, the Trust may make
or receive periodic net payments. The Trust may also make or receive a payment when a swap is terminated prior to maturity through
an assignment of the swap or other closing transaction. Periodic net payments will generally constitute ordinary income or deductions,
while termination of a swap will generally result in capital gain or loss (which will be a long-term capital gain or loss if the
Trust has been a party to a swap for more than one year). With respect to certain types of swaps, the Trust may be required to
currently recognize income or loss with respect to future payments on such swaps or may elect under certain circumstances to mark
such swaps to market annually for tax purposes as ordinary income or loss. The tax treatment of many types of credit default swaps
is uncertain.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust may invest in other securities the U.S. federal income
tax treatment of which is uncertain or subject to recharacterization by the IRS. To the extent the tax treatment of such securities
or their income differs from the tax treatment expected by the Trust, it could affect the timing or character of income recognized
by the Trust, requiring the Trust to purchase or sell securities, or otherwise change its portfolio, in order to comply with the
tax rules applicable to RICs under the Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As with all investment companies, the Trust may be required to
&#8220;backup&#8221; withhold U.S. federal income tax at the rate of 28% of all taxable distributions payable to Common Shareholders
who fail to provide the Trust with their correct taxpayer identification number or to make required certifications, or if the Common
Shareholders have been notified by the IRS that they are subject to backup withholding. Backup withholding is not an additional
tax; rather, it is a way in which the IRS ensures it will collect taxes otherwise due. Any amounts withheld may be credited against
a shareholder&#8217;s U.S. federal income tax liability.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under Treasury regulations, if a shareholder realizes a loss
on disposition of the Trust&#8217;s shares of at least $2 million in any single taxable year or $4 million in any combination of
taxable years for an individual shareholder or at least $10 million in any single taxable year or $20 million in any combination
of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct
shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders
of a RIC are not excepted. The fact that a loss is reportable under these regulations does not affect the legal determination of
whether the taxpayer&#8217;s treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability
of these regulations in light of their individual circumstances. Under certain circumstances, certain tax-exempt entities and their
managers may be subject to excise tax if they are parties to certain reportable transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In general, dividends (other than capital gain dividends and
exempt-interest dividends) paid to a shareholder that is not a &#8220;U.S. person&#8221; within the meaning of the Code (a &#8220;foreign
person&#8221;) are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Properly-designated dividends are generally exempt from U.S.
federal withholding tax where they (i) are paid in respect of the Trust&#8217;s &#8220;qualified net interest income&#8221; (generally,
the Trust&#8217;s U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation
or partnership in which the Trust is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii)
are paid in respect of the Trust&#8217;s &#8220;qualified short-term capital gains&#8221; (generally, the excess of the Trust&#8217;s
net short-term capital gain over the Trust&#8217;s long-term capital loss for such taxable year). However, depending on its circumstances,
the Trust may designate all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified
short-term capital gains and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In
order to qualify for this exemption from withholding, a non-U.S. shareholder will need to comply with applicable certification
requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or substitute Form).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the case of shares held through an intermediary, the intermediary
may withhold even if the Trust designates the payment as qualified net interest income or qualified short-term capital gain. Non-U.S.
shareholders should contact their intermediaries with respect to the application of these rules to their accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under legislation known as FATCA, a 30% U.S. withholding tax
may apply to any U.S.-source &#8220;withholdable payments&#8221; made to a foreign financial institution (&#8220;FFI&#8221;) unless
the FFI enters into an agreement with the IRS to collect and provide to the IRS annually substantial information regarding the
entity&#8217;s accounts held by &#8220;specified United States persons&#8221; and &#8220;United States owned foreign entities,&#8221;
or such FFI otherwise demonstrates compliance with or exemption from FATCA. FATCA also generally imposes a withholding tax of 30%
on non-financial foreign entities unless such entity provides the withholding agent with a certification that it does not have
any substantial U.S. owners, or a certification identifying the direct and indirect substantial U.S. owners of the entity. The
term &#8220;withholdable payment&#8221; includes any payment of interest (even if the interest is otherwise exempt from the withholding
rules described above), dividends, and the gross proceeds of a disposition of stock (including a liquidating distribution from
a corporation) or debt instruments, in each case with respect to any U.S. investment. The withholding tax became effective in 2014
with respect to U.S.-source income and is scheduled to begin in 2019 with respect to U.S.-source investment sale proceeds. A specified
United States person is any U.S. person, other than publicly traded corporations, their affiliates, tax-exempt organizations, governments,
banks, real estate investment trusts, regulated investment companies, and common trust funds. A United States owned foreign entity
is a foreign entity with one or more &#8220;substantial United States owners,&#8221; generally defined as United States persons
owning a greater than 10% interest. Non-U.S. investors should consult their own tax advisors regarding the impact of this recent
legislation on their investment in the Trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Code, with respect to all of the foregoing matters and other
matters that may affect the Trust or the Common Shareholders, is constantly subject to change by Congress. In recent years there
have been significant changes in the Code, and Congress is currently actively considering further significant changes to federal
tax law, including possible changes to the tax-exempt status of interest income from municipal obligations. It is not possible
at this time to predict whether or to what extent any changes will be made to the Code. Prospective investors should note that
the Trust will not undertake to advise investors of any legislative or other developments. Such investors should consult their
own tax advisers regarding pending and proposed legislation or other changes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The foregoing briefly summarizes some of the important federal
income tax consequences to Common Shareholders of investing in Common Shares, reflects the federal tax law as of the date of this
Statement of Additional Information, and does not address special tax rules applicable to certain types of investors, such as corporate
investors. This discussion is based upon current provisions of the Code, the regulations promulgated thereunder, and judicial and
administrative ruling authorities, all of which are subject to change or differing interpretations by the courts or the IRS retroactively
or prospectively. No attempt has been made to present a complete explanation of the federal tax treatment of the Trust or the implications
to Shareholders, and the discussions here and in the prospectus are not intended as a substitute for careful tax planning.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other
Federal, State and Local Taxes.</B></FONT> Investors should consult their own tax advisors regarding other federal, as well as
state or local, tax consequences of investing in the Trust that may be applicable in their particular circumstances, as well as
any proposed tax law changes.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">OTHER INFORMATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust is an organization of the type commonly known as a
&#8220;Massachusetts business trust.&#8221; Under Massachusetts law, shareholders of such a trust may, in certain circumstances,
be held personally liable as partners for the obligations of the trust. The Declaration of Trust contains an express disclaimer
of shareholder liability in connection with the Trust property or the acts, obligations or affairs of the Trust. The Declaration
of Trust, in coordination with the Trust&#8217;s By-laws, also provides for indemnification out of the Trust property of any shareholder
held personally liable for the claims and liabilities to which a shareholder may become subject by reason of being or having been
a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances
in which the Trust itself is unable to meet its obligations. The Trust has been advised by its counsel that the risk of any shareholder
incurring any liability for the obligations of the Trust is remote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust provides that the Trustees will not
be liable for errors of judgment or mistakes of fact or law; but nothing in the Declaration of Trust protects a Trustee against
any liability to the Trust or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance,
bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. Voting rights are
not cumulative, which means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100%
of the Trustees and, in such event, the holders of the remaining less than 50% of the shares voting on the matter will not be able
to elect any Trustees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Declaration of Trust provides that no person shall serve
as a Trustee if shareholders holding two-thirds of the outstanding shares have removed him from that office either by a written
declaration filed with the Trust&#8217;s custodian or by votes cast at a meeting called for that purpose. The Declaration of Trust
further provides that the Trustees of the Trust shall promptly call a meeting of the shareholders for the purpose of voting upon
a question of removal of any such Trustee or Trustees when requested in writing so to do by the record holders of not less than
10 per centum of the outstanding shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust&#8217;s Prospectus, any related Prospectus Supplement,
and this SAI do not contain all of the information set forth in the Registration Statement that the Trust has filed with the SEC.
The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its Rules and Regulations.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">CUSTODIAN</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">State Street Bank and Trust Company (&#8220;State Street&#8221;),
State Street Financial Center, One Lincoln Street, Boston, MA 02111, is the custodian of the Trust and will maintain custody of
the securities and cash of the Trust. State Street maintains the Trust&#8217;s general ledger and computes net asset value per
share at least weekly. State Street also attends to details in connection with the sale, exchange, substitution, transfer and other
dealings with the Trust&#8217;s investments, and receives and disburses all funds. State Street also assists in preparation of
shareholder reports and the electronic filing of such reports with the SEC.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Deloitte &amp; Touche LLP, 200 Berkeley Street, Boston, MA 02116,
independent registered public accounting firm, audits the Trust&#8217;s financial statements and provides other audit, tax and
related services.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">FINANCIAL STATEMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The audited financial statements and the report of the independent
registered public accounting firm of the Trust, for the fiscal year ended November 30, 2017, are incorporated herein by reference
from the Trust&#8217;s most recent Annual Report to Common Shareholders filed with the SEC (Accession No. 0001193125-18-021122)
on Form N-CSR pursuant to Rule 30b2-1 under the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Deloitte &amp; Touche LLP (&#8220;D&amp;T&#8221;), the Trust&#8217;s
principal accountant, has informed the Audit Committee that certain relationships between D&amp;T and its affiliates (&#8220;Deloitte
Entities&#8221;) and one or more lenders who are record owners of more than 10% of the shares of one or more funds within the Eaton
Vance family of funds implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the &#8220;Loan Rule&#8221;), calling into question D&amp;T&#8217;s
independence with respect to the Eaton Vance family of funds. The Loan Rule prohibits an accounting firm, such as D&amp;T, from
having certain financial relationships with its audit clients and affiliated entities. Specifically, the Loan Rule provides, in
relevant part, that an accounting firm generally would not be independent if it or a &#8220;covered person&#8221; of the accounting
firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a &#8220;record
or beneficial owner of more than ten percent of the audit client&#8217;s equity securities.&#8221; The Trust is providing this
disclosure to explain the facts and circumstances as well as D&amp;T&#8217;s conclusions concerning D&amp;T&#8217;s objectivity
and impartiality with respect to the audits of the Trust notwithstanding the existence of one or more breaches of the Loan Rule.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On June 20, 2016, the SEC issued no-action relief to another mutual
fund complex (see Fidelity Management &amp; Research Company et al., No-Action Letter (June 20, 2016) (the &#8220;No-Action Letter&#8221;))
related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would
not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1)
the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor&#8217;s non-compliance under the Loan Rule
is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it
is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Although the relief
contained in the No-Action Letter was scheduled to expire eighteen months from issuance, it was extended via a subsequent no-action
letter issued on September 22, 2017 (see Fidelity Management &amp; Research Company et al., No-Action Letter (Sept. 22, 2017)).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Based on information provided by D&amp;T to the Audit Committee,
the requirements of the No-Action Letter appear to be met with respect to D&amp;T&#8217;s lending relationships described above.
Among other things, D&amp;T has advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule
have been satisfactorily addressed, that D&amp;T&#8217;s objectivity and impartiality in the planning and conduct of the audits
of the Trust&#8217;s financial statements has not been compromised and that, notwithstanding the breach, D&amp;T is in a position
to continue as the auditor for the Trust and D&amp;T does not believe any actions need to be taken with respect to previously issued
reports by D&amp;T. D&amp;T has advised the Audit Committee that these conclusions were based in part on its consideration of the
No-Action Letter and other relevant information communicated to the Audit Committee.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0.25in 3pt 0; text-align: right">APPENDIX A</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The ratings indicated herein are believed to be the most recent
ratings available at the date of this SAI for the securities listed. Ratings are generally given to securities at the time of issuance.
While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings indicated
do not necessarily represent ratings which would be given to these securities on a particular date.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">MOODY&#8217;S INVESTORS SERVICE, INC. (&#8220;Moody&#8217;s&#8221;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Ratings assigned on Moody&#8217;s global long-term and short-term
rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates,
financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are
assigned to issuers or obligations with an original maturity of one year or more and reflect both the likelihood of a default on
contractually promised payments and the expected financial loss suffered in the event of default. Short-term ratings are assigned
to obligations with an original maturity of thirteen months or less and reflect the likelihood of a default on contractually promised
payments and the expected financial loss suffered in the event of a default.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">GLOBAL LONG-TERM RATINGS SCALE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Aaa:</B></FONT>
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Aa:</B></FONT>
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:</B></FONT>
Obligations rated A are considered upper-medium grade and are subject to low credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Baa:</B></FONT>
Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative
characteristics</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Ba:</B></FONT>
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
Obligations rated B are considered speculative and are subject to high credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Caa:</B></FONT>
Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Ca:</B></FONT>
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal
and interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Note:</B></FONT>
Moody&#8217;s appends numerical modifiers, 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier
1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking;
and the modifier 3 indicates a ranking in the lower end of that generic rating category.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">GLOBAL SHORT-TERM RATING SCALE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Moody&#8217;s short term ratings are opinions of the ability
of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual
short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly
noted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P-1:</B></FONT>
Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P-2:</B></FONT>
Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P-3:</B></FONT>
Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NP:</B></FONT>
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime ratings categories.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ISSUER RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issuer Ratings are opinions of the ability of entities to honor
senior unsecured debt and debt like instruments. As such, Issuer Ratings incorporate any external support that is expected to apply
to all current and future issuance of senior unsecured financial obligations and contracts, such as explicit support stemming from
a guarantee of all senior unsecured financial obligations and contracts, and/or implicit support for issuers subject to joint default
analysis (e.g. banks and government-related issuers). Issuer Ratings do not incorporate support arrangements, such as guarantees,
that apply only to specific (but not to all) senior unsecured financial obligations and contracts.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">US MUNICIPAL SHORT-TERM OBLIGATION RATINGS AND DEMAND OBLIGATION
RATINGS</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SHORT-TERM OBLIGATION RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">While the global short-term &#8216;prime&#8217; rating scale
is applied to US municipal tax-exempt commercial paper, these programs are typically backed by external letters of credit or liquidity
facilities and their short-term prime ratings usually map to the long-term rating of the enhancing bank or financial institution
and not to the municipality&#8217;s rating. Other short-term municipal obligations, which generally have different funding sources
for repayment, are rated using two additional short-term rating scales (i.e., the MIG and VMIG scales discussed below).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Municipal Investment Grade (MIG) scale is used to rate US
municipal bond anticipation notes of up to three years maturity. Municipal notes rated on the MIG scale may be secured by either
pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the
obligation, and the issuer&#8217;s long-term rating is only one consideration in assigning the MIG rating. MIG ratings are divided
into three levels&#8212;MIG 1 through MIG 3&#8212;while speculative grade short-term obligations are designated SG.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MIG
1</B></FONT> This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly
reliable liquidity support, or demonstrated broad-based access to the market for refinancing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MIG
2</B></FONT> This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding
group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MIG
3</B></FONT> This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access
for refinancing is likely to be less well-established.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SG</B></FONT>
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Demand Obligation Ratings</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In the case of variable rate demand obligations (VRDOs), a two-component
rating is assigned; a long or short-term rating and demand obligation rating. The first element represents Moody&#8217;s evaluation
of the degree of risk associated with scheduled principal and interest payments. The second element represents Moody&#8217;s evaluation
of the degree of risk associated with the ability to receive purchase price upon demand (&#8220;demand feature&#8221;), The second
element uses a rating from a variation of the MIG scale called the Variable Municipal Investment Grade (VMIG) scale. VMIG ratings
of demand obligations with unconditional liquidity support are mapped from the short-term debt rating (or counterparty assessment)
of the support provider, or the underlying obligor in the absence of third party liquidity support, with VMIG 1 corresponding to
P-1, VMIG 2 to P-2, VMIG 3 to P-3 and SG to not prime. Transitions of VMIG ratings of demand obligations with conditional liquidity
support, as shown in the diagram below, differ from transitions on the Prime scale to reflect the risk that external liquidity
support will terminate if to reflect the risk that external liquidity support will terminate if the issuer&#8217;s long-term rating
drops below investment grade.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VMIG
1:</B></FONT> This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit
strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VMIG
2:</B></FONT> This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength
of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>VMIG
3:</B></FONT> This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term
credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price
upon demand.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SG:</B></FONT>
This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity
provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary
to ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">S&amp;P GLOBAL RATINGS (&#8220;S&amp;P&#8221;)</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ISSUE CREDIT RATINGS DEFINITIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">S&amp;P&#8217;s issue credit rating is a forward-looking opinion
about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations,
or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration
the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the
currency in which the obligation is denominated. The opinion reflects S&amp;P&#8217;s view of the obligor's capacity and willingness
to meet its financial commitments as they come due, and may assess terms, such as collateral
security and subordination, which could affect ultimate payment in the event of default.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issue credit ratings can be either long-term or short-term. Short-term
ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term ratings are also used
to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term notes are assigned
long-term ratings.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LONG-TERM ISSUE CREDIT RATINGS:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issue credit ratings are based, in varying degrees, on S&amp;P&#8217;s
analysis of the following considerations:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Symbol">&middot; </FONT>Likelihood
of payment&#8212;capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the
terms of the obligation;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Symbol">&middot; </FONT>Nature of and
provisions of the financial obligation and the promise that it is imputed; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Symbol">&middot; </FONT>Protection
afforded by, and relative position of, the financial obligation in the event of bankruptcy, reorganization, or other arrangement
under the laws of bankruptcy and other laws affecting creditors' rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issue ratings are an assessment of default risk, but may incorporate
an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower
than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity
has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AAA:</B></FONT>
An obligation rated &#8216;AAA&#8217; has the highest rating assigned by S&amp;P. The obligor&#8217;s capacity to meet its financial
commitment on the obligation is extremely strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AA:</B></FONT>
An obligation rated &#8216;AA&#8217; differs from the highest-rated obligors only to a small degree. The obligor&#8217;s capacity
to meet its financial commitments on the obligation is very strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:</B></FONT>
An obligation rated &#8216;A&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances and economic
conditions than obligations in higher-rated categories. However, the obligor&#8217;s capacity to meet its financial commitments
on the obligation is still strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BBB:</B></FONT>
An obligation rated &#8216;BBB&#8217; exhibits adequate protection parameters. However, adverse economic conditions or changing
circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB, B, CCC, CC and C</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Obligations rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;,
&#8216;CC&#8217;, and &#8216;C&#8217; are regarded as having significant speculative characteristics. &#8216;BB&#8217; indicates
the least degree of speculation and &#8216;C&#8217; the highest. While such obligations will likely have some quality and protective
characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BB:</B></FONT>
An obligation rated &#8216;BB&#8217; is less vulnerable to non-payment than other speculative issues. However, it faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate
capacity to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
An obligation rated &#8216;B&#8217; is more vulnerable to nonpayment than obligations rated &#8216;BB&#8217;, but the obligor currently
has the capacity to meet its financial commitment on the obligation. Adverse business, financial or economic conditions will likely
impair the obligor&#8217;s capacity or willingness to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CCC:</B></FONT>
An obligation rated &#8216;CCC&#8217; is currently vulnerable to nonpayment, and is dependent upon favorable business, financial,
and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial
or, economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC:</B></FONT>
An obligation rated &#8216;CC&#8217; is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not
yet occurred, but S&amp;P&#8217;s expects default to be a virtual certainty, regardless of the anticipated time to default.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority
or lower ultimate recovery compared to obligations that are rated higher<FONT STYLE="font-size: 8pt">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category
is used when payments on an obligation are not made on the date due, unless S&amp;P&#8217;s believes that such payments will be
made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar
days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default
on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D'
if it is subject to a distressed exchange offer.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that
S&amp;P&#8217;s does not rate a particular obligation as a matter of policy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Plus
(+) or Minus (-):</B></FONT> The ratings from &#8216;AA&#8217; to&#8217; CCC&#8217; may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating categories.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SHORT-TERM ISSUE CREDIT RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-1:</B></FONT>
A short-term obligation rated &#8216;A-1&#8217; is rated in the highest category by S&amp;P. The obligor&#8217;s capacity to meet
its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign
(+). This indicates that the obligor&#8217;s capacity to meet its financial commitments on the obligation is extremely strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-2:</B></FONT>
A short-term obligation rated &#8216;A-2&#8217; is somewhat more susceptible to the adverse effects of changes in circumstances
and economic conditions than obligations in higher rating categories. However, the obligor&#8217;s capacity to meet its financial
commitment on the obligation is satisfactory.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-3:</B></FONT>
A short-term obligation rated &#8216;A-3&#8217; exhibits adequate protection parameters. However, adverse economic conditions or
changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
A short-term obligation rated &#8216;B&#8217; is regarded as vulnerable and has significant speculative characteristics. The obligor
currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to
the obligor's inadequate capacity to meet its financial commitments<FONT STYLE="font-family: AmasisMT; font-size: 8pt">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
A short-term obligation rated &#8216;C&#8217; is currently vulnerable to nonpayment and is dependent upon favorable business, financial
and economic conditions for the obligor to meet its financial commitment on the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D'
rating category is used when payments on an obligation are not made on the date due, unless S&amp;P&#8217;s believes that such
payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated
as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action
and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating
is lowered to 'D' if it is subject to a distressed exchange offer.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">ISSUER CREDIT RATINGS DEFINITIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">S&amp;P&#8217;s issuer credit rating is a forward-looking opinion
about an obligor's overall creditworthiness. This opinion focuses on the obligor's capacity and willingness to meet its financial
commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account the nature
of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability
of the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Counterparty credit ratings, corporate credit ratings and sovereign
credit ratings are all forms of issuer credit ratings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Issuer credit ratings can be either long-term or short-term.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LONG-TERM ISSUER CREDIT RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AAA:</B></FONT>
An obligor rated &#8216;AAA&#8217; has extremely strong capacity to meet its financial commitments. &#8216;AAA&#8217; is the highest
issuer credit rating assigned by S&amp;P.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AA:</B></FONT>
An obligor rated &#8216;AA&#8217; has very strong capacity to meet its financial commitments. It differs from the highest-rated
obligors only to a small degree.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:</B></FONT>
An obligor rated &#8216;A&#8217; has strong capacity to meet its financial commitments but is somewhat more susceptible to the
adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BBB:</B></FONT>
An obligor rated &#8216;BBB&#8217; has adequate capacity to meet its financial commitments. However, adverse economic conditions
or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB, B, CCC and CC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Obligors rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;,
and &#8216;CC&#8217; are regarded as having significant speculative characteristics. &#8216;BB&#8217; indicates the least degree
of speculation and &#8216;CC&#8217; the highest. While such obligors will likely have some quality and protective characteristics,
these may be outweighed by large uncertainties or major exposures to adverse conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BB:</B></FONT>
An obligor &#8216;BB&#8217; is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing
uncertainties and exposure to adverse business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate
capacity to meet its financial commitments.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
An obligor rated &#8216;B&#8217; is more vulnerable than the obligors rated &#8216;BB&#8217;, but the obligor currently has the
capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor&#8217;s
capacity or willingness to meets its financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CCC:</B></FONT>
An obligor rated &#8216;CCC&#8217; is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions
to meet its financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC:</B></FONT>
An obligor rated &#8216;CC&#8217; is currently highly vulnerable. The 'CC' rating is used when a default has not yet occurred,
but S&amp;P&#8217;s expects default to be a virtual certainty, regardless of the anticipated time to default.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: NewsGoth Dm BT,sans-serif">R:</FONT>
An obligor rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision
the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: NewsGoth Dm BT,sans-serif">SD and D</FONT><FONT STYLE="font-family: AmasisMT; font-size: 8pt">:
</FONT>An obligor rated 'SD' (selective default) or 'D' is in default on one or more of its financial obligations including rated
and unrated financial obligations but excluding hybrid instruments classified as regulatory capital or in non-payment according
to terms. An obligor is considered in default unless &#8217;s believes that such payments will be made within five business days
of the due date in the absence of a stated grace period, or within the earlier of the stated grace period or 30 calendar days.
A 'D' rating is assigned when S&amp;P&#8217;s believes that the default will be a general default and that the obligor will fail
to pay all or substantially all of its obligations as they come due. An 'SD' rating is assigned when S&amp;P&#8217;s believes that
the obligor has selectively defaulted on a specific issue or class of obligations but it will continue to meet its payment obligations
on other issues or classes of obligations in a timely manner. An obligor's rating is lowered to 'D' or 'SD' if it is conducting
a distressed exchange offer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
An issuer designated as NR is not rated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Plus
(+) or Minus (-):</B></FONT> The ratings from &#8216;AA&#8217; to&#8217; CCC&#8217; may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating categories.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SHORT-TERM ISSUER CREDIT RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-1:</B></FONT>
An obligor rated &#8216;A-1&#8217; has strong capacity to meet its financial commitments. It is rated in the highest category by
S&amp;P. Within this category, certain obligors are designated with a plus sign (+). This indicates that the obligor&#8217;s capacity
to meet its financial commitments is extremely strong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-2:</B></FONT>
An obligor rated &#8216;A-2&#8217; has satisfactory capacity to meet its financial commitments. However, it is somewhat more susceptible
to the adverse effects of changes in circumstances and economic conditions than obligors in the highest rating category.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A-3:</B></FONT>
An obligor rated &#8216;A-3&#8217; has adequate capacity to meet its financial obligations. However, adverse economic conditions
or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:</B></FONT>
An obligor rated &#8216;B&#8217; is regarded as vulnerable and has significant speculative characteristics. The obligor currently
has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor&#8217;s
inadequate capacity to meet its financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
An obligor rated 'C' is currently vulnerable to nonpayment that would result in a 'SD' or 'D' issuer rating, and is dependent upon
favorable business, financial, and economic conditions for it to meet its financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>R:</B></FONT>
An obligor rated &#8216;R&#8217; is under regulatory supervision owing to its financial condition. During the pendency of the regulatory
supervision the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SD
and D:</B></FONT> An obligor rated 'SD' (selective default) or 'D' has failed to pay one or more of its financial obligations (rated
or unrated), excluding hybrid instruments classified as regulatory capital or in nonpayment according to terms, when it came due.
An obligor is considered in default unless S&amp;P&#8217;s believes that such payments will be made within any stated grace period.
However, any stated grace period longer than five business days will be treated as five business days. A 'D' rating is assigned
when S&amp;P&#8217;s believes that the default will be a general default and that the obligor will fail to pay all or substantially
all of its obligations as they come due. An 'SD' rating is assigned when S&amp;P&#8217;s believes that the obligor has selectively
defaulted on a specific issue or class of obligations, excluding hybrid instruments classified as regulatory capital, but it will
continue to meet its payment obligations on other issues or classes of obligations in a timely manner. An obligor's rating is lowered
to 'D' or 'SD' if it is conducting a distressed exchange offer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
An issuer designated as NR is not rated.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">MUNICIPAL SHORT-TERM NOTE RATINGS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SHORT-TERM
NOTES:</B></FONT> An S&amp;P U.S. municipal note ratings reflects S&amp;P opinions about the liquidity factors and market access
risks unique to notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Notes due in three years or less will likely receive a note rating.
Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which
type of rating, if any, to assign, S&amp;P&#8217;s analysis will review the following considerations: Amortization schedule--the
larger the final maturity relative to other maturities, the more likely it will be treated as a note; and Source of payment--the
more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Municipal Short-Term Note rating symbols are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SP-1:</B></FONT>
Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt will be given
a plus (+) designation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SP-2:</B></FONT>
Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the
term of the notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SP-3:</B></FONT>
Speculative capacity to pay principal and interest.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">FITCH RATINGS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">LONG-TERM CREDIT RATINGS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Investment Grade</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AAA:
Highest credit quality</B></FONT>. &#8216;AAA&#8217; ratings denote the lowest expectation of credit risk. They are assigned only
in case of exceptionally strong capacity for payment of financial commitments. The capacity is highly unlikely to be adversely
affected by foreseeable events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AA:
Very high credit quality</B></FONT>. &#8216;AA&#8217; ratings denote expectations of very low credit risk. They indicate very strong
capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A:
High credit quality</B></FONT>. &#8216;A&#8217; ratings denote expectations of low credit risk. The capacity for payment of financial
commitments is considered strong. The capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic
conditions that is the case for higher ratings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BBB:
Good credit quality.</B></FONT> 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment
of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BB:
Speculative.</B></FONT> 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes
in business or economic conditions over time; however, business or financial flexibility exist that supports the servicing of financial
commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:
Highly speculative.</B></FONT> B' ratings indicate that material default risk is present, but a limited margin of safety remains.
Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business
and economic environment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CCC:
Substantial credit risk.</B></FONT> Default is a real possibility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC:
Very high levels of credit risk.</B></FONT> Default of some kind appears probable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:
Near default.</B></FONT> A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle,
payment capacity is irrevocably impaired. Conditions that are indicative of a &#8216;C&#8217; category rating for an issuer include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The issuer has entered into a grace or cure period following
non-payment of a material financial obligation;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The issuer had entered into a temporary negotiated waiver
or standstill agreement following a payment default on a material financial obligation;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The formal announcement by the issuer or their agent
of distressed debt exchange;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; A closed financing vehicle where payment capacity is
irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction,
but where no payment default is imminent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>RD:
Restricted Default.</B></FONT> &#8216;RD&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has experienced:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; An uncured payment default on a bond, loan or other material
financial obligation, but</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; Has not entered into bankruptcy filings, administration,
receivership, liquidation, or other formal winding-up procedure, and</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; Has not otherwise ceased operating.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This would include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The selective payment default on specific class or currency
of debt;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The uncured expiry of any applicable grace period, cure
period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial
obligation;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; The extension of multiple waivers of forbearance periods
upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a
distressed debt exchange on one or more material financial obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:
Default.</B></FONT> &#8216;D&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has entered into bankruptcy filings,
administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; Default ratings are not assigned prospectively to entities
or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally
not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by
bankruptcy or other similar circumstance, or by a distressed debt exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&#8226; In all cases, the assignment of default rating reflects
the agency&#8217;s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may
differ from the definition of default under the terms of an issuer&#8217;s financial obligations or local commercial practice.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Notes to Long-Term ratings:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The modifiers &#8220;+&#8221; or &#8220;-&#8221; may be appended
to a rating to denote relative status within major rating categories. Such suffixes are not added to the &#8216;AAA&#8217; Long-Term
IDR category, or to Long-Term IDR categories below &#8216;B&#8217;.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Short-Term Credit Ratings Assigned to Obligations in Corporate,
Public and Structured Finance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">A short-term issuer or obligation rating is based in all cases
on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial
obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations
whose initial maturity is viewed as &#8220;short term&#8221; based on market convention. Typically, this means up to 13 months
for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F1:
Highest short-term credit quality</B></FONT><B>. </B>Indicates the strongest intrinsic capacity for timely payment of financial
commitments; may have an added &#8220;+&#8221; to denote any exceptionally strong credit feature.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F2:
Good short-term credit quality</B></FONT>. Good intrinsic capacity for timely payment of financial commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F3:
Fair short-term credit quality</B></FONT>. The intrinsic capacity for timely payment of financial commitments is adequate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B:
Speculative short-term credit quality</B></FONT>. Minimal capacity for timely payment of financial commitments, plus vulnerability
to near term adverse changes in financial and economic conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:
High short-term default risk.</B></FONT> Default is a real possibility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>RD:
Restricted default.</B></FONT> Indicates an entity that has defaulted on one or more of its financial commitments, although it
continues to meet other financial obligations. Typically applicable to entity ratings only.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
Indicates a broad-based default event for an entity, or the default of a short-term obligation.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">DESCRIPTION OF INSURANCE FINANCIAL STRENGTH RATINGS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Moody&#8217;s Investors Service, Inc. Insurance Financial
Strength Ratings</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Moody&#8217;s Insurance Financial Strength Ratings are opinions
of the ability of insurance companies to repay punctually senior policyholder claims and obligations and also reflect the expected
financial loss suffered in the event of default. Specific obligations are considered unrated unless they are individually rated
because the standing of a particular insurance obligation would depend on an assessment of its relative standing under those laws
governing both the obligation and the insurance company.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">S&amp;P Insurer Financial Strength Ratings</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An S&amp;P insurer financial strength rating is a forward-looking
opinion about the financial security characteristics of an insurance organization with respect to its ability to pay under its
insurance policies and contracts in accordance with their terms. Insurer financial strength ratings are also assigned to health
maintenance organizations and similar health plans with respect to their ability to pay under their policies and contracts in accordance
with their terms.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This opinion is not specific to any particular policy or contract,
nor does it address the suitability of a particular policy or contract for a specific purpose or purchaser. Furthermore, the opinion
does not take into account deductibles, surrender or cancellation penalties, timeliness of payment, nor the likelihood of the use
of a defense such as fraud to deny claims.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Insurer financial strength ratings do not refer to an organization's
ability to meet nonpolicy (i.e., debt) obligations. Assignment of ratings to debt issued by insurers or to debt issues that are
fully or partially supported by insurance policies, contracts, or guarantees is a separate process from the determination of insurer
financial strength ratings, and follows procedures consistent with those used to assign an issue credit rating. An insurer financial
strength rating is not a recommendation to purchase or discontinue any policy or contract issued by an insurer.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Long-Term Insurer Financial Strength Ratings</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Category Definition</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">AAA</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'AAA' has extremely strong financial security
characteristics. 'AAA' is the highest insurer financial strength rating assigned by S&amp;P.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">AA</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'AA' has very strong financial security characteristics,
differing only slightly from those rated higher.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'A' has strong financial security characteristics,
but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BBB</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'BBB' has good financial security characteristics,
but is more likely to be affected by adverse business conditions than are higher-rated insurers.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB; CCC; and CC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'BB' or lower is regarded as having vulnerable
characteristics that may outweigh its strengths. 'BB' indicates the least degree of vulnerability within the range; 'CC' the highest.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">BB</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'BB' has marginal financial security characteristics.
Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">B</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'B' has weak financial security characteristics.
Adverse business conditions will likely impair its ability to meet financial commitments.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CCC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'CCC' has very weak financial security characteristics,
and is dependent on favorable business conditions to meet financial commitments.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">CC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'CC' has extremely weak financial security characteristics
and is likely not to meet some of its financial commitments.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">R</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'R' is under regulatory supervision owing to
its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class
of obligations over others or pay some obligations and not others. The rating does not apply to insurers subject only to non-financial
actions such as market conduct violations.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">SD or D</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer rated 'SD' (selective default) or 'D' is in default
on one or more of its insurance policy obligations but is not under regulatory supervision that would involve a rating of 'R'.
The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on a policy
obligation are at risk. A 'D' rating is assigned when S&amp;P&#8217;s believes that the default will be a general default and that
the obligor will fail to pay substantially all of its obligations in full in accordance with the policy terms. An 'SD' rating is
assigned when S&amp;P&#8217;s believes that the insurer has selectively defaulted on a specific class of policies but it will continue
to meet its payment obligations on other classes of obligations. A selective default includes the completion of a
distressed exchange offer. Claim denials due to lack of coverage or other legally permitted defenses are not considered defaults.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">NR</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An insurer designated 'NR' is not rated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Plus
(+) or Minus (-):</B></FONT> The ratings from &#8216;AA&#8217; to&#8217; CCC&#8217; may be modified by the addition of a plus (+)
or minus (-) sign to show relative standing within the major rating categories.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Fitch Insurer Financial Strength Rating</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Insurer Financial Strength (IFS) Rating provides an assessment
of the financial strength of an insurance organization. The IFS Rating is assigned to the insurance company's policyholder obligations,
including assumed reinsurance obligations and contract holder obligations, such as guaranteed investment contracts. The IFS Rating
reflects both the ability of the insurer to meet these obligations on a timely basis, and expected recoveries received by claimants
in the event the insurer stops making payments or payments are interrupted, due to either the failure of the insurer or some form
of regulatory intervention. In the context of the IFS Rating, the timeliness of payments is considered relative to both contract
and/or policy terms but also recognizes the possibility of reasonable delays caused by circumstances common to the insurance industry,
including claims reviews, fraud investigations and coverage disputes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The IFS Rating does not encompass policyholder obligations residing
in separate accounts, unit-linked products or segregated funds, for which the policyholder bears investment or other risks. However,
any guarantees provided to the policyholder with respect to such obligations are included in the IFS Rating.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Expected recoveries are based on the agency's assessments of
the sufficiency of an insurance company's assets to fund policyholder obligations, in a scenario in which payments have ceased
or been interrupted. Accordingly, expected recoveries exclude the impact of recoveries obtained from any government sponsored guaranty
or policyholder protection funds. Expected recoveries also exclude the impact of collateralization or security, such as letters
of credit or trusteed assets, supporting select reinsurance obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">IFS Ratings can be assigned to insurance and reinsurance companies
in any insurance sector, including the life &amp; annuity, non-life, property/casualty, health, mortgage, financial guaranty, residual
value and title insurance sectors, as well as to managed care companies such as health maintenance organizations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The IFS Rating does not address the quality of an insurer's claims
handling services or the relative value of products sold.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The IFS Rating uses the same symbols used by the agency for its
International and National credit ratings of long-term or short-term debt issues. However, the definitions associated with the
ratings reflect the unique aspects of the IFS Rating within an insurance industry context.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Obligations for which a payment interruption has occurred due
to either the insolvency or failure of the insurer or some form of regulatory intervention will generally be rated between 'B'
and 'C' on the Long-Term IFS Rating scales (both International and National). International Short-Term IFS Ratings assigned under
the same circumstances will align with the insurer's International Long-Term IFS Ratings.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0.25in 3pt 0; text-align: right">APPENDIX B</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Funds</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Proxy Voting Policy and Procedures</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">I.&#8194; &#8194;Overview</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Boards of Trustees (the &#8220;Board&#8221;) of the Eaton
Vance Funds<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT> have determined that
it is in the interests of the Funds&#8217; shareholders to adopt these written proxy voting policy and procedures (the &#8220;Policy&#8221;).
For purposes of this Policy:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;Fund&#8221; means each registered investment company sponsored by the Eaton Vance organization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;Adviser&#8221; means the adviser or sub-adviser responsible for the day-to-day management of all or a portion of the
Fund&#8217;s assets.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">II.&#8194; &#8194;Delegation of Proxy Voting Responsibilities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board hereby delegates to the Adviser responsibility for
voting the Fund&#8217;s proxies as described in this Policy. In this connection, the Adviser is required to provide the Board with
a copy of its proxy voting policies and procedures (&#8220;Adviser Procedures&#8221;) and all Fund proxies will be voted in accordance
with the Adviser Procedures, provided that in the event a material conflict of interest arises with respect to a proxy to be voted
for the Fund (as described in Section IV below) the Adviser shall follow the process for voting such proxy as described in Section
IV below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser is required to report any material change to the
Adviser Procedures to the Board in the manner set forth in Section V below. In addition, the Board will review the Adviser Procedures
annually.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">III.&#8194; &#8194;Delegation of Proxy Voting Disclosure
Responsibilities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to Rule 30b1-4 promulgated under the Investment Company
Act of 1940, as amended (the &#8220;1940 Act&#8221;), the Fund is required to file Form N-PX no later than August 31st of each
year. On Form N-PX, the Fund is required to disclose, among other things, information concerning proxies relating to the Fund&#8217;s
portfolio investments, whether or not the Fund (or its Adviser) voted the proxies relating to securities held by the Fund and how
it voted on the matter and whether it voted for or against management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To facilitate the filing of Form N-PX for the Fund:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Adviser is required to record, compile and transmit in a timely manner all data required to be filed on Form N-PX for the
Fund that it manages. Such data shall be transmitted to Eaton Vance Management, which acts as administrator to the Fund (the &#8220;Administrator&#8221;)
or the third party service provider designated by the Administrator; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Administrator is required to file Form N-PX on behalf of the Fund with the Securities and Exchange Commission (&#8220;Commission&#8221;)
as required by the 1940 Act. The Administrator may delegate the filing to a third party service party provided each such filing
is reviewed and approved by the Administrator.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">IV.&#8194; &#8194;Conflicts of Interest</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board expects the Adviser, as a fiduciary to the Fund it
manages, to put the interests of the Fund and its shareholders above those of the Adviser. When required to vote a proxy for the
Fund, the Adviser may have material business relationships with the issuer soliciting the proxy that could give rise to a potential
material conflict of interest for the Adviser.<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT>
In the event such a material conflict of interest arises, the Adviser, to the extent it is aware or reasonably should have been
aware of the material conflict, will refrain from voting any proxies related to companies giving rise to such material conflict
until it notifies and consults with the appropriate Board, or any committee, sub-committee or group of Independent Trustees identified
by the Board (as long as such committee, sub-committee or group contains at least two or more Independent Trustees) (the &#8220;Board
Members&#8221;), concerning the material conflict.<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT>
For ease of communicating with the Board Members, the Adviser is required to provide the foregoing notice to the Fund&#8217;s Chief
Legal Officer who will then notify and facilitate a consultation with the Board Members.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Once the Board Members have been notified of the material conflict:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>They shall convene a meeting to review and consider all relevant materials related to the proxies involved. This meeting shall
be convened within 3 business days, provided that it an effort will be made to convene the meeting sooner if the proxy must be
voted in less than 3 business days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In considering such proxies, the Adviser shall make available all materials requested by the Board Members and make reasonably
available appropriate personnel to discuss the matter upon request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Board Members will then instruct the Adviser on the appropriate course of action with respect to the proxy at issue.</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the Board Members are unable to meet and the failure to vote
a proxy would have a material adverse impact on the Fund(s) involved, the Adviser will have the right to vote such proxy, provided
that it discloses the existence of the material conflict to the Chairperson of the Board as soon as practicable and to the Board
at its next meeting. Any determination regarding the voting of proxies of the Fund that is made by the Board Members shall be deemed
to be a good faith determination regarding the voting of proxies by the full Board.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">V.&#8194; &#8194; Reports and Review</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Administrator shall make copies of each Form N-PX filed on
behalf of the Fund available for the Boards&#8217; review upon the Boards&#8217; request. The Administrator (with input from the
Adviser for the Fund) shall also provide any reports reasonably requested by the Board regarding the proxy voting records of the
Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser shall report any material changes to the Adviser
Procedures to the Board as soon as practicable and the Boards will review the Adviser Procedures annually.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser also shall report any changes to the Adviser Procedures
to the Fund Chief Legal Officer prior to implementing such changes in order to enable the Administrator to effectively coordinate
the Fund&#8217;s disclosure relating to the Adviser Procedures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To the extent requested by the Commission, the Policy and the
Adviser Procedures shall be appended to the Fund&#8217;s statement of additional information included in its registration statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">_____________________</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></TD><TD>The Eaton Vance Funds may be organized as trusts or corporations. For ease of reference, the Funds may be referred to herein
as Trusts and the Funds&#8217; Board of Trustees or Board of Directors may be referred to collectively herein as the Board.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></TD><TD>An Adviser is expected to maintain a process for identifying a potential material conflict of interest. As an example only,
such potential conflicts may arise when the issuer is a client of the Adviser and generates a significant amount of fees to the
Adviser or the issuer is a distributor of the Adviser&#8217;s products.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></TD><TD>If a material conflict of interest exists with respect to a particular proxy and the proxy voting procedures of the relevant
Adviser require that proxies are to be voted in accordance with the recommendation of a third party proxy voting vendor, the requirements
of this Section IV shall only apply if the Adviser intends to vote such proxy in a manner inconsistent with such third party recommendation.</TD></TR></TABLE>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">BOSTON MANAGEMENT AND RESEARCH</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE INVESTMENT COUNSEL</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE TRUST COMPANY</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE MANAGEMENT (INTERNATIONAL)
LIMITED</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">EATON VANCE ADVISERS INTERNATIONAL LTD.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">PROXY VOTING POLICIES AND PROCEDURES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">I. Introduction</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Eaton Vance Management, Boston Management and Research, Eaton
Vance Investment Counsel, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd. and Eaton Vance
Trust Company (each an &#8220;Adviser&#8221; and collectively the &#8220;Advisers&#8221;) have each adopted and implemented policies
and procedures that each Adviser believes are reasonably designed to ensure that proxies are voted in the best interest of clients,
in accordance with its fiduciary duties and, to the extent applicable, Rule 206(4)-6 under the Investment Advisers Act of 1940,
as amended. The Advisers&#8217; authority to vote the proxies of their clients is established by their advisory contracts or similar
documentation, such as the Eaton Vance Funds Proxy Voting Policy and Procedures. These proxy policies and procedures reflect the
U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) requirements governing advisers and the long-standing fiduciary standards
and responsibilities for ERISA accounts set out in the Department of Labor Bulletin 94-2 C.F.R. 2509.94-2 (July 29, 1994).</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">II. Overview</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Each Adviser manages its clients&#8217; assets with the overriding
goal of seeking to provide the greatest possible return to such clients consistent with governing laws and the investment policies
of each client. In pursuing that goal, each Adviser seeks to exercise its clients&#8217; rights as shareholders of voting securities
to support sound corporate governance of the companies issuing those securities with the principle aim of maintaining or enhancing
the companies&#8217; economic value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The exercise of shareholder rights is generally done by casting
votes by proxy at shareholder meetings on matters submitted to shareholders for approval (for example, the election of directors
or the approval of a company&#8217;s stock option plans for directors, officers or employees). Each Adviser has established guidelines
(&#8220;Guidelines&#8221;) as described below and generally will utilize such Guidelines in voting proxies on behalf of its clients.
The Guidelines are largely based on those developed by the Agent (defined below) but also reflect input from the Global Proxy Group
(defined below) and other Adviser investment professionals and are believed to be consistent with the views of the Adviser on the
various types of proxy proposals. These Guidelines are designed to promote accountability of a company&#8217;s management and board
of directors to its shareholders and to align the interests of management with those of shareholders. The Guidelines provide a
framework for analysis and decision making but do not address all potential issues.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Except as noted below, each Adviser will vote any proxies received
by a client for which it has sole investment discretion through a third-party proxy voting service (&#8220;Agent&#8221;) in accordance
with the Guidelines in a manner that is reasonably designed to eliminate any potential conflicts of interest, as described more
fully below. The Agent is currently Institutional Shareholder Services Inc. Where applicable, proxies will be voted in accordance
with client-specific guidelines or, in the case of an Eaton Vance Fund that is sub-advised, pursuant to the sub-adviser&#8217;s
proxy voting policies and procedures. Although an Adviser retains the services of the Agent for research and voting recommendations,
the Adviser remains responsible for proxy voting decisions.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">III. Roles and Responsibilities</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. Proxy Administrator</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Proxy Administrator and/or her designee coordinate
the consideration of proxies referred back to the Adviser by the Agent, and otherwise administers these Procedures. In the Proxy
Administrator&#8217;s absence, another employee of the Adviser may perform the Proxy Administrator&#8217;s responsibilities as
deemed appropriate by the Global Proxy Group. The Proxy Administrator also may designate another employee to perform certain of
the Proxy Administrator&#8217;s duties hereunder, subject to the oversight of the Proxy Administrator.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent is responsible for coordinating with the
clients&#8217; custodians and the Advisers to ensure that all proxy materials received by the custodians relating to the portfolio
securities are processed in a timely fashion. Each Adviser shall instruct the custodian for its clients to deliver proxy ballots
and related materials to the Agent. The Agent shall vote and/or refer all proxies in accordance with the Guidelines. The Agent
shall retain a record of all proxy votes handled by the Agent. With respect to each Eaton Vance Fund memorialized therein, such
record must reflect all of the information required to be disclosed in the Fund&#8217;s Form N-PX pursuant to Rule 30b1-4 under
the Investment Company Act of 1940, to the extent applicable. In
addition, the Agent is responsible for maintaining copies of all proxy statements received by issuers and to promptly provide such
materials to an Adviser upon request.</P>


<!-- Field: Page; Sequence: 48 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Subject to the oversight of the Advisers, the Agent
shall establish and maintain adequate internal controls and policies in connection with the provision of proxy voting services
to the Advisers, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict
of interest, and shall disclose such controls and policies to the Advisers when and as provided for herein. Unless otherwise specified,
references herein to recommendations of the Agent shall refer to those in which no conflict of interest has been identified. The
Advisers are responsible for the ongoing oversight of the Agent as contemplated by SEC Staff Legal Bulletin No. 20 (June 30, 2014).
Such oversight currently may include one or more of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic review of Agent&#8217;s proxy voting platform and reporting capabilities (including recordkeeping);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic review of a sample of ballots for accuracy and correct application of the Guidelines;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic meetings with Agent&#8217;s client services team;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodic in-person and/or web-based due diligence meetings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>receipt and review of annual certifications received from the Agent; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>annual review of due diligence materials provided by the Agent, including review of procedures and practices regarding potential
conflicts of interests.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Global Proxy Group</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Adviser shall establish a Global Proxy Group which
is responsible for establishing the Guidelines (described below) and reviewing such Guidelines at least annually. The Global Proxy
Group shall also review recommendations to vote proxies in a manner that is contrary to the Guidelines and when the proxy relates
to a conflicted company of the Adviser or the Agent as described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The members of the Global Proxy Group shall include
the Chief Equity Investment Officer of Eaton Vance Management (&#8220;EVM&#8221;) and selected members of the Equity Departments
of EVM and Eaton Vance Advisers International Ltd. (&#8220;EVAIL&#8221;) and EVM&#8217;s Global Income Department. The Proxy Administrator
is not a voting member of the Global Proxy Group. Members of the Global Proxy Group may be changed from time to time at the Advisers&#8217;
discretion. Matters that require the approval of the Global Proxy Group may be acted upon by its member(s) available to consider
the matter.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">IV. Proxy Voting</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. The Guidelines</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Global Proxy Group shall establish recommendations
for the manner in which proxy proposals shall be voted (the &#8220;Guidelines&#8221;). The Guidelines shall identify when ballots
for specific types of proxy proposals shall be voted<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt"><SUP>(1)
</SUP></FONT>or referred to the Adviser. The Guidelines shall address a wide variety of individual topics, including, among other
matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director
compensation, reorganizations, mergers, issues of corporate social responsibility and other proposals affecting shareholder rights.
In determining the Guidelines, the Global Proxy Group considers the recommendations of the Agent as well as input from the Advisers&#8217;
portfolio managers and analysts and/or other internally developed or third party research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Global Proxy Group shall review the Guidelines
at least annually and, in connection with proxies to be voted on behalf of the Eaton Vance Funds, the Adviser will submit amendments
to the Guidelines to the Fund Boards each year for approval.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">With respect to the types of proxy proposals listed
below, the Guidelines will generally provide as follows:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Proposals Regarding Mergers and Corporate
Restructurings/Disposition of Assets/Termination/Liquidation and Mergers</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent shall be directed to refer proxy proposals
accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee for all proposals
relating to Mergers and Corporate Restructurings.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Corporate Structure Matters/Anti-Takeover
Defenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">As a general matter, the Advisers will normally vote
against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions
(except in the case of closed-end management investment companies).</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Proposals Regarding Proxy Contests</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Agent shall be directed to refer contested proxy
proposals accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee.</P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Social and Environmental Issues</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Advisers will vote social and environmental proposals
on a &#8220;case-by-case&#8221; basis taking into consideration industry best practices and existing management policies and practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Interpretation and application of the Guidelines is
not intended to supersede any law, regulation, binding agreement or other legal requirement to which an issuer or the Adviser may
be or become subject. The Guidelines generally relate to the types of proposals that are most frequently presented in proxy statements
to shareholders. In certain circumstances, an Adviser may determine to vote contrary to the Guidelines subject to the voting procedures
set forth below.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Voting Procedures</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">Except as noted in Section V below, the Proxy Administrator
and/or her designee shall instruct the Agent to vote proxies as follows:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">1. Vote in Accordance with Guidelines</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If the Guidelines prescribe the manner in which the
proxy is to be voted, the Agent shall vote in accordance with the Guidelines, which for certain types of proposals, are recommendations
of the Agent made on a case-by-case basis.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">2. Seek Guidance for a Referred Item or a Proposal
for which there is No Guideline</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">If (i) the Guidelines state that the proxy shall be
referred to the Adviser to determine the manner in which it should be voted or (ii) a proxy is received for a proposal for which
there is no Guideline, the Proxy Administrator and/or her designee shall consult with the analyst(s) covering the company subject
to the proxy proposal and shall instruct the Agent to vote in accordance with the determination of the analyst. The Proxy Administrator
and/or her designee will maintain a record of all proxy proposals that are referred by the Agent, as well as all applicable recommendations,
analysis and research received and the resolution of the matter. Where more than one analyst covers a particular company and the
recommendations of such analysts for voting a proposal subject to this Section IV.B.2 conflict, the Global Proxy Group shall review
such recommendations and any other available information related to the proposal and determine the manner in which it should be
voted, which may result in different recommendations for clients (including Funds).</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">3. Votes Contrary to the Guidelines or Where
Agent is Conflicted</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">In the event an analyst with respect to companies
within his or her coverage area may recommend a vote contrary to the Guidelines, the Proxy Administrator and/or her designee will
provide the Global Proxy Group with the Agent&#8217;s recommendation for the Proposal along with any other relevant materials,
including a description of the basis for the analyst&#8217;s recommendation via email and the Proxy Administrator and/or designee
will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. Should the vote <FONT STYLE="letter-spacing: 0.1pt">by</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">Global</FONT> <FONT STYLE="letter-spacing: 0.05pt">Proxy</FONT> Group concerning one
or <FONT STYLE="letter-spacing: -0.05pt">more recommendations</FONT> result in a <FONT STYLE="letter-spacing: -0.05pt">tie, EVM&#8217;s
Chief </FONT>Equity <FONT STYLE="letter-spacing: -0.05pt">Investment Officer </FONT>will <FONT STYLE="letter-spacing: -0.05pt">determine</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">manner </FONT>in <FONT STYLE="letter-spacing: -0.05pt">which</FONT> the proxy <FONT STYLE="letter-spacing: -0.05pt">will</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">voted. </FONT>The Adviser will provide a report to the Boards of Trustees of the Eaton
Vance Funds reflecting any votes cast on behalf of the Eaton Vance Funds contrary to the Guidelines, and shall do so quarterly.
A similar process will be followed if the Agent has a conflict of interest with respect to a proxy as described in Section VI.B.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">4. Do Not Cast a Vote</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">It shall generally be the policy of the Advisers to
take no action on a proxy for which no client holds a position or otherwise maintains an economic interest in the relevant security
at the time the vote is to be cast. In addition, the Advisers may determine not to vote (i) if the economic effect on shareholders'
interests or the value of the portfolio holding is indeterminable or insignificant (<I>e.g.,</I> proxies in connection with securities
no longer held in the portfolio of a client or proxies being considered on behalf of a client that is no longer in existence);
(ii) if the cost of voting a proxy outweighs the benefits (<I>e.g.,</I> certain international proxies, particularly in cases in
which share blocking practices may impose trading restrictions on the relevant portfolio security); or (iii) in markets in which
shareholders' rights are limited, and the Adviser is unable to timely access ballots or other proxy information. Non-Votes may
also result in certain cases in which the Agent's recommendation has been deemed to be conflicted, as provided for herein.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Securities on Loan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">When a fund client participates in the lending of
its securities and the securities are on loan at the record date for a shareholder meeting, proxies related to such securities
generally will not be forwarded to the relevant Adviser by the fund&#8217;s custodian and therefore will not be voted. In the event
that the Adviser determines that the matters involved would have a material effect on the applicable fund&#8217;s investment in
the loaned securities, the Adviser will make reasonable efforts to terminate the loan in time to be able to cast such vote or exercise
such consent. The Adviser shall instruct the fund&#8217;s security lending agent to refrain from lending the full position of any
security held by a fund to ensure that the Adviser receives notice of proxy proposals impacting the loaned security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">V. Recordkeeping</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisers will maintain records relating to the proxies they
vote on behalf of their clients in accordance with Section 204-2 of the Investment Advisers Act of 1940, as amended. Those records
will include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A copy of the Advisers&#8217; proxy voting policies and procedures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Proxy statements received regarding client securities. Such proxy statements received from issuers are either in the SEC&#8217;s
EDGAR database or are kept by the Agent and are available upon request;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A record of each vote cast;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A copy of any document created by the Advisers that was material to making a decision on how to vote a proxy for a client or
that memorializes the basis for such a decision; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Each written client request for proxy voting records and the Advisers&#8217; written response to any client request (whether
written or oral) for such records.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">All records described above will be maintained in an easily accessible
place for five years and will be maintained in the offices of the Advisers or their Agent for two years after they are created.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Notwithstanding anything contained in this Section V, Eaton Vance
Trust Company shall maintain records relating to the proxies it votes on behalf of its clients in accordance with laws and regulations
applicable to it and its activities. In addition, EVAIL shall maintain records relating to the proxies it votes on behalf of its
clients in accordance with UK law.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">VI. Assessment of Agent and Identification and Resolution
of Conflicts with Clients</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in"><FONT STYLE="text-transform: uppercase">A. A</FONT>ssessment
of Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">The Advisers shall establish that the Agent (i) is
independent from the Advisers, (ii) has resources that indicate it can competently provide analysis of proxy issues, and (iii)
can make recommendations in an impartial manner and in the best interests of the clients and, where applicable, their beneficial
owners. The Advisers shall utilize, and the Agent shall comply with, such methods for establishing the foregoing as the Advisers
may deem reasonably appropriate and shall do so not less than annually as well as prior to engaging the services of any new proxy
voting service. The Agent shall also notify the Advisers in writing within fifteen (15) calendar days of any material change to
information previously provided to an Adviser in connection with establishing the Agent&#8217;s independence, competence or impartiality.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Conflicts of Interest</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">As fiduciaries to their clients, each Adviser puts
the interests of its clients ahead of its own. In order to ensure that relevant personnel of the Advisers are able to identify
potential material conflicts of interest, each Adviser will take the following steps:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Quarterly, the Eaton Vance Legal and Compliance Department will seek information from the department heads of each department
of the Advisers and of Eaton Vance Distributors, Inc. (&#8220;EVD&#8221;) (an affiliate of the Advisers and principal underwriter
of certain Eaton Vance Funds). Each department head will be asked to provide a list of significant clients or prospective clients
of the Advisers or EVD.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A representative of the Legal and Compliance Department will compile a list of the companies identified (the &#8220;Conflicted
Companies&#8221;) and provide that list to the Proxy Administrator.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Proxy Administrator will compare the list of Conflicted Companies with the names of companies for which he or she has been
referred a proxy statement (the &#8220;Proxy Companies&#8221;). If a Conflicted Company is also a Proxy Company, the Proxy Administrator
will report that fact to the Global Proxy Group.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If the Proxy Administrator expects to instruct the Agent to vote the proxy of the Conflicted Company strictly according to
the Guidelines contained in these Proxy Voting Policies and Procedures (the &#8220;Policies&#8221;) or the recommendation of the
Agent, as applicable, he or she will (i) inform the Global Proxy Group of that fact, (ii) instruct the Agent to vote the proxies
and (iii) record the existence of the material conflict and the resolution of the matter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy
Group will then determine if a material conflict of interest exists between the relevant Adviser and its clients (in consultation
with the Legal and Compliance Department if needed). If the Global Proxy Group determines that a material conflict exists, prior
to instructing the Agent to vote any proxies relating to these Conflicted Companies the Adviser will seek instruction on how the
proxy should be voted from:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The client, in the case of an individual, corporate, institutional or benefit plan client;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In the case of a Fund, its board of directors, any committee, sub-committee or group of Independent Trustees (as long as such
committee, sub-committee or group contains at least two or more Independent Trustees); or</TD></TR></TABLE>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The adviser, in situations where the Adviser acts as a sub-adviser to such adviser.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser will provide all reasonable assistance to each party
to enable such party to make an informed decision.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">If the client, Fund board or adviser, as the case may be, fails
to instruct the Adviser on how to vote the proxy, the Adviser will generally instruct the Agent, through the Proxy Administrator,
to abstain from voting in order to avoid the appearance of impropriety. If however, the failure of the Adviser to vote its clients&#8217;
proxies would have a material adverse economic impact on the Advisers&#8217; clients&#8217; securities holdings in the Conflicted
Company, the Adviser may instruct the Agent, through the Proxy Administrator, to vote such proxies in order to protect its clients&#8217;
interests. In either case, the Proxy Administrator will record the existence of the material conflict and the resolution of the
matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Advisers shall also identify and address conflicts that may
arise from time to time concerning the Agent. Upon the Advisers&#8217; request, which shall be not less than annually, and within
fifteen (15) calendar days of any material change to such information previously provided to an Adviser, the Agent shall provide
the Advisers with such information as the Advisers deem reasonable and appropriate for use in determining material relationships
of the Agent that may pose a conflict of interest with respect to the Agent&#8217;s proxy analysis or recommendations. Such information
shall include, but is not limited to, a monthly report from the Agent detailing the Agent&#8217;s Corporate Securities Division
clients and related revenue data. The Advisers shall review such information on a monthly basis. The Proxy Administrator shall
instruct the Agent to refer any proxies for which a material conflict of the Agent is deemed to be present to the Proxy Administrator.
Any such proxy referred by the Agent shall be referred to the Global Proxy Group for consideration accompanied by the Agent&#8217;s
written analysis and voting recommendation. The Proxy Administrator will instruct the Agent to vote the proxy as recommended by
the Global Proxy Group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD><TD>The Guidelines will prescribe how a proposal shall be voted or provide factors to be considered on a case-by-case basis by
the Agent in recommending a vote pursuant to the Guidelines.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated March 27, 2018</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Municipal Income Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Statement of Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">March 27, 2018<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">_______________<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&#8195;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Investment Adviser and Administrator</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance Management</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Two International Place</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02110</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&#8195;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Custodian</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Bank and Trust Company</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">State Street Financial Center, One Lincoln
Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02111</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&#8195;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Transfer Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">American Stock Transfer &amp; Trust Company,
LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">6201 15<SUP>th</SUP> Avenue</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Brooklyn, NY 11219</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&#8195;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Independent Registered Public Accounting
Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Deloitte &amp; Touche LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">200 Berkeley Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Boston, MA 02116</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 53; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Eaton Vance Municipal Income Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated March 27, 2018</TD></TR></TABLE></DIV>
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