<SEC-DOCUMENT>0000940394-19-001512.txt : 20200103
<SEC-HEADER>0000940394-19-001512.hdr.sgml : 20200103

<ACCEPTANCE-DATETIME>20191119130034

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000940394-19-001512

CONFORMED SUBMISSION TYPE:	N-2/A

PUBLIC DOCUMENT COUNT:		8

FILED AS OF DATE:		20191119

DATE AS OF CHANGE:		20191126


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Eaton Vance National Municipal Opportunities Trust

		CENTRAL INDEX KEY:			0001454741

		IRS NUMBER:				000000000



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-234007

		FILM NUMBER:		191230216



	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



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Eaton Vance National Municipal Trust

		DATE OF NAME CHANGE:	20090126




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Eaton Vance National Municipal Opportunities Trust

		CENTRAL INDEX KEY:			0001454741

		IRS NUMBER:				000000000



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-22269

		FILM NUMBER:		191230217



	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



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Eaton Vance National Municipal Trust

		DATE OF NAME CHANGE:	20090126



</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>eotn2afinal.htm
<DESCRIPTION>EATON VANCE NATIONAL MUNICIPAL OPPORTUNITIES TRUST N-2/A DTD 11-19-2019
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on November 19, 2019</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1933 Act File No. 333-234007</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>1940 Act File No. 811-22269</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt NewsGoth Dm BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: Black 4.5pt double; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>WASHINGTON, D.C. 20549</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 17pt; font-size: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FORM N-2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT of 1933</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PRE-EFFECTIVE AMENDMENT NO. 1</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>POST-EFFECTIVE AMENDMENT NO.</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>and/or</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE INVESTMENT COMPANY ACT OF 1940</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AMENDMENT NO. 5</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 17pt; font-size: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EATON VANCE NATIONAL MUNICIPAL OPPORTUNITIES TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Exact Name of Registrant as Specified in Charter)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Two International Place, Boston, Massachusetts 02110</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Address of Principal Executive Offices)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(617) 482-8260</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Registrant&#8217;s Telephone Number)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Maureen A. Gemma</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Two International Place, Boston, Massachusetts 02110</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Name and Address of Agent for Service)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Approximate Date of Proposed Public Offering: As soon as practicable
after the effective date of this Registration Statement.</B></P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If any of the securities
being registered on this form are to be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act
of 1933, as amended, other than securities offered in connection with a dividend reinvestment plan, check the following box. </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">It is proposed that this filing will become effective (check appropriate
box):</P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 0 0 6pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When
declared effective pursuant to Section 8(c)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE UNDER
THE SECURITIES ACT OF 1933</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt NewsGoth Dm BT; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Title
    of Securities Being<BR>
    Registered</FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount
    Being Registered<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Proposed
    Maximum Offering Price<BR>
    Per Unit <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Proposed
    Maximum Aggregate<BR>
    Offering Price <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth BdXCn BT; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount
    of Registration Fees<SUP>(1)(2)</SUP></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: 9pt/10pt NewsGoth XCn BT; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Common
    Shares $0.01 par value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,285,745
    Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$22.15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$50,629,251.75</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 9pt/10pt NewsGoth XCn BT; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$6,571.68</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act
of 1933 based on the average of the high and low sales prices of the shares of beneficial interest on November 15, 2019 as reported
on the New York Stock Exchange.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD>A registration fee of $2.70 was previously paid in connection with the initial filing on September 30, 2019.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Registrant hereby amends this Registration Statement on such
date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically
states this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933,
as amended or until the Registration Statement shall become effective on such dates as the Commission, acting pursuant to said
Section 8(a), may determine.</P>
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    <TD STYLE="width: 34%; padding-top: 3pt; padding-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: red">PRELIMINARY PROSPECTUS</FONT></TD>
    <TD STYLE="width: 33%; padding-top: 3pt; padding-bottom: 3pt; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: red">SUBJECT TO COMPLETION</FONT></TD>
    <TD STYLE="width: 33%; padding-top: 3pt; padding-bottom: 3pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: red">November 19, 2019 </FONT></TD></TR>
</TABLE>
<P STYLE="color: red; font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The information in this prospectus is not complete
and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission
is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any jurisdiction where the offer or sale would be prohibited.</P>

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

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center"> Up to 2,285,745 Shares </P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center">Eaton Vance National Municipal Opportunities
Trust</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Common Shares</P>

<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0">Important Note.&nbsp; Beginning on January 1, 2021,
as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Trust&#8217;s annual and semi-annual
shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports
will be made available on the Trust&#8217;s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you
will be notified by mail each time a report is posted and provided with a website address to access the report.</P>

<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0">If you already elected to receive shareholder reports
electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Trust&#8217;s
transfer agent, American Stock Transfer &amp; Trust Company, LLC (&#8220;AST&#8221;), you may elect to receive shareholder reports
and other communications from the Trust electronically by contacting AST.&nbsp; If you own your shares through a financial intermediary
(such as a broker-dealer or bank), you must contact your financial intermediary to sign up.</P>

<P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 0">You may elect to receive all future Trust shareholder
reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies
of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact
your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive
paper copies of your shareholder reports.&nbsp; Your election to receive reports in paper will apply to all funds held with AST
or to all funds held through your financial intermediary, as applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Objectives and Policies</B></FONT>. Eaton Vance National Municipal Opportunities Trust (the &#8220;Trust&#8221;) is a diversified,
closed-end management investment company, which commenced operations on May 27, 2009. The Trust&#8217;s primary investment objective
is to provide current income exempt from federal income tax. Capital appreciation is a secondary objective. The Trust will invest
primarily in municipal obligations that, at the time of investment, are investment grade quality. The Trust also may invest a portion
of its assets in municipal obligations rated below investment grade quality or unrated securities that the Trust&#8217;s investment
adviser considers to be of comparable quality. The Trust&#8217;s net asset value (&#8220;NAV&#8221;) 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&#8217;s use of leverage, which is a speculative investment technique. 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 objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Adviser</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> The Trust&#8217;s investment adviser is
Eaton Vance Management (&#8220;Eaton Vance&#8221; or the &#8220;Adviser&#8221;). As of September 30, 2019, Eaton Vance and its
affiliates managed approximately $489.7 billion of fund and separate account assets on behalf of clients, including 38 open-end
and closed-end municipal bond funds with combined assets of approximately $16.9 billion. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 &#8220;Offering&#8221;), the Trust&#8217;s
common shares of beneficial interest, $0.01 par value (&#8220;Common Shares&#8221;). Common Shares may be offered at prices and
on terms to be set forth in one or more supplements to this Prospectus (each, a &#8220;Prospectus Supplement&#8221;). 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: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
Common Shares have traded both at a premium and a discount to NAV</B></FONT>. 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 &#8220;1940
Act&#8221;), 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&#8217;s common stock (calculated within 48 hours of pricing). The Trust&#8217;s
issuance of Common Shares may have an adverse effect on prices in the secondary market for the Trust&#8217;s Common Shares by increasing
the number of Common Shares available, which may put downward pressure on the market price for the Trust&#8217;s Common Shares.
Shares of common stock of closed-end investment companies frequently trade at a discount from NAV, which may increase investors&#8217;
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 &#8220;Investment Objectives, Policies and Risks&#8221; beginning at page 24. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Neither the Securities and Exchange Commission (&#8220;SEC&#8221;)
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: 3pt 0"><I>(continued from previous page)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 gross assets in debt obligations
issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their
political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (&#8220;municipal
obligations&#8221;), including investments in residual interest bonds whose interest is exempt from regular federal income tax.
During normal market conditions, at least 70% of the Trust&#8217;s investments in municipal obligations will be investment grade
quality at the time of investment. Up to 30% of the Trust&#8217;s investments in municipal obligations may be below investment
grade quality at the time of investment. Up to 20% of the Trust&#8217;s investments in municipal obligations may be subject to
the alternative minimum tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">A municipal obligation is considered investment grade quality
if it is either (i) rated within the four highest ratings categories by at least one nationally recognized statistical rating organization
(a &#8220;Rating Agency&#8221;), which are those rated Baa or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;)
or BBB or higher by Standard&nbsp;&amp; Poor&#8217;s Ratings Services (&#8220;S&amp;P&#8221;) or Fitch Ratings (&#8220;Fitch&#8221;),
or (ii) an unrated municipal obligation that the Trust&#8217;s investment adviser considers to be of investment grade quality.
If a municipal obligation is rated differently by two or more Rating Agencies, the Trust will use the higher of such ratings (the
&#8220;Municipal Obligation Rating&#8221;). If a municipal obligation is insured, the Trust will use the higher of the Municipal
Obligation Rating or the insurance issuer&#8217;s rating. Securities rated in the fourth highest category (i.e., Baa by Moody&#8217;s
or BBB by S&amp;P or Fitch) are considered investment grade quality, but may have speculative characteristics. A municipal obligation
is considered below investment grade quality if it is either (i) rated below investment grade by a Rating Agency, or (ii) an unrated
municipal obligation that the Trust&#8217;s investment adviser considers to be of comparable quality. Municipal obligations of
below investment grade quality (commonly referred to as &#8220;junk&#8221; bonds) involve special risks as compared to municipal
obligations of investment grade quality. These risks include greater sensitivity to a general economic downturn, greater market
price volatility and less secondary market trading. The Trust may invest in below investment grade municipal obligations of any
quality. This means that the Trust&#8217;s investments in municipal obligations may include securities of issuers that are having
financial difficulties, which may include being in default on obligations to pay principal or interest thereon when due or involved
in bankruptcy or insolvency proceedings (such securities are commonly referred to as &#8220;distressed securities&#8221;).</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 to seek to enhance returns by investing in residual interest bonds. The Trust will not utilize
leverage in excess of 15% of its gross assets. 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. Although the Trust
has no current intention to do so, the Trust is authorized also to utilize leverage through the issuance of preferred shares and/or
borrowings, including the issuance of debt securities. The Trust may borrow for temporary, emergency or other purposes as permitted
by the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The Adviser anticipates that the use of leverage (from residual
interest bonds) may result in higher income to holders of Common Shares (&#8220;Common Shareholders&#8221;) 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 investment advisory fee paid to Eaton Vance will be calculated on the basis of the
Trust&#8217;s average daily gross assets. &#8220;Gross assets&#8221; of the Trust means total assets of the Trust, including assets
attributable to any form of leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding
any liabilities or obligations attributable to leverage obtained through (i) indebtedness of any type (including, without limitation,
borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other similar
preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the Trust&#8217;s
investment objectives and policies, and/or (iv) any other means; all as determined in accordance with generally accepted accounting
principles. This means that the Trust&#8217;s advisory fees will be higher when leverage is utilized which may create an incentive
for the Adviser to employ leverage. In this regard, holders of debt or preferred shares 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
from the use of leverage, which means that Common Shareholders effectively bear the entire advisory fee. See &#8220;Investment
Objective, Policies and Risks &#8211; Use of Leverage and Related Risks&#8221; at page 31, &#8220;Investment Objective, Policies
and Risks &#8211; Additional Risk Considerations&#8221; at page 33 and &#8220;Description of Capital Structure&#8221; at page 47. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exchange
Listing.</B></FONT> As of November 15, 2019, the Trust had 15,238,302 Common Shares outstanding, which are traded on the New
York Stock Exchange (&#8220;NYSE&#8221;) under the symbol &#8220;EOT.&#8221; As of November 15, 2019, the last reported sales price
of a Common Share of the Trust on the NYSE was $22.15. 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 (&#8220;SAI&#8221;) dated [_____], has been filed with the SEC and
is incorporated by reference into this Prospectus. You may request a free copy of the SAI, the table of contents of which is on
page 52 of this Prospectus, a free copy of our annual and semi-annual reports to shareholders (when available), obtain 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&#8217;s SAI and annual and semi-annual reports also are available free of charge on our website
at http://www.eatonvance.com and on the SEC&#8217;s website (http://www.sec.gov). You may also obtain these documents, after paying
a duplication fee, by electronic request at the following email address: publicinfo@sec.gov. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust&#8217;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: 3pt 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>


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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" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; padding-top: 3pt; padding-bottom: 3pt">Prospectus Summary &#9;</TD>
    <TD STYLE="width: 7%; padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 6 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Summary of Trust Expenses &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 20 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Financial Highlights and Investment Performance &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 21 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">The Trust &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 23 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Use of Proceeds &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 24 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"> Portfolio Composition&#9; </TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 24 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Investment Objectives, Policies and Risks &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 24 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Management of the Trust &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 42 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Plan of Distribution &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 43 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Distributions &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 44 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Federal Income Tax Matters &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 44 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Dividend Reinvestment Plan &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 46 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Description of Capital Structure &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 47 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Custodian and Transfer Agent &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 51 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Legal Opinions &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 51 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Reports to Shareholders &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 51 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Independent Registered Public Accounting Firm &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 51 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Additional Information &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 51 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Table of Contents for the Statement of Additional Information &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 52 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">The Trust&#8217;s Privacy Policy &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: right"> 53 </TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">This Prospectus, any accompanying Prospectus Supplement and the
SAI contain &#8220;forward-looking statements.&#8221; Forward-looking statements can be identified by the words &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;plan,&#8221;
&#8220;anticipate,&#8221; 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: 3pt 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 &#8220;Investment Objectives, Policies and Risks&#8221;
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 SAI are excluded from the safe harbor protection provided by section 27A of the Securities Act of 1933, as amended (the
&#8220;1933 Act&#8221;).</P>

<P STYLE="font: 10pt 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 &#8220;Investment Objectives,
Policies and Risks&#8221; 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: 3pt 0; text-align: center"><FONT STYLE="font-weight: normal">Prospectus
dated [___________]</FONT></P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">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 SAI.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Eaton Vance National Municipal Opportunities Trust (the &#8220;Trust&#8221;)
is a diversified, closed-end management investment company, which commenced operations on May 27, 2009. The Trust&#8217;s investment
objective is to provide current income exempt from federal income tax with capital appreciation as a secondary objective. Investments
are based on the municipal securities research, trading and portfolio management of the Trust&#8217;s investment adviser, Eaton
Vance Management (&#8220;Eaton Vance&#8221; or the &#8220;Adviser&#8221;), which generally are not available to individual investors.
The Trust&#8217;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 objectives.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The Trust may offer, from time to time, in one or more offerings
(each, an &#8220;Offering&#8221;), up to 2,285,745 of the Trust&#8217;s common shares of beneficial interest, $0.01 par value
(&#8220;Common Shares&#8221;), 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 &#8220;Plan of Distribution.&#8221; 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: 6pt 0">INVESTMENT OBJECTIVES, POLICIES AND RISKS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Objectives.</B></FONT> The Trust&#8217;s primary investment objective is to provide current income exempt from federal income tax.
The Trust&#8217;s secondary investment objective is capital appreciation. The Trust will seek achieve its investment objectives
by investing primarily in municipal obligations (as defined below) that, at the time of investment, are investment grade quality.
The Trust also may invest a portion of its gross assets in municipal obligations rated below investment grade or unrated securities
that the Adviser considers to be of comparable quality. There is no assurance that the Trust will achieve its investment objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Parameters</B></FONT>. During normal market conditions, the Trust will invest at least 80% of its gross assets in debt obligations
issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their
political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (&#8220;municipal
obligations&#8221;). For purposes of this 80% policy, municipal obligations will include investments in residual interest bonds
whose interest is exempt from regular federal income tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust&#8217;s investment objectives are considered a non-fundamental
policy that may be changed by the Trust&#8217;s Board of Trustees (the &#8220;Board&#8221;) without approval of the holders of
the Trust&#8217;s common shares (&#8220;Common Shareholder&#8221;). The Trust&#8217;s policy of investing at least 80% of its gross
assets in municipal obligations is considered fundamental and may only be changed upon Common Shareholder approval.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> 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, the interest on which is exempt from regular federal income tax. Public purpose municipal
bonds include general obligation and revenue 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 an amount. 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&#8217;s legislature. Municipal notes
include bond anticipation, tax anticipation and revenue anticipation notes. Bond, tax and revenue anticipation notes </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">are short-term obligations that will be retired with the proceeds
of an anticipated bond issue, tax revenue or facility revenue, respectively. 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. The Trust may purchase municipal obligations in the form of bonds, notes,
leases or certificates of participation; structured as callable or non-callable; with payment forms that include fixed coupon,
variable rate, zero-coupon, capital appreciation bonds, residual interest bonds and short-term floating-rate securities. Such municipal
obligations may be acquired through investments in pooled vehicles, partnerships, or other investment companies. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">During normal market conditions, at least 70% of the Trust&#8217;s
investments in municipal obligations will be investment grade quality at time of investment. A municipal obligation is considered
investment grade quality if it is either (i) rated within the four highest ratings categories by at least one nationally recognized
statistical rating organization (a &#8220;Rating Agency&#8221;), which are those rated Baa or higher by Moody&#8217;s Investors
Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB or higher by Standard &amp; Poor&#8217;s Ratings Services (&#8220;S&amp;P&#8221;)
or Fitch Ratings (&#8220;Fitch&#8221;), or (ii) an unrated municipal obligation that the Trust&#8217;s investment adviser considers
to be of investment grade quality. If a municipal obligation is rated differently by two or more Rating Agencies, the Trust will
use the higher of such ratings (the &#8220;Municipal Obligation Rating&#8221;). If a municipal obligation is insured, the Trust
will use the higher of the Municipal Obligation Rating or the insurance issuer&#8217;s rating. Securities rated in the fourth highest
category (i.e., Baa by Moody&#8217;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: 3pt 0">Up to 30% of the Trust&#8217;s investments in municipal obligations
may be below investment grade quality at time of investment. A municipal obligation is considered below investment grade quality
if it is either (i) rated below investment grade by a Rating Agency, or (ii) an unrated municipal obligation that the Trust&#8217;s
investment adviser considers to be of comparable quality. Municipal obligations of below investment grade quality (commonly referred
to as &#8220;junk&#8221; bonds) involve special risks as compared to municipal obligations of investment grade quality. These risks
include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading.
The Trust may invest in below investment grade municipal obligations of any quality. This means that the Trust&#8217;s investments
in municipal obligations may include securities of issuers that are having financial difficulties, which may include being in default
on obligations to pay principal or interest thereon when due or involved in bankruptcy or insolvency proceedings (such securities
are commonly referred to as &#8220;distressed securities&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Under normal market conditions, the Trust will seek to maintain
an average credit quality of investment grade. As indicated above, the Trust may invest in unrated obligations for which Eaton
Vance will make a credit quality determination for purposes of the Trust&#8217;s credit quality policy. To the extent that the
Trust invests in such unrated obligations, the Trust&#8217;s credit quality will be more dependent on Eaton Vance&#8217;s credit
analysis than if the Trust invested in only rated obligations. For a description of the risks of investing in below investment
grade securities, see &#8220;Investment Objectives, Policies and Risks &#8211; Risk Considerations &#8211; Below Investment Grade
Securities Risks.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Up to 20% of the Trust&#8217;s investments in municipal obligations
may be subject to the alternative minimum tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Up to 5% of the Trust&#8217;s investments in municipal obligations
may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations
are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled
between certain states and American tobacco companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust invests in residual interest bonds, also known as inverse
floating rate securities, which have the economic effect of leverage. A residual interest bond is a type of inverse floating-rate
security created by dividing the income from a municipal bond into two portions. Typically, a third-party sponsor will create a
trust (commonly referred to as a tender option bond trust) consisting of one or more municipal bonds and then create two new securities:
a short-term floating-rate security and a residual interest inverse floating-rate bond. The short-term floating rate security will
be linked to a reference interest rate (such as the London Interbank Offered Rate (&#8220;LIBOR&#8221;), or the Securities Industry
and Financial Markets Association (&#8220;SIFMA&#8221;) Municipal Bond Swap Index), and the tender option bond trust&#8217;s income
will be used to pay the coupon on the short-term floating rate security, with any remaining income going toward the residual interest
bond. 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. As market interest rates increase, the value of a residual interest bond will decrease. 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 NAV of Common Shares.</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust generally will not invest more than 2% of its gross
assets in any security of below investment grade quality.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> &#8220;Gross assets&#8221; of the Trust shall mean total assets
of the Trust, including assets attributable to any form of leverage, minus all accrued expenses incurred in the normal course of
operations, but not excluding any liabilities or obligations attributable to leverage obtained through (i) indebtedness of any
type (including, without limitation, borrowing through a credit facility or the issuance of debt securities or through the purchase
of residual interest bonds), (ii) the issuance of preferred stock or other similar preference securities, (iii)&nbsp;the reinvestment
of collateral received for securities loaned in accordance with the Trust&#8217;s investment objectives and policies, and/or (iv)&nbsp;any
other means; all as determined in accordance with generally accepted accounting principles. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">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. 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. The
Trust also may enter into interest rate, total return and other swaps and forward rate contracts to seek to hedge against changes
in interest rates or for other risk management purposes. See &#8220;Investment Objectives, Policies and Risks &#8211; Additional
Investment Practices &#8211; Derivative Instruments.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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(s) and other
policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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. In determining whether to retain or
sell such a security, Eaton Vance may consider such factors as Eaton Vance&#8217;s assessment of the credit quality of the issuer
of such security, the price at which such security could be sold and the rating, if any, assigned to such security by other Rating
Agencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust is a &#8220;diversified&#8221; investment company which
means that with respect to 75% of its total assets (1) it may not invest more than 5% of its total assets in the securities of
any one issuer and (2) it may not own more than 10% of the outstanding voting securities of any one issuer. Therefore, with respect
to no more than 25% of its total assets, the Trust may invest more than 5% of the value of its total assets in the obligations
of any single issuer. To the extent the Trust invests a relatively high percentage of its assets in obligations of a limited number
of issuers, the Trust will be more susceptible to any single corporate, economic, political or regulatory occurrence.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> As of November 15, 2019, The Trust had 15,238,302 Common
Shares outstanding. The Trust&#8217;s Common Shares are traded on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol
&#8220;EOT.&#8221; As of November 15, 2019, the last reported sale price of a Common Share of the Trust on the NYSE was $22.15.
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: 6pt 0">LEVERAGE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The Trust uses leverage in the form of residual interest
bonds. The Trust will not utilize leverage in excess of 15% of its gross assets. Residual interest bonds are residual interests
of a special purpose vehicle (&#8220;SPV&#8221;) that holds municipal obligations. Residual interest bonds pay interest at rates
that vary inversely with changes in prevailing short-term tax-exempt interest rates and provide the economic effect of leverage.
The interest rate payable on a residual interest bond also bears an inverse relationship to the interest rate on floating rate
notes issued by the SPV. Because changes in the interest rate on such floating rate notes inversely affect the interest paid on
the residual interest bond, the value and income of a residual interest bond is generally more volatile than that of a fixed rate
bond. Residual interest bonds 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. Residual interest bonds 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, residual interest bonds typically offer
the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. While
residual interest bonds expose the Trust to leverage risk because they provide two or more dollars of bond market exposure for
every dollar invested, they are not subject to the Trust&#8217;s restrictions on borrowings. See &#8220;Investment Objectives,
Policies and Risks&#8221; &#8211; Primary Investment Policies &#8211; Residual Interest Bonds.&#8221; Although the Trust has no
current intention to do so, the Trust is also authorized to utilize leverage through the issuance of preferred shares and/or borrowings,
including the issuance of debt securities. The Trust may borrow for temporary, emergency or other purposes as permitted by the
1940 Act. </P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Eaton Vance anticipates that the use of leverage (from residual
interest bonds and any borrowings) may result in higher income to holders of Common Shares (&#8220;Common Shareholders&#8221;)
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: 3pt 0"> The costs of the financial leverage program (from investment
in residual interest bonds and any borrowings) are borne by Common Shareholders and consequently result in a reduction of the NAV
of Common Shares. 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&#8217;s average daily gross assets, which may create a conflict
of interest between Eaton Vance and the Common Shareholders. &#8220;Gross assets&#8221; of the Trust means the total assets of
the Trust, including assets attributable to any form of leverage, minus all accrued expenses incurred in the normal course of operations,
but not excluding any liabilities or obligations attributable to leverage. See &#8220;Investment Objectives, Policies and Risks
&#8211; Risk Considerations &#8211; Leverage Risks.&#8221; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Trust&#8217;s use of derivative instruments exposes the Trust to special risks. See &#8220;Investment
Objectives, Policies and Risks &#8211; Additional Investment Practices&#8221; and &#8220;Investment Objectives, Policies and Risks
&#8211; Additional Risk Considerations.&#8221; </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Eaton Vance, a wholly-owned subsidiary of Eaton Vance Corp.,
is the Trust&#8217;s investment adviser and administrator. As of September 30, 2019, Eaton Vance and its affiliates managed approximately
$489.7 billion of fund and separate account assets on behalf of clients, including 38 open-end and closed-end municipal bond funds
with combined assets of approximately $16.9 billion. See &#8220;Management of the Trust.&#8221; </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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&#8217;s agreement with them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 6pt 0">DISTRIBUTIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 any preferred shares or other costs of financial leverage. As portfolio and market conditions change, the rate of distribution
on the Common Shares and the Trust&#8217;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 preferred shares or other costs of financial leverage).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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&#8217;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&#8217;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. A return of capital is treated
as a non-dividend distribution for tax purposes and is not subject to current tax. A return of capital reduces a Shareholder&#8217;s
tax cost basis in Trust shares. 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: 3pt 0">Common Shareholders may automatically reinvest some or all of
their distributions in additional Common Shares pursuant to the Trust&#8217;s dividend reinvestment plan. See &#8220;Dividend Reinvestment
Plan.&#8221;</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust has established a dividend reinvestment plan (the &#8220;Plan&#8221;).
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 (&#8220;AST&#8221; or the &#8220;Plan Agent&#8221;)
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 &#8220;Dividend Reinvestment Plan.&#8221;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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&#8217;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&#8217;s Board
of Trustees (the &#8220;Board&#8221;), 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&#8217;s investment objectives 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.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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&#8217;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&#8217;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&#8217;s
NAV may decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Discount Risk</B></FONT>. 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&#8217;s Common Shares have traded both at a premium and at a discount relative
to NAV. 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&#8217;s NAV may decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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&#8217;s NAV per Common
Share plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust also issues Common Shares of the Trust through its
dividend reinvestment plan. See &#8220;Dividend Reinvestment Plan.&#8221; 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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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: 3pt 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&#8217;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: 3pt 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 (&#8220;OTC&#8221;) 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Interest
Rate and Income Risk.</B></FONT> When interest rates decline, the value of municipal obligations held by the Trust can be expected
to rise. Conversely, when interest rates rise, the value of municipal obligations held by the Trust can be expected to decline.
Interest rate risk is the risk that the municipal obligations in the Trust&#8217;s portfolio will decline in value because of increases
in market interest rates. Generally, obligations with longer durations or maturities are more sensitive to changes in interest
rates than obligations with shorter durations or maturities, causing them to be more volatile. Conversely, obligations with shorter
durations or maturities will be less volatile but may provide lower returns than obligations with longer durations or maturities.
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. 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&#8217;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: 3pt 0"> Because the Trust is managed toward an income objective, it
may hold more longer duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds
that are managed with a greater emphasis on total return. Certain factors, such as the presence of call features, may cause a particular
fixed-income security, or the Trust as a whole, to exhibit less sensitivity to changes in interest rates. Certain of the Trust&#8217;s
investments may also be valued, in part, by reference to the relative relationship between interest rates on tax-exempt securities
and taxable securities, respectively. When the market for tax-exempt securities underperforms (or outperforms) the market for taxable
securities, the value of these investments may be negatively affected (or positively affected). </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217; income from the Trust over time could drop as well if the Trust purchases securities with lower interest
coupons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust invests 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 municipal 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 Trust shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 &#8220;call&#8221; (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&#8217;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&#8217;s current earnings rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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. 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&#8217;s NAV or dividends. Securities rated in the fourth highest
category (i.e., Baa by Moody&#8217;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: 3pt 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. In addition, the value
of such securities is affected by changes in general economic conditions and business conditions affecting the relevant economic
sectors. 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&#8217;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: 3pt 0"> </P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> In evaluating creditworthiness, the investment adviser considers
ratings assigned by rating agencies and generally performs additional credit and investment analysis. Credit ratings issued by
rating agencies are based on a number of factors including, but not limited to, the issuer&#8217;s financial condition and the
rating agency&#8217;s credit analysis, if applicable, at the time of rating. The ratings assigned are not absolute standards of
credit quality and do not evaluate market risks or necessarily reflect the issuer&#8217;s current financial condition or the volatility
or liquidity of the security. An issuer&#8217;s current financial condition may be better or worse than the current rating indicates.
A credit rating may have a modifier (such as plus, minus or a numerical modifier) to denote its relative status within the rating.
The presence of a modifier does not change the security credit rating (for example, BBB- and Baa3 are within the investment grade
rating) for purposes of the Trust&#8217;s investment limitations. If an instrument is rated differently by two or more rating agencies,
the highest rating will be used for any Trust rating restrictions. The Trust may invest in unrated obligations for which Eaton
Vance will make a credit quality determination for purposes of the Trust&#8217;s credit quality policy. To the extent that the
Trust invests in such unrated obligations, the Trust&#8217;s credit quality will be more dependent on Eaton Vance&#8217;s credit
analysis than if the Trust invested in only rated obligations. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust may invest in municipal lease obligations (&#8220;MLOs&#8221;)
and certificates of participation. The obligation of the issuer to meet its obligations under such instruments is often subject
to the ongoing appropriation by a 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: 3pt 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. In addition, the limited liquidity could affect the market price of the securities, thereby
adversely affecting the Trust&#8217;s NAV and ability to make distributions. 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 Eaton Vance and its affiliates,
holds a major portion or all of such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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: 3pt 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&#8217;s
obligations on such securities, which may increase the Trust&#8217;s operating expenses. Any income derived from the Trust&#8217;s
ownership or operation of such assets may not be tax-exempt.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Below
Investment Grade Securities Risk</B></FONT>. Up to 30% of the Trust&#8217;s investments in municipal obligations may be, at the
time of investment, rated below investment grade or if unrated deemed by the Adviser to be below investment grade. Such obligations
are commonly called &#8220;junk bonds&#8221; and will have speculative characteristics in varying degrees. While such 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Although the investment adviser considers security ratings when
making investment decisions, it generally performs its own credit and investment analysis and does not rely primarily on the ratings
assigned by the rating agencies. In evaluating the quality of a particular investment, whether rated or unrated, the investment
adviser will normally take into consideration, among other things, the issuer&#8217;s financial resources and operating history,
its sensitivity to economic conditions and trends, the ability of its management, its debt maturity schedules and borrowing requirements,
and relative values based on anticipated cash flow, interest and asset coverage, and earnings prospects. 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:
the rating assigned to any particular security is not necessarily a reflection of the issuer&#8217;s current financial condition.
The rating assigned to a security or other instrument by a rating agency does not reflect assessment of the volatility of its market
value or liquidity. 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 investment. For purposes of rating restrictions, if an instrument
is rated differently by the Rating Agencies, the higher rating is used.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Below investment grade municipal obligations involve a greater
degree of credit, interest rate and market risk than investment grade municipal obligations. Below investment grade municipal obligations
are subject to a greater risk of an issuer&#8217;s inability to meet principal and interest payments on the obligations 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. Below investment grade municipal obligations are considered predominantly speculative
because of the credit risk of their issuers. While offering a greater potential opportunity for capital appreciation and higher
yields, below investment grade municipal obligations typically entail greater potential price volatility and may be less liquid
than investment grade municipal obligations. Issuers of below investment grade municipal obligations are more likely to default
on their payments of interest and principal owed to the Trust, and such defaults will reduce the Trust&#8217;s NAV and income distributions.
The prices of these below investment grade obligations are more sensitive to negative developments than higher rated securities.
Adverse economic conditions generally lead to a higher non-payment rate. In addition, below investment grade municipal obligations
may lose significant value before a default occurs as the market adjusts to expected higher non-payment rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Increases in interest rates and changes in the economy may adversely
affect the ability of issuers of lower grade municipal obligations to pay interest and to repay principal, to meet projected financial
goals and to obtain additional financing. Issuers of below investment grade municipal obligations may be more adversely affected
by a prolonged recession or continued deterioration of economic conditions. In the event that an issuer of securities held by the
Trust experiences difficulties in the timely payment of principal or interest and such issuer seeks to restructure the terms of
its borrowings, the Trust may incur additional expenses and may determine to invest additional assets with respect to such issuer
or the project or projects to which the Trust&#8217;s portfolio securities relate. Further, the Trust may incur additional expenses
to the extent that it is required to seek recovery upon a default in the payment of interest or the repayment of principal on its
portfolio holdings, and the Trust may be unable to obtain full recovery thereof. When the Trust invests in lower rated or unrated
municipal obligations, the achievement of the Trust&#8217;s investment objectives is more dependent on the Adviser&#8217;s credit
analysis than would be the case if the Trust were investing in municipal obligations rated investment grade.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">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 NAV of the Trust, subject to the supervision of the Trust&#8217;s 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&#8217;s portfolio, the ability of the Adviser to value the Trust&#8217;s securities becomes more difficult and the
Adviser&#8217;s use of judgment may play a greater role in the valuation of the Trust&#8217;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 than would be the case for
securities for which an established market does exist.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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: 3pt 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&#8217;s shares. If a municipal obligation is insured, the Trust will
use the higher of the Municipal Obligation Rating or the insurance issuer&#8217;s rating. 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&#8217;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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current
Regulatory Environment Risk.</B></FONT> From time to time proposals have been introduced before Congress for the purpose of restricting
or eliminating the federal income tax exemption for interest on certain types of municipal obligations, and it can be expected
that similar proposals may be introduced in the future. 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&#8217;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: 3pt 0"> The U.S. and non-U.S. derivatives markets have undergone substantial
changes in recent years as a result of changes under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank
Act&#8221;) in the United States and regulation changes in Europe, Asia and other non-U.S. jurisdictions. 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 derivatives
markets as regulations are implemented. Additional future 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 Trust engages in derivative transactions. Trust management cannot predict the effects of any new governmental regulation
that may be implemented, and future regulation may impair the effectiveness of the Trust&#8217;s derivative transactions and its
ability to achieve its investment objectives. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;s ability to achieve its investment
objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>State
Specific Risk.</B></FONT> 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: 3pt 0">Up to 5% of the Trust&#8217;s investments in municipal obligations
may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations
are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled
between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state&#8217;s proportionate
share in the Master Settlement Agreement (&#8220;MSA&#8221;). The MSA is an agreement, reached out of court in November 1998 between
46 states and nearly all of the major U.S. tobacco manufacturers. Under the terms of the MSA, the actual amount of future settlement
payments by tobacco manufacturers is dependent on many factors, including, but not limited to, annual domestic cigarette shipments,
reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies, continuing
litigation and the possibility of tobacco manufacturer bankruptcy. Payments made by tobacco manufacturers could be negatively impacted
if the decrease in tobacco consumption is significantly greater than the forecasted decline. See &#8220;State Specific Investments&#8221;
in the SAI for additional information about tobacco settlement bonds and the MSA.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Residual
Interest Bond Risk.</B></FONT> Residual interest bonds are residual interests of a SPV that holds municipal obligations. Residual
interest bonds pay interest at rates that vary inversely with changes in prevailing short-term tax-exempt interest rates and provide
the economic effect of leverage. The interest rate payable on a residual interest bond also bears an inverse relationship to the
interest rate on floating rate notes issued by the SPV (&quot;Floating Rate Notes&quot;). Because changes in the interest rate
on the Floating Rate Notes inversely affect the interest paid on the residual interest bond, the value and income of a residual
interest bond is generally more volatile than that of a fixed rate bond. Residual interest bonds 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. Residual interest bonds 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, residual interest bonds 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 residual interest bonds expose the Trust to leverage risk because
they provide two or more dollars 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: 3pt 0"> Any economic effect of leverage through the Trust&#8217;s
purchase of residual interest bonds will create an opportunity for increased Common Share net income and returns, but will also
create the possibility that the Trust&#8217;s long-term returns will be diminished if the cost of leverage exceeds the return
on the bonds purchased with leverage by the Trust. 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&#8217;s average daily gross
assets, which may create a conflict of interest between Eaton Vance and the Common Shareholders. &#8220;Gross assets&#8221; of
the Trust means the total assets of the Trust, including assets attributable to any form of leverage, minus all accrued expenses
incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to leverage. See &#8220;Investment
Objectives, Policies and Risks &#8211; Risk Considerations &#8211; Leverage Risks.&#8221; </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> A SPV typically can be collapsed or closed by the holder of
the residual interest bonds (such as the Trust) or by the liquidity provider. In certain circumstances, the Trust may enter into
shortfall and forbearance agreements with respect to a residual interest bond. The Trust generally may enter into such agreements
(i) when the liquidity provider to the SPV requires such an agreement because the level of leverage in the SPV 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 SPV in the event that the municipal obligation held in the SPV has declined in value. Such agreements commit
the Trust to reimburse, upon the termination of the SPV 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 a 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. 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 residual interest bond 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. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">On December 10, 2013, five U.S. federal agencies published final
rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Volcker Rule&#8221;).
The Volcker Rule prohibits banking entities from engaging in proprietary trading of certain instruments and limits such entities&#8217;
investments in, and relationships with, covered funds, as defined in the rules. The Volcker Rule precludes banking entities and
their affiliates from (i) sponsoring residual interest bond programs as presently structured and (ii) continuing relationships
with or services for existing residual interest bond programs. The effects of the Volcker Rule may make it more difficult for the
Trust to maintain current or desired levels of income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risks
of MLOs and Certificates of Participation</B></FONT>. The Trust may invest in MLOs and certificates of participation that involve
special risks not normally associated with general obligations or revenue obligations. A MLO is a bond that is secured by lease
payments made by the party, typically a state or municipality, leasing the facilities (e.g., schools or office buildings) that
were financed by the bond. Such lease payments may be subject to annual appropriation or may be made only from revenues associated
with the facility financed. In other cases, the leasing state or municipality is obligated to appropriate funds from its general
tax revenues to make lease payments as long as it utilizes the leased property. A certificate of participation (also referred
to as a &#8220;participation&#8221;) in a municipal lease is an instrument evidencing a pro rata share in a specific pledged revenue
stream, usually lease payments by the issuer . The issuer&#8217;s obligations under such instruments are often subject to the
ongoing appropriation by a legislative body, on an annual or other basis, of funds for the payment thereof. Investments in MLOs
and certificates of participation are therefore typically subject to the risk that the legislative body will not make the necessary
annual 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: 3pt 0"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Inflation Risk/Deflation Risk. </B>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&#8217;s cost of leverage would likely increase, reducing returns to
Common Shareholders to the extent that such increased cost is not offset by commensurately higher income. 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&#8217;s investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Leverage
Risk.</B></FONT> The Trust will not utilize leverage in excess of 15% of its gross assets. As discussed above, the Trust currently
uses leverage created by 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. Although the Trust has no current
intention to do so, the Trust is authorized to utilize leverage through the issuance of preferred shares and/or borrowings, including
the issuance of debt securities. The Trust may borrow for temporary, emergency or other purposes as permitted by the 1940 Act.
There can be no assurance a leveraging strategy will be successful during any period in which it is employed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Adviser anticipates that the use of leverage (from 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 the costs of
leverage may affect the return to Common Shareholders. To the extent the income derived from investments purchased with funds received
from leverage exceeds the cost of leverage, the Trust'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's leveraged position if it deems such action to be appropriate.
There can be no assurance that a leveraging strategy will be successful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> As discussed under &#8220;Management of the Trust,&#8221;
the investment advisory fee paid to Eaton Vance is calculated on the basis of the Trust's average daily gross assets. &#8220;Gross
assets&#8221; of the Trust shall mean total assets of the Trust, including assets attributable to any form of leverage, minus all
accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to
leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the
issuance of debt securities), (ii) the issuance of preferred stock or other similar preference securities, (iii) the reinvestment
of collateral received for securities loaned in accordance with the Trust&#8217;s investment objectives and policies, and/or (iv)
any other means; all as determined in accordance with generally accepted accounting principles. This means that the Trust&#8217;s
advisory fees will be higher when leverage is utilized which may create an incentive for the Adviser to employ leverage. In this
regard, holders of any preferred shares 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 of the use of leverage, which means that Common
Shareholders effectively bear the entire advisory fee. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Trust&#8217;s use of derivative instruments exposes the Trust to special risks. See &#8220;Investment
Objectives, Policies and Risks &#8211; Additional Investment Practices&#8221; and &#8220;Investment Objectives, Policies and Risks
&#8211; Additional Risk Considerations.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 a reference instrument) acquired for hedging purposes or investment
purposes, such as financial futures contracts and related options, interest rate, total return and other swaps and forward rate
contracts. Depending on the type of derivative instrument and the Trust&#8217;s investment strategy, a reference instrument could
be a security, instrument, index, currency, commodity, economic indicator or event (&#8220;reference instruments&#8221;). 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&#8217;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&#8217;s performance. 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. Trust obligations created pursuant to derivative instruments may give rise to leverage,
which would subject the Trust to increased leverage risk. 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 </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">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&#8217;s
performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The U.S. and non-U.S. derivatives markets have undergone substantial
changes in recent years as a result of changes under the Dodd-Frank Act in the United States and regulation changes in Europe,
Asia and other non-U.S. jurisdictions. 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 derivatives markets as regulations are implemented. Additional
future 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 Trust engages in derivative
transactions. Trust management cannot predict the effects of any new governmental regulation that may be implemented, and future
regulation may impair the effectiveness of the Trust&#8217;s derivative transactions and its ability to achieve its investment
objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;s counterparties with respect to
its derivatives positions and liquidity providers for the Trust&#8217;s residual interest bonds or other investments supported
by another party&#8217;s credit will affect the value of those instruments. Certain entities that have served as counterparties
in the municipals markets have in the past 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 reduced these entities&#8217; 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Tax
Risk.</B></FONT> The value of the Trust&#8217;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. From time to time proposals have been introduced before
Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on certain types of municipal
obligations, and it can be expected that similar proposals may be introduced in the future. 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&#8217;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 &#8220;Distributions&#8221;
and &#8220;Federal income tax matters.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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 &#8220;exempt-interest dividends&#8221;
could be adversely affected, subjecting the Trust&#8217;s Common Shareholders to increased federal income tax liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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&#8217;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&#8217;s investment objective. There is no assurance
that Eaton Vance and the individual portfolio managers will be successful in developing and implementing the Trust&#8217;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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity
Risk.</B></FONT> With the increased use of technologies by Trust service providers to conduct business, such as the Internet, the
Trust is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate
attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems
(e.g., through &#8220;hacking&#8221; or malicious software coding) for purposes of misappropriating assets or sensitive information,
corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining
unauthorized access, such as causing denial-of-service attacks on websites (i.e.,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">efforts to make network services unavailable to intended users).
Cybersecurity failures or breaches by the Trust&#8217;s investment adviser or administrator and other service providers (including,
but not limited to, the custodian or transfer agent), and the issuers of securities in which the Trust invests, have the ability
to cause disruptions and impact business operations potentially resulting in financial losses, interference with the Trust&#8217;s
ability to calculate its net asset value, impediments to trading, the inability of Trust shareholders to transact business, violations
of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs,
or additional compliance costs. While various Trust service providers have established business continuity plans and risk management
systems intended to identify and mitigate cyber attacks, there are inherent limitations in such plans and systems including the
possibility that certain risks have not been identified. Furthermore, the Trust cannot control the cybersecurity plans and systems
put in place by service providers to the Trust and issuers in which the Trust invests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Disruption.</B></FONT> Instability in the Middle East, the wars in Afghanistan, Iraq and Libya, geopolitical tensions elsewhere
and terrorist attacks in the United States and around the world have previously resulted, and may continue to result, in market
volatility and may have long-term effects on the United States and worldwide financial markets. Such events may cause further economic
uncertainties in the United States and worldwide. The Trust cannot predict the effects of significant future events on the global
economy and securities markets. A similar disruption of the financial markets could impact interest rates, auctions, secondary
trading, ratings, credit risk, inflation and other factors relating to the Common Shares.</P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <B>Swaps Risk.</B> Swap agreements are
two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year.
In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or differentials in rates of return)
earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate
factor. The gross returns to be exchanged or &#8220;swapped&#8221; between the parties are generally calculated with respect to
a &#8220;notional amount&#8221; (i.e., the return on or increase in value of a particular dollar amount invested at a particular
interest rate or in a &#8220;basket&#8221; of securities representing a particular index). Other types of swap agreements may
calculate the obligations of the parties to the agreement on a &#8220;net basis.&#8221; Consequently, a party&#8217;s current
obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the
agreement based on the relative values of the positions held by each party to the agreement (the &#8220;net amount&#8221;). Whether
the use of swap agreements will be successful will depend on the Adviser&#8217;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&#8217;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&#8217;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 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. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Duration
and Maturity Risk.</B></FONT> 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: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Hedging
Risk.</B></FONT> The Trust&#8217;s use of derivatives or other transactions to reduce risks involves costs and will be subject
to Eaton Vance&#8217;s ability to predict correctly changes in the relationships of such hedge instruments to the Trust&#8217;s
portfolio holdings or other factors. No assurance can be given that Eaton Vance&#8217;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&#8217;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&#8217;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 investments 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: 3pt 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 &#8220;Description of Capital Structure &#8211;
Certain Provisions of the Declaration of Trust &#8211; Anti-Takeover Provisions in the Declaration of Trust.&#8221;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Summary of Trust Expenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The purpose of the table below is to help you understand all
fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The table reflects average leverage attributable
to floating-rate notes for the fiscal year ended March 31, 2019 in an amount equal to 10.2% of the Trust&#8217;s gross assets (including
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: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; 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: 30%; 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">$5.00<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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="border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt">
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&#8194;</P>
        <P STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Percentage of net assets<BR>
        attributable to Common Shares<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"> Investment advisory fee </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">0.60%<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">0.22%<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"><U>0.16</U>%</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 </TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">0.98%</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>(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>

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<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&#8217;s registration statement (including this Prospectus and the SAI), the preparation, review
and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution
of the Prospectus, SAI 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>

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<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 March 31, 2019.</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>(5)</SUP></FONT></TD><TD>The advisory fee paid by the Trust to the Adviser is based on the average daily 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>

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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>&#8220;Interest Expenses&#8221; relate to the Trust&#8217;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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">EXAMPLE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 0.98% 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>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; 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: 25%; 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: 25%; 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: 25%; 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">$10</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">$31</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">$54</TD>
    <TD STYLE="font: 9pt/10pt Arial Narrow, Helvetica, Sans-Serif; padding: 3pt 5.5pt; text-align: center">$120</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;s Common Shares.
For more complete descriptions of certain of the Trust&#8217;s costs and expenses, see &#8220;Management of the Trust.&#8221; In
addition, while the example assumes reinvestment of all dividends and distributions at NAV, participants in the Trust&#8217;s dividend
reinvestment plan may receive Common Shares purchased or issued at a price or value different from NAV. See &#8220;Distributions&#8221;
and &#8220;Dividend Reinvestment Plan.&#8221; 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&#8217;s actual rate of return may be greater or less than the
hypothetical 5% return shown in the example.</P>


<!-- Field: Page; Sequence: 21 -->
    <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 National Municipal Opportunities 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 [___], 2019</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 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 6pt">FINANCIAL HIGHLIGHTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;s financial statements are incorporated by reference and included in the Trust&#8217;s
annual report, which is available upon request. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold; vertical-align: middle">Year Ended March 31,</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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; 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">2019</TD>
    <TD STYLE="vertical-align: middle; 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">2018</TD>
    <TD STYLE="vertical-align: middle; 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">2017</TD>
    <TD STYLE="vertical-align: middle; 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="vertical-align: middle; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; Beginning of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.320</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.700</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;22.890</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;23.050</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.510</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;<FONT STYLE="letter-spacing: -0.05pt">0.955</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;<FONT STYLE="letter-spacing: -0.05pt">0.986</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;<FONT STYLE="letter-spacing: -0.05pt">1.016</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;<FONT STYLE="letter-spacing: -0.05pt">1.065</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;1.087</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net realized and unrealized gain (loss)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.057)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.213)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.969)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.190)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;1.479</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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 from operations</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;0.898</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;0.773</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;0.047</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;0.875</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;2.566</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.021)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.031)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.030)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.030)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.030)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net realized gain</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.107)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.122)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.207)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.005)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;&#8212;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total distributions</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.128)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.153)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.237)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.035)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.030)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Anti-dilutive effect of share repurchase program<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;0.004</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.090</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.320</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.700</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;22.890</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;23.050</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Market value &#8211; End of year</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.120</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;20.670</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.520</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;22.310</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.200</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;4.54%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;3.59%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.29%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;4.27%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;12.68%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;7.98%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;1.27%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;2.04%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;10.50%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;14.96%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <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; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 8.1pt; text-indent: -5.2pt; line-height: 10pt">Net assets, end of year (000&#8217;s omitted)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;321,241</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;324,587</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;330,183</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;348,145</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;350,611</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 8.1pt; text-indent: -4.5pt; line-height: 10pt">Ratios (as a percentage of average daily net assets):</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Expenses excluding interest and fees<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.76%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.76%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.75%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.76%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.77%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Interest and fee expense<SUP>(4)</SUP></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.22%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.20%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.16%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.08%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.09%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Total expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.98%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.96%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.91%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.84%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.86%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;4.55%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;4.52%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;4.50%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;4.70%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;4.83%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;17%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;17%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;11%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;6%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; vertical-align: middle">13%</TD></TR>
</TABLE>
<P STYLE="font: 8pt/10pt Arial Narrow, Helvetica, Sans-Serif; margin: 3pt 0 3pt 5.75pt; text-align: right; text-indent: -5.75pt">(See
related footnotes.)</P>


<!-- Field: Page; Sequence: 22 -->
    <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 National Municipal Opportunities 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 [___], 2019</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 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>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Year Ended March 31,</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Period Ended<BR>
March 31, 2010<SUP>(5)</SUP></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2014</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2013</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2012</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">2011</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; Beginning of period</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;22.700</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.640</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;19.320</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.230</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;19.100<SUP>(6)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Income (Loss) From Operations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net investment income<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;1.096</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;1.106</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;<FONT STYLE="letter-spacing: -0.05pt">1.174</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;<FONT STYLE="letter-spacing: -0.05pt">1.273</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;<FONT STYLE="letter-spacing: -0.05pt">1.007</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Net realized and unrealized gain (loss)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(1.270)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;1.029</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;2.309</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(1.818)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;2.164</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(0.174)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;2.135</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;3.483</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(0.545)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;3.171</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; font-family: Arial, Helvetica, Sans-Serif">Less Distributions</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.030)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.075)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.163)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.240)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(0.930)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">From net realized gain</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;&#8212;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.125)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.079)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Total distributions</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.030)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.075)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.163)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.365)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(1.009)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Offering costs charged to paid-in capital<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;(0.032)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Anti-dilutive effect of share repurchase program<SUP>(1)</SUP></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;0.014</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;&#8212;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Net asset value &#8211; End of period</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.510</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;22.700</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.640</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;19.320</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.230</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt; font-weight: bold">Market value &#8211; End of period</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;19.390</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;22.250</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;21.800</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;18.630</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;20.260</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(0.02)%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;10.03%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;18.67%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(2.61)%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;16.96%<SUP>(7)(8)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(8.05)%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;7.06%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;23.98%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;(1.60)%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;11.62%<SUP>(7)(8)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 8.1pt; text-indent: -5.2pt; line-height: 10pt">Net assets, end of period (000&#8217;s omitted)</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;327,723</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;347,887</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;331,234</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;295,495</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;$&#9;324,328</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 8.1pt; text-indent: -4.5pt; line-height: 10pt">Ratios (as a percentage of average daily net assets):</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Expenses excluding interest and fees<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.79%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.78%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.80%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.81%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.82%<SUP>(9)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Interest and fee expense<SUP>(4)</SUP></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.11%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.10%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.11%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.13%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.12%<SUP>(9)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Total expenses<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.90%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.88%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.91%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.94%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;0.94%<SUP>(9)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt 3pt 2.9pt; text-indent: 5.2pt; line-height: 10pt">Net investment income</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;5.17%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;4.90%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;5.70%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;6.08%</TD>
    <TD STYLE="padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;5.84%<SUP>(9)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Portfolio Turnover</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;12%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;14%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;10%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;10%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; line-height: 10pt; text-align: center; vertical-align: middle">&#9;18%<SUP>(7)</SUP></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>Computed using average 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&#8217;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>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>

<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>Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond
transactions.</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>For the period from the start of business, May 29, 2009, to March 31, 2010.</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>Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share paid by the shareholder
from the $20.00 offering price.</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>Not annualized.</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>Total investment return on net asset value is calculated assuming a purchase at the offering price of $20.00 less the sales
load of $0.90 per share paid by the shareholder on the first day and a sale at the net asset value on the last day of the period
reported with all distributions reinvested. Total investment return on market value is calculated assuming a purchase at the offering
price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the current market
price on the last day of the period reported with all distributions reinvested.</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>Annualized.</TD></TR></TABLE>


<!-- 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 National Municipal Opportunities Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">Prospectus dated [___], 2019</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: 6pt 0">TRADING AND NAV INFORMATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust&#8217;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&#8217;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&#8217;s common shares
by increasing the number of Common Shares available, which may put downward pressure on the market price for the Trust&#8217;s
Common Shares. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV. See &#8220;Additional
Risk Considerations &#8211; Discount from or Premium to NAV&#8221;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In addition, the Trust&#8217;s Board of Trustees has authorized
the Trust to repurchase up to 10% of its outstanding Common Shares as of the day of the prior calendar year-end at market prices
when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Trust to purchase
a specific amount of shares. The results of the share repurchase program are disclosed in the Trust&#8217;s annual and semi-annual
reports to shareholders.&nbsp; See &#8220;Description of Capital Structure &#8211; Repurchase of Common Shares and Other Discount
Measures.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Market Price</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">NAV per Share on Date of Market Price</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">NAV Premium/(Discount) on Date of Market Price</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">Fiscal Quarter Ended</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">High</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">Low</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">High</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">Low</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">High</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: NewsGoth BdXCn BT,sans-serif">Low</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 9/30/2019 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 24.70 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 21.92 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 21.46 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 21.62 </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 15.10% </TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 1.39% </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">6/30/2019</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">23.84</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.13</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.44</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.06</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">11.19%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">0.33%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3/31/2019</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.84</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">18.99</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">20.80</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">20.80</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5.00%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(8.70)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12/31/2018</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.65</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">18.43</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">20.91</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">20.76</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3.54%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(11.22)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9/30/2018</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">22.94</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">20.35</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.21</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.30</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">8.16%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(4.46)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">6/30/2018</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">20.77</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">20.03</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.31</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.17</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(2.53)%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(5.38)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">3/31/2018</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">23.26</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">20.59</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.83</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.28</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">6.55%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(3.24)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">12/31/2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">23.49</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.85</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.78</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.88</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">7.85%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.14)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">9/30/2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">23.15</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.77</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.93</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.83</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5.56%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.27)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">6/30/2017</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">22.59</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.37</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">22.01</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">21.74</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">2.63%</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(1.70)%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The last reported sale price, NAV per share and percentage
premium/(discount) to NAV per share of the Common Shares as of November 15, 2019, were $22.15, $21.49 and 3.07%, respectively. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt"> As of November 15, 2019, the Trust had net assets of $327,517,811.
The following table provides information about our outstanding Common Shares as of November 15, 2019: </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: 21%; border: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt; font-weight: bold">Title of Class</TD>
    <TD STYLE="width: 23%; 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: 31%; 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 Trust 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"> 15,238,302 </TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 January 26, 2009, pursuant
to an Agreement and Declaration of Trust, as amended April 3, 2009, governed by the laws of The Commonwealth of Massachusetts.
The Trust&#8217;s principal office is located at Two International Place, Boston, MA 02110, and its telephone number is 1-800-262-1122.</P>


<!-- Field: Page; Sequence: 24 -->
    <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 National Municipal Opportunities 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 [___], 2019</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: 6pt 0">Use of Proceeds</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Subject to the remainder of this section, and unless otherwise
specified in a Prospectus Supplement, the Trust currently intends to invest substantially all of the net proceeds of any sales
of Common Shares pursuant to this Prospectus in accordance with the Trust&#8217;s investment objectives and policies 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 proceeds may be invested in short-term money market instruments, securities with remaining maturities of less
than one year, cash and/or cash equivalents. A delay in the anticipated use of proceeds could lower returns and reduce the Trust&#8217;s
distribution to Common Shareholders or result in a distribution consisting principally of a return of capital. </P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> Portfolio Composition </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt"> As of March 31, 2019, the following sets forth certain
information with respect to the composition of the Trust&#8217;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: 79%; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt"> Percentage of total investment portfolio invested in investment grade obligations </TD>
    <TD STYLE="width: 21%; padding: 3pt 5.4pt; text-align: center; line-height: 10pt"> 79.25% </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; text-align: center; line-height: 10pt"> 20.75% </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: 24%; 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"> Number of issues </TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt; font-weight: bold"> 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"> Percent </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt"> AAA </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 1.05pt 3pt 0.25in; text-align: center; line-height: 10pt"> 1 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> $1,526,209 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> 0.42% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt"> AA </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 1.05pt 3pt 0.25in; text-align: center; line-height: 10pt"> 38 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> $115,274,894 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> 31.76% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt"> A </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 1.05pt 3pt 0.25in; text-align: center; line-height: 10pt"> 41 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> $100,551,573 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> 27.70% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt"> BBB </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 1.05pt 3pt 0.25in; text-align: center; line-height: 10pt"> 36 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> $70,301,010 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> 19.37% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt"> BB </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 1.05pt 3pt 0.25in; text-align: center; line-height: 10pt"> 11 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> $22,253,725 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> 6.13% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt"> B </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 1.05pt 3pt 0.25in; text-align: center; line-height: 10pt"> 7 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> $12,508,282 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> 3.45% </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="vertical-align: bottom; border-bottom: Black 1pt solid; padding: 3pt 1.05pt 3pt 0.25in; text-align: center; line-height: 10pt"> 27 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt"> $40,549,692 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 0.25in; text-align: center; line-height: 10pt"> 11.17% </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 0.25in 3pt 2.9pt; line-height: 10pt"> Total </TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 1.05pt 3pt 0.25in; text-align: center; line-height: 10pt"> 161 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> $362,965,385 </TD>
    <TD STYLE="padding: 3pt 0.25in; text-align: center; line-height: 10pt"> 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&#8217;s, Moody&#8217;s or Fitch&#8217;s ratings on the Trust&#8217;s investments. S&amp;P
and Fitch rating categories may be modified further by a plus (+) or minus (&#8211;) in AA, A, BBB, BB, B, and CCC ratings. Moody&#8217;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>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">Investment Objective, Policies and Risks</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">INVESTMENT OBJECTIVES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust&#8217;s primary investment objective is to provide
current income exempt from federal income tax. The Trust will, as a secondary investment objective, seek to achieve capital appreciation.
The Trust will seek to achieve its investment objectives by investing primarily in municipal obligations (as defined below) that,
at the time of investment, are investment grade quality. The Trust also may invest a portion of its gross assets in municipal obligations
rated below investment grade or unrated securities that the Adviser considers to be of comparable quality.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>General
Composition of the Trust.</B></FONT> During normal market conditions, the Trust will invest at least 80% of its gross assets in
debt obligations issued by or on behalf of states, territories and possessions of the United States, including the District of
Columbia, and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal
income tax (&#8220;municipal obligations&#8221;). For purposes of this 80% policy, municipal obligations will include investments
in residual interest bonds whose interest is exempt from regular federal income tax. During normal market conditions, at least
70% of the Trust&#8217;s investments in municipal obligations will be investment grade quality at time of investment. A municipal
obligation is considered investment grade quality if it is either (i) rated within the four highest ratings categories by at least
one nationally recognized statistical rating organization (a &#8220;Rating Agency&#8221;), which are those rated Baa or higher
by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB or higher by Standard &amp; Poor&#8217;s Ratings
Services (&#8220;S&amp;P&#8221;) or Fitch Ratings (&#8220;Fitch&#8221;), or (ii) an unrated municipal obligation that the Trust&#8217;s
investment adviser considers to be of investment grade quality. If a municipal obligation is rated differently by two or more
Rating Agencies, the Trust will use the higher of such ratings (the &#8220;Municipal Obligation Rating&#8221;). If a municipal
obligation is insured, the Trust will use the higher of the Municipal Obligation Rating or the insurance issuer&#8217;s rating.
Securities rated in the fourth highest category (i.e., Baa by Moody&#8217;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: 3pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Up to 30% of the Trust&#8217;s investments in municipal obligations
may be in securities of issuers that are below investment grade quality at time of investment. A municipal obligation is considered
below investment grade quality if it is either (i) rated below investment grade by a Rating Agency, or (ii) an unrated municipal
obligation that the Trust&#8217;s investment adviser considers to be of comparable quality. Municipal obligations of below investment
grade quality (commonly referred to as &#8220;junk&#8221; bonds) involve special risks as compared to municipal obligations of
investment grade quality. These risks include greater sensitivity to a general economic downturn, greater market price volatility
and less secondary market trading. The Trust may invest in below investment grade municipal obligations of any quality. This means
that the Trust&#8217;s investments in municipal obligations may include securities of issuers that are having financial difficulties,
which may include being in default on obligations to pay principal or interest thereon when due or involved in bankruptcy or insolvency
proceedings (such securities are commonly referred to as &#8220;distressed securities&#8221;). The Trust generally will not invest
more than 2% of its gross assets in any security rated below investment grade quality. For a description of municipal obligation
ratings, see Appendix A to the SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Up to 20% of the Trust&#8217;s investments in municipal obligations
may be subject to the alternative minimum tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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. In determining whether to retain or
sell such a security, Eaton Vance may consider such factors as Eaton Vance&#8217;s assessment of the credit quality of the issuer
of such security, the price at which such security could be sold and the rating, if any, assigned to such security by other Rating
Agencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust has adopted certain fundamental investment restrictions
set forth in the SAI which may not be changed without a vote of the holders of the Trust&#8217;s common shares (&#8220;Common Shareholder&#8221;).
Except for such restrictions and the 80% policy pertaining to investment in municipal obligations set forth above, the investment
objectives and policies of the Trust may be changed by the Trust&#8217;s Board of Trustees (the &#8220;Board&#8221;) without Common
Shareholder action.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Under normal market conditions, the Trust will seek to maintain
an average credit quality of investment grade. As indicated above, the Trust may invest in unrated obligations for which Eaton
Vance will make a credit quality determination for purposes of the Trust&#8217;s credit quality policy. To the extent that the
Trust invests in such unrated obligations, the Trust&#8217;s credit quality will be more dependent on Eaton Vance&#8217;s credit
analysis than if the Trust invested in only rated obligations. For a description of the risks of investing in below investment
grade securities, see &#8220;Investment Objectives, Policies and Risks &#8211; Risk Considerations &#8211; Below Investment Grade
Securities Risks.&#8221;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust is a &#8220;diversified&#8221; investment company which
means that with respect to 75% of its total assets (1) it may not invest more than 5% of its total assets in the securities of
any one issuer and (2) it may not own more than 10% of the outstanding voting securities of any one issuer. Therefore, with respect
to no more than 25% of its total assets, the Trust may invest more than 5% of the value of its total assets in the obligations
of any single issuer. To the extent the Trust invests a relatively high percentage of its assets in obligations of a limited number
of issuers, the Trust will be more susceptible to any single corporate, economic, political or regulatory occurrence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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. The Trust also may enter into interest rate, total return and other swaps and forward rate contracts to seek to hedge
against changes in interest rates or for other risk management purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust may invest without limitation in derivative instruments
(which are instruments that derive their value from another instrument, security or index) acquired for hedging purposes. See &#8220;Investment
Objectives, Policies and Risks &#8211; Additional Investment Practices &#8211; Derivative Instruments.&#8221;</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(s) and other
policies.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 the interest on which
is, in the opinion of issuer&#8217;s counsel (or on the basis of other reliable authority), exempt from federal income tax. Public
purpose municipal bonds include general obligation and revenue 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. 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 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&#8217;s legislature.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Municipal obligations are often issued by state and local governmental
entities to finance or refinance public projects, such as roads, schools, and water supply systems. Municipal obligations also
may be issued on behalf of private entities or for private activities, such as housing, medical and educational facility construction,
or for privately owned transportation, electric utility and pollution control projects. Municipal obligations may be issued on
a long-term basis to provide long-term financing. The repayment of such debt may be secured generally by a pledge of the full faith
and credit taxing power of the issuer, a limited or special tax, or any other revenue source, including project revenues, which
may include tolls, fees and other user charges, lease payments, and mortgage payments. Municipal obligations also may be issued
to finance projects on a short-term interim basis, anticipating repayment with the proceeds of the later issuance of long-term
debt. The Trust may purchase municipal obligations in the form of bonds, notes, leases or certificates of participation; structured
as callable or non-callable; with payment forms that include fixed coupon, variable rate, zero-coupon, capital appreciation bonds,
tender option bonds, and residual interest bonds or inverse floating rate securities. Such municipal obligations also may be acquired
through investments in pooled vehicles, partnerships, or other investment companies. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Up to 5% of the Trust&#8217;s investments in municipal obligations
may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations
are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled
between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state&#8217;s proportionate
share in the Master Settlement Agreement (&#8220;MSA&#8221;). The MSA is an agreement, reached out of court in November 1998 between
46 states and nearly all of the U.S. tobacco manufacturers. Under the terms of the MSA, the actual amount of future settlement
payments by tobacco manufacturers is dependent on many factors, including, but not limited to, annual domestic cigarette shipments,
reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies, continuing
litigation and the possibility of tobacco manufacturer bankruptcy. Payments made by tobacco manufacturers could be negatively impacted
if the decrease in tobacco consumption is significantly greater than the forecasted decline. See &#8220;State Specific Investments&#8221;
in the SAI for additional information about tobacco settlement bonds and the MSA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Municipal
Lease Obligations (&#8220;MLOs&#8221;) and Certificates of Participation.</B></FONT> MLOs are bonds that are secured by lease payments
made by the party, typically a state or municipality, leasing the facilities (e.g., schools or office buildings) that were financed
by the bond. 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&#8217;s unlimited taxing power is pledged, the leasing state of municipality may be obligated to appropriate
funds from its general tax revenues to make lease payments as long as it utilizes the leased property. Other lease payments may
be subject to annual appropriation or may be made only from revenues associated with the facility financed. For example, certain
lease obligations contain &#8220;non-appropriation&#8221; 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 &#8220;non-appropriation&#8221;
lease obligations may be secured by the leased property, disposition of the property in the event of foreclosure might prove difficult.
A certificate of participation (also referred to as a &#8220;participation&#8221;) in a municipal lease is an instrument evidencing
a pro rata share in a specific pledged revenue stream, usually lease payments by the issuer that are typically subject to annual
appropriation. The certificate generally entitles the holder to receive a share, or participation, in the payments from a particular
project.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;s Board of Trustees (&#8220;Board&#8221;), 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: 3pt 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&#8217;s obligations
on such securities or otherwise incur costs to protect its right, which may increase the Trust&#8217;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&#8217;s
ownership or operation of such assets may not be tax-exempt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Municipal
Notes</B></FONT>. Municipal securities in the form of notes, generally are used by municipal issuers to provide for short-term
capital needs, in anticipation of an issuer&#8217;s receipt of other revenues or financing, and typically have maturities of up
to three years. Municipal notes include bond anticipation, tax anticipation and revenue anticipation notes. Bond, tax and revenue
anticipation notes are short-term obligations that are intended to be retired with the proceeds of an anticipated bond issue, tax
revenue or facility revenue, respectively. Generally, tax anticipation notes are issued in anticipation of various tax revenues,
such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation
notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue
sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged.
In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue
anticipation notes combine individual characteristics of tax anticipation notes and revenue anticipation notes. The anticipated
revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes. An investment in
such instruments, however, presents a risk that the anticipated revenues will not be received or that such revenues will be insufficient
to satisfy the issuer&#8217;s payment obligations under the notes or that refinancing will be otherwise unavailable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Residual
Interest Bonds</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> 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. In general, income on residual interest bonds will decrease when short-term interest rates increase
and increase when short-term interest rates decrease. Residual interest bonds have varying degrees of liquidity, and the market
for these securities is relatively volatile. 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. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The Trust may invest in residual interest bonds, also referred
to as inverse floating rate securities, whereby the Trust may sell a variable or fixed rate bond for cash to a SPV, (which is generally
organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is
deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Trust, and which may have been, but is not
required to be, the bond purchased from the Trust (the &#8220;Bond&#8221;). The SPV also issues Floating Rate Notes which are sold
to third-parties. The residual interest bond held by the Trust gives the Trust the right (1) to cause the holders of the Floating
Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Trust, thereby terminating
the SPV. Should the Trust exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and
exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles, the Trust accounts
for the transaction described above as a secured borrowing by including the Bond in its portfolio of investments and the Floating
Rate Notes as a liability. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option
to tender their notes to the SPV for redemption at par at each reset date. The SPV may be terminated by the Trust, as noted above,
or by the occurrence of certain termination events </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">as defined in the trust agreement, such as a downgrade in the
credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to
remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain
renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> In certain circumstances, the Trust may enter into shortfall
and forbearance agreements relating to a residual interest bond held by the Trust. Such agreements commit the Trust to reimburse
the difference between the liquidation value of the underlying security (which is the basis of the residual interest bond) and
the principal amount due to the holders of the floating rate security issued in conjunction with the residual interest bond upon
the termination of the trust issuing the residual interest bond. 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 residual interest bond
could be terminated and the Trust could incur a loss. The Trust had no shortfalls as of March 31, 2019. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust may also purchase residual interest bonds in a secondary
market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust&#8217;s investment policies and restrictions expressly
permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available
on fixed rate bonds with comparable credit quality and maturity. 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. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The
Trust&#8217;s investment policies do not allow the Trust to borrow money except as permitted by the 1940 Act. The Adviser believes
that the Trust&#8217;s restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do
not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trust&#8217;s statement of assets and liabilities.
As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the
Trust&#8217;s restrictions apply. Residual interest bonds held by the Trust are securities exempt from registration under Rule
144A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">As of March 31, 2019, 5.1% of the Trust&#8217;s net assets were
invested in residual interest bonds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">As of March 31, 2019, the actual leverage attributable to the
floating-rate notes was 11.3% of the Trust&#8217;s net assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;s income will be used to pay the coupon on the Floating-Rate Notes. Generally, the interest rate earned on 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 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. Generally, the SPVs do not have recourse to the investors in the residual interest bonds.
However, the Trust may invest in residual interest securities issued by tender option bond trusts that may have recourse to the
Trust&#8217;s other assets. In such instances, the Trust may be at risk of loss that exceeds its investment in the residual interest
securities. The Trust will segregate or earmark liquid assets with its custodian on a mark-to-market basis to cover such potential
obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><B>Leverage</B><I>.</I> The Trust currently uses leverage to
seek to enhance returns by investing in residual interest bonds. The Trust will not utilize leverage in excess of 15% of its gross
assets. 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. Although the Trust has no current intention to do so, the
Trust is authorized also to utilize leverage through the issuance of preferred shares and/or borrowings, including the issuance
of debt securities. The Trust may borrow for temporary, emergency or other purposes as permitted by the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The Adviser anticipates that the use of leverage (from residual
interest bonds) may result in higher income to holders of Common Shares (&#8220;Common Shareholders&#8221;) 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 investment advisory fee paid to Eaton Vance will be calculated on the basis of the
Trust&#8217;s average daily gross assets. &#8220;Gross assets&#8221; of the Trust means total assets of the Trust, including assets
attributable to any form of leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding
any liabilities or obligations attributable to leverage obtained through (i) indebtedness of any type (including, without limitation,
borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other similar
preference </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> securities, (iii) the reinvestment of collateral received
for securities loaned in accordance with the Trust&#8217;s investment objectives and policies, and/or (iv) any other means; all
as determined in accordance with generally accepted accounting principles. This means that the Trust&#8217;s advisory fees will
be higher when leverage is utilized which may create an incentive for the Adviser to employ leverage. In this regard, holders of
debt or preferred shares 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 from the use of leverage, which means that Common Shareholders
effectively bear the entire advisory fee. See &#8220;Investment Objective, Policies and Risks &#8211; Use of Leverage and Related
Risks&#8221; at page 31, &#8220;Investment Objective, Policies and Risks &#8211; Additional Risk Considerations&#8221; at page
33 and &#8220;Description of Capital Structure&#8221; at page 47. </P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Derivative
Instruments. </B></FONT>The Trust may invest without limitation in derivative instruments (which are instruments that derive their
value from a reference instrument) acquired for hedging purposes. Depending on the type of derivative instrument and the Trust&#8217;s
investment strategy, a reference instrument could be a security, instrument, index, currency, commodity, economic indicator or
event (&#8220;reference instruments&#8221;). In the course of pursuing these investment strategies, the Trust may purchase and
sell derivative contracts based on securities indices and other instruments, purchase and sell futures contracts and options thereon,
and enter into various transactions such as swaps, caps, floors or collars. In addition, derivatives may also include new techniques,
instruments or strategies that are not currently available. Derivative instruments may be used by the Trust to enhance returns
or as a substitute for the purchase or sale of securities. The loss on derivative instruments (other than purchased options) may
substantially exceed an investment in these instruments. Additional information about certain derivative instruments is set forth
below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Swaps.
</B></FONT>Swap contracts may be purchased or sold to hedge against fluctuations in securities prices, interest rates or market
conditions, to mitigate non-payment or default risk or to gain exposure to particular securities, baskets of securities, indices
or currencies. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or differentials in rates
of return) on different currencies, securities, baskets of currencies or securities, indices or other instruments, which returns
are calculated with respect to a &#8220;notional amount,&#8221; i.e., the designated referenced amount of exposure to the underlying
instruments. The Trust will enter into swaps only on a net basis, i.e<I>.</I>, 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. If the other party to a swap defaults,
the Trust&#8217;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&#8217;s counterparty in respect of such liability. 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 swap 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. Swaps are traded in the over-the-counter market. The use of swaps
is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary
portfolio securities transactions. If the Adviser is incorrect in its forecasts of market values, interest rates and other applicable
factors, the total return performance of the Trust would be unfavorably affected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total
Return Swaps. </B></FONT>A total return swap is a contract in which one party agrees to make periodic payments to another party
based on the change in market value of a reference instrument during the specified period, in return for periodic payments from
the other party that are based on a fixed or variable interest rate or the total return of the reference instrument or another
reference instrument. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking
physical custody of such security or investing directly in such market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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, <I>e.g.</I>, an exchange of fixed rate payments for floating rate payments.
The Trust will only enter into interest rate swaps on a net basis, <I>i.e., </I>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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">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
that is in excess of collateral posted by the Trust&#8217;s counterparty in respect of such liability. 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Futures
Transactions. </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 or investment 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&#8217;s initial investment in these contracts. The Trust only
will purchase or sell futures contracts or related options in compliance with the rules of the Commodity Futures Trading Commission.
These transactions involve transaction costs. There can be no assurance that Eaton Vance&#8217;s use of futures will be advantageous
to the Trust. Distributions by the Trust of any gains realized on the Trust&#8217;s transactions in futures and options on futures
will be taxable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Zero-Coupon
Bonds. </B></FONT>Some of the obligations in which the Trust invests may include so-called &#8220;zero-coupon&#8221; bonds, whose
values generally 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 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 imputed income from zero-coupon bonds on a current
basis, even though it does not receive that income currently in cash. Because the Trust is required to distribute substantially
all of its income for each taxable year, investments in zero-coupon bonds may require the Trust to sell investments to obtain cash
needed to make income distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>When-Issued
Securities. </B></FONT>The Trust may purchase securities on a &#8220;when-issued&#8221; 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 what 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
Company Securities. </B></FONT>The Trust may purchase common shares of closed-end investment companies that have investment objectives
and policies similar to those of the Trust. In addition to providing tax-exempt income, such securities may provide capital appreciation.
Such investments, which may also be leveraged and subject to similar risks as the Trust, will not exceed 10% of the Trust&#8217;s
gross assets. These companies bear fees and expenses that the Trust will incur indirectly. The Trust will not invest in other investment
companies that are affiliated with Eaton Vance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 6% and 17% (excluding turnover of securities and obligations having a maturity of one year
or less). For the fiscal years ended March 31, 2019 and March 31, 2018, the Trust's portfolio turnover rates were 17% and 17%,
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&#8217;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: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> <B>Research Process.</B> The Trust's portfolio management utilizes
the information provided by, and the expertise of, the research staff of the investment adviser and its affiliates in making investment
decisions. As part of the research process, portfolio management may consider financially material environmental, social and governance
(&quot;ESG&quot;) factors. Such factors, alongside other relevant factors, may be taken into account in the Trust's securities
selection process. </P>



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Temporary
Investments.</B></FONT> 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 objectives, principal strategies and other policies. Cash equivalents
are highly liquid, short-term securities such as commercial paper, time deposits, certificates of deposit, short-term notes and
short-term United States government obligations. In moving to a substantial temporary investments position and in transitioning
from such a position back into conformity with the Trust's normal investment policies, the Trust may incur transaction costs that
would not be incurred if the Trust had remained fully invested in accordance with such normal policies. The transition to and from
a substantial temporary investments position may also result in the Trust having to sell common stocks and/or close out options
positions and then later purchase common stocks and open new options positions in circumstances that might not otherwise be optimal.
The Trust's investment in such temporary investments under unusual market circumstances may not be in furtherance of the Trust's
investment objectives. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"> <B>USE OF LEVERAGE AND RELATED RISKS</B> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">As described herein, the Trust may invest in residual interest
bonds, which have the economic effect of leverage. As of March 31, 2019, the Trust had leverage in the form of residual interest
bonds. The Adviser anticipates that the use of leverage (from investment in 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 successful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The costs of the financial leverage program (from investment
in residual interest bonds and any borrowings) 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's gross
assets, which means the total assets of the Trust, including assets attributable to any form of leverage, minus all accrued expenses
incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to leverage obtained
through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt
securities), (ii) the issuance of preferred stock or other similar preference securities, (iii) the reinvestment of collateral
received for securities loaned in accordance with the Trust&#8217;s investment objectives and policies, and/or (iv) any other means;
all as determined in accordance with generally accepted accounting principles. In this regard, holders of debt or preferred shares
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: 3pt 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 the costs of leverage 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&#8217;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&#8217;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&#8217;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. As discussed under &#8220;Description of Capital Structure,&#8221;
the Trust&#8217;s issuance of any preferred shares may alter the voting power of Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 a class of preferred
shares involves offering expenses and other costs and may limit the Trust&#8217;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&#8217;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: 3pt 0">The Trust may be subject to certain restrictions on investments
imposed by guidelines of one or more Rating Agencies that may issue ratings for any preferred shares issued by the Trust. 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. It is not anticipated that these covenants or guidelines
will significantly impede Eaton Vance from managing the Trust's portfolio in accordance with its investment objective and policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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&#8217;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&#8217;s portfolio
(determined after deducting the amount of such distribution) is at least 200% of such liquidation value plus amount of indebtedness.
If preferred shares are issued, 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 March 31, 2019, the leverage attributable to floating-rate
notes represented 10.2% of the Trust&#8217;s gross assets. Holders of any preferred shares, voting as a class, would be entitled
to elect two of the Trust&#8217;s Trustees. The holders of both the Common Shares and any preferred shares (voting together as
a single class with each share entitling its holder to one vote) would 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. The Trust has no current intention
to issue preferred shares.</P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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&#8217;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&#8217;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 March 31, 2019, there were no outstanding borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">To qualify for federal income taxation as a &#8220;regulated
investment company,&#8221; 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: 3pt 0">Successful use of a leveraging strategy may depend on the Adviser&#8217;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: 3pt 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 tax-exempt interest rates and provide the economic effect of leverage. In general, income on residual interest
bonds will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Residual interest
bonds have varying degrees of liquidity, and the market for these securities is relatively volatile. 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. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The Trust may invest in residual interest bonds, also referred
to as inverse floating rate securities, whereby the Trust may sell a variable or fixed rate bond for cash to a SPV, (which is generally
organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is
deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Trust, and which may have been, but is not
required to be, the bond purchased from the Trust (the &#8220;Bond&#8221;). The SPV also issues Floating Rate Notes which are sold
to third-parties. The residual interest bond held by the Trust gives the Trust the right (1) to cause the holders of the Floating
Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Trust, thereby terminating
the SPV. Should the Trust exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and
exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles the Trust accounts
for the transaction described above as a secured borrowing by including the Bond in its portfolio of investments and the Floating
Rate Notes as a liability. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option
to tender their notes to the SPV for redemption at par at each reset date. The SPV may be terminated by the Trust, as noted above,
or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality
of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating
Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the
liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> In certain circumstances, the Trust may enter into shortfall
and forbearance agreements with respect to a residual interest bond. The Trust generally may enter into such agreements (i) when
the liquidity provider to the SPV requires such an agreement because the level of leverage in the SPV 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 SPV in the event that the municipal obligation held in the SPV has declined in value. Such agreements commit the Trust to
reimburse, upon the termination of the SPV, 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.
The Trust had no shortfalls as of March 31, 2019. </P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust may also purchase residual interest bonds in a secondary
market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust&#8217;s investment policies and restrictions expressly
permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available
on fixed rate bonds with comparable credit quality and maturity. 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. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The
Trust&#8217;s investment policies do not allow the Trust to borrow money except as permitted by the 1940 Act. The Adviser believes
that the Trust&#8217;s restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do
not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trust&#8217;s statement of assets and liabilities.
As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the
Trust&#8217;s restrictions apply. Residual interest bonds held by the Trust are securities exempt from registration under Rule
144A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 10.2% of the Trust&#8217;s gross assets, assuming
hypothetical annual returns of the Trust&#8217;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="width: 100%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border: Black 1pt solid; padding: 3pt 5.4pt 3pt 2.9pt; line-height: 10pt">Assumed Portfolio Return (Net of expenses)</TD>
    <TD STYLE="width: 12%; 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">(10%)</TD>
    <TD STYLE="width: 12%; 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">(5%)</TD>
    <TD STYLE="width: 12%; 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">0%</TD>
    <TD STYLE="width: 12%; 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">5%</TD>
    <TD STYLE="width: 12%; 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">10%</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 3pt 2.9pt; line-height: 10pt">Corresponding Common Share Total Return</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(11.38)%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(5.81)%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">(0.25)%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">5.32%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">10.88%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">Assuming the utilization of leverage in the amount of 10.2%
of the Trust&#8217;s gross assets, the cost of leverage is 2.18%. The additional income that the Trust must earn (net of expenses)
in order to cover such costs is approximately 0.22% of gross assets. The Trust&#8217;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">ADDITIONAL RISK CONSIDERATIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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&#8217;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&#8217;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&#8217;s
NAV may decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Discount Risk</B></FONT>. 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&#8217;s Common Shares have traded both at a premium and at a discount relative
to NAV. 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&#8217;s NAV may decrease.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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&#8217;s NAV per Common
Share plus the per Common Share amount of commissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust also issues Common Shares of the Trust through its
dividend reinvestment plan. See &#8220;Dividend Reinvestment Plan.&#8221; 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: 3pt 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&#8217;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: 3pt 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&#8217;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: 3pt 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 (&#8220;OTC&#8221;) 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Interest
Rate and Income Risk.</B></FONT> When interest rates decline, the value of municipal obligations held by the Trust can be expected
to rise. Conversely, when interest rates rise, the value of municipal obligations held by the Trust can be expected to decline.
Interest rate risk is the risk that the municipal obligations in the Trust&#8217;s portfolio will decline in value because of increases
in market interest rates. Generally, obligations with longer durations or maturities are more sensitive to changes in interest
rates than obligations with shorter durations or maturities, causing them to be more volatile. Conversely, obligations with shorter
durations or maturities will be less volatile but may provide lower returns than obligations with longer durations or maturities.
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. 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&#8217;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: 3pt 0"> Because the Trust is managed toward an income objective, it
may hold more longer duration or maturity obligations and thereby be more exposed to interest rate risk than municipal income funds
that are managed with a greater emphasis on total return. Certain factors, such as the presence of call features, may cause a particular
fixed-income security, or the Trust as a whole, to exhibit less sensitivity to changes in interest rates. Certain of the Trust&#8217;s
investments may also be valued, in part, by reference to the relative relationship between interest rates on tax-exempt securities
and taxable securities, respectively. When the market for tax-exempt securities underperforms (or outperforms) the market for taxable
securities, the value of these investments may be negatively affected (or positively affected). </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217; income from the Trust over time could drop as well if the Trust purchases securities with lower interest
coupons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust invests 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 municipal 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 Trust shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 &#8220;call&#8221; (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&#8217;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&#8217;s current earnings rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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. 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&#8217;s NAV or dividends. Securities rated in the fourth highest
category (i.e., Baa by Moody&#8217;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: 3pt 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. In addition, the value
of such securities is affected by changes in general economic conditions and business conditions affecting the relevant economic
sectors. 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&#8217;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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> In evaluating creditworthiness, the investment adviser considers
ratings assigned by rating agencies and generally performs additional credit and investment analysis. Credit ratings issued by
rating agencies are based on a number of factors including, but not limited to, the issuer&#8217;s financial condition and the
rating agency&#8217;s credit analysis, if applicable, at the time of rating. The ratings assigned are not absolute standards of
credit quality and do not evaluate market risks or necessarily reflect the issuer&#8217;s current financial condition or the volatility
or liquidity of the security. An issuer&#8217;s current financial condition may be better or worse than the current rating indicates.
A credit rating may have a modifier (such as plus, minus or a numerical modifier) to denote its relative status within the rating.
The presence of a modifier does not change the security credit rating (for example, BBB- and Baa3 are within the investment grade
rating) for purposes of the Trust&#8217;s investment limitations. If an instrument is rated differently by two or more rating agencies,
the highest rating will be used for any Trust rating restrictions. The Trust may invest in unrated obligations for which Eaton
Vance will make a credit quality determination for purposes of the Trust&#8217;s credit quality policy. To the extent that the
Trust invests in such unrated obligations, the Trust&#8217;s credit quality will be more dependent on Eaton Vance&#8217;s credit
analysis than if the Trust invested in only rated obligations. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust may invest in MLOs and certificates of participation.
The obligation of the issuer to meet its obligations under such instruments is often subject to the ongoing appropriation by a
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: 3pt 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. In addition, the limited liquidity could affect the market price of the securities, thereby
adversely affecting the Trust&#8217;s NAV and ability to make distributions. 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 Eaton Vance and its affiliates,
holds a major portion or all of such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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: 3pt 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&#8217;s
obligations on such securities, which may increase the Trust&#8217;s operating expenses. Any income derived from the Trust&#8217;s
ownership or operation of such assets may not be tax-exempt.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Below
Investment Grade Securities Risk</B></FONT>. Up to 30% of the Trust&#8217;s investments in municipal obligations may be, at the
time of investment, rated below investment grade or if unrated deemed by the Adviser to be below investment grade. Such obligations
are commonly called &#8220;junk bonds&#8221; and will have speculative characteristics in varying degrees. While such 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Although the investment adviser considers security ratings when
making investment decisions, it generally performs its own credit and investment analysis and does not rely primarily on the ratings
assigned by the rating agencies. In evaluating the quality of a particular investment, whether rated or unrated, the investment
adviser will normally take into consideration, among other things, the issuer&#8217;s financial resources and operating history,
its sensitivity to economic conditions and trends, the ability of its management, its debt maturity schedules and borrowing requirements,
and relative values based on anticipated cash flow, interest and asset coverage, and earnings prospects. 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:
the rating assigned to any particular security is not necessarily a reflection of the issuer&#8217;s current financial condition.
The rating assigned to a security or other instrument by a rating agency does not reflect assessment of the volatility of its market
value or liquidity. 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 investment. For purposes of rating restrictions, if an instrument
is rated differently by the Rating Agencies, the higher rating is used.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Below investment grade municipal obligations involve a greater
degree of credit, interest rate and market risk than investment grade municipal obligations. Below investment grade municipal obligations
are subject to a greater risk of an issuer&#8217;s inability to meet principal and interest payments on the obligations 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. Below investment grade municipal obligations are considered predominantly speculative
because of the credit risk of their issuers. While offering a greater potential opportunity for capital appreciation and higher
yields, below investment grade municipal obligations typically entail greater potential price volatility and may be less liquid
than investment grade municipal obligations. Issuers of below investment grade municipal obligations are more likely to default
on their payments of interest and principal owed to the Trust, and such defaults will reduce the Trust&#8217;s NAV and income distributions.
The prices of these below investment grade obligations are more sensitive to negative developments than higher rated securities.
Adverse economic conditions generally lead to a higher non-payment rate. In addition, below investment grade municipal obligations
may lose significant value before a default occurs as the market adjusts to expected higher non-payment rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Increases in interest rates and changes in the economy may adversely
affect the ability of issuers of lower grade municipal obligations to pay interest and to repay principal, to meet projected financial
goals and to obtain additional financing. Issuers of below investment grade municipal obligations may be more adversely affected
by a prolonged recession or continued deterioration of economic conditions. In the event that an issuer of securities held by the
Trust experiences difficulties in the timely payment of principal or interest and such issuer seeks to restructure the terms of
its borrowings, the Trust may incur additional expenses and may determine to invest additional assets with respect to such issuer
or the project or projects to which the Trust&#8217;s portfolio securities relate. Further, the Trust may incur additional expenses
to the extent that it is required to seek recovery upon a default in the payment of interest or the repayment of principal on its
portfolio holdings, and the Trust may be unable to obtain full recovery thereof. When the Trust invests in lower rated or unrated
municipal obligations, the achievement of the Trust&#8217;s investment objectives is more dependent on the Adviser&#8217;s credit
analysis than would be the case if the Trust were investing in municipal obligations rated investment grade.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">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 NAV of the Trust, subject to the supervision of the Trust&#8217;s 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&#8217;s portfolio, the ability of the Adviser to value the Trust&#8217;s securities becomes more difficult and the
Adviser&#8217;s use of judgment may play a greater role in the valuation of the Trust&#8217;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 than would be the case for
securities for which an established market does exist.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;s shares. If a municipal obligation is insured, the Trust will
use the higher of the Municipal Obligation Rating or the insurance issuer&#8217;s rating. 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&#8217;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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current
Regulatory Environment Risk.</B></FONT> From time to time proposals have been introduced before Congress for the purpose of restricting
or eliminating the federal income tax exemption for interest on certain types of municipal obligations, and it can be expected
that similar proposals may be introduced in the future. 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&#8217;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: 3pt 0"> The U.S. and non-U.S. derivatives markets have undergone substantial
changes in recent years as a result of changes under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank
Act&#8221;) in the United States and regulation changes in Europe, Asia and other non-U.S. jurisdictions. 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 derivatives
markets as regulations are implemented. Additional future 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 Trust engages in derivative transactions. Trust management cannot predict the effects of any new governmental regulation
that may be implemented, and future regulation may impair the effectiveness of the Trust&#8217;s derivative transactions and its
ability to achieve its investment objectives. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;s ability to achieve its investment
objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>State
Specific Risk.</B></FONT> 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: 3pt 0">Up to 5% of the Trust&#8217;s investments in municipal obligations
may be collateralized by the proceeds from class action or other litigation against the tobacco industry. Such municipal obligations
are backed solely by expected revenues to be derived from lawsuits involving tobacco-related deaths and illnesses which were settled
between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state&#8217;s proportionate
share in the Master Settlement Agreement (&#8220;MSA&#8221;). The MSA is an agreement, reached out of court in November 1998 between
46 states and nearly all of the major U.S. tobacco manufacturers. Under the terms of the MSA, the actual amount of future settlement
payments by tobacco manufacturers is dependent on many factors, including, but not limited to, annual domestic cigarette shipments,
reduced cigarette consumption, increased taxes on cigarettes, inflation, financial capability of tobacco companies, continuing
litigation and the possibility of tobacco manufacturer bankruptcy. Payments made by tobacco manufacturers could be negatively impacted
if the decrease in tobacco consumption is significantly greater than the forecasted decline. See &#8220;State Specific Investments&#8221;
in the SAI for additional information about tobacco settlement bonds and the MSA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Residual
Interest Bond Risk.</B></FONT> Residual interest bonds are residual interests of a SPV that holds municipal obligations. Residual
interest bonds pay interest at rates that vary inversely with changes in prevailing short-term tax-exempt interest rates and provide
the economic effect of leverage. The interest rate payable on a residual interest bond also bears an inverse relationship to the
interest rate on floating rate notes issued by the SPV (&quot;Floating Rate Notes&quot;). Because changes in the interest rate
on the Floating Rate Notes inversely affect the interest paid on the residual interest bond, the value and income of a residual
interest bond is generally more volatile than that of a fixed rate bond. Residual interest </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> bonds 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. Residual interest bonds 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, residual interest bonds 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 residual interest bonds expose the Trust to leverage risk because they provide two or
more dollars 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: 3pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Any economic effect of leverage through the Trust&#8217;s
purchase of residual interest bonds will create an opportunity for increased Common Share net income and returns, but will also
create the possibility that the Trust&#8217;s long-term returns will be diminished if the cost of leverage exceeds the return on
the bonds purchased with leverage by the Trust. 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&#8217;s average daily gross
assets, which may create a conflict of interest between Eaton Vance and the Common Shareholders. &#8220;Gross assets&#8221; of
the Trust means the total assets of the Trust, including assets attributable to any form of leverage, minus all accrued expenses
incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to leverage. See &#8220;Investment
Objectives, Policies and Risks &#8211; Risk Considerations &#8211; Leverage Risks.&#8221; </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> A SPV typically can be collapsed or closed by the holder of
the residual interest bonds (such as the Trust) or by the liquidity provider. In certain circumstances, the Trust may enter into
shortfall and forbearance agreements with respect to a residual interest bond. The Trust generally may enter into such agreements
(i) when the liquidity provider to the SPV requires such an agreement because the level of leverage in the SPV 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 SPV in the event that the municipal obligation held in the SPV has declined in value. Such agreements commit
the Trust to reimburse, upon the termination of the SPV, 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. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">On December 10, 2013, five U.S. federal agencies published final
rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Volcker Rule&#8221;).
The Volcker Rule prohibits banking entities from engaging in proprietary trading of certain instruments and limits such entities&#8217;
investments in, and relationships with, covered funds, as defined in the rules. The Volcker Rule precludes banking entities and
their affiliates from (i) sponsoring residual interest bond programs as presently structured and (ii) continuing relationships
with or services for existing residual interest bond programs. The effects of the Volcker Rule may make it more difficult for the
Trust to maintain current or desired levels of income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Risks
of MLOs and Certificates of Participation</B></FONT>. The Trust may invest in MLOs and certificates of participation that involve
special risks not normally associated with general obligations or revenue obligations. A MLO is a bond that is secured by lease
payments made by the party, typically a state or municipality, leasing the facilities (e.g., schools or office buildings) that
were financed by the bond. Such lease payments may be subject to annual appropriation or may be made only from revenues associated
with the facility financed. In other cases, the leasing state or municipality is obligated to appropriate funds from its general
tax revenues to make lease payments as long as it utilizes the leased property. A certificate of participation (also referred to
as a &#8220;participation&#8221;) in a municipal lease is an instrument evidencing a pro rata share in a specific pledged revenue
stream, usually lease payments by the issuer . The issuer&#8217;s obligations under such instruments are often subject to the ongoing
appropriation by a legislative body, on an annual or other basis, of funds for the payment thereof. Investments in MLOs and certificates
of participation are therefore typically subject to the risk that the legislative body will not make the necessary annual 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: 3pt 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&#8217;s cost of
leverage would likely increase, reducing returns to Common Shareholders to the extent that such increased cost is not offset by
commensurately higher income. 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&#8217;s investments.</P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Leverage
Risk.</B></FONT> The Trust will not utilize leverage in excess of 15% of its gross assets. As discussed above, the Trust currently
uses leverage created by 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. Although the Trust has no current
intention to do so, the Trust is authorized to utilize leverage through the issuance of preferred shares and/or borrowings, including
the issuance of debt securities. The Trust may borrow for temporary, emergency or other purposes as permitted by the 1940 Act.
There can be 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: 3pt 0">The Adviser anticipates that the use of leverage (from 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 the costs of
leverage may affect the return to Common Shareholders. To the extent the income derived from investments purchased with funds received
from leverage exceeds the cost of leverage, the Trust'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's leveraged position if it deems such action to be appropriate.
There can be no assurance that a leveraging strategy will be successful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> As discussed under &#8220;Management of the Trust,&#8221;
the investment advisory fee paid to Eaton Vance is calculated on the basis of the Trust's average daily gross assets. &#8220;Gross
assets&#8221; of the Trust shall mean total assets of the Trust, including assets attributable to any form of leverage, minus all
accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to
leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the
issuance of debt securities), (ii) the issuance of preferred stock or other similar preference securities, (iii) the reinvestment
of collateral received for securities loaned in accordance with the Trust&#8217;s investment objectives and policies, and/or (iv)
any other means; all as determined in accordance with generally accepted accounting principles. This means that the Trust&#8217;s
advisory fees will be higher when leverage is utilized which may create an incentive for the Adviser to employ leverage. In this
regard, holders of any preferred shares 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 of the use of leverage, which means that Common
Shareholders effectively bear the entire advisory fee. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Financial leverage may also be achieved through the purchase
of certain derivative instruments. The Trust&#8217;s use of derivative instruments exposes the Trust to special risks. See &#8220;Investment
Objectives, Policies and Risks &#8211; Additional Investment Practices&#8221; and &#8220;Investment Objectives, Policies and Risks
&#8211; Additional Risk Considerations.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 a reference instrument) acquired for hedging purposes or investment
purposes, such as financial futures contracts and related options, interest rate, total return and other swaps and forward rate
contracts. Depending on the type of derivative instrument and the Trust&#8217;s investment strategy, a reference instrument could
be a security, instrument, index, currency, commodity, economic indicator or event (&#8220;reference instruments&#8221;). 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&#8217;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&#8217;s performance. 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. Trust obligations created pursuant to derivative instruments may give rise to leverage,
which would subject the Trust to increased leverage risk. 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&#8217;s performance. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The U.S. and non-U.S. derivatives markets have undergone substantial
changes in recent years as a result of changes under the Dodd-Frank Act in the United States and regulation changes in Europe,
Asia and other non-U.S. jurisdictions. 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</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">regulatory requirements that will continue to change derivatives
markets as regulations are implemented. Additional future 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 Trust engages in derivative transactions. Trust management cannot predict the effects of any new governmental regulation
that may be implemented, and future regulation may impair the effectiveness of the Trust&#8217;s derivative transactions and its
ability to achieve its investment objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;s counterparties with respect to
its derivatives positions and liquidity providers for the Trust&#8217;s residual interest bonds or other investments supported
by another party&#8217;s credit will affect the value of those instruments. Certain entities that have served as counterparties
in the municipals markets have in the past 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 reduced these entities&#8217; 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Tax
Risk.</B></FONT> The value of the Trust&#8217;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. From time to time proposals have been introduced before
Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on certain types of municipal
obligations, and it can be expected that similar proposals may be introduced in the future. 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&#8217;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 &#8220;Distributions&#8221;
and &#8220;Federal income tax matters.&#8221;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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 &#8220;exempt-interest dividends&#8221;
could be adversely affected, subjecting the Trust&#8217;s Common Shareholders to increased federal income tax liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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&#8217;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&#8217;s investment objectives. There is no assurance
that Eaton Vance and the individual portfolio managers will be successful in developing and implementing the Trust&#8217;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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cybersecurity
Risk.</B></FONT> With the increased use of technologies by Trust service providers to conduct business, such as the Internet,
the Trust is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate
attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems
(e.g., through &#8220;hacking&#8221; or malicious software coding) for purposes of misappropriating assets or sensitive information,
corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining
unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable
to intended users). Cybersecurity failures or breaches by the Trust&#8217;s investment adviser or administrator and other service
providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Trust invests,
have the ability to cause disruptions and impact business operations potentially resulting in financial losses, interference with
the Trust&#8217;s ability to calculate its net asset value, impediments to trading, the inability of Trust shareholders to transact
business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or
other compensation costs, or additional compliance costs. While various Trust service providers have established business continuity
plans and risk management systems intended to identify and mitigate cyber attacks, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been identified. Furthermore, the Trust cannot control the cybersecurity
plans and systems put in place by service providers to the Trust and issuers in which the Trust invests.</P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Market
Disruption. </B></FONT>Instability in the Middle East, the wars in Afghanistan, Iraq and Libya, geopolitical tensions elsewhere
and terrorist attacks in the United States and around the world have previously resulted, and may continue to result, in market
volatility and may have long-term effects on the United States and worldwide financial markets. Such events may cause further economic
uncertainties in the United States and worldwide. The Trust cannot predict the effects of significant future events on the global
economy and securities markets. A similar disruption of the financial markets could impact interest rates, auctions, secondary
trading, ratings, credit risk, inflation and other factors relating to the Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <FONT STYLE="font-style: normal"><B>Swaps Risk.</B> <FONT STYLE="font-weight: normal">Swap
agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more
than one year. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or differentials in rates
of return) earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest
rate factor. The gross returns to be exchanged or &#8220;swapped&#8221; between the parties are generally calculated with respect
to a &#8220;notional amount&#8221; (i.e., the return on or increase in value of a particular dollar amount invested at a particular
interest rate or in a &#8220;basket&#8221; of securities representing a particular index). Other types of swap agreements may calculate
the obligations of the parties to the agreement on a &#8220;net basis.&#8221; Consequently, a party&#8217;s current obligations
(or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based
on the relative values of the positions held by each party to the agreement (the &#8220;net amount&#8221;). Whether the use of
swap agreements will be successful will depend on the Adviser&#8217;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&#8217;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&#8217;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 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></FONT> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Duration
and Maturity Risk.</B></FONT> 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: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Hedging
Risk.</B></FONT> The Trust&#8217;s use of derivatives or other transactions to reduce risks involves costs and will be subject
to Eaton Vance&#8217;s ability to predict correctly changes in the relationships of such hedge instruments to the Trust&#8217;s
portfolio holdings or other factors. No assurance can be given that Eaton Vance&#8217;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&#8217;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&#8217;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 investments 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: 3pt 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 &#8220;Description of Capital Structure &#8211;
Certain Provisions of the Declaration of Trust &#8211; Anti-Takeover Provisions in the Declaration of Trust.&#8221;</P>


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<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 6pt">BOARD OF TRUSTEES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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: 6pt 0">THE ADVISER</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Eaton Vance acts as the Trust&#8217;s investment adviser under
an Investment Advisory Agreement (the &#8220;Advisory Agreement&#8221;). The Adviser&#8217;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 September 30, 2019, Eaton Vance and its affiliates managed
approximately $489.7 billion of fund and separate account assets on behalf of clients, including 38 open-end and closed-end municipal
bond funds with combined assets of approximately $16.9 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: 3pt 0"> Eaton Vance employs 44 personnel in its municipal bond department,
with teams in both Boston and New York, including 15 portfolio managers, 16 traders and 15 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,
13 national municipal investment companies, and 17 single state municipal investment companies, with combined assets of approximately
$16.9 billion. Of the municipal income funds managed by Eaton Vance, 8 are closed-end funds. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Under the general supervision of the Trust&#8217;s Board,
Eaton Vance is responsible for managing the Trust's overall investment program, determining the Trust's allocations among its permitted
investments, and selecting individual holdings. 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 and for administering its affairs.
The Adviser will compensate all Trustees and officers of the Trust who are members of the Adviser&#8217;s organization and will
also compensate all other Adviser personnel who provide research and investment services to the Trust. Pursuant to the investment
advisory and administrative agreement, the Trust pays the Adviser a fee calculated as a percentage of the Trust&#8217;s average
daily gross assets in return for these investment advisory services, facilities and payments. The Trust&#8217;s advisory fee currently
is computed at an annual rate of 0.60% of the Trust's average daily gross assets. up to and including $1.5 billion and 0.59% of
average daily gross assets over $1.5 billion. For purposes of this calculation, &#8220;gross assets&#8221; of the Trust shall mean
total assets of the Trust, including any form of investment leverage, minus all accrued expenses incurred in the normal course
of operations, but not excluding any liabilities or obligations attributable to investment leverage obtained through (i) indebtedness
of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance
of preferred stock or other similar preference securities, (iii) the reinvestment of collateral received for securities loaned
in accordance with the Trust&#8217;s investment objectives and policies, and/or (iv) any other means, all as determined in accordance
with generally accepted accounting principles.) </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> During any 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&#8217;s gross assets, including any form of investment leverage. As demonstrated
in the fee table under &#8220;Summary of Trust Expenses,&#8221; after giving effect to the Trust&#8217;s use of leverage and using
the assumptions set forth in the fee table, the management fee would be 0.60%. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Cynthia J. Clemson is responsible for the overall and day-to-day
management of the Trust&#8217;s investments. Ms. Clemson is a Vice President of Eaton Vance, is Co-Director of the Municipal Investments
Group and has been a portfolio manager of the Trust since May 2009. She has managed other Eaton Vance portfolios for more than
five years.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Additional Information Regarding Portfolio Managers</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The SAI provides additional information about the portfolio managers&#8217;
compensation, other accounts managed by the portfolio managers, and the portfolio managers&#8217; ownership of securities in the
Trust. The SAI is available free of charge by calling 1-800-262-1122 or by visiting the Trust&#8217;s website at http://www.eatonvance.com.
The information contained in, or that can be accessed through, the Trust&#8217;s website is not part of this Prospectus or the
SAI.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust and the Adviser have adopted codes of ethics relating
to personal securities transactions (the &#8220;Code of Ethics&#8221;). 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: 3pt 0">The Trust&#8217;s semi-annual shareholder report contains information
regarding the basis for the Trustees&#8217; approval of the Trust&#8217;s Advisory Agreement.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Eaton Vance serves as administrator of the Trust but currently
receives no compensation for providing administrative serves to the Trust. Pursuant to the Investment Advisory and Administrative
Agreement with the Trust, 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&#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&#8217; and shareholders&#8217; meetings, providing service in connection
with any repurchase offers and other administrative services necessary to conduct the Trust&#8217;s business. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In addition to the advisory fee, the Trust pays all costs and
expenses of its operation, including compensation of its 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="color: gray; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Plan of Distribution</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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&#8217;s agreement with them.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 6pt 0">Distributions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 any preferred shares or other costs of financial leverage. As portfolio and market conditions change, the rate of distribution
on the Common Shares and the Trust&#8217;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 preferred shares or other costs of financial leverage).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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&#8217;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&#8217;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. A return of capital is treated
as a non-dividend distribution for tax purposes and is not subject to current tax. A return of capital reduces a Shareholder&#8217;s
tax cost basis in Trust shares. 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: 3pt 0">Common Shareholders may automatically reinvest some or all of
their distributions in additional Common Shares pursuant to the Trust&#8217;s dividend reinvestment plan. See &#8220;Dividend reinvestment
plan.&#8221;</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Federal Income Tax Matters</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The discussions below and certain disclosure in the SAI 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. Unless otherwise noted, the following tax discussion
assumes that you are a U.S. person that is not subject to special rules under the Internal Revenue Code of 1986, as amended (the
&#8220;Code&#8221;), 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: 3pt 0">The Trust has elected to be treated and intends to qualify each
year as a regulated investment company (&#8220;RIC&#8221;) 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: 3pt 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 &#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 alternative minimum
tax (&#8220;AMT&#8221;). 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: 3pt 0">In addition to exempt-interest dividends, the Trust also may
distribute to its Common 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 paid in cash or in additional shares of the
Trust.. Distributions by the Trust of its net capital gain (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 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 Common Shareholders from its investments will qualify for the dividends-received deduction available to corporate shareholders
or as &#8220;qualified dividend income&#8221; to noncorporate shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 in a timely notice to its Common Shareholders
who, (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 clauses (ii) and (iii) of the preceding
sentence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 0">Dividends and other taxable distributions declared by the Trust
in October, November or December to Common Shareholders of record on a specified date in such month and paid during the following
January will be treated as having been received by Common Shareholders in the year the distributions were declared.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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. 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: 3pt 0">Any interest on indebtedness incurred or continued to purchase
or carry the Trust&#8217;s shares on which exempt-interest dividends are paid is not deductible for U.S. federal income tax purposes
in proportion to the percentage that the Trust&#8217;s distribution of exempt-interest dividends bears to all of the Trust&#8217;s
distributions, excluding capital gain dividends. 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: 3pt 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 Common Shareholders, at least annually, all or substantially all of its investment company taxable income (determined
without regard to the deduction for dividends paid) and net tax-exempt income, in each case 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 investments 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: 3pt 0">As with all investment companies, the Trust may be required to
&#8220;backup&#8221; withhold, for U.S. federal income tax purposes, a certain portion 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 and any amounts withheld may be credited against a shareholder&#8217;s U.S. federal income tax liability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Certain foreign entities including foreign entities acting as
intermediaries may be subject to a 30% withholding tax on ordinary dividend income paid under the Foreign Account Tax Compliance
Act (&#8220;FATCA&#8221;). To avoid withholding, foreign financial institutions subject to FATCA must agree to disclose to the
relevant revenue authorities certain information regarding their direct and indirect U.S. owners and other foreign entities must
certify certain information regarding their direct and indirect U.S. owners to the Trust. In addition, the IRS and the Department
of Treasury have issued proposed regulations providing that these withholding rules will not be applicable to the gross proceeds
of share redemptions or capital gain dividends the Trust pays. For more detailed information regarding FATCA withholding and compliance,
please refer to the SAI.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Dividend Reinvestment Plan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Pursuant to the Trust&#8217;s dividend reinvestment plan (the
&#8220;Plan&#8221;), 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: 3pt 0">American Stock Transfer &amp; Trust Company LLC (the &#8220;Plan
Agent&#8221;) 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: 3pt 0">Common Shares will be acquired by the Plan Agent or an independent
broker-dealer for the participants&#8217; accounts, depending upon the circumstances described below, either (i) through receipt
of additional previously authorized but unissued Common Shares from the Trust (&#8220;newly issued Common Shares&#8221;) or (ii)
by purchase of outstanding Common Shares on the open market (&#8220;open-market purchases&#8221;) 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 &#8220;market premium&#8221;), 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&#8217;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 &#8220;market
discount&#8221;), 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: 3pt 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: 3pt 0">The Plan Agent maintains all Common Shareholders&#8217; 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&#8217;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: 3pt 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&#8217;s open-market purchases in connection with
the reinvestment of distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Experience under the Plan may indicate that changes are desirable.
Accordingly, upon 30 days&#8217; 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Any inquiries regarding the Plan can be directed to the Plan
Agent, AST, at 1-866-439-6787.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Description of Capital Structure</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 &#8220;Declaration of Trust&#8221;).
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: 3pt 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&#8217;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: 3pt 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&#8217;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&#8217;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&#8217;s status as a regulated investment company. See &#8220;Investment Objectives, Policies
and Risks,&#8221; &#8220;Distributions&#8221; and &#8220;Federal Income Tax Matters.&#8221; 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: 3pt 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&#8217;s outstanding
Common Shares. The Common Shares have no preemptive rights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust will not issue Common Share certificates. Common Share
certificates that have been issued to an investor may be returned at any time.</P>

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

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">REPURCHASE OF COMMON SHARES AND OTHER DISCOUNT MEASURES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;s expenses, whether
such transactions would impair the Trust&#8217;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&#8217;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&#8217;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: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> In November 2013, the Board of Trustees initially approved
a share repurchase program for the Trust. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees
in March 2019, the Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior
calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not
obligate the Trust to purchase a specific amount of shares. Results of the share repurchase program are disclosed in the Trust&#8217;s
annual and semiannual reports to shareholders. </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust has no current intention of issuing any shares other
than the Common Shares. However, the Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial
interest with preference rights (the &#8220;preferred shares&#8221;) in one or more series, with rights as determined by the Board,
by action of the Board without the approval of the Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Under the requirements of the 1940 Act, the Trust must, immediately
after the issuance of any preferred shares, have an &#8220;asset coverage&#8221; of at least 200%. Asset coverage means the ratio
which the value of the total assets of the Trust, less all liabilities 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. If the Trust seeks a rating for preferred shares, asset coverage
requirements in addition to those set forth in the 1940 Act may be imposed. The liquidation value of any preferred shares would
be expected to equal their aggregate original purchase price plus 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 any preferred shares, including
their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject
to applicable law and the Trust&#8217;s Declaration of Trust) if and when it authorizes preferred shares. 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 such preferred shares may also enable the Trust to lengthen such intervals. At
times, the distribution rate on any preferred shares may exceed the Trust&#8217;s return after expenses on the investment of proceeds
from the preferred shares and the Trust&#8217;s leverage structure, resulting in a lower rate of return to Common Shareholders
than if the Trust were not so structured.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 the original purchase price per share plus redemption premium, if any, together with
accrued and unpaid dividends, whether or not earned or declared and on a cumulative basis) before any distribution of assets is
made to Common Shareholders. 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: 3pt 0">Holders of preferred shares, voting as a class, would be entitled
to elect two of the Trust&#8217;s Trustees if any preferred shares are issued. 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) would be entitled to elect the remaining
Trustees of the Trust. Under the 1940 Act, if at any time dividends on the preferred shares are unpaid in an amount equal to two
full years&#8217; dividends thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect
a majority of the Board 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 under the 1940 Act. In this
regard, holders of preferred shares may be entitled to elect a majority of the 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</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In the event of any future issuance of preferred shares, the
Trust likely would seek a credit rating for such preferred shares from a Rating Agency. In such event, as long as preferred shares
are outstanding, the composition of its portfolio will reflect guidelines established by such Rating Agency. Based on previous
guidelines established by Rating Agencies for the securities of other issuers, the Trust anticipates that the guidelines with respect
to any preferred shares would establish a set of tests for portfolio composition and asset coverage that supplement (and in some
cases are more restrictive than) the applicable requirements under the 1940 Act. Although no assurance can be given as to the nature
or extent of the guidelines that may be imposed in connection with obtaining a rating of any preferred shares, the Trust anticipates
that such guidelines would include asset coverage requirements that are more restrictive than those under the 1940 Act, restrictions
on certain portfolio investments and investment practices and certain mandatory redemption requirements relating to any preferred
shares. No assurance can be given that the guidelines actually imposed with respect to any preferred shares by a Rating Agency
would be more or less restrictive than those described in this Prospectus.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">As discussed above, the Trust currently uses leverage in the
form of residual interest bonds. The Trust will not utilize leverage in excess of 15% of its gross assets. Although the Trust has
no current intention to do so, the Trust is authorized also to utilize leverage through the issuance of preferred shares and/or
borrowings, including the issuance of debt securities. The Trust may borrow for temporary, emergency or other purposes as permitted
by the 1940 Act. In the event that the Trust determines in the future to utilize alternative or additional forms of leverage, there
can be no assurance that such strategy would be successful during any period in which it is employed. 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 leverage costs may affect the income and return to Common Shareholders. To the extent the amounts available for
distribution derived from securities purchased with proceeds received from leverage exceed the cost of leverage, the Trust&#8217;s
distributions would be greater than if leverage had not been used. Conversely, if the amounts available for distribution derived
from securities purchased with such proceeds are not sufficient to cover the cost of leverage, distributions to Common Shareholders
would 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&#8217;s leveraged position if it deems such action to be appropriate. The costs of an offering of preferred
shares and/or a borrowing program would be borne by Common Shareholders and consequently would result in a reduction of the NAV
of Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> In addition, the advisory fee paid to Eaton Vance is calculated
on the basis of the Trust&#8217;s average daily gross assets. &#8220;Gross assets&#8221; of the Trust means total assets of the
Trust, including assets attributable to any form of leverage, minus all accrued expenses incurred in the normal course of operations,
but not excluding any liabilities or obligations attributable to leverage obtained through (i) indebtedness of any type (including,
without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock
or other similar preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with
the Trust&#8217;s investment objectives and policies, and/or (iv) any other means; all as determined in accordance with generally
accepted accounting principles. This means that the advisory fees paid by the Trust would be higher if leverage is utilized. In
this regard, holders of preferred shares would not bear the investment advisory fee. Rather, Common Shareholders would bear the
portion of the investment advisory fee attributable to the assets purchased with the proceeds of the preferred shares offering. </P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">CERTAIN PROVISIONS OF THE DECLARATION OF TRUST</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Anti-Takeover Provisions in the Declaration of Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 (i) for cause by a written instrument signed by the remaining Trustees or (ii) 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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 (&#8220;Principal Shareholders&#8221;) 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 determined by the Board to
have 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 or with
the Trust or any subsidiary thereof, in exchange for securities of the Trust, of any assets of any Principal Shareholder (except
assets determined by the Board to have 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: 3pt 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: 6pt 0">Conversion to Open-End Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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&#8217; meeting at which such conversion
was approved and would also require at least 30 days&#8217; 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 could require the
repayment of borrowings. The Board believes that the closed-end structure is desirable, given the Trust&#8217;s investment objectives
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>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Custodian and Transfer Agent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 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&#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: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 6pt 0">Legal Opinions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 6pt 0">Reports to Shareholders</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust will send to Common Shareholders unaudited semi-annual
and audited annual reports, including a list of investments held.</P>


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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Independent Registered Public Accounting Firm</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Additional Information</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Prospectus and the 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. The SAI can be obtained without charge by calling
1-800-262-1122.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 89%; padding: 3pt 5.5pt; font: 10pt/12pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; padding: 3pt 17pt 3pt 5.5pt; font: 10pt/12pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: middle">Page</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Additional Investment Information and Restrictions&#9;</TD>
    <TD STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right; vertical-align: middle"> 2 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Trustees and Officers&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 12 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Investment Advisory and Other Services&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 20 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Determination of Net Asset Value&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 23 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Portfolio Trading&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 24 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Taxes&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 26 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Other Information&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 31 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Custodian&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 31 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Independent Registered Public Accounting Firm&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 31 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">Financial Statements&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 31 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">APPENDIX A: Ratings&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 32 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 5.5pt">APPENDIX B: Proxy Voting Policy and Procedures&#9;</TD>
    <TD STYLE="vertical-align: middle; font: 10pt/12pt Arial, Helvetica, Sans-Serif; padding: 3pt 17pt 3pt 5.5pt; text-align: right"> 42 </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: 6pt 0">The Trust&#8217;s Privacy Policy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 (&#8220;Privacy Policy&#8221;)
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">&middot;</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">&middot;</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&#8217;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">&middot;</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">&middot;</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: 3pt 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&#8217;s Real Estate Investment Group and Boston Management and Research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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&#8217;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&#8217;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: 3pt 0">For more information about Eaton Vance&#8217;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 2,285,745 Shares </P>

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

<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>

<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>

<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>

<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>

<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>

<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>

<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>

<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>

<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>

<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>

<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>

<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>

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

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    <!-- Field: /Page -->

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"></DIV>
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<P STYLE="margin: 0"></P>

<!-- Field: Include-Text; File: T:\Filings with the SEC\N%2D2A\National Municipal Opportunities Trust Pre%2DEffective #1 dtd 11%2D19%2D19\edgar\eotsai.htm; Date: 2019%2D11%2D19T12:22:11; Size: 403728 -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-top: 3pt; padding-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: NewsGoth BT, Sans-Serif; color: red">SUBJECT TO COMPLETION</FONT></TD>
    <TD STYLE="width: 16%; padding-top: 3pt; padding-bottom: 3pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-top: 3pt; padding-bottom: 3pt; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: NewsGoth BT, Sans-Serif; color: red">November 19, 2019 </FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 4.5in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 4.5in">[_______]</P>

<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 15pt/18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance National Municipal
Opportunities 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" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Additional Investment Information and Restrictions &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 2 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Trustees and Officers &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 12 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Investment Advisory and Other Services &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 20 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Determination of Net Asset Value &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 23 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Portfolio Trading &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 24 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Taxes &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 26 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Other Information &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 31 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Custodian &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 31 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Independent Registered Public Accounting Firm &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 31 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Financial Statements &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 31 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">APPENDIX A: Ratings &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 32 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">APPENDIX B: Proxy Voting Policy and Procedures &#9;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 4.5pt; padding-bottom: 3pt; text-align: right"> 42 </TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="color: red; font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">THE INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION
(&#8220;SAI&#8221;) IS NOT COMPLETE AND MAY BE CHANGED. THESE SECURITIES MAY NOT BE SOLD UNTIL THE REGISTRATION STATEMENT FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS SAI, WHICH IS NOT A PROSPECTUS, IS NOT AN OFFER TO SELL THESE SECURITIES
AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.</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 NATIONAL MUNICIPAL OPPORTUNITIES TRUST (THE &#8220;TRUST&#8221;) DATED [_______], 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: 6pt 0; text-align: center">ADDITIONAL INVESTMENT INFORMATION AND
RESTRICTIONS</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 0">Interest on certain &#8220;private activity bonds&#8221; (not
including the bonds described in clause (iii) of the previous paragraph) 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.</P>

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


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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>State
Specific Investments.</B></FONT> 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. The Commonwealth
of Puerto Rico and its related issuers continue</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">to experience financial difficulties and rating agency downgrades,
and numerous issuers have entered Title III of the Puerto Rico Oversite, Management and Economic Stability Act, which is similar
to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. Puerto Rico&#8217;s short-term
financial difficulties continue to be further impacted by the 2017 hurricane.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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. See Appendix
A for a description of the claims-paying ability ratings of S&amp;P and Moody&#8217;s. 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 0">Municipal obligations held by the Trust which 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 investment 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 investment adviser; provided, however, that holdings of obligations rated below
Baa or BBB will be less than 30% of the Trust&#8217;s investments in municipal obligations and holdings rated below B- by Standard
&amp; Poor&#8217;s or Fitch or B3 by Moody&#8217;s will be less than 5% of its municipal obligations investments, each at the time
of purchase. 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: 3pt 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 investment 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 investment 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 investment 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Municipal
Leases. </B></FONT>The Trust may invest in municipal lease obligations and certificates of participation, which arrangements frequently
involve special risks. A municipal lease obligation is a bond that is secured by lease payments made by the party, typically a
state or municipality, leasing the facilities (e.g., schools or office buildings) that were financed by the bond. Such lease payments
may be subject to annual appropriation or may be made only from revenues associated with the facility financed. In other cases,
the leasing state or municipality is obligated to appropriate funds from its general tax revenues to make lease payments as long
as it utilizes the leased property. A certificate of participation (also referred to as a &#8220;participation&#8221;) in a municipal
lease is an instrument evidencing a pro rata share in a specific pledged revenue stream, usually lease payments by the issuer that
are typically subject to annual appropriation. The certificate generally entitles the holder to receive a share, or participation,
in the payments from a particular project. Municipal lease obligations and participations are 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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Certain municipal lease obligations owned by the Trust may be
deemed illiquid, unless determined by the investment adviser, pursuant to guidelines adopted by the Trustees, to be liquid securities.
In determining the liquidity of municipal lease obligations, the investment 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 investment 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 nonappropriation 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) the rating, if any, assigned to the obligation and/or the governmental issuer by any nationally recognized
statistical rating organization; (8) whether the obligation is insured as to the timely payment of principal and interest; and
(9) all factors and information unique to the obligation in determining its liquidity. If the municipal lease obligation is insured
as to the timely payment of principal and interest, or if the obligation has an investment grade rating (rated BBB or Baa or higher),
the investment adviser may consider the obligation to be liquid. In the event the Trust acquires an unrated municipal lease obligation,
the investment adviser will be responsible for determining the credit quality of such obligation on an ongoing basis, including
an assessment of the likelihood that the lease may or may not be cancelled.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 Fund might take possession of and manage the assets securing the issuer&#8217;s obligations
on such securities or otherwise incur costs to protect its rights, which may increase the Fund&#8217;s operating expenses and adversely
affect the net asset value of the Fund. When the lease contains a non-appropriation clause, however, the failure to pay would not
be a default and the Fund would not have the right to take possession of the assets. Any income derived from the Fund&#8217;s ownership
or operation of such assets may not be tax-exempt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Zero
Coupon Bonds.</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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">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: 3pt 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: 3pt 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: 3pt 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. The payment obligation and the interest rate that will be received on the
securities are fixed at the time the Trust enters into the purchase commitment. When the Trust commits to purchase a security on
a when-issued basis it records the transaction and reflects the value of the security in determining its net asset value. Securities
purchased on a when-</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">issued basis and the securities held by the Trust are subject
to changes in value based upon the perception of the creditworthiness of the issuer and changes in the level of interest rates
(i.e., appreciation when interest rates decline and depreciation when interest rates rise). Therefore, to the extent that the Trust
remains substantially fully invested at the same time that it has purchased securities on a when-issued basis, there will be greater
fluctuations in the Trust&#8217;s net asset value than if it solely set aside cash to pay for when-issued securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Credit
Derivatives.</B></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 instrument. 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"><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: 3pt 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: 3pt 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>


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

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

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


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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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Illiquid
Investments.</B></FONT> Illiquid investments 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: 3pt 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: 3pt 0">At times, a portion of the Trust&#8217;s assets may be invested
in instruments 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 instruments. 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 instruments when the Adviser believes it
advisable to do so or may be able to sell such instruments only at prices lower than if such instruments were more widely held.
It may also be more difficult to determine the fair value of such instruments for purposes of computing the Trust&#8217;s net asset
value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Futures
Contracts and Options on Futures Contracts.</B></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">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">The Trust will engage in futures and related options transactions
for 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 is not subject to registration or regulation as a CPO.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The SEC may propose regulations that, if adopted, could significantly
change the manner in which a Fund must segregate assets to cover its future obligations. A proposed regulation may restrict its
ability to enter into derivative transactions for speculative or hedging purposes and may 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>LIBOR
Transition and Associated Risk.</B></FONT> The London Interbank Offered Rate (&#8220;LIBOR&#8221;) is the average offered rate
for various maturities of short-term loans between major international banks who are members of the British Bankers Association
(BBA). LIBOR is the most common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout
global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments
and derivatives) and borrowing arrangements, and to determine dividend rates for preferred shares. However, the use of LIBOR started
to come under pressure following manipulation allegations in 2012. Despite increased regulation and other corrective actions since
that time, concerns have arisen regarding its viability as a benchmark, due largely to reduced activity in the financial markets
that it measures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> In June 2017, the Alternative Reference Rates Committee, a
group of large U.S. banks working with the Federal Reserve, announced its selection of a new Secured Overnight Financing Rate (&#8220;SOFR&#8221;),
which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as an appropriate replacement for LIBOR.
The Federal Reserve Bank of New York began publishing the SOFR earlier in 2018, with the expectation that it could be used on a
voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other
alternatives for their markets, including the Sterling Overnight Interbank Average Rate (&#8220;SONIA&#8221;) in England. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">In July 2017, the Financial Conduct Authority (the &#8220;FCA&#8221;),
the United Kingdom financial regulatory body, announced that after 2021 it will cease its active encouragement of UK banks to provide
the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published after that time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Various financial industry groups have begun planning for that
transition, but there are obstacles to converting certain longer term securities and transactions to a new benchmark. Transition
planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The
transition process might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine
interest rates. Although the period from the FCA announcement until the end of 2021 is generally expected to be enough time for
market participants to transition to the use of a different benchmark for new securities and transactions, there remains uncertainty
regarding the future utilization of LIBOR and the specific replacement rate or rates. As such, the potential effect of a transition
away from LIBOR on the Trust or the financial instruments utilized by the Trust cannot yet be determined. The transition process
may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The
transition may also result in a change in (i) the value of certain instruments held by the Trust, (ii) the cost of borrowing or
the dividend rate for preferred shares or (iii) the effectiveness of related Trust transactions such as hedges, as applicable.
When LIBOR is discontinued, the LIBOR replacement rate may be lower than market expectations, which could have an adverse impact
on the value of preferred and debt-securities with floating or fixed-to-floating rate coupons. Any such effects of the transition
away from LIBOR, as well as other unforeseen effects, could result in losses to the Trust. Since the usefulness of LIBOR as a benchmark
could deteriorate during the transition period, these effects could occur prior to the end of 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Asset
Coverage Requirements.</B></FONT> To the extent required by SEC guidance, if a transaction creates a future obligation of the Fund
to another party the Fund will: (1) cover the obligation by entering into an offsetting position or transaction; and/or (2) segregate
cash and/or liquid securities with a value (together with any collateral posted with respect to the obligation) at least equal
to the marked-to-market value of the obligation. Assets used as cover or segregated cannot be sold while the position(s) requiring
coverage is open unless 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. The types of transactions that may require asset coverage include (but are not
limited to) forward contracts, certain options, forward commitments, futures contracts, when-issued securities, swap agreements
and residual interest bonds.</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: 3pt 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. 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>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
rate(s) for the Trust for the fiscal years ended March 31, 2019 and March 31, 2018 were 17% and 17%, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Diversified
Status. </B></FONT>The Trust is a &#8220;diversified&#8221; investment company under the 1940 Act. This means that with respect
to 75% of its total assets (1) it may not invest more than 5% of its total assets in the securities of any one issuer (except U.S.
Government obligations) and (2) it may not own more than 10% of the outstanding voting securities of any one issuer. With respect
to no more than 25% of its total assets, investments are not subject to the foregoing restrictions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 the outstanding shares
of the Trust. As a matter of fundamental policy, the Trust may not:</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>Borrow money, except as permitted by the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;);</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>

<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>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>

<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">(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 loans, loan interests, debt securities and other obligations
in which the Trust is authorized to invest in accordance with its investment objectives 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 25% or more of its total assets in any single industry or group of industries (other than securities issued or guaranteed
by the U.S. government or its agencies or instrumentalities).</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">(9)</TD><TD>With respect to 75% of its total assets, invest more than 5% of its total assets (taken at current value) in the securities
of any one issuer, or invest in more than 10% of the outstanding voting securities of any one issuer, except obligations issued
or guaranteed by the U.S. Government, its agencies or instrumentalities and except securities of other investment companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">For purposes of the Trust's investment restrictions, the determination
of the &quot;issuer&quot; 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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 0">In regard to restriction (5)(c), the value of the securities
loaned by the Trust may not exceed 33 1/3% of its total assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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. Furthermore, a large economic or market sector
shall not be construed as a group of industries for purposes of this restriction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust has adopted the following nonfundamental investment
policy which may be changed by the Trustees without approval of the Trust'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: 3pt 0">Upon Board&#8217;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: 3pt 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's acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change in values,
assets or other circumstances 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: 3pt 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. Each Trustee holds office until the
annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject
to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Trust&rsquo;s current Trustee retirement
policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his
or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee.
However, if such retirement and resignation would cause the Trust to be out of compliance with Section 16 of the 1940 Act or any
other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action
has been taken for the Trust to be in compliance with Section 16 of the 1940 Act. 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. </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: 8%; 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: 32%; 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 </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 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 2022.<BR>
&nbsp;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 159 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"> 159 </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>
</TABLE>

<!-- Field: Page; Sequence: 69 -->
    <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 National Municipal Opportunities Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</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;&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: 8%; 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: 32%; 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 </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 2021. <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"> 159 </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 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 2020. <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).&nbsp;&nbsp;Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989).&nbsp;&nbsp;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"> 159 </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 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 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">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"> 159 </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 2022. <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">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"> 159 </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 Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).&nbsp;&nbsp;Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 70 -->
    <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 National Municipal Opportunities Trust</TD><TD STYLE="width: 10%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 45%; text-align: right">SAI dated [___], 2019</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;&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: 9%; 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: 31%; 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 </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 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 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"> 159 </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 2021. <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"> 159 </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">KEITH QUINTON<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 2020. <BR>
2 Years.<BR>
Since 2018.</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">Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).</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"> 159 </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 New Hampshire Municipal Bond Bank (since 2016).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 2.9pt; line-height: 10pt">MARCUS L. SMITH<BR>
1966</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 2021. <BR>
3 Years.<BR>
Since 2018.</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">Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017).</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"> 159 </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 MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).</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 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 2020. <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"> 159 </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>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;&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: 8%; 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: 32%; 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 </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 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 2022. <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">Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). 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"> 159 </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 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">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 136 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 159 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 159 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 159 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: 3pt 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(s) (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 eleven Trustees, including
ten 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>

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


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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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 from 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: 3pt 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 2016 and is the Chairperson of the
Ad Hoc Committee for Closed-End Fund Matters. 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 from 2008-2012 and Director/Trustee of the Royce family
of funds from 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 1981-1987. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 through 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 from 1989-1995, Bain and Company from 1987-1989 and BA Investment Management Company from 1983-1985.
She serves as a member of the investment committee of The MCNC Endowment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 from 2011-2014 and the Ashmore Funds
from 2010-2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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. 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 Investment Committee, Compensation Committee and chairs the Nominating &amp;
Corporate Governance Committee. She is a Director of Envestnet, Inc., a provider of intelligent systems for wealth management and
financial wellness. 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. </P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Keith
Quinton. </I></FONT>Mr. Quinton has served as a member of the Eaton Vance Fund Boards since October 1, 2018. He had over thirty
years of experience in the investment industry before retiring from Fidelity Investments in 2014. Prior to joining Fidelity, Mr.
Quinton was a vice president and quantitative analyst at MFS Investment Management from 2000-2001. From 1997 through 2000, he was
a senior quantitative analyst at Santander Global Advisors and, from 1995 through 1997, Mr. Quinton was senior vice president in
the quantitative equity research department at Putnam Investments. Prior to joining Putnam Investments, Mr. Quinton served in various
investment roles at Eberstadt Fleming, Falconwood Securities Corporation and Drexel Burnham Lambert, where he began his career
in the investment industry as a senior quantitative analyst in 1983. Mr. Quinton currently serves as an Independent Investment
Committee Member of the New Hampshire Retirement System, a five member committee that manages investments based on the investment
policy and asset allocation approved by the board of trustees, and as a Director of the New Hampshire Municipal Bond Bank.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Marcus
L. Smith.</I></FONT> Mr. Smith has served as a member of the Eaton Vance Fund Boards since October 1, 2018. Since 2017, Mr. Smith
has been a Director of MSCI Inc., a leading provider of investment decision support tools worldwide, where he serves on the Audit
Committee. From 2017 through 2018, he served as a Director of DCT Industrial Trust Inc., a leading logistics real estate company,
where he served as a member of the Nominating and Corporate Governance and Audit Committees. From 1994 through 2017, Mr. Smith
served in several capacities at MFS Investment Management, an investment management firm, where he managed the MFS Institutional
International Fund for 17 years and the MFS Concentrated International Fund for 10 years. In addition to his portfolio management
duties, Mr. Smith served as Director of Equity, Canada from 2012-2017, Director of Equity, Asia from 2010-2012, and Director of
Asian Equity Research from 2005-2010. Prior to joining MFS, Mr. Smith was a senior consultant at Andersen Consulting (now known
as Accenture) from 1988-1992. Mr. Smith served as a United States Army Reserve Officer from 1987-1992. He has also been a trustee
of the University of Mount Union since 2008 and has served as the chairman of the finance committee since 2015. Mr. Smith currently
sits on the Boston advisory board of the Posse Foundation and the Harvard Medical School Advisory Council on Education.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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. She is also a Director of Ascot Group Limited and certain of its subsidiaries.
Ascot Group Limited, 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 and of Hagerty Holding Corp., a leading
provider of specialized automobile and marine insurance from 2015-2018. 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: 3pt 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 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. In addition, Mr. Wennerholm served as a
Trustee at Wheelock College, a postsecondary institution from 2012-2018.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Mmes. Mosley (Chairperson), Frost, Peters and Sutherland, and
Messrs. Fetting, Gorman, Park, Quinton, Smith 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 March 31, 2019, the Governance Committee convened
seven times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Governance Committee will, when a vacancy exists, consider
a nominee for Trustee recommended by a&nbsp;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 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: 3pt 0"> Messrs. Gorman (Chairperson), Park and Wennerholm and Ms.
Peters 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 March 31, 2019, the Audit Committee
convened fourteen times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Messrs. Wennerholm (Chairperson), Fetting, Gorman, Park, Quinton
and Smith, and Mmes. Frost, Mosley, Peters and Sutherland 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 March 31, 2019, the Contract Review Committee convened seven times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Mmes. Frost (Chairperson), Mosley and Peters and Messrs. Smith
and Wennerholm 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 March 31, 2019, the Portfolio Management
Committee convened eight times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Ms. Sutherland (Chairperson) and Messrs. Fetting, Gorman and
Quinton 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 March 31, 2019, the Compliance
Reports and Regulatory Matters Committee convened nine times. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Messrs. Fetting (Chairperson) and Gorman and Ms. Mosley 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 March 31, 2019, the Ad Hoc Committee for Closed-End Fund Matters convened two times. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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, 2018.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 9pt Arial Narrow, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.75pt; text-align: center; line-height: 10pt"><U>Name of Trustee</U></TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">Dollar Range of Equity Securities<BR>
<U>Beneficially Owned in the Trust</U></TD>
    <TD STYLE="white-space: nowrap; 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>
<U>Eaton Vance Family of Funds</U></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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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">Keith Quinton<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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">Marcus L. Smith<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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>(2)</SUP></FONT></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 STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.1in; text-align: center; line-height: 10pt">None</TD>
    <TD STYLE="white-space: nowrap; 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>(2)</SUP></FONT></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> Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.</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>(2)</SUP></FONT> Includes shares which may be deemed to be beneficially owned through the Trustee Deferred Compensation Plan.</TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 28%">&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: 3pt 0">As of December 31, 2018, 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: 3pt 0">During the calendar years ended December 31, 2017 and December
31, 2018, 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: 3pt 0">During the calendar years ended December 31, 2017 and December
31, 2018, 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: 3pt 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 all or a portion of 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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 March 31, 2019, the Trustees of the Trust earned the following compensation in their capacities as Board members from
the Trust. For the year ended December 31, 2018, 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>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Source of Compensation</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Mark R.<BR>
Fetting</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Cynthia E.<BR>
Frost</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">George J.<BR>
Gorman</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Valerie A.<BR>
Mosley</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">William H<BR>
Park</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Helen Frame<BR>
Peters</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Keith<BR>
Quinton</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Marcus L.<BR>
Smith</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">Susan J.<BR>
Sutherland</TD>
    <TD STYLE="vertical-align: bottom; 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">$1,707</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$1,868</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$1,881</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$1,903<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">$2,350</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$1,707</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$1,707</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$1,707</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$1,868<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">$1,881<FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif"><SUP>(4)</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; 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">$327,500</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$350,000</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$357,500</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$346,875<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">$452,500</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$335,000</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$327,500</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$327,500</TD>
    <TD STYLE="padding: 3pt 5.4pt; text-align: center; line-height: 10pt">$357,500<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">$357,500<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 November 15, 2019, the Eaton Vance fund complex consists of 159 registered investment companies or series thereof.
Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018, and thus the compensation figure listed for the
Trust and Fund Complex is estimated based on the amount each would have received if they had been Trustees for the full calendar
year ended December 31, 2018. Harriett Tee Taggart retired as a Trustee effective December 31, 2018. For the fiscal year ended
March 31, 2019, Ms. Taggart received Trustee fees of $1,236 from the Trust. For the calendar year ended December 31, 2018, she
received $338,125 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 $109 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 $1,868 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 $251 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 $24,000 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 $352,119 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 $100,000 of deferred compensation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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. For a copy of the Trust Policy and the Adviser Policies, see Appendix B. 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: 6pt 0; text-align: center">INVESTMENT ADVISORY AND OTHER SERVICES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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 and Administrative 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 net asset value 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: 3pt 0">The Investment Advisory and Administrative Agreement with the
Adviser (the &#8220;Agreement&#8221;) 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 Agreement may be terminated at any time without penalty on
sixty (60) days&#8217; written notice by either party or by vote of the majority of the outstanding shares of the Trust. The Agreement
will terminate automatically in the event of its assignment. The 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 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Pursuant to the Agreement, the Trust has agreed to pay the
Adviser as compensation a fee for investment advisory services in the amount of 0.60% of the Trust&#8217;s average daily gross
assets up to and including $1.5 billion, and 0.59% of the Trust&#8217;s average daily gross assets in excess of $1.5 billion. For
purposes of this calculation, &#8220;gross assets&#8221; of the Trust shall mean total assets of the Trust, including any form
of investment leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities
or obligations attributable to investment leverage obtained through (i) indebtedness of any type (including, without limitation,
borrowing through a credit facility or the issuance of debt securities or through the purchase of residual interest bonds), (ii)
the issuance of preferred stock or other similar preference securities, (iii) the reinvestment of collateral received for securities
loaned in accordance with the Trust&#8217;s investment objectives and policies, and/or (iv) any other means; all as determined
in accordance with generally accepted accounting principles. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">As of March 31, 2019, the Trust had net assets of $321,240,848.
For the fiscal years ended March 31, 2019, 2018 and 2017, the Trust incurred $2,118,237, $2,232,496 and $2,310,227, respectively,
in investment adviser and administration fees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Information
About Eaton Vance.</B></FONT>&#8194;Eaton Vance 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., Paula A. Johnson, 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, 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&nbsp;(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: 3pt 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 of Ethics&#8221;) governing personal
securities transactions pursuant to Rule 17j-1 under the 1940 Act. Under the Codes of Ethics, 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 of
Ethics 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: 3pt 0">The Codes of Ethics can be reviewed on the EDGAR Database on
the SEC&#8217;s Internet site (http://www.sec.gov), or a copy of the Codes of Ethics may be requested by electronic mail at <FONT STYLE="color: black">publicinfo@sec.gov</FONT>.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio
Managers</B></FONT><B><FONT STYLE="font-family: NewsGoth Lt BT,sans-serif">.</FONT></B> Cynthia J. Clemson serves as the portfolio
manager of the Trust. The following table shows, as of September 30, 2019, 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" STYLE="font: 9pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; 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: 14%; 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: 19%; 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: 3pt 5.5pt 3pt 2.9pt; line-height: 10pt">Registered Investment Companies</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt">9</TD>
    <TD STYLE="padding: 3pt 5.5pt; text-align: center; line-height: 10pt"> $&#9;4,187.5 </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"> $19.7 </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"> $120.7 </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>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> Ms. Clemson did not beneficially own shares of the Trust as
of September 30, 2019. As of December 31, 2018, 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: 3pt 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 she 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
her discretion in a manner that she 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: 3pt 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
the following primary components: (1) a base salary, (2) an annual cash bonus, (3) annual non-cash compensation consisting of options
to purchase shares of EVC nonvoting common stock and/or restricted shares of EVC nonvoting common stock that generally are subject
to a vesting schedule, and (4) (for equity portfolio managers) 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: 3pt 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. 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. 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, that are not advised by CRM, to achieve a specified target average annual gross return over a three year
period in excess of the account benchmark. The cash award 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.</P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Administrative
Services.</B></FONT> Under the 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 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: 6pt 0; text-align: center">DETERMINATION OF NET ASSET VALUE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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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<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)
or, for total return swaps, based on market index data.</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 are generally based on fair valuation provided by a pricing service.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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
and, 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 statements; (vi)
an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; (vii) any
transaction involving the issuer of such securities; and (viii) any other factors deemed relevant by the investment adviser. For
purposes of fair valuation, 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: 3pt 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: 6pt 0; text-align: center">PORTFOLIO TRADING</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">character of the market for the security, the confidentiality,
speed and certainty of effective execution required for the transaction, the 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: 3pt 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: 3pt 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: 3pt 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-</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">dealer that provides the Research Services need not execute the
trade. Participating in CCAs may enable the investment 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: 3pt 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: 3pt 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: 3pt 0"> The following table shows brokerage commissions paid during
the last three fiscal years, 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. During the last three fiscal years, the Trust did not pay any brokerage commissions to any broker
that (1) is an affiliated person of the Trust; (2) is an affiliated person of an affiliated person of the Trust; or (3) has an
affiliated person that is an affiliated person of the Trust, adviser or principal underwriter. </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="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">March 31, 2019</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">March 31, 2018</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">March 31, 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>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">During the fiscal year ended March 31, 2019, 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: 6pt 0; text-align: center">TAXES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The discussions below and certain disclosure in the Prospectus
provide general tax information related to an investment in the 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. Unless otherwise noted, the following tax discussion
assumes that you are a U.S. person that is not subject to special rules under the Code, and that you hold the shares as a capital
asset (generally, property held for investment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Trust has elected to be treated and 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 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: 3pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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, including through corporations in which the Trust owns a 20% or more voting stock interest, 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 are treated as U.S. government securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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 shareholder as ordinary income. Such distributions will be treated
as qualified dividend income with respect to shareholders who are individuals and will be eligible for the dividends received deduction
in the case of shareholders taxed as corporations, provided, in each case, certain holding period and other 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: 3pt 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 in the form of additional
shares of the Trust, ordinarily will constitute income exempt from regular federal income tax. 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 shareholders to the extent
that their tax liability is determined under the alternative minimum tax (&#8220;AMT&#8221;). 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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 shareholders receive them in cash or in the form of additional shares. A shareholder
whose distributions are paid in the form of additional shares under the Dividend Reinvestment Plan generally will be treated as
having received a dividend equal to either (i) if the shares are trading below net asset value, the amount of cash allocated to
the shareholder for the purchase of shares on its behalf in the open market, or (ii) if shares are trading at or above net asset
value, generally the fair market value of the new shares issued to the shareholder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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), if any, 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: 3pt 0">Net capital gain distributions are generally taxable at rates
applicable to long-term capital gains regardless of how long a shareholder has held his or her shares. 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: 3pt 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 in a timely notice 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 shares owned by a 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 shareholder under
clauses (ii) and (iii) of the preceding sentence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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 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: 3pt 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: 3pt 0">Each shareholder will receive an annual statement summarizing
the shareholder&#8217;s dividend and capital gains distributions (including net capital gains credited to the 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: 3pt 0">The sale or exchange of shares normally will result in capital
gain or loss to shareholders. Generally a shareholder&#8217;s gain or loss will be long-term capital gain or loss if the shares
have been held for more than one year. 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: 3pt 0">From time to time, the Trust may make a tender offer for its
shares. Shareholders who tender all shares held, or considered to be held, by them will be treated as having sold their shares
and generally will realize a capital gain or loss. If a shareholder tenders fewer than all or its shares, such shareholder may
be treated as having received a distribution under Section 301 of the Code (&#8220;Section 301 distribution&#8221;) unless the
redemption is treated as being either (i) &#8220;substantially disproportionate&#8221; with respect to such shareholder or (ii)
otherwise &#8220;not essentially equivalent to a dividend&#8221; under the relevant rules of the Code. A Section 301 distribution
is not treated as a sale or exchange giving rise to a capital gain or loss, but rather is treated as a dividend to the extent supported
by the Trust&#8217;s current and accumulated earnings and profits, with the excess treated as a return of capital reducing the
shareholder&#8217;s tax basis in the Trust shares, and thereafter as capital gain. Where a redeeming shareholder is treated as
receiving a dividend, there is a risk that non-tendering shareholders whose interests in the Trust increase as a result of such
tender will be treated as having received a distribution from the Trust. The extent of such risk will vary depending upon the particular
circumstances of the tender offer, in particular whether such offer is a single and isolated event or is part of a plan for periodically
redeeming the shares of the Trust; if isolated, any such risk is likely remote.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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 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 AMT 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 generally 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: 3pt 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 for U.S. federal
income tax purposes in proportion to the percentage that the Trust's distribution of exempt-interest dividends bears to all of
the Trust's distributions, excluding capital gain dividends. 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: 3pt 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) and net tax-exempt income, in each case 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: 3pt 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). Subject to the discussion below regarding Section
451 of the Code, (i) generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation
having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the &#8220;accrued
market discount&#8221; on such debt obligation, (ii) alternatively, the Trust may elect to accrue market discount currently, in
which case the Trust will be required to include the accrued market discount on such debt obligations in the Trust's income (as
ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received
until a later time, upon partial or full repayment or disposition of the debt obligation, and (iii) the rate at which the market
discount accrues, and thus is included in the Trust's income, will depend upon which of the permitted accrual methods the Portfolio
elects. The Trust reserves the right to revoke such an election at any time pursuant to applicable IRS procedures. Notwithstanding
the foregoing, Section 451 of the Code generally requires any accrual method taxpayer to take into account items of gross income
no later than the time at which such items are taken into account as revenue in the taxpayer's financial statements. Although the
application of Section 451 to the accrual of market discount is currently unclear, the IRS and the Treasury Department have announced
that they expect to issue proposed regulations providing that Section 451 does not apply to market discount. If Section 451 were
to apply to the accrual of market discount, the Trust would be required to include in income any market discount as it takes the
same into account on its financial statements.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 0">As with all investment companies, the Trust may be required to
&#8220;backup&#8221; withhold, for U.S. federal income tax purposes, a certain portion of all taxable distributions payable to
shareholders who fail to provide the Trust with their correct taxpayer identification number or to make required certifications,
or if the shareholders have been notified by the IRS that they are subject to backup withholding. Backup withholding is not an
additional tax and any amounts withheld may be credited against a shareholder&#8217;s U.S. federal income tax liability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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;non-U.S.
shareholder&#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: 3pt 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 (measured by total combined voting power for a corporation, and
measured by capital or profits interest for a partnership), 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 applicable IRS Form W-8BEN or substitute Form).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 0">Sections 1471-1474 of the Code and the U.S. Treasury and IRS
guidance issued thereunder (collectively, &#8220;FATCA&#8221;) generally require the Trust to obtain information sufficient to
identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an &#8220;IGA&#8221;)
between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails
to comply with FATCA or an IGA, the Trust may be required to withhold under FATCA at a rate of 30% with respect to that shareholder
on ordinary dividends it pays. The IRS and Department of Treasury have issued proposed regulations providing that these withholding
rules will not be</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">applicable to the gross proceeds of share redemptions or capital
gain dividends the Trust pays. If a payment by the Trust is subject to FATCA withholding, the Trust is required to withhold even
if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g.,
interest-related dividends).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Each prospective investor is urged to consult its tax adviser
regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation,
including investments through an intermediary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Code, with respect to all of the foregoing matters and other
matters that may affect the Trust or the shareholders, is constantly subject to change by Congress. In recent years there have
been significant changes in the Code. 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: 3pt 0">The foregoing briefly summarizes some of the important federal
income tax consequences to shareholders of investing in 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 6pt 0; text-align: center">OTHER INFORMATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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 through the website www.sec.gov, or upon payment of the fee prescribed
by its Rules and Regulations.</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 6pt 0; text-align: center">INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 6pt 0; text-align: center">FINANCIAL STATEMENTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"> The audited financial statements and the report of the independent
registered public accounting firm of the Trust, for the fiscal year ended March 31, 2019, are incorporated herein by reference
from the Trust&#8217;s most recent Annual Report to Common Shareholders filed with the SEC (Accession No. 0001193125-19-157012)
on Form N-CSR pursuant to Rule 30b2-1 under the 1940 Act. </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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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>


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<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: 3pt 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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 <FONT STYLE="color: windowtext">accordance
with the terms of the obligation;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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. <FONT STYLE="color: windowtext">The 'CC' rating
is used when a default has not yet </FONT>occurred, but S&amp;P expects default to be a virtual certainty, regardless of the anticipated
time to default.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
<FONT STYLE="color: windowtext">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></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
<FONT STYLE="color: windowtext">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 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NR:</B></FONT>
<FONT STYLE="color: windowtext">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 does not rate a particular obligation as a matter of policy.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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 <FONT STYLE="color: windowtext">capacity to meet its financial commitments<FONT STYLE="font-family: AmasisMT; font-size: 8pt">.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D:</B></FONT>
<FONT STYLE="color: windowtext">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
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.</FONT></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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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>


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<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: 3pt 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: 3pt 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC:</B></FONT>
An obligor rated &#8216;CC&#8217; is currently highly vulnerable. <FONT STYLE="color: windowtext">The 'CC' rating is used when
a default has not yet occurred, but S&amp;P expects default to be a virtual certainty, regardless of the anticipated time to default.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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 S&amp;P 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 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 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C:</B></FONT>
<FONT STYLE="color: windowtext">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.</FONT></P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SD
and D:</B></FONT> <FONT STYLE="color: windowtext">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 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 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 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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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. <FONT STYLE="color: windowtext">In
determining which type of rating, if any, to assign, S&amp;P&#8217;s analysis will review the following </FONT>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: 3pt 0">Municipal Short-Term Note rating symbols are as follows:</P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 0">&#8226; Has not entered into bankruptcy filings, administration,
receivership, liquidation, or other formal winding-up procedure, and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&#8226; Has not otherwise ceased operating.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&#8226; The selective payment default on specific class or currency
of debt;</P>

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


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<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: 3pt 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: 3pt 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 0">An insurer rated 'B' has weak financial security characteristics.
Adverse business conditions will likely impair its ability to meet financial commitments.</P>


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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">An insurer designated 'NR' is not rated.</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 0">Once the Board Members have been notified of the material conflict:&#9;</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>


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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>The Board Members will then instruct the Adviser on the appropriate course of action with respect to the proxy at issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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="color: gray; 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: 3pt 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: 3pt 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: 3pt 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: 3pt 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<FONT STYLE="color: red">.</FONT></P>


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<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>

<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>


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<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>

<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. <FONT STYLE="color: windowtext">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></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>


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<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); (iii) in markets in which shareholders'
rights are limited; or (iv) the Adviser is unable to access or access timely 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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">V. Recordkeeping</P>

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


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    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in; text-indent: 0in">&nbsp;</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>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>

<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: 3pt 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: 3pt 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: 3pt 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: 3pt 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: 107 -->
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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Eaton Vance National Municipal Opportunities
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">[__________]<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">&nbsp;</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"> 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"></P>

<!-- Field: Page; Sequence: 108; Options: Last -->
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    <!-- Field: /Page -->

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"></DIV>
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<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PART C</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>OTHER INFORMATION</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 25.</B></TD><TD><B>FINANCIAL STATEMENTS AND EXHIBITS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.5in">Included in Part A:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.75in">Financial Highlights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.5in">Included in Part B:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.75in">Registrant&#8217;s Certified Shareholder
Report on Form N-CSR filed May 24, 2019 (Accession No. 0001193125-19-157012) and incorporated herein by reference.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 3%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreement and Declaration of Trust dated January 26, 2009 filed as Exhibit (a) is incorporated herein by reference to the Registrant&#8217;s initial Registration Statement on Form N-2 (File Nos. 333-156948 and 811-22269) as to the Registrant&#8217;s common shares of beneficial interest (&#8220;Common Shares&#8221;) filed with the Securities and Exchange Commission on January 26, 2009 (Accession No. 0000940394-09-000042) (&#8220;Initial Common Shares Registration Statement&#8221;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment to Declaration of Trust effective April 3, 2009 filed as Exhibit (a)(2) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Initial Common Shares Registration Statement as filed with the Commission on April 21, 2009 (Accession No. 0001193125-09-083055) (&#8220;Pre-Effective Amendment No. 1&#8221;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amended and Restated By-Laws dated April 23, 2012 filed as Exhibit (b) is incorporated herein by reference to the Registrant&#8217;s initial Shelf Registration Statement on Form N-2 (File Nos. 333-234007 and 811-22269) as to the Registrant&#8217;s common shares of beneficial interest (&#8220;Common Shares&#8221;) filed with the Securities and Exchange Commission on September 30, 2019 (Accession No. 0000940394-19-001300) (&#8220;Initial Shelf Registration Statement&#8221;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Specimen Certificate for Common Shares of Beneficial Interest filed as Exhibit (d) is incorporated herein by reference to the Registrant&#8217;s Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Dividend Reinvestment Plan filed as Exhibit (e) is incorporated herein by reference to the Registrant&#8217;s Pre-Effective Amendment No. 1. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment Advisory and Administrative Agreement dated April 16, 2009 filed as Exhibit (g) is incorporated herein by reference to the Registrant&#8217;s Registration Statement on Form N-2 (File Nos. 333-159489 and 811-22269) as to the Registrant&#8217;s Common Shares filed with the Securities and Exchange Commission on May 27, 2009 (Accession No. 0001193125-09-118802).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Underwriting Agreement filed as Exhibit (h)(1) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Registrant&#8217;s Initial Common Shares Registration Statement as filed with the Commission on May 21, 2009 (Accession No. 0001193125-09-116876) (&#8220;Pre-Effective Amendment No. 2&#8221;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Master Agreement Among Underwriters filed as Exhibit (h)(2) is incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Master Selected Dealers Agreement filed as Exhibit (h)(3) is incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="width: 3%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Distribution Agreement with respect to the Rule 415 shelf offering filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Sub-Placement Agent Agreement filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Securities and Exchange Commission has granted the Registrant an exemptive order that permits the Registrant to enter into deferred compensation arrangements with its independent Trustees. See in the matter of Capital Exchange Fund, Inc., Release No. IC- 20671 (November 1, 1994).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amended and Restated Master Custodian Agreement between Eaton Vance Funds and State Street Bank &amp; Trust Company dated September 1, 2013 filed as Exhibit (g)(1) is incorporated herein by reference to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated as of September 1, 2010 filed as Exhibit (j)(2) is incorporated herein by reference to Pre-Effective Amendment No. 3 to the Eaton Vance Municipal Income 2028 Term Trust Registration Statement on Form N-2 (File Nos. 333-185340, 811-22777) filed with the Commission on March 22, 2013 (Accession No. 0001193125-13-122398).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment Number 1 dated May 16, 2012 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (g)(3) is incorporated herein by reference to Post-Effective Amendment No. 39 of Eaton Vance Municipals Trust II (File Nos. 033-71320, 811-08134) filed May 29, 2012 (Accession No. 0000940394-12-000641). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment dated September 1, 2013 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company filed as Exhibit (g)(4) is incorporated herein by reference to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(k)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfer Agency and Services Agreement dated April 13, 2017 filed as Exhibit (k)(1) is incorporated herein by reference to Pre-Effective Amendment No. 1 of Eaton Vance Floating-Rate 2022 Target Term Trust (File Nos. 333-216805, 811-23240) filed with the Commission on June 28, 2017 (Accession No. 0001193125-17-215501).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Organizational and Expense Reimbursement Agreement dated April 16, 2009 filed as Exhibit (k)(2) is incorporated herein by reference to Pre-Effective Amendment No. 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Shareholder Servicing Fee Agreement with UBS Securities LLC filed as Exhibit (k)(3) is incorporated herein by reference to Pre-Effective Amendment No. 2. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Marketing and Structuring Fee Agreement with Morgan Stanley &amp; Co. Incorporated filed as Exhibit (k)(4) is incorporated herein by reference to Pre-Effective Amendment No. 2. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Structuring Fee Agreement with Citigroup Global Markets Inc. filed as Exhibit (k)(5) is incorporated herein by reference to Pre-Effective Amendment No. 2.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Additional Compensation Agreement with Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated filed as Exhibit (k)(6) is incorporated herein by reference to Pre-Effective Amendment No. 2. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Structuring Fee Agreement with Wachovia Capital Markets, LLC filed as Exhibit (k)(7) is incorporated herein by reference to Pre-Effective Amendment No. 2. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Additional Compensation Agreement with qualifying underwriters filed as Exhibit (k)(8) is incorporated herein by reference to Pre-Effective Amendment No. 2.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)</FONT></TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Opinion of Internal Counsel filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(m)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(n)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm filed herewith.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(o)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(p)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Letter Agreement with Eaton Vance Management dated April 14, 2009 filed as Exhibit (p) is incorporated herein by reference to Pre-Effective Amendment No. 1. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(q)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(r)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Codes of Ethics adopted by the Eaton Vance Funds effective October 1, 2018 filed as Exhibit (p)(1) is incorporated herein by reference to Post-Effective Amendment No. 304 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed October 17, 2018 (Accession No. 0000940394-18-001695).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Code of Ethics adopted by the Eaton Vance Entities effective June 1, 2019 filed as Exhibit (p)(1)(b) is incorporated herein by reference to Post-Effective Amendment No. 222 of Eaton Vance Growth Trust (File Nos. 002-22019, 811-01241) filed June 26, 2019 (Accession No. 0000940394-19-000975).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(s)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Power of Attorney dated October 10, 2018 filed as Exhibit (s) is incorporated herein by reference to the Registrant&#8217;s Initial Shelf Registration Statement.</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 26.</B></TD><TD><B>MARKETING ARRANGEMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">See Form of Distribution Agreement with respect to the Rule
415 shelf offering filed herewith.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">See Form of Sub-Placement Agent Agreement filed herewith.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 27.</B></TD><TD><B>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">The approximate expenses in connection with the offering are
as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 81%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registration and Filing Fees</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 8.1pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$6,572</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FINRA Fees</FONT></TD>
    <TD STYLE="padding-right: 8.1pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$7,591</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York Stock Exchange Fees</FONT></TD>
    <TD STYLE="padding-right: 8.1pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$16,915</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Costs of Printing and Engraving</FONT></TD>
    <TD STYLE="padding-right: 8.1pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounting Fees and Expenses</FONT></TD>
    <TD STYLE="padding-right: 8.1pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$&#9;2,050</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal Fees and Expenses</FONT></TD>
    <TD STYLE="padding-right: 8.1pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;<FONT STYLE="text-underline-style: double"><U>$&#9;4,000</U></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-right: 8.1pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$37,128</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 28.</B></TD><TD><B>PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">None.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 29.</B></TD><TD><B>NUMBER OF HOLDERS OF SECURITIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Set forth below is the number of record holders as of October
31, 2019, of each class of securities of the Registrant:</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title of Class</FONT></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number of Record Holders</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common Shares of Beneficial interest, par value $0.01 per share </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -5.45pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,018</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 30.</B></TD><TD><B>INDEMNIFICATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Registrant's By-Laws, filed herewith contain and the form
of Distribution Agreement to be filed by amendment contains provisions limiting the liability, and providing for indemnification,
of the Trustees and officers under certain circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Registrant's Trustees and officers are insured under a standard
investment company errors and omissions insurance policy covering loss incurred by reason of negligent errors and omissions committed
in their official capacities as such. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended
(the &#8220;Securities Act&#8221;), may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the provisions described in this Item 30, or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 31.</B></TD><TD><B>BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Reference is made to: (i) the information set forth under the
caption &#8220;Investment advisory and other services&#8221; in the Statement of Additional Information; (ii) the Eaton Vance Corp.
10-K filed under the Securities Exchange Act of 1934 (File No. 001-08100); and (iii) the Form ADV of Eaton Vance Management (File
No. 801-15930) filed with the Commission, all of which are incorporated herein by reference.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 32.</B></TD><TD><B>LOCATION OF ACCOUNTS AND RECORDS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">All applicable accounts, books and documents required to be
maintained by the Registrant by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder are in
the possession and custody of the Registrant's custodian, State Street Bank and Trust Company, State Street Financial Center, One
Lincoln Street, Boston, MA 02111, and its transfer agent, American Stock Transfer &amp; Trust Company, LLC, 6201 15th Avenue, Brooklyn,
NY 11219, with the exception of certain corporate documents and portfolio trading documents which are in the possession and custody
of Eaton Vance Management, Two International Place, Boston, MA 02110. Registrant is informed that all applicable accounts, books
and documents required to be maintained by registered investment advisers are in the custody and possession of Eaton Vance Management.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 33.</B></TD><TD><B>MANAGEMENT SERVICES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 34.</B></TD><TD><B>UNDERTAKINGS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to suspend offering of Common Shares until the prospectus is amended if (1) subsequent to the effective date
of this Registration Statement, the net asset value declines more than 10 percent from its net asset value as of the effective
date of this Registration Statement or (2) the net asset value increases to an amount greater than its net proceeds as stated in
the prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file,
during any period in which offers or sales are being made, a post-effective amendment to the registration statement:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
registration statement;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall
be deemed to be the initial bona fide offering thereof;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C:
Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act as part of a registration statement relating
to an offering, other than prospectus filed in reliance on Rule 430A under the Securities Act, shall be deemed to be part of and
included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such date of first use;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
of securities: The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller
to the purchaser and will be considered to offer or sell such securities to the purchaser:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule
497 under the Securities Act;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
portion of any advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information
about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
part of this Registration Statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant
pursuant to 497(h) under the Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared
effective; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the purpose of determining any liability under the Securities Act, each post- effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business
days of receipt of an oral or written request, its 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: 0; text-align: center"><B>NOTICE</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">A copy of the Agreement and Declaration of Trust
of Eaton Vance National Municipal Opportunities Trust is on file with the Secretary of State of The Commonwealth of Massachusetts
and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer
and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers
or shareholders individually, but are binding only upon the assets and property of the Registrant.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Pursuant to the requirements of the Securities Act of 1933,
as amended and the Investment Company Act of 1940, as amended the Registrant has duly caused this Amendment to the Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boston and the Commonwealth of
Massachusetts, on the 19<SUP>th</SUP> day of November, 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EATON VANCE NATIONAL MUNICIPAL OPPORTUNITIES TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt NewsGoth Lt BT">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Payson F. Swaffield</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payson F. Swaffield, <I>President</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the requirements of the Securities Act of 1933, as
amended this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
    Payson F. Swaffield</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">President
    (Chief Executive Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payson
    F. Swaffield</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
    James F. Kirchner</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasurer
    (Principal Financial and Accounting Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">James
    F. Kirchner</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thomas
    E. Faust Jr.*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Helen
    Frame Peters*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thomas
    E. Faust Jr.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Helen
    Frame Peters</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mark
    R. Fetting*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keith
    Quinton*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mark
    R. Fetting</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keith
    Quinton</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cynthia
    E. Frost*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marcus
    L. Smith*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cynthia
    E. Frost</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marcus
    L. Smith</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">George
    J. Gorman*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Susan
    J. Sutherland*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">George
    J. Gorman</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Susan
    J. Sutherland</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Valerie
    A. Mosley*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scott
    E. Wennerholm*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Valerie
    A. Mosley</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scott
    E. Wennerholm</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">William
    H. Park*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">William
    H. Park</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Maureen A. Gemma</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font: 10pt NewsGoth Lt BT; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Maureen A. Gemma <I>(As attorney-in-fact)</I></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INDEX TO EXHIBITS<BR>
<BR>
</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="width: 8%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="width: 87%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Distribution Agreement with respect to the Rule 415 shelf offering</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Sub-Placement Agent Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Opinion of Internal Counsel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(n)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.(H)(4)
<SEQUENCE>2
<FILENAME>exhibith4_ex-99zh4.htm
<DESCRIPTION>FORM OF DISTRIBUTION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EXHIBIT (h)(4)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">FORM OF DISTRIBUTION AGREEMENT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">EATON VANCE [ ] TRUST</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Two International Place</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Boston, Massachusetts 02110</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">______________________, 2019</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0">Eaton Vance Distributors, Inc.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Boston, Massachusetts 02110</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Re:&#9;Distribution Agreement Relating to At-the-Market Offerings</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">Eaton Vance [ ] Trust is a Massachusetts
business trust operating as a closed-end management investment company (hereinafter referred to as the &#8220;Fund&#8221;). The
Fund has filed a registration statement on Form N-2 (File Nos. 333-[ ] and 811-[ ]) (the &#8220;Registration Statement&#8221;)
pursuant to the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;),
to register additional common shares of the Fund, which may be issued and sold from time to time through various specified transactions,
including at-the-market (&#8220;ATM&#8221;) offerings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">You have informed us that Eaton Vance
Distributors, Inc. is registered as a broker-dealer under the provisions of the Securities Exchange Act of 1934, as amended (the
&#8220;1934 Act&#8221;), and is a member in good standing with the Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;).
You have indicated your desire to act as distributor for the Fund&#8217;s common shares issued pursuant to the Registration Statement.
We have been authorized by the Fund to execute and deliver this Agreement to you by a resolution of our Board of Trustees (the
&#8220;Trustees&#8221;) adopted at a meeting of the Trustees, at which a majority of Trustees, including a majority of our Trustees
who are not otherwise interested persons of our investment manager or its related organizations, were present and voted in favor
of said resolution approving this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPOINTMENT
OF DISTRIBUTOR. Upon the execution of this Agreement and in consideration of the agreements on your part herein expressed and upon
the terms and conditions set forth herein, we hereby appoint you as the distributor for up to [ ] of the common shares of the Fund
to be issued pursuant to the Registration Statement through ATM offerings (the &#8220;Shares&#8221;) and agree that we will issue
such Shares as you may sell. You agree to use reasonable efforts to identify opportunities for the sale of Shares, but you are
not obligated to sell any specific number of the Shares. The Shares will only be sold on such days as shall be agreed to by you
and the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SELECTED
DEALERS. You may enter into selected dealer agreements, on such terms and conditions as you determine are not inconsistent with
this Agreement, with broker-dealers to act as your agent to effect the sale of the Shares. Such selected broker-dealers shall sell
Shares only at market prices subject to a minimum price to be established each day by you and the Fund (see paragraph 3 below).
This Agreement shall not be construed as authorizing any dealer or other person to accept orders for sale on our behalf or to otherwise
act as our agent for any purpose. You shall not be responsible for the acts of other dealers or agents except as and to the extent
that they shall be acting for you or under your direction or authority.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARE
PRICE. The price per Share shall be determined by reference to trades on the Fund&#8217;s primary exchange. In no event shall the
price be less than the current net asset value per share plus the per share amount of the commission to be paid to you (the &#8220;Minimum
Price&#8221;). You shall suspend the sale of Shares if the per share price of the Shares is less than the Minimum Price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SALES
COMMISSION.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">&#9;(a) You shall be entitled to receive
a sales commission from the Fund in an amount equal to 1.00% of the gross sales price per Share, of which 0.80% will be re-allowed
to the sub-sales agent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">&#9;(b) You may pay to selected broker-dealers
such selling agent commissions (not exceeding 80% of the total sales commission) (the &#8220;ATM Sales Agent Commission&#8221;)
as you shall deem advisable, which shall be payable from the commissions payable to you under Section&nbsp;4(a) above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FURNISHING
OF INFORMATION. We will furnish you with copies of the Registration Statement, and we warrant that the statements therein contained
are true and correct as of the date of the Registration Statement, as it may be amended or supplemented from time to time. We will
also furnish you with such other information that you may reasonably request for use in connection with the distribution of the
Shares, including, at least annually, audited financial statements of our books and accounts certified by independent public accountants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONDUCT
OF BUSINESS. Other than the currently effective Prospectus and Statement of Additional Information, you will not use any sales
materials or statements except literature or advertising that conforms to the requirements of federal and state securities laws
and regulations and that have been filed, where necessary, with the appropriate regulatory authorities. You will furnish us with
copies of all material prior to their use and no such material shall be published if we shall reasonably and promptly object.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">You shall comply with the applicable
federal and state laws and regulations where our shares are offered for sale and conduct your affairs with us and with dealers,
brokers or investors in accordance with the Conduct Rules of FINRA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">&#9;(a) The Fund agrees
to indemnify, defend and hold you, your officers, and Directors, and any person who controls you within the meaning of Section
15 of the 1933 Act or Section 20 of the 1934 Act, free and harmless from and against any and all claims, demands or liabilities
and expenses (including the cost of investigating or defending such claims, demands or liabilities and any counsel fees incurred
in connection therewith) which you, your officers, Directors or any such controlling persons may incur under the 1933 Act, the
1934 Act, or under common law or otherwise, arising out of or based upon (i) any untrue statement of a material fact contained
in the Fund&#8217;s Registration Statement or arising out of or based upon any alleged omission to state a material fact required
to be stated in it or necessary to make the statements in it not misleading, except insofar as such claims, demands, liabilities
or expenses arise out of or are based upon any such untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with information furnished in writing by you to the Fund for use in the Registration Statement,
(ii) any untrue statement of a material fact contained in the Fund&#8217;s advertisement or sales literature or arising out of
or based upon any alleged omission to state a material fact required to be stated in either thereof or necessary to make the statements
in either thereof not misleading, except insofar as such claims, demands, liabilities or expenses arise out of or are based upon
any such untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information
furnished in writing by you to the Fund for use in such advertisement or sales literature or (iii) any action taken or omitted
by the Fund prior to the date of this Agreement. You agree to comply with all of the applicable terms and provisions of the 1934
Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">&#9;(b) You agree to
indemnify, defend, and hold the Fund, its officers, Trustees, employees shareholders and agents, and any person who controls the
Fund within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, free and harmless from and against any and
all claims, demands, liabilities and expenses (including the cost of investigating or defending against such claims, demands or
liabilities and any counsel fees incurred in connection therewith) which the Fund, its Trustees, officers, employees, shareholders
and agents, or any such controlling person may incur under the 1933 Act, the 1934 Act or under common law or otherwise arising
out of or based upon any untrue statement of a material fact contained in information furnished in writing by you to the Fund
for use in the Registration Statement, or arising out of or based upon any omission or alleged omission to state a material fact
in connection with such information required to be stated in the Registration Statement necessary to make such information not
misleading.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">A party seeking indemnification
hereunder ( &#8220;Indemnitee&#8221;) shall give prompt written notice to the party from whom indemnification is sought (&#8220;Indemnitor&#8221;)
of a written assertion or claim of any threatened or pending legal proceeding which may be subject to indemnity under this Section;
provided, however, that failure to notify the Indemnitor of such written assertion or claim shall not relieve the indemnitor of
any liability arising from this Section. The Indemnitor shall be entitled, if it so elects, to assume the defense of any suit brought
to enforce a claim subject to this Agreement and such defense shall be conducted by counsel chosen by the Indemnitor and satisfactory
to the Indemnitee; provided, however, that if the defendants include both the Indemnitee and the Indemnitor, and the Indemnitee
shall have reasonably concluded that there may be one or more legal defenses available to it which are different from or additional
to those available to the Indemnitor (&#8220;conflict of interest&#8221;), the Indemnitor shall have the right to select separate
counsel to defend such claim on behalf of the Indemnitee. In the event that the Indemnitor elects to assume the defense of any
suit pursuant to the preceding sentence and retains counsel satisfactory to the Indemnitee, the Indemnitee shall bear the fees
and expenses of additional counsel retained by it except for reasonable investigation costs which shall be borne by the Indemnitor.
If the Indemnitor (i) does not elect to assume the defense of a claim, (ii) elects to assume the defense of a claim but chooses
counsel that is not satisfactory to the Indemnitee or (iii) has no right to assume the defense of a claim because of a conflict
of interest, the Indemnitor shall advance or reimburse the Indemnitee, at the election of the Indemnitee, reasonable fees and disbursements
of any counsel retained by Indemnitee, including reasonable investigation costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER
ACTIVITIES. Your services pursuant to this Agreement shall not be deemed to be exclusive and you may render similar services and
act as an underwriter, distributor, or dealer for other investment companies in the offering of their shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-indent: 24pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUSPENSION
OF SALES. We reserve the right at all times to suspend or limit the offering of the shares upon written notice to you and to reject
any order in whole or in part.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAYMENT
OF EXPENSES.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">&#9;(a) You shall bear all expenses incurred
by you in connection with your duties and activities under this Agreement including the payment to selected dealers of any sales
commissions for sales of the Fund&#8217;s Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">&#9;(b) The Fund shall bear all costs
and expenses of the Fund, including expenses (including legal fees) pertaining to the preparation and filing of the Registration
Statement and Prospectus and any amendment or supplement thereto, and expenses pertaining to the preparation, printing and distribution
of any reports or communications to shareholders, including Prospectuses and Statements of Additional Information, annual and interim
reports, or proxy materials.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION.
This Agreement (i) may be terminated by the Fund at any time without the payment of any penalty and (ii)&nbsp;may be terminated
by you at any time without the payment of any penalty. This Agreement shall remain in full force and effect unless terminated pursuant
to this provision or by the mutual agreement of the parties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS.
This Agreement shall be subject to the laws of the Commonwealth of Massachusetts and shall be interpreted and construed to further
and promote the operation of the Fund as a closed-end management investment company.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STANDARD
OF CARE. You shall be responsible for exercising reasonable care in carrying out the provisions of this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-indent: 24.5pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DECLARATION
OF TRUST AND LIMITATION OF LIABILITY. A copy of the Declaration of Trust of the Fund is on file with the Secretary of State of
the Commonwealth of Massachusetts, and notice is hereby given that this Agreement is executed by an officer of the Fund on behalf
of the Trustees, as trustees and not individually, and that the obligations of this Agreement with respect to the Fund shall be
binding upon the assets and properties of the Fund only and shall not be binding upon the assets or properties of the Trustees,
officers, employees, agents or shareholders of the Fund individually.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 24.5pt">If the foregoing meets with your approval,
please acknowledge your acceptance by signing each of the enclosed counterparts hereof and returning such counterparts to us, whereupon
this shall constitute a binding agreement as of the date first above written.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-bottom: 12pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 12pt; text-align: justify"><B>Eaton Vance [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Trust</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 12pt; text-align: justify">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 12pt; text-align: justify"><B>Eaton Vance Distributors, Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 12pt; text-align: justify">Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(5)
<SEQUENCE>3
<FILENAME>exhibith5_ex-99zh5.htm
<DESCRIPTION>FORM OF SUB-PLACEMENT AGENT AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT (h)(5)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM OF</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUB-PLACEMENT AGENT AGREEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Eaton Vance Distributors, Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Two International Place</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Boston, Massachusetts 02110</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">______________, 2019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">UBS Securities LLC<BR>
1285 Avenue of the Americas<BR>
New York, New York 10019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">RE:&#9;At-the-Market Offerings by Eaton Vance [ ]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">From time to time
Eaton Vance Distributors, Inc. (the &#8220;<I>Distributor</I>&#8221;, &#8220;<I>we</I>&#8221; or &#8220;<I>us</I>&#8221;) will
act as manager of registered at-the-market offerings by <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Eaton Vance [ ],</FONT>
a Massachusetts business trust (the &#8220;<I>Fund</I>&#8221;), of up to <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">[
]</FONT> common shares (the &#8220;<I>Shares</I>&#8221;) of beneficial interest, par value $0.01 per share, of the Fund (the &#8220;<I>Common
Shares</I>&#8221;). In the case of such offerings, the Fund has agreed with the Distributor to issue and sell through or to the
Distributor, as sales agent and/or principal, the Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We hereby agree
to retain UBS Securities LLC (the &#8220;<I>Agent</I>&#8221; or &#8220;<I>you</I>&#8221;) as a sub-placement agent with respect
to the offerings of the Shares to be issued and sold by the Fund (the &#8220;<I>Offerings</I>&#8221;), and you agree to act in
such capacity, all upon, and subject to, the terms and conditions set forth below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 30pt; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">SECTION
1. </FONT><U>Description of Offerings</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a) The Shares are
to be sold on a daily basis or otherwise as shall be agreed to by the Fund and the Distributor on any day (each, an &#8220;<I>Offering
Date</I>&#8221;) that is a trading day for the exchange on which the Fund&#8217;s Shares are listed and primarily trade (the &#8220;<I>Stock
Exchange</I>&#8221;) (other than a day on which the Stock Exchange is scheduled to close prior to its regular weekday closing time).
Promptly after the Fund and the Distributor have determined the maximum amount of the Shares to be sold by the Distributor for
any Offering Date, the Distributor shall advise the Agent of such amount, which shall not in any event exceed the amount available
for issuance under the currently effective Registration Statement (as defined below). Subject to the terms and conditions hereof,
the Agent shall use its reasonable best efforts to sell all of the Shares designated in accordance with the plan of distribution
set forth in the Prospectus Supplement (as defined below). The gross sales price of the Shares sold under this <U>Section 1(a)</U>
shall be the market price at which the Agent sells such Shares.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b) Notwithstanding
the foregoing, the Distributor may instruct the Agent by telephone (confirmed promptly by e-mail or telecopy) not to sell the Shares
if such sales cannot be effected at or above a price agreed to by the Fund and the Distributor with respect to such Shares. In
addition, the Distributor may, upon notice to the Agent by telephone (confirmed promptly by e-mail or telecopy), suspend the offering
of the Shares at any time; <U>provided</U>, however, that such suspension or termination shall not affect or impair the parties&#8217;
respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c) The Agent agrees
not to make any sales of the Shares on behalf of the Distributor pursuant to this <U>Section 1</U>, other than through transactions
for which compliance with Rule 153 under the Securities Act will satisfy the prospectus delivery requirements of Section 5(b)(2)
of the Securities Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d) The compensation
to the Agent, as a sub-placement agent of the Distributor for each sale of the Shares pursuant to this <U>Section 1</U>, shall
be the Applicable Selling Agent Commission with respect to the Shares sold, multiplied by the Gross Sales Proceeds, as further
described in the Addendum to this Sub-Placement Agent Agreement (the &#8220;<I>Agreement</I>&#8221;). The Agent shall not be responsible
for any fees imposed by any governmental or self-regulatory organization on the Fund or the Distributor in respect of such sales.
The compensation to the Distributor, as manager of registered at-the-market offerings by the Fund, for each sale of the Shares
pursuant to this <U>Section 1</U>, before any fees imposed by any governmental or self-regulatory organization on the Fund or the
Distributor in respect of such sales, shall be the Distributor Retention with respect to the Shares sold, multiplied by the Gross
Sales Proceeds, as further described in the Addendum to this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e) The Agent shall
provide written confirmation to the Distributor following the close of trading on the Stock Exchange on each Offering Date setting
forth for each sale the number of Shares sold, the time of sale, the Gross Sales Price per Share, the compensation payable to the
Distributor with respect to such sales, and the compensation payable by the Distributor to the Agent with respect to such sales.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f) Settlement for
sales of the Shares pursuant to this <U>Section 1</U> will occur on the second business day following the date on which such sales
are made (each such day, a &#8220;<I>Settlement Date</I>&#8221;). On each Settlement Date, the Shares sold through the Agent for
settlement on such date shall be delivered by the Distributor to the Agent against payment of the Gross Proceeds for the sale of
such Shares. Settlement for all such Shares shall be effected by free delivery of the Shares to the Agent&#8217;s account at The
Depository Trust Company in return for payments in same day funds delivered to the account designated by the Distributor. If the
Distributor shall default on its obligation to deliver the Shares on any Settlement Date, subject to the terms of <U>Section 4</U>
herein, the Distributor shall (A)&nbsp;hold the Agent harmless against any reasonable loss, claim or damage arising from or as
a result of such default by the Distributor and (B)&nbsp;pay the Agent any commission to which it would otherwise be entitled absent
such default. If the Agent breaches this Agreement by failing to deliver proceeds on any Settlement Date for the Shares delivered
by the Distributor, the Agent will pay the Distributor interest based on the effective overnight Federal Funds rate.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g) In connection
with this Agreement and the Offerings, the Distributor shall provide to the Agent, no more than once per calendar quarter, (i)
a certificate signed by the Chief Executive Officer, the Chief Legal Officer, the Chief Administrative Officer, the Treasurer,
the President, a Director or a Senior Vice President of the Distributor to the effect that (A) the representations and warranties
of the Distributor in this Agreement are true and correct with the same force and effect as though expressly made at and as of
the date thereof and the Distributor has performed or complied with all the agreements and satisfied all the conditions on its
part to be performed or satisfied hereunder at or prior to the date thereof, (B) to their knowledge, no stop order suspending the
effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or threatened
by the Securities and Exchange Commission (the &#8220;<I>Commission</I>&#8221;) and (C) subsequent to the respective dates as of
which information is given in the Registration Statement and the Prospectus, there has not been any material adverse change or
development involving a prospective material adverse change to the business, properties, financial condition or results of operations
of the Fund; (ii) a certificate signed by the Secretary or Assistant Secretary of the Distributor relating to authorization, capacity
and incumbency matters; and (iii) such other certificates and documents related to the Offerings at the Agent&#8217;s reasonable
request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">SECTION
2. </FONT><U>Representations and Warranties by the Distributor</U>. The Distributor represents, warrants to and agrees with the
Agent, as of the date hereof and as of each Offering Date and Settlement Date, that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a) A registration
statement on Form N-2 (File No. 333<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-[ ])</FONT> (the &#8220;<I>Registration
Statement</I>&#8221;) (i) has been prepared by the Fund in conformity with the requirements of the Securities Act of 1933, as amended,
and the rules and regulations thereunder (collectively called the &#8220;<I>Securities Act</I>&#8221;) and the Investment Company
Act of 1940, as amended, and the rules and regulations thereunder (collectively called the &#8220;<I>1940 Act</I>&#8221;); (ii)
has been filed with the Commission under the Securities Act and the 1940 Act; and (iii) heretofore became, and is, effective; the
Registration Statement sets forth the terms of the offering, sale and plan of distribution of the Shares and contains additional
information concerning the Fund and its business; no stop order of the Commission preventing or suspending the use of any Basic
Prospectus (as defined below), the Prospectus Supplement (as defined below) or the Prospectus (as defined below), or the effectiveness
of the Registration Statement, has been issued, and no proceedings for such purpose have been instituted or, to the Fund&#8217;s
knowledge, are contemplated by the Commission. Except where the context otherwise requires, &#8220;<I>Registration Statement</I>,&#8221;
as used herein, means, collectively, the various parts of the registration statement, as amended at the time of effectiveness for
purposes of Section 11 of the Securities Act (the &#8220;<I>Effective Time</I>&#8221;), as such section applies to the Distributor,
including (1) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, and (2)
any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 497(c) and/or
Rule 497(h) under the Securities Act, to the extent such information is deemed to be part of the registration statement at the
Effective Time. &#8220;Basic Prospectus,&#8221; as used herein, means the final prospectus filed as part of the Registration Statement,
including the related statement of additional information, together with any amendments or supplements thereto as of the date of
the Agreement. Except where the context otherwise requires, &#8220;<I>Prospectus Supplement</I>,&#8221; as used herein, means the
final prospectus supplement, including the related statement of additional information, relating to the Shares, filed by the Fund
with the Commission</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">pursuant to Rule 497(c) and/or Rule
497(h) under the Securities Act on or before the second business day after the date hereof (or such earlier time as may be required
under the Securities Act), in the form furnished by the Fund to the Distributor in connection with the offering of the Shares.
Except where the context otherwise requires, &#8220;Prospectus,&#8221; as used herein, means the Prospectus Supplement together
with the Basic Prospectus attached to or used with the Prospectus Supplement. Any reference herein to the registration statement,
the Registration Statement, any Basic Prospectus, the Prospectus Supplement or the Prospectus shall be deemed to refer to and include
the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#8220;<I>Incorporated
Documents</I>&#8221;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated
Documents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b) The Fund is duly
registered under the 1940 Act as a closed-end management investment company. A notification of registration of the Fund as an investment
company under the 1940 Act on Form N-8A (the &#8220;<I>1940 Act Notification</I>&#8221;) has been prepared by the Fund in conformity
with the 1940 Act and has been filed with the Commission and, at the time of filing thereof and at the time of filing any amendment
or supplement thereto, conformed in all material respects with all applicable provisions of the 1940 Act. The Fund has not received
any notice from the Commission pursuant to Section 8(e) of the 1940 Act with respect to the 1940 Act Notification or the Registration
Statement (or any amendment or supplement to either of them). No person is serving or acting as an officer, trustee or investment
adviser of the Fund except in accordance with the provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended
and the rules and regulations thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c) The Registration
Statement, the 1940 Act Notification and the Prospectus as from time to time amended or supplemented each complied when it became
effective or was filed, complies as of the date hereof and, as amended or supplemented, will comply, at the time of purchase,
each additional time of purchase, if any, and at all times during which a prospectus is required by the Securities Act to be delivered
in connection with any sale of Shares, in all material respects, with the requirements of the Securities Act and the 1940 Act;
the Registration Statement did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading; the 1940 Act Notification
did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
at no time during the period that begins on the earlier of the date of the Basic Prospectus and the date such Basic Prospectus
was filed with the Commission and ends at the later of the time of purchase, the latest additional time of purchase, if any, and
the end of the period during which a prospectus is required by the Securities Act to be delivered in connection with any sale
of Shares did or will the Prospectus, as from time to time amended or supplemented, include an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; <U>provided</U>, however, that the Distributor does not make any representation or warranty
with respect to any statement contained in the Registration Statement or the Prospectus in reliance upon and in conformity with
information concerning the Agent and furnished in writing by the Agent or on the Agent&#8217;s behalf to the Distributor or the
Fund expressly for use in the Registration Statement or the Prospectus. The Agent confirms that the seventh paragraph under the
heading &#8220;Plan of Distribution&#8221; in the Prospectus Supplement was the only information furnished in writing to the Distributor
and the Fund by or on behalf of the Agent expressly for use in the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d) The financial
statements incorporated by reference in the Registration Statement or the Prospectus, together with the related notes and schedules,
present fairly the financial position of the Fund as of the dates indicated and the results of operations, cash flows and changes
in shareholders&#8217; equity of the Fund for the periods specified and have been prepared in compliance in all material respects
with the requirements of the Securities Act, the 1940 Act and the Securities Exchange Act of 1934, as amended (the &#8220;<I>Exchange
Act</I>&#8221;), and in conformity in all material respects with U.S. generally accepted accounting principles applied on a consistent
basis during the periods involved; the other financial and statistical data contained or incorporated by reference in the Registration
Statement or the Prospectus are accurately and fairly presented and prepared on a basis consistent with the financial statements
and books and records of the Fund; there are no financial statements that are required to be included or incorporated by reference
in the Registration Statement, any Basic Prospectus or the Prospectus that are not included or incorporated by reference as required;
the Fund does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations),
not described in the Registration Statement (excluding the exhibits thereto); and all disclosures contained or incorporated by
reference in the Registration Statement or the Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as such term is
defined by the rules and regulations of the Commission) comply in all material respects with Item 10 of Regulation S-K under the
Securities Act, to the extent applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e) As of the date
of this Agreement, the Fund has an authorized and outstanding capitalization as set forth in the sections of the Registration Statement,
the Basic Prospectus and the Prospectus entitled &#8220;The Trust&#8221; and &#8220;Description of capital structure,&#8221; and,
with respect to any issuance and sale under this Agreement, the Fund shall have as of the date of the most recent amendment or
supplement to the Registration Statement or Prospectus, an authorized and outstanding capitalization as set forth in the sections
of the Registration Statement and the Prospectus entitled &#8220;The Trust&#8221; and &#8220;Description of capital structure&#8221;;
all of the issued and outstanding shares of capital stock, including the Common Shares, of the Fund have been duly authorized and
validly issued and are fully paid and non-assessable (except as described below and in the Registration Statement), have been issued
in material compliance with all applicable securities laws and were not issued in violation of any preemptive right, resale right,
right of first refusal or similar right; the Shares will be duly listed, and admitted and authorized for trading, subject to official
notice of issuance, on the Stock Exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f) The Fund has
been duly formed, is validly existing and is in good standing as a voluntary association with transferable shares of beneficial
interest commonly referred to as a &#8220;Massachusetts business trust&#8221; under the laws of The Commonwealth of Massachusetts,
with full power and authority to own, lease and operate and conduct its business as described in the Registration Statement, the
Basic Prospectuses and the Prospectus and to issue, sell and deliver the Shares as contemplated herein. The Fund is duly qualified
to do business as a foreign entity and is in good standing in each jurisdiction where the conduct of its business requires such
qualification, except where the failure to be so qualified and in good standing would not, individually or in the aggregate, (i)
have a material adverse effect on the business, properties, financial condition or results of operations of the Fund , (ii) prevent
or materially interfere with consummation of the transactions contemplated hereby or (iii) result in the delisting of Common Shares
from the Stock Exchange (the occurrence of any such effect or any such prevention or interference or any such result described
in the foregoing clauses (i), (ii) and (iii) being herein referred to as a &#8220;<I>Material Adverse Effect</I>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g) The Shares have
been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly
issued, fully paid and non-assessable (except as described below and in the Registration Statement) and free of statutory and contractual
preemptive rights, resale rights, rights of first refusal and similar rights; the Shares, when issued and delivered against payment
therefor as provided herein, will be free of any restriction upon the voting or transfer thereof pursuant to the Fund&#8217;s Declaration
of Trust or bylaws or any agreement or other instrument to which the Fund is a party. The capital stock of the Fund, including
the Shares, conforms in all material respects to each description thereof, if any, contained or incorporated by reference in the
Registration Statement, any Basic Prospectus or the Prospectus; and the certificates for the Shares, if any, are in due and proper
form. The Fund is in material compliance with the rules of the Stock Exchange, including, without limitation, the requirements
for continued listing of the Common Shares on the Stock Exchange and the Fund has not received any notice from the Stock Exchange
regarding the delisting of the Common Shares from the Stock Exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h) The Distributor
has full corporate power and authority to enter into this Agreement and the transactions contemplated hereby. This Agreement has
been duly authorized, executed and delivered by the Distributor. This Agreement constitutes a valid and binding agreement of the
Distributor and is enforceable against the Distributor in accordance with its terms, except as the enforceability hereof and thereof
may be limited by applicable bankruptcy, insolvency, reorganization and similar laws affecting creditors&#8217; rights generally
and moratorium laws in effect from time to time and by equitable principles restricting the availability of equitable remedies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(i) No approval, authorization,
consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority
or agency, or of or with any self-regulatory organization or other non-governmental regulatory authority (including, without limitation,
the Stock Exchange), or approval of the shareholders of the Fund, is required in connection with the issuance and sale of the Shares
or the consummation by the Fund of the transactions contemplated hereby, other than (i) the registration of the Shares under the
Securities Act and the 1940 Act, which has been effected, (ii) the listing of the Shares with the Stock Exchange, upon official
notice of issuance, (iii) any necessary qualification under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered by the Distributor or (iv) any necessary qualification under the Conduct Rules of the Financial Industry
Regulatory Authority, Inc. (&#8220;<I>FINRA</I>&#8221;).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 30pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">SECTION
3. Additional Covenants.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a) The Agent hereby
confirms that it is actually engaged in the investment banking and securities business and is a member in good standing with FINRA
and hereby agrees that it will undertake to comply with all applicable FINRA rules (as amended from time to time, including without
limitation, any successor provision) in connection with acting as sub-placement agent for the sale of the Shares. The Agent further
agrees that in acting as sub-placement agent for the sale of the Shares, it will comply with all applicable laws, rules and regulations,
including the applicable provisions of the Securities Act and the Exchange Act, the applicable rules and regulations of the Commission
thereunder, and the applicable rules and regulations of any state or any securities exchange or self-regulatory organization having
jurisdiction over the relevant Offering.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b) The Agent hereby
agrees that in acting as sub-placement agent for the sale of the Shares, it will not use, authorize use of, refer to, or participate
in the planning for use of any written communication (as defined in Rule 405 under the Securities Act) concerning any Offering,
other than the Prospectus. The Agent further agrees that in acting as sub-placement agent for the sale of the Shares, it is not
authorized by the Distributor or the Fund or any other seller of the Shares offered pursuant to the Prospectus to give any information
or to make any representation not contained in the Prospectus in connection with the sale of such Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c) The Distributor
shall not be under any obligation to the Agent except for obligations assumed hereunder or in writing by the Distributor in connection
with any Offering. Nothing contained herein or in any communication in writing from us shall constitute the Distributor and the
Agent an association or partners with one another. If such parties should be deemed to constitute a partnership for Federal income
tax purposes, then the Agent elects to be excluded from the application of Subchapter K, Chapter 1, Subtitle A of the Internal
Revenue Code of 1986 and agrees not to take any position inconsistent with that election. The Agent authorizes the Distributor,
in its discretion, to execute and file on its behalf such evidence of that election as may be required by the Internal Revenue
Service. In connection with any Offering, each party shall be liable for its proportionate amount of any tax, claim, demand or
liability that may be asserted against it alone, based upon the claim that either of them constitutes an association, an unincorporated
business or other entity, including, in each case, its proportionate amount of any expense incurred in defending against any such
tax, claim, demand or liability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d) The parties acknowledge
and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split effected
with respect to the Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e) The Agent shall
at all times comply with the offering requirements as set forth under the heading &#8220;Plan of Distribution&#8221; in the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f) The Fund shall
use its best efforts to list, subject to official notice of issuance, the Shares on the Stock Exchange and to maintain such listing.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 30pt; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">SECTION
4. Indemnification and Contribution.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a) The Distributor
agrees to indemnify, defend and hold harmless the Agent, its partners, directors and officers, and any person who controls the
Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns
of all of the foregoing persons, from and against any reasonable loss, damage, expense, liability or claim (including the reasonable
cost of investigation) which the Agent or any such person may incur under the Securities Act, the 1940 Act, the Exchange Act, the
common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i) any material
breach of any representation, warranty, covenant or agreement of the Distributor contained in this Agreement, (ii) any material
violation by the Distributor of any law, rule or regulation (including any rule of any self-regulatory organization) applicable
to the Offerings, or (iii) any untrue statement of a material fact appearing in the Registration Statement or Prospectus or omission
to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
in which they were made, not misleading, except to the extent such statements were provided in writing by the Agent for inclusion
in the Registration Statement or Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b) The Agent agrees
to indemnify, defend and hold harmless the Distributor, the Fund, their partners, trustees, directors and officers, and any person
who controls the Distributor or the Fund within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim
(including the reasonable cost of investigation) which the Distributor or any such person may incur under the Securities Act, the
1940 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of
or is based upon (i) any material breach of any representation, warranty, covenant or agreement of the Agent contained in this
Agreement or (ii) any material violation by the Agent of any law, rule or regulation (including any rule of any self-regulatory
organization), or (iii) any untrue statement or omission made in the Registration Statement or the Prospectus in reliance upon
and in conformity with information furnished by the Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c) An indemnified
person under <U>Section 4</U> of this Agreement (the &#8220;<I>Indemnified Party</I>&#8221;) shall give written notice to the other
party (the &#8220;<I>Indemnifying Party</I>&#8221;) of any loss, damage, expense, liability or claim in respect of which the Indemnifying
Party has a duty to indemnify such Indemnified Party under <U>Section 4(a)</U> or <U>(b)</U> of this Agreement (a &#8220;<I>Claim</I>&#8221;),
specifying in reasonable detail the nature of the loss, damage, expense, liability or claim for which indemnification is sought,
except that any delay or failure so to notify such other party shall only relieve such other party of its obligations hereunder
to the extent, if at all, that you are actually prejudiced by reason of such delay or failure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d) If a Claim results
from any action, suit or proceeding brought or asserted against an Indemnified Party, the Indemnifying Party shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses.
The Indemnified Party shall have the right to employ separate counsel in such action, suit or proceeding and participate in such
defense thereof, but the fees and expenses of such counsel shall be at the expense of the Indemnified Party unless (i) the Indemnifying
Party has agreed in writing to pay such fees and expenses, (ii) the Indemnifying Party has failed within</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">a reasonable time to assume the defense
and employ counsel or (iii) the named parties to any such action, suit or proceeding (including any impleaded parties) include
both such Indemnified Party and Indemnifying Party and such Indemnified Party shall have been advised by its counsel that representation
of such Indemnified Party and Indemnifying Party by the same counsel would be inappropriate under applicable standards of professional
conduct (whether or not such representation by the same counsel has been proposed) due to actual or potential differing interests
between the Indemnifying Party and the Indemnified Party (in which case the Indemnifying Party shall not have the right to assume
the defense of such action, suit or proceeding on behalf of such Indemnified Party). It is understood, however, that the Indemnifying
Party shall, in connection with any one action, suit or proceeding or separate but substantially similar or related actions, suits
or proceedings in the same jurisdiction arising out of the same general allegations or circumstances be liable for the reasonable
fees and expenses of only one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified
Parties not having actual or potential differing interests with the Indemnifying Party or among themselves, which firm shall be
designated in writing by an authorized representative of such parties and that all such fees and expenses shall be reimbursed promptly
as they are incurred. The Indemnifying Party shall not be liable for any settlement of any such action, suit or proceeding effected
without its written consent, but if settled with such written consent or if there be a final judgment for the plaintiff in any
such action, suit or proceeding, the Indemnifying Party agrees to indemnify and hold harmless any Indemnified Party from and against
any loss, liability, damage or expense by reason by such settlement or judgment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e) With respect to
any Claim not within <U>Paragraph (d)</U> of <U>Section 4</U> hereof, the Indemnifying Party shall have 20 days from receipt of
notice from the Indemnified Party of such Claim within which to respond thereto. If the Indemnifying Party does not respond within
such twenty-day period, it shall be deemed to have accepted responsibility to make payment and shall have no further right to contest
the validity of such Claim. If the Indemnifying Party notifies the Indemnified Party within such twenty-day period that it rejects
such Claim in whole or in part, the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified
Party under applicable law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f) If the indemnification
provided for in this <U>Section 4</U> is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless
in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying Party
shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, damages, expenses, liabilities
or claims in such proportion as is appropriate to reflect (i) the relative benefits received by the Indemnified Party and its Affiliates
(treated jointly as one person for this purpose), on the one hand, and the Indemnifying Party and its Affiliates, on the other
hand, from the offering of the Shares; or (ii) if, but only if, the allocation provided for in clause (i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative
fault of the Indemnified Party and its Affiliates (treated jointly as one person for this purpose), on the one hand, and of the
Indemnifying Party and its Affiliates, on the other, in connection with any statements or omissions or other matters which resulted
in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations. The relative
benefits received by the Indemnified Party and its Affiliates (treated jointly as one person for this purpose), on the one hand,
and the Indemnifying Party and its Affiliates, on the other, shall be deemed to be in the</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">same respective proportions as the total
proceeds from the Offering received by each such party and its Affiliates bear to the aggregate public offering price of the Shares.
The relative fault of the parties and their Affiliates shall be determined by reference to, among other things, whether the untrue
statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by such
party or its Affiliate, on one hand, or by the other party or its Affiliate on the other hand and the parties&#8217; relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by
a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to
include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend
or defending any Proceeding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g) The parties agree
that it would not be just and equitable if contribution pursuant to this <U>Section 4</U> were determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable considerations referred to in <U>subsection (f)</U>
above. No person guilty of fraudulent misrepresentation (within the meaning of <U>Section 11(f)</U> of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h) The indemnity
and contribution agreements contained in this <U>Section 4</U> and the covenants, warranties and representations of the parties
contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Agent,
its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the
Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or by or on behalf of the Distributor,
its directors or officers or any person who controls the Distributor within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
5. </FONT><U>Representations and Agreements to Survive Delivery</U>. The representations, warranties, covenants and agreements
of the parties contained in this Agreement, including, without limitation, the indemnity agreement contained in <U>Section 4</U>
hereof, shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any party
or any person controlling any party, or their directors or officers, (ii) acceptance of any Shares and payment therefor and (iii)
any termination of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 30pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">SECTION
6. </FONT><U>Termination</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a) This Agreement
shall continue in full force and effect until terminated by either party by five days' written notice to the other; <U>provided</U>,
that if this Agreement has become effective with respect to any Offering pursuant to this Agreement, this Agreement may not be
terminated by either party with respect to such Offering.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b) This Agreement
shall remain in full force and effect unless terminated pursuant to <U>Section 6(a)</U> above or otherwise by mutual agreement
of the parties; <U>provided</U> that any such termination by mutual agreement shall in all cases be deemed to provide that <U>Section
4</U> and <U>Section 5</U> shall remain in full force and effect.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c) Any termination
of this Agreement shall be effective on the date specified in such notice of termination; <U>provided</U> that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Distributor or the Agent, as the
case may be. If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle in
accordance with the provisions of <U>Section 1</U> of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
7. </FONT><U>Notices</U>. Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement
shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Distributor, it shall be sufficient
in all respects if delivered or sent to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Eaton Vance Distributors, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Two International Place</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Boston, Massachusetts 02110</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">Attn: Frederick S. Marius, General
Counsel</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">and if to the Agent, it shall be sufficient
in all respects if delivered or sent to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">UBS Securities LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">1285 Avenue of the Americas</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">New York, New York 10019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Attn:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Each party to this
Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such
purpose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
8. </FONT><U>Parties in Interest</U>. The Agreement herein set forth has been and is made solely for the benefit of the Distributor,
the Fund and the Agent and to the extent provided in <U>Section 4</U> of this Agreement, the controlling persons, trustees, directors
and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors
and administrators. No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the
Distributor) shall acquire or have any right under or by virtue of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
9. </FONT><U>No Fiduciary Relationship</U>. The Distributor hereby acknowledges that the Agent is acting solely as sub-placement
agent in connection with the sale of the Shares and that the Agent is acting pursuant to a contractual relationship created solely
by this Agreement entered into on an arm&#8217;s length basis, and in no event do the parties intend that the Agent act or be responsible
as a fiduciary to the Distributor or the Fund, their respective management, shareholders or creditors, or any other person in connection
with any activity that the Agent may undertake or have undertaken in furtherance of the sale of the Shares, either before or after
the date hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
10. </FONT><U>Entire Agreement</U>. This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous
agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
11. </FONT><U>Counterparts; Heading</U>. This Agreement may be signed by the parties in one or more counterparts which together
shall constitute one and the same agreement among the parties. The Section headings in this Agreement have been inserted as a
matter of convenience of reference and are not a part of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
12. </FONT><U>Law; Construction</U>. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising
out of or in any way relating to this Agreement (&#8220;<I>Claim</I>&#8221;), directly or indirectly, shall be governed by, and
construed in accordance with, the internal laws of the State of New York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
13. </FONT><U>Submission to Jurisdiction</U>. Except as set forth below, no Claim may be commenced, prosecuted or continued in
any court other than the courts of the State of New York located in the City and County of New York or in the United States District
Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and each
of the Distributor and the Agent consents to the jurisdiction of such courts and personal service with respect thereto. Each of
the Distributor and the Agent hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising
out of or in any way relating to this Agreement is brought by any third party against the Distributor or any indemnified party.
Each of the Distributor and the Agent (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort
or otherwise) in any way arising out of or relating to this Agreement. Each of the Distributor and the Agent agrees that a final
judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Distributor
and the Agent and may be enforced in any other courts to the jurisdiction of which the Distributor or the Agent is or may be subject,
by suit upon such judgment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 66pt"><FONT STYLE="text-transform: uppercase">SECTION
14. </FONT><U>Successors and Assigns</U>. This Agreement shall be binding upon the Distributor and the Agent and their successors
and assigns and any successor or assign of any substantial portion of the Distributor&#8217;s and the Agent&#8217;s respective
businesses and/or assets.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the foregoing
correctly sets forth the understanding between the Distributor and the Agent, please so indicate in the space provided below for
that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement between the Distributor and the
Agent. Alternatively, the execution of this Agreement by the Distributor and the acceptance by or on behalf of the Agent may be
evidenced by an exchange of telegraphic or other written communications.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&#8194;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">EATON VANCE DISTRIBUTORS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 12pt"><FONT STYLE="font-weight: normal">ACCEPTED as of the date<BR>
first above written</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">UBS SECURITIES LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(as sub-placement agent)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADDENDUM </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUB-PLACEMENT AGENT AGREEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BETWEEN</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EATON VANCE DISTRIBUTORS, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UBS SECURITIES LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Compensation payable to
the Agent for acting as a sub-placement agent on behalf of the Distributor with respect to a specified sale of Shares pursuant
to this Agreement shall be determined by multiplying the Gross Sales Proceeds by the Applicable Selling Agent Commission as set
forth in the table below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Gross Sales Commission</P></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Distributor Retention</P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Applicable Selling Agent Commission</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.00%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.20%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.80%</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Gross Sales Proceeds&#8221;
with respect to each sale of Shares shall be the Gross Sales Price multiplied by the number of Shares sold;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Gross Sales Price&#8221;
with respect to each sale of Shares sold pursuant to this Agreement shall be the gross sales price per share of such Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)
<SEQUENCE>4
<FILENAME>exhibitl_ex-99zl.htm
<DESCRIPTION>OPINION OF INTERNAL COUNSEL
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 11pt CG Times (WN); margin: 0; letter-spacing: -0.2pt"><IMG SRC="evlogo_001.jpg" ALT="" STYLE="height: 187px; width: 810px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt; text-align: right"><B>EXHIBIT (l)</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">November 19, 2019</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">Eaton Vance National Municipal Opportunities
Trust</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">Two International Place</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">Boston, MA 02110</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">I have acted as counsel
to Eaton Vance National Municipal Opportunities Trust (the &#8220;Trust&#8221;). I am admitted to practice law in the Commonwealth
of Massachusetts. The Trust is a Massachusetts business trust pursuant to the Declaration of Trust dated January 26, 2009, as amended
(the &#8220;Declaration of Trust&#8221;).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">I am of the opinion that
all legal requirements have been complied with in the creation of the Trust, and that said Declaration of Trust is legal and valid.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">The Trustees of the Trust
have the powers set forth in the Declaration of Trust, subject to the terms, provisions and conditions therein provided. As provided
in the Declaration of Trust, the Trustees may authorize one or more series or classes of shares and the number of shares of each
series or class authorized is unlimited. Under the Declaration of Trust, the Trustees may from time to time issue and sell or cause
to be issued and sold shares of the Trust for cash or for property. All such shares, when so issued, shall be fully paid and nonassessable
by the Trust.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">Based upon the foregoing,
and with respect to Massachusetts law (other than the Massachusetts Uniform Securities Act), only to the extent that Massachusetts
law may be applicable and without reference to the laws of the other several states or of the United States of America, I am of
the opinion that under existing law:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt CG Times (WN); letter-spacing: -0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Trust is a trust with transferable shares of beneficial interest
organized in compliance with the laws of the Commonwealth of Massachusetts, and the Declaration of Trust is legal and valid under
the laws of the Commonwealth of Massachusetts.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.95pt; letter-spacing: -0.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt CG Times (WN); letter-spacing: -0.2pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shares of beneficial interest of the Trust registered by Form N-2 may
be legally and validly issued in accordance with the Declaration of Trust upon receipt of payment in compliance with the Declaration
of Trust and, when so issued and sold, will be fully paid and nonassessable by the Trust. </FONT></TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">Securities and Exchange Commission<BR> November 19, 2019<BR> Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt CG Times (WN); margin: 0 0 0 0.5in; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">Under Massachusetts law,
if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal
liability for the obligations of the Trust. The Trust&#8217;s Declaration of Trust contains an express disclaimer of liability
on the part of shareholders and the Trust&#8217;s By-laws provide that the Trust shall, upon request by the shareholder, assume
the defense of any claim made against any shareholder for any act or obligation of the Trust and satisfy any judgement thereon.
The Declaration of Trust also contains provisions limiting the liability of a series or class to that series or class. Moreover,
the Trust&#8217;s By-laws also provide for indemnification of any shareholder held personally liable solely by reason of being
or having been a shareholder for all loss or expense arising from such liability. Thus, the risk of a shareholder incurring financial
loss on account of shareholder liability is limited to circumstances in which the Trust itself would be unable to meet its obligations.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt; text-indent: 0.5in">I consent to the filing
of this opinion with the Securities and Exchange Commission as part of the Trust&#8217;s registration statement on Form N-2.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Very truly yours,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt"><U>/s/ Sarah H. McLaughlin&#9;</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Sarah H. McLaughlin, Esq.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; letter-spacing: -0.2pt">Assistant Vice President</P>


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<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>5
<FILENAME>exhibitn_ex-99zn.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EXHIBIT (n)</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We consent to the incorporation by reference
in this Pre-Effective Amendment No. 1 to Registration Statement No. 333-234007 on Form N-2 of our report dated May 17, 2019, relating
to the financial statements and financial highlights of Eaton Vance National Municipal Opportunities Trust (the &ldquo;Trust&rdquo;),
appearing in the Annual Report on Form N-CSR of the Trust for the year ended March 31, 2019, and to the references to us under
the headings &ldquo;Financial Highlights&rdquo; and &ldquo;Independent Registered Public Accounting Firm&rdquo; in the Prospectus
and &ldquo;Independent Registered Public Accounting Firm&rdquo; in the Statement of Additional Information, which are part of such
Registration Statement.</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">/s/ Deloitte &amp; Touche LLP</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Boston, Massachusetts</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">November 19, 2019</P>

<P STYLE="font: 11pt/12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><IMG SRC="evlogo_003.jpg" ALT="" STYLE="height: 187px; width: 810px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">November 19, 2019</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>VIA EDGAR</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">100 F Street, N.E.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Washington, D.C.&nbsp;&nbsp;20549</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 23.4pt; text-align: justify">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton
Vance National Municipal Opportunities Trust (the &ldquo;Fund&rdquo; or the &ldquo;Registrant&rdquo;)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.65in; text-align: justify">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>Registration Statement on Form N-2 (333-234007;
811-22269)</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On behalf of the above-captioned registered,
closed-end investment company, and in accordance with the requirements of the Securities Act of 1933, as amended (the &ldquo;1933
Act&rdquo;), and the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), electronically transmitted herewith
is Pre-Effective Amendment No. 1 (the &ldquo;Amendment&rdquo;) to the Fund&rsquo;s Registration Statement filed on September 30,
2019 on Form&nbsp;N-2 with respect to the proposed offering by the Fund of additional shares of common stock, par value $0.01 per
share (the &ldquo;Common Shares&rdquo;), on a continuous or delayed basis in reliance on Rule&nbsp;415 under the 1933 Act (Accession
No. 0000940394-19-001300) (the &ldquo;Shelf Registration Statement&rdquo;).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The total registration fee for purposes of this
filing is $6,574.38, of which $6,571.68 has been wired through the FEDWIRE system to the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;). The Amendment transmitted with this letter contains conformed signature pages, the manually executed originals
of which are maintained at the offices of the Fund.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Shelf Registration Statement is being amended
for the purpose of responding to comments provided by Lauren Hamilton of the SEC&rsquo;s Division of Investment Management to the
undersigned telephonically on October 10, 2019 and by Lisa Larkin of the SEC&rsquo;s Division of Investment Management to the undersigned
telephonically on October 29, 2019, and to make certain other non-material changes as marked therein. We request that the Staff
review the Amendment as promptly as possible and contact the undersigned at its earliest possible convenience if the Staff has
any further comments. Capitalized terms have the same meaning as defined in the Amendment, unless otherwise indicated. The comments
and the Fund&rsquo;s responses are set forth as follows:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following comments were conveyed by Lauren
Hamilton on October 10, 2019.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Securities and Exchange Commission<BR> November 19, 2019<BR> Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 10%; text-align: center">&nbsp;</TD><TD STYLE="width: 45%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<OL START="1" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif"><U>Comment</U>: In the Fund&rsquo;s Statement
of Additional Information (&ldquo;SAI&rdquo;) under the section titled &ldquo;Financial Statements&rdquo;, please update the Accession
Number and date associated with the Fund&rsquo;s Annual Report.</LI>

</OL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The requested change
has been made to the Fund&rsquo;s SAI.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<OL START="2" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please include the consent
of the Fund&rsquo;s independent registered public accounting firm as an exhibit to the Amendment.</LI>

</OL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The consent of the
Fund&rsquo;s independent registered public accounting firm has been included as an exhibit to the Amendment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following comments were conveyed by Lisa
Larkin on October 29, 2019.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<OL START="1" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please confirm whether the
reference to &ldquo;gross assets&rdquo; in the Fund&rsquo;s 80% test is the same as net assets plus any borrowings for investment
purposes for purposes of Rule 35d-1 under the 1940 Act.</LI>

</OL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Fund confirms
that for purposes of the 80% test, &ldquo;gross assets&rdquo; is substantially the same as net assets plus any borrowings for investment
purposes. As set forth in the Prospectus, &ldquo;gross assets&rdquo; of the Fund means the total assets of the Fund, including
assets attributable to any form of leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding
any liabilities or obligations attributable to leverage obtained through (i) indebtedness of any type (including, without limitation,
borrowing through a credit facility or the issuance of debt securities or through the purchase of residual interest bonds), (ii)
the issuance of preferred stock or other similar preference securities, (iii) the reinvestment of collateral received for securities
loaned in accordance with the Trust&rsquo;s investment objectives and policies, and/or (iv) any other means; all as determined
in accordance with generally accepted accounting principles.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<OL START="2" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please confirm that for a
period of at least one year, the Fund does not intend to issue preferred shares.</LI>

</OL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Fund so confirms.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<OL START="3" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif"><U>Comment</U>: The Prospectus states that
the Fund may engage in total return swaps. When the Fund engages in total return swaps, it needs to set aside an appropriate amount
of liquid assets as determined by the SEC and Staff guidance to address Section 18 of the 1940 Act concerns. Be aware that the
SEC could issue a new rule and/or guidance related to the Fund&rsquo;s use of derivatives, which could impact the manner in which
the Fund operates.</LI>

</OL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Fund acknowledges
this comment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Securities and Exchange Commission<BR> November 19, 2019<BR> Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 10%; text-align: center">&nbsp;</TD><TD STYLE="width: 45%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<OL START="4" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif">Comment: Please consider whether any of the
information regarding residual interest bonds in the section titled &quot;Use of Leverage&rdquo; on page 8 of the Prospectus included
in the shelf registration statement filed on Form N-2 for Eaton Vance Municipal Income Trust on September 19, 2019 (Accession No.
0000940394-19-001272) (the &ldquo;Municipal Income Trust Shelf Registration Statement&rdquo;) should be included in the section
titled &ldquo;Leverage&rdquo; on page 8 of the Fund&rsquo;s Prospectus.</LI>

</OL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The referenced section
has been amended to read as follows in response to the Staff&rsquo;s comment:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The Trust uses leverage in the form
of residual interest bonds. The Trust will not utilize leverage in excess of 15% of its gross assets. Residual interest bonds are
residual interests of a special purpose vehicle (&ldquo;SPV&rdquo;) that holds municipal obligations. Residual interest bonds pay
interest at rates that vary inversely with changes in prevailing short-term tax-exempt interest rates and provide the economic
effect of leverage. The interest rate payable on a residual interest bond also bears an inverse relationship to the interest rate
on floating rate notes issued by the SPV. Because changes in the interest rate on such floating rate notes inversely affect the
interest paid on the residual interest bond, the value and income of a residual interest bond is generally more volatile than that
of a fixed rate bond. Residual interest bonds 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. Residual interest bonds 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, residual
interest bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit
quality and maturity. While residual interest bonds expose the Trust to leverage risk because they provide two or more dollars
of bond market exposure for every dollar invested, they are not subject to the Trust&rsquo;s restrictions on borrowings. See &ldquo;Investment
Objectives, Policies and Risks&rdquo; &ndash; Primary Investment Policies &ndash; Residual Interest Bonds.&rdquo; Although the
Trust has no current intention to do so, the Trust is also authorized to utilize leverage through the issuance of preferred shares
and/or borrowings, including the issuance of debt securities. The Trust may borrow for temporary, emergency or other purposes as
permitted by the 1940 Act.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Eaton Vance anticipates that the use
of leverage (from residual interest bonds and any borrowings) may 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.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Securities and Exchange Commission<BR> November 19, 2019<BR> Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 10%; text-align: center">&nbsp;</TD><TD STYLE="width: 45%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The costs of the financial leverage
program (from investment in residual interest bonds and any borrowings) are borne by Common Shareholders and consequently result
in a reduction of the NAV of Common Shares. 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 average daily gross assets,
which may create a conflict of interest between Eaton Vance and the Common Shareholders. &ldquo;Gross assets&rdquo; of the Trust
means the total assets of the Trust, including assets attributable to any form of leverage, minus all accrued expenses incurred
in the normal course of operations, but not excluding any liabilities or obligations attributable to leverage. See &ldquo;Investment
Objectives, Policies and Risks &ndash; Risk Considerations &ndash; Leverage Risks.&rdquo;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">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 Objectives, Policies and Risks &ndash; Additional Investment Practices&rdquo; and &ldquo;Investment
Objectives, Policies and Risks &ndash; Additional Risk Considerations.&rdquo;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<OL START="5" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif"><U>Comment</U>: The Staff notes that &ldquo;Swaps
Risk,&rdquo; &ldquo;Hedging Risk,&rdquo; &ldquo;Inflation Risk/Deflation Risk,&rdquo; &ldquo;Duration and Maturity Risk&rdquo;
and &ldquo;Potential Conflicts of Interest Risk&rdquo; are included under the sections titled &ldquo;Special Risk Considerations&rdquo;
and &ldquo;Additional Risk Considerations&rdquo; of the Prospectus included in the Municipal Income Trust Shelf Registration Statement.
Please consider whether any of these risks are applicable to the Fund as well.</LI>

</OL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Fund has added
&ldquo;Swaps Risk,&rdquo; &ldquo;Hedging Risk&rdquo; and &ldquo;Duration and Maturity Risk&rdquo; to the section titled &ldquo;Special
Risk Considerations&rdquo; beginning on page 11 of the Prospectus included in the Amendment, as well as the section titled &ldquo;Additional
Risk Considerations&rdquo; beginning on page 33 of the Prospectus. &ldquo;Inflation Risk/Deflation Risk&rdquo; is already included
in the Fund&rsquo;s Prospectus. &ldquo;Potential Conflicts of Interest Risk&rdquo; is not included in more recent shelf registration
statements for Eaton Vance closed-end funds, in light of the more fulsome disclosure regarding potential conflicts of interest
in the SAI under &ldquo;Investment Advisory and Other Services&mdash;Portfolio Managers&rdquo; and will be removed from the Municipal
Income Trust Shelf Registration Statement.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<OL START="6" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please include in the Fund&rsquo;s
Prospectus a table showing the composition of the Fund&rsquo;s investment portfolio by credit quality, similar to that included
on page 27 of the Prospectus in the Municipal Income Trust Shelf Registration Statement.</LI>

</OL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The requested change
has been made.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<OL START="7" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif"><U>Comment</U>: The Prospectus states that
the Fund may purchase common shares of closed-end investment companies that have investment objectives and policies similar to
those of the Fund. Please confirm whether a line item for acquired fund fees and expenses is required in the fee table included
under &ldquo;Summary of Fund Expenses&rdquo; pursuant to Item 3 of Form N-2.</LI>

</OL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Fund confirms
that no line item is required for acquired fund fees and expenses in the fee table, as such fees and expenses represent less than
one basis point of the Fund&rsquo;s average net assets.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">Securities and Exchange Commission<BR> November 19, 2019<BR> Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 10%; text-align: center">&nbsp;</TD><TD STYLE="width: 45%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<OL START="8" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="margin: 0; text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif"><U>Comment</U>: If the Fund writes (sells)
credit default swaps, confirm that it will segregate the full notional amount payable under the agreement.</LI>

</OL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: Although the Fund
does not presently intend to write (sell) credit default swaps, if it did so, the Fund confirms that it will segregate the full
notional amount payable under the agreement.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If you have any questions or comments concerning
the foregoing, please contact the undersigned at (617) 672-6573.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4in; text-align: justify">Sincerely,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in"><U>/s/ Sarah H.
McLaughlin&#9;</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">Sarah H. McLaughlin,
Esq.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: 0.5in">Assistant Vice
President</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>


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