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N-1A
EATON VANCE INVESTMENT TRUST
2026-08-01
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment objective is to provide current income exempt from regular federal income tax</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investors may also pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>commissions or other fees to their financial intermediary, which are not reflected below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for a reduced sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">100,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Appendix A – </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Financial Intermediary Sales Charge Variations in the Fund’s Prospectus. More information about these and other discounts is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from your financial intermediary and in Sales Charges beginning on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">23 of the Fund’s Prospectus and page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">19 of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Statement of Additional Information.</span></div>
You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds.
100000
Shareholder Fees (fees paid directly from your investment)
0
0.0225
0
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares purchased at net asset value in amounts of $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">250,000 or more are subject to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">0.25% contingent deferred sales charge if redeemed within </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12 months of purchase.</span>
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
0.003
0.003
0.003
0.0015
0.0015
0
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August 1, 2027
Example.
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs may be higher or lower, based on these assumptions your costs would be:</span>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:59.99999999999999%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisers Class shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$51</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$178</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$316</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$718</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$275</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$399</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$534</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$927</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I shares</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$36</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$130</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$233</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$534</span></div>
</td>
</tr>
</table></div>
51
178
316
718
275
399
534
927
36
130
233
534
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">112%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its portfolio.</span></div>
1.12
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">municipal obligations that are exempt from regular federal income tax (the “Tax-Exempt 80% Policy”). Municipal obligations are debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligations issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">political subdivisions, agencies or instrumentalities. At least 75% of the Fund’s net assets normally will be invested in municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“junk bonds”). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are rated differently by two or more rating agencies, the highest rating is used.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, the Fund’s dollar-weighted average maturity will be less than two years. The Fund is not a money market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fund and does not seek to maintain a stable net asset value.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase or sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps, total return swaps </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and forward rate agreements) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives for such purposes. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sectors (such as education, transportation, housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment vehicles and exchange-traded funds (“ETFs”), a type of pooled investment vehicle, to seek exposure to the municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets or municipal market sectors. The Fund may invest in restricted securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">account alongside other factors in the investment decision-making process and are not the sole determinant of whether an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment can be made or will remain in the Fund’s portfolio. The portfolio managers also may trade securities to minimize taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capital gains to shareholders. A portion of the Fund’s distributions generally will be subject to federal alternative minimum tax. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may not be suitable for investors subject to the federal alternative minimum tax.</span></div>
Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax (the “Tax-Exempt 80% Policy”). Municipal obligations are debt obligations issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their political subdivisions, agencies or instrumentalities. At least 75% of the Fund’s net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser (“junk bonds”). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used.
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and could lead to high market volatility</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. No active trading market may exist for certain investments held by the Fund, which may impair </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Municipal Obligations Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund may invest in municipal obligations, the Fund may be susceptible to political, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">governments and their agencies. To the extent that the Fund invests in municipal obligations of issuers in the same state, U.S. territory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or economic sector, it could be more sensitive to economic, business or political developments that affect such state or sector. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Municipal obligations and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy during periods </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of economic stress. The amount of public information available about municipal obligations is generally less than for corporate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">abilities of the investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adviser than stock or corporate bond investments. The secondary market for municipal obligations also </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to erratic price movements. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Interest Rate Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities is likely to increase when interest rates fall and decline when interest rates rise. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Duration measures the time-weighted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund is managed toward an income objective, it may hold more longer duration or maturity obligations and thereby be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">own individual investments that have longer durations than the average duration of the Fund. In a rising interest rate environment, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Credit Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rating agency, the value of such obligations may be negatively affected.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Lower Rated Investments Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments rated below investment grade and comparable unrated investments (sometimes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">referred to as “junk”) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are subject to greater price volatility and illiquidity than higher rated investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Leverage Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reference instrument</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Leverage can also result from borrowings or participation in residual interest bond transactions. Leverage can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio positions when it may not be advantageous to do so to satisfy its obligations. Leverage may cause the Fund’s share price to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the value of the Fund’s portfolio securities. The Fund may not be able to adjust its use of leverage rapidly enough to respond to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rate volatility, inflation, and other changing market conditions. As a result, the Fund’s use of leverage may have a negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on the Fund’s performance from time to time. The loss on leveraged investments may substantially exceed the initial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risk of Residual Interest Bonds.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater risk than an investment in a fixed-rate municipal bond, including the risk of loss of principal. The interest payments that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decreasing when short-term rates increase. As such, residual interest bonds tend to underperform the market for fixed rate bonds in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rising long-term interest rate environments. The value and income of, and market for, residual interest bonds are volatile, and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Restricted Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Unless registered for sale to the public under applicable federal securities law, restricted securities can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">private transaction could be less than the Fund’s purchase price for the restricted security. It may be difficult to identify a qualified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tax-Sensitive Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may hold a security in order to achieve more favorable tax-treatment or sell a security in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation, regulation or interpretations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may not be able to minimize taxable distributions to shareholders and a portion of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s distributions may be taxable.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. These effects may be exacerbated during times of financial or political stress.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risks of Principal Only Investments.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Principal only investments entitle the Fund to receive the stated value of such investment when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">held to maturity. The values of principal only investments are subject to greater fluctuation in response to changes in market interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates than obligations that pay interest currently. The Fund will accrue income on these investments and distribute that income each </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">year. The Fund may be required to sell other investments to obtain cash needed for such income distributions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Pooled Investment Vehicles Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Pooled investment vehicles are open- and closed-end investment companies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange-traded funds (“ETFs”). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment vehicle in which it invests.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>U.S. Government Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Different types of U.S. government securities are subject to different levels of credit risk, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the risk of default, depending on the nature of the particular government support for that security. Although certain U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Treasury. With respect to U.S. government securities that are not backed by the full faith and credit of the United States, there is a risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">enterprises if not obligated to do so by law. U.S. Treasury and U.S. Government agency securities generally have a lower return than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other obligations because of their higher credit quality and market liquidity.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tax Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The annual portfolio turnover rate of the Fund may exceed 100%. A mutual fund with a high turnover rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(100% or more) may generate more capital gains and may involve greater expenses (which may reduce return) than a fund with a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower rate. Capital gains distributions will be made to shareholders if offsetting capital loss carry forwards do not exist.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risks Associated with </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The success of the Fund’s investment strategy depends on portfolio management’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guarantee that such decisions will produce the desired results or expected returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector and Geographic Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest a significant portion of its assets in obligations issued in one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">states and/or U.S. territories and in certain types of municipal obligations and/or in certain sectors, the value of Fund shares may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by events that adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a state, U.S. territory, sector or type of obligation and may fluctuate more than that of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broadly diversified fund. General obligation bonds issued by municipalities can be adversely affected by economic downturns and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">resulting decline in tax revenues. Revenue bonds can be adversely affected by the negative economic viability of the facility or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">revenue source.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>General Fund Investing Risks. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">objective. It is possible to lose money by investing in the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not suited for short-term trading, and investors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the Fund should be able to tolerate potentially sharp declines in value over time. Purchase and redemption activities by Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders may impact the management of the Fund and its ability to achieve its investment objective(s). In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the remaining shareholders in the Fund. The Fund relies on various service providers, including the investment adviser and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sub-adviser, if applicable, in its operations and is susceptible to operational, information security and related events (such as public </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">health crises, cyber or hacking attacks) that may affect the service providers or the services that they provide to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other government agency.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">objective. It is possible to lose money by investing in the Fund.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other government agency.</span>
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of one or more indexes intended to measure broad market performance. The Fund’s primary benchmark index was changed from the Bloomberg 1 Year Municipal Bond Index to the Bloomberg Municipal Bond Index effective May 1, 2024 to comply with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The additional index(es) in the table provide a means to compare the Fund’s average annual returns to a benchmark that the investment adviser believes is representative of the Fund’s investment universe.
The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.eatonvance.com
<div><img alt="image" src="pr17568img003.jpg" style="padding-bottom:1%;;max-width:100%"/></div>
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<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span>
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<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2023</span>
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</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.34%</span></div>
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<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
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<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">June 30, 2020</span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.71%</span></div>
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<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The year-to-date total return through the end of the most recent calendar quarter (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2025 to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">June 30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">) was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.29%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
High Quarter
2023-12-31
0.0134
Low Quarter
2020-06-30
-0.0071
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2025 to June 30, 2026) was 1.29%.
2026-06-30
0.0129
Average Annual Total Return as of December 31, 2025
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:70%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Advisers Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.14%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.99%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.48%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.76%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.51%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.24%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.74%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.49%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.23%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return After Taxes on Distributions and Sale of Class A Shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.60%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.61%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.29%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.30%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.15%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.64%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg Municipal Bond Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(reflects no deduction for fees, expenses or taxes)</span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.25%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.34%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg 1 Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.47%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.73%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.58%</span></div>
</td>
</tr>
</table></div>
0.0314
0.0199
0.0148
0.0076
0.0151
0.0124
0.0074
0.0149
0.0123
0.016
0.0161
0.0129
0.033
0.0215
0.0164
(reflects no deduction for fees, expenses or taxes)
0.0425
0.008
0.0234
0.0347
0.0173
0.0158
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These returns reflect the maximum current sales charge for Class A (2.25%). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Advisers Class performance shown above for the period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prior to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">November 20, 2020</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> (commencement of operations) is the performance of Class A shares at net asset value without </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Effective January 1, 2022, the Fund changed its name and investment strategy to no longer require it to invest at least 80% of its total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets in (i) municipal floating-rate bonds or obligations and (ii) fixed-rate municipal obligations with respect to which the Fund enters </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">into agreements to swap the fixed rate for a floating rate (the “Floating Rate 80% Policy”). The Floating-Rate 80% Policy was in effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">since August 19, 2013 and, at that time, the Fund also changed its objective. Investors cannot invest directly in an Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Barclays is affiliated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">BMR, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guarantees the timeliness, accurateness or completeness of any data or information relating to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg Municipal Bond Index and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg 1 Year Municipal Bond Index, and neither shall be liable in any way to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">BMR, investors in the Fund or other third parties in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">respect of the use or accuracy of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg Municipal Bond Index and Bloomberg 1 Year Municipal Bond Index or any data included </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">therein. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the highest historical individual U.S. federal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rate and do not reflect the impact of state </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">held by non-taxable entities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the sale of Fund shares.</span></div>
These returns reflect the maximum current sales charge for Class A (2.25%).
Advisers Class performance shown above for the period prior to November 20, 2020 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different.
2020-11-20
After-tax returns are calculated using the highest historical individual U.S. federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.
After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment objective is to provide current income exempt from regular federal income tax</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investors may also pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>commissions or other fees to their financial intermediary, which are not reflected below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for a reduced sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">100,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Appendix A – </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Financial Intermediary Sales Charge Variations in the Fund’s Prospectus. More information about these and other discounts is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from your financial intermediary and in Sales Charges beginning on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">23 of the Fund’s Prospectus and page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">21 of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Statement of Additional Information.</span></div>
You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds.
100000
Shareholder Fees (fees paid directly from your investment)
0.0325
0
0
0.01
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares purchased at net asset value in amounts of $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">500,000 or more are subject to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">0.75% contingent deferred sales charge if redeemed within </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12 months of purchase.</span>
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:70%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Management Fees</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.42%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.42%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.42%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and Service (12b-1) Fees</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.90%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.12%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.13%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.12%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.69%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.45%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.54%</span></div>
</td>
</tr>
</table></div>
0.0042
0.0042
0.0042
0.0015
0.009
0
0.0012
0.0013
0.0012
0.0069
0.0145
0.0054
Example.
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs may be higher or lower, based on these assumptions your costs would be:</span>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:59.99999999999999%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If you SOLD Your Shares</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$393</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$539</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$697</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,156</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$248</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$459</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$792</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,529</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I shares</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$55</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$173</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$302</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$677</span></div>
</td>
</tr>
</table></div>
If you SOLD Your Shares
393
539
697
1156
248
459
792
1529
55
173
302
677
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:59.99999999999999%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If you HELD Your Shares</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$393</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$539</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$697</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,156</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$148</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$459</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$792</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,529</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I shares</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$55</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$173</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$302</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$677</span></div>
</td>
</tr>
</table></div>
If you HELD Your Shares
393
539
697
1156
148
459
792
1529
55
173
302
677
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">65%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the average value of its portfolio.</span></div>
0.65
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market circumstances, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">municipal obligations that are exempt from regular federal income tax (the “80% Policy”). Municipal obligations are debt obligations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subdivisions, agencies or instrumentalities. The Fund may invest without limit in obligations the income from which is subject to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">federal alternative minimum tax. At least 65% of the Fund’s net assets normally will be invested in municipal obligations rated at least </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in unrated municipal obligations considered to be of comparable quality by the investment adviser (“junk bonds”). The Fund will not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in unrated obligations considered to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rating agencies, the highest rating is used. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">thereon, interest rate swaps and forward rate agreements) for hedging purposes, to seek total return or as a substitute for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchase or sale of securities. Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such purposes.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although the Fund invests in obligations to seek to maintain a dollar-weighted average portfolio duration of less than five years, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may invest in individual municipal obligations of any maturity. Duration represents the dollar-weighted average maturity of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expected cash flows (i.e., interest and principal payments) on one or more municipal obligations, discounted to their present values. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may use various techniques to shorten or lengthen its dollar-weighted average duration, including the acquisition of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">municipal obligations at a premium or discount, and transactions in futures contracts and options on futures. The Fund may invest 25% </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic sectors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange-traded funds (“ETFs”), to seek exposure to the municipal markets or municipal market sectors. The Fund may invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restricted securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">account alongside other factors in the investment decision-making process and are not the sole determinant of whether an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment can be made or will remain in the Fund’s portfolio. The Fund may engage in relative value trading to take advantage of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price appreciation opportunities or to realize capital losses. The portfolio managers also may trade securities to minimize taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capital gains to shareholders. A portion of the Fund’s distributions generally will be subject to the federal alternative minimum tax. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:0pt;margin-left:0pt;"><i>The </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;margin-left:0pt;margin-left:0pt;"><i>Fund may not be suitable for investors subject to the federal alternative minimum tax.</i></span></div>
Under normal market circumstances, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax (the “80% Policy”). Municipal obligations are debt obligations issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their political subdivisions, agencies or instrumentalities. The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. At least 65% of the Fund’s net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the investment adviser (“junk bonds”). The Fund will not invest more than 10% of its net assets in obligations rated below B by Moody’s, S&P or Fitch, or in unrated obligations considered to be of comparable quality by the investment adviser. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps and forward rate agreements) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives for such purposes.
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and could lead to high market volatility</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. No active trading market may exist for certain investments held by the Fund, which may impair </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Municipal Obligations Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund may invest in municipal obligations, the Fund may be susceptible to political, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">governments and their agencies. To the extent that the Fund invests in municipal obligations of issuers in the same state, U.S. territory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or economic sector, it could be more sensitive to economic, business or political developments that affect such state or sector. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Municipal obligations and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy during periods </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of economic stress. The amount of public information available about municipal obligations is generally less than for corporate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">abilities of the investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adviser than stock or corporate bond investments. The secondary market for municipal obligations also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to erratic price movements. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Interest Rate Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities is likely to increase when interest rates fall and decline when interest rates rise. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Duration measures the time-weighted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund is managed toward an income objective, it may hold more longer duration or maturity obligations and thereby be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exposed to interest rate risk than municipal income funds that are managed with a greater emphasis on total return. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">own individual investments that have longer durations than the average duration of the Fund. In a rising interest rate environment, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Credit Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rating agency, the value of such obligations may be negatively affected.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Lower Rated Investments Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments rated below investment grade and comparable unrated investments (sometimes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">referred to as “junk”) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are subject to greater price volatility and illiquidity than higher rated investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Restricted Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Unless registered for sale to the public under applicable federal securities law, restricted securities can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">private transaction could be less than the Fund’s purchase price for the restricted security. It may be difficult to identify a qualified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Leverage Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reference instrument</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Leverage can also result from borrowings or participation in residual interest bond transactions. Leverage can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio positions when it may not be advantageous to do so to satisfy its obligations. Leverage may cause the Fund’s share price to </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the value of the Fund’s portfolio securities. The Fund may not be able to adjust its use of leverage rapidly enough to respond to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rate volatility, inflation, and other changing market conditions. As a result, the Fund’s use of leverage may have a negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on the Fund’s performance from time to time. The loss on leveraged investments may substantially exceed the initial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risk of Residual Interest Bonds.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater risk than an investment in a fixed-rate municipal bond, including the risk of loss of principal. The interest payments that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decreasing when short-term rates increase. As such, residual interest bonds tend to underperform the market for fixed rate bonds in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rising long-term interest rate environments. The value and income of, and market for, residual interest bonds are volatile, and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tax-Sensitive Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may hold a security in order to achieve more favorable tax-treatment or sell a security in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation, regulation or interpretations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may not be able to minimize taxable distributions to shareholders and a portion of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s distributions may be taxable.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. These effects may be exacerbated during times of financial or political stress.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risks of Principal Only Investments.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Principal only investments entitle the Fund to receive the stated value of such investment when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">held to maturity. The values of principal only investments are subject to greater fluctuation in response to changes in market interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates than obligations that pay interest currently. The Fund will accrue income on these investments and distribute that income each </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">year. The Fund may be required to sell other investments to obtain cash needed for such income distributions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Pooled Investment Vehicles Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Pooled investment vehicles are open- and closed-end investment companies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange-traded funds (“ETFs”). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment vehicle in which it invests.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>U.S. Government Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Different types of U.S. government securities are subject to different levels of credit risk, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the risk of default, depending on the nature of the particular government support for that security. Although certain U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Treasury. With respect to U.S. government securities that are not backed by the full faith and credit of the United States, there is a risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">enterprises if not obligated to do so by law. U.S. Treasury and U.S. Government agency securities generally have a lower return than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other obligations because of their higher credit quality and market liquidity.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tax Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The annual portfolio turnover rate of the Fund may exceed 100%. A mutual fund with a high turnover rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(100% or more) may generate more capital gains and may involve greater expenses (which may reduce return) than a fund with a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower rate. Capital gains distributions will be made to shareholders if offsetting capital loss carry forwards do not exist.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risks Associated with </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The success of the Fund’s investment strategy depends on portfolio management’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guarantee that such decisions will produce the desired results or expected returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector and Geographic Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest a significant portion of its assets in obligations issued in one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">states and/or U.S. territories and in certain types of municipal obligations and/or in certain sectors, the value of Fund shares may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by events that adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a state, U.S. territory, sector or type of obligation and may fluctuate more than that of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broadly diversified fund. General obligation bonds issued by municipalities can be adversely affected by economic downturns and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">resulting decline in tax revenues. Revenue bonds can be adversely affected by the negative economic viability of the facility or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">revenue source.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>General Fund Investing Risks. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">objective. It is possible to lose money by investing in the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">designed to be a long-term investment vehicle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potentially sharp declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">various service providers, including the investment adviser and sub-adviser, if applicable, in its operations and is susceptible to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operational, information security and related events (such as public health crises, cyber or hacking attacks) that may affect the service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers or the services that they provide to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund is not a deposit in a bank and is not insured or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">objective. It is possible to lose money by investing in the Fund.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund is not a deposit in a bank and is not insured or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance from year to year and how the Fund’s average annual returns over time compare with those of one or more indexes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intended to measure broad market performance. The Fund’s primary benchmark index was changed from the Bloomberg </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Short-Intermediate 1-10 Year Municipal Bond Index to the Bloomberg Municipal Bond Index effective May 1, 2024 to comply with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The additional index(es) in the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">provide a means to compare the Fund’s average annual returns to a benchmark that the investment adviser believes is representative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Fund’s investment universe. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">charge was reflected, the returns would be lower. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance (both before and after taxes) is not necessarily an indication of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Updated Fund performance information can be obtained by visiting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.eatonvance.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of one or more indexes intended to measure broad market performance. The Fund’s primary benchmark index was changed from the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index to the Bloomberg Municipal Bond Index effective May 1, 2024 to comply with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The additional index(es) in the table provide a means to compare the Fund’s average annual returns to a benchmark that the investment adviser believes is representative of the Fund’s investment universe.
The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.eatonvance.com
<div><img alt="image" src="pr17571img003.jpg" style="padding-bottom:1%;;max-width:100%"/></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2023</span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.69%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">March 31, 2022</span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.50%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The year-to-date total return through the end of the most recent calendar quarter (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2025 to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">June 30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">) was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.51%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
High Quarter
2023-12-31
0.0369
Low Quarter
2022-03-31
-0.035
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2025 to June 30, 2026) was 1.51%.
2026-06-30
0.0151
Average Annual Total Return (for the calendar periods ended December 31, 2025)
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:70%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.77%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.77%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.59%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.67%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.67%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.52%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return After Taxes on Distributions and Sale of Class A Shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.63%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.07%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.75%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.29%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.68%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.17%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.40%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.61%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.09%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg Municipal Bond Index (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects no deduction for fees, expenses or taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">)</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.25%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.34%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (reflects no deduction for fees, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expenses or taxes)</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.01%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.22%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.98%</span></div>
</td>
</tr>
</table></div>
0.0077
0.0077
0.0159
0.0067
0.0067
0.0152
0.0163
0.0107
0.0175
0.0229
0.0068
0.0117
0.044
0.0161
0.0209
reflects no deduction for fees, expenses or taxes
0.0425
0.008
0.0234
0.0501
0.0122
0.0198
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These returns reflect the maximum current sales charge for Class A (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">3.25%) and any applicable contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“CDSC”) for Class C.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C shares automatically converted to Class A shares ten years after purchase. Investors cannot invest directly in an Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Barclays is affiliated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">BMR, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guarantees the timeliness, accurateness or completeness of any data or information relating to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg Municipal Bond Index and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index, and neither shall be liable in any way to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">BMR, investors in the Fund or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other third parties in respect of the use or accuracy of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg Municipal Bond Index and Bloomberg Short-Intermediate 1-10 Year </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Municipal Bond Index or any data included therein. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the highest historical individual U.S. federal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rate and do not reflect the impact of state </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">held by non-taxable entities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the sale of Fund shares.</span></div>
These returns reflect the maximum current sales charge for Class A (3.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C.
After-tax returns are calculated using the highest historical individual U.S. federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.
After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment objective is to seek to maximize after-tax total return.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investors may also pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>commissions or other fees to their financial intermediary, which are not reflected below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for a reduced sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">100,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Appendix A – </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Financial Intermediary Sales Charge Variations in the Fund’s Prospectus. More information about these and other discounts is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from your financial intermediary and in Sales Charges beginning on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">23 of the Fund’s Prospectus and page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">20 of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Statement of Additional Information.</span></div>
You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds.
100000
Shareholder Fees (fees paid directly from your investment)
0.0325
0
0
0.01
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares purchased at net asset value in amounts of $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">500,000 or more are subject to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">0.75% contingent deferred sales charge if redeemed within </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12 months of purchase.</span>
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:70%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Management Fees</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.40%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.40%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.40%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and Service (12b-1) Fees</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.90%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.11%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.11%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.11%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.66%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.41%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.51%</span></div>
</td>
</tr>
</table></div>
0.004
0.004
0.004
0.0015
0.009
0
0.0011
0.0011
0.0011
0.0066
0.0141
0.0051
Example.
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs may be higher or lower, based on these assumptions your costs would be:</span>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:59.99999999999999%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If you SOLD Your Shares</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$390</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$529</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$681</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,121</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$244</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$446</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$771</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,486</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I shares</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$52</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$164</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$285</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$640</span></div>
</td>
</tr>
</table></div>
If you SOLD Your Shares
390
529
681
1121
244
446
771
1486
52
164
285
640
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:59.99999999999999%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;;"><b>If you HELD Your Shares</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$390</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$529</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$681</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,121</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$144</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$446</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$771</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,486</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I shares</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$52</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$164</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$285</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$640</span></div>
</td>
</tr>
</table></div>
If you HELD Your Shares
390
529
681
1121
144
446
771
1486
52
164
285
640
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">78%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the average value of its portfolio.</span></div>
0.78
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">municipal obligations that are exempt from regular federal income tax (the “80% Policy”). Municipal obligations are debt obligations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subdivisions, agencies or instrumentalities. The Fund may invest without limit in obligations the income from which is subject to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">federal alternative minimum tax. The Fund has a flexible investment strategy and may invest in obligations of any duration or credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">quality. The Fund may invest up to 50% of its net assets in obligations rated below investment grade (“junk bonds”). Below investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">grade obligations are those rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or below BBB by either S&P Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Ratings (“S&P”) or Fitch Ratings (“Fitch”) or, if unrated, determined by the investment adviser to be of comparable quality. For the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments, which derive their value from another instrument, security or index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may purchase or sell various kinds of residual interest bonds, futures contracts and options thereon to hedge against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in interest rates or as a substitute for the purchase of portfolio securities. The Fund also may enter into interest rate swaps, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forward rate contracts and credit derivatives, which may include credit default swaps, total return swaps or credit options, as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchase an instrument that has greater or lesser credit risk than the municipal bonds underlying the instrument. Except as required </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by applicable regulation, there is no stated limit on the Fund’s use of derivatives for such purposes.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Although the Fund invests in obligations to seek to maintain a dollar-weighted average portfolio duration of less than four and a half </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">years, the Fund may invest in individual municipal obligations of any maturity. Duration represents the dollar-weighted average </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maturity of expected cash flows (i.e., interest and principal payments) on one or more municipal obligations, discounted to their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">present values. The Fund may use various techniques to shorten or lengthen its dollar-weighted average duration, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">acquisition of municipal obligations at a premium or discount, and transactions in futures contracts and options on futures. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">principal only municipal investments, revenue bonds and industrial development bonds) and in one or more economic sectors (such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles, including exchange-traded </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds (“ETFs”), to seek exposure to the municipal markets or municipal market sectors. The Fund may invest in restricted securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">account alongside other factors in the investment decision-making process and are not the sole determinant of whether an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment can be made or will remain in the Fund’s portfolio. The portfolio managers generally will seek to maximize after-tax total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">return by balancing investment considerations and tax considerations. The Fund may engage in relative value trading to take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">advantage of price appreciation opportunities or to realize capital losses. A portion of the Fund’s distributions generally will be subject </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to the federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax. </span></div>
Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax (the “80% Policy”). Municipal obligations are debt obligations issued by or on behalf of states, territories and possessions of the United States, and the District of Columbia and their political subdivisions, agencies or instrumentalities. The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. The Fund has a flexible investment strategy and may invest in obligations of any duration or credit quality. The Fund may invest up to 50% of its net assets in obligations rated below investment grade (“junk bonds”). Below investment grade obligations are those rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or below BBB by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”) or, if unrated, determined by the investment adviser to be of comparable quality. For the purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies or instrumentalities. The Fund may purchase derivative instruments, which derive their value from another instrument, security or index.
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and could lead to high market volatility</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. No active trading market may exist for certain investments held by the Fund, which may impair </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Municipal Obligations Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund may invest in municipal obligations, the Fund may be susceptible to political, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">governments and their agencies. To the extent that the Fund invests in municipal obligations of issuers in the same state, U.S. territory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or economic sector, it could be more sensitive to economic, business or political developments that affect such state or sector. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Municipal obligations and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy during periods </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of economic stress. The amount of public information available about municipal obligations is generally less than for corporate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">abilities of the investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adviser than stock or corporate bond investments. The secondary market for municipal obligations also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to erratic price movements. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Interest Rate Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities is likely to increase when interest rates fall and decline when interest rates rise. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Duration measures the time-weighted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may own individual investments that have longer durations than the average duration of the Fund. In a rising interest rate environment, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Credit Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">deteriorates. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. Municipal obligations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be insured as to principal and interest payments. If the claims-paying ability or other rating of the insurer is downgraded by a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rating agency, the value of such obligations may be negatively affected.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Lower Rated Investments Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments rated below investment grade and comparable unrated investments (sometimes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">referred to as “junk”) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are subject to greater price volatility and illiquidity than higher rated investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Restricted Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Unless registered for sale to the public under applicable federal securities law, restricted securities can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized from a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">private transaction could be less than the Fund’s purchase price for the restricted security. It may be difficult to identify a qualified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tax-Sensitive Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may hold a security in order to achieve more favorable tax-treatment or sell a security in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">legislation, regulation or interpretations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may not be able to minimize taxable distributions to shareholders and a portion of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s distributions may be taxable.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Leverage Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reference instrument</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Leverage can also result from borrowings or participation in residual interest bond transactions. Leverage can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio positions when it may not be advantageous to do so to satisfy its obligations. Leverage may cause the Fund’s share price to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the value of the Fund’s portfolio securities. The Fund may not be able to adjust its use of leverage rapidly enough to respond to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rate volatility, inflation, and other changing market conditions. As a result, the Fund’s use of leverage may have a negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impact on the Fund’s performance from time to time. The loss on leveraged investments may substantially exceed the initial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risk of Residual Interest Bonds.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund may enter into residual interest bond transactions, which expose the Fund to leverage and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater risk than an investment in a fixed-rate municipal bond, including the risk of loss of principal. The interest payments that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund receives on the residual interest bonds acquired in such transactions vary inversely with short-term interest rates, normally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decreasing when short-term rates increase. As such, residual interest bonds tend to underperform the market for fixed rate bonds in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rising long-term interest rate environments. The value and income of, and market for, residual interest bonds are volatile, and such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">bonds may have limited liquidity. As required by applicable accounting standards, the Fund records interest expense as a liability with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">respect to floating-rate notes and also records offsetting interest income in an amount equal to this expense.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. These effects may be exacerbated during times of financial or political stress.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Pooled Investment Vehicles Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Pooled investment vehicles are open- and closed-end investment companies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange-traded funds (“ETFs”). Pooled investment vehicles are subject to the risks of investing in the underlying securities or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments. Shares of closed-end investment companies and ETFs may trade at a premium or discount to net asset value and are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of a pooled </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment vehicle in which it invests.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risks of Principal Only Investments.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Principal only investments entitle the Fund to receive the stated value of such investment when </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">held to maturity. The values of principal only investments are subject to greater fluctuation in response to changes in market interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates than obligations that pay interest currently. The Fund will accrue income on these investments and distribute that income each </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">year. The Fund may be required to sell other investments to obtain cash needed for such income distributions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>U.S. Government Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Different types of U.S. government securities are subject to different levels of credit risk, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the risk of default, depending on the nature of the particular government support for that security. Although certain U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Treasury. With respect to U.S. government securities that are not backed by the full faith and credit of the United States, there is a risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">enterprises if not obligated to do so by law. U.S. Treasury and U.S. Government agency securities generally have a lower return than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other obligations because of their higher credit quality and market liquidity.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tax Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Income from tax-exempt municipal obligations could be declared taxable because of changes in tax laws, adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interpretations by the relevant taxing authority or the non-compliant conduct of the issuer of an obligation</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risks Associated with </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The success of the Fund’s investment strategy depends on portfolio management’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guarantee that such decisions will produce the desired results or expected returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector and Geographic Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest a significant portion of its assets in obligations issued in one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">states and/or U.S. territories and in certain types of municipal obligations and/or in certain sectors, the value of Fund shares may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affected by events that adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a state, U.S. territory, sector or type of obligation and may fluctuate more than that of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that invests more broadly. General obligation bonds issued by municipalities can be adversely affected by economic downturns and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">any resulting decline in tax revenues. Revenue bonds can be adversely affected by the negative economic viability of the facility or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">revenue source.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>General Fund Investing Risks. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">objective. It is possible to lose money by investing in the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not suited for short-term trading, and investors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the Fund should be able to tolerate potentially sharp declines in value over time. Purchase and redemption activities by Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders may impact the management of the Fund and its ability to achieve its investment objective(s). In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the remaining shareholders in the Fund. The Fund relies on various service providers, including the investment adviser and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sub-adviser, if applicable, in its operations and is susceptible to operational, information security and related events (such as public </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">health crises, cyber or hacking attacks) that may affect the service providers or the services that they provide to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other government agency.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">objective. It is possible to lose money by investing in the Fund.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other government agency.</span>
Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance from year to year and how the Fund’s average annual returns over time compare with those of one or more indexes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intended to measure broad market performance. The Fund’s primary benchmark index was changed from the Bloomberg </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Short-Intermediate 1-10 Year Municipal Bond Index to the Bloomberg Municipal Bond Index effective May 1, 2024 to comply with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The additional index(es) in the table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">provide a means to compare the Fund’s average annual returns to a benchmark that the investment adviser believes is representative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Fund’s investment universe. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">charge was reflected, the returns would be lower. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance (both before and after taxes) is not necessarily an indication of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s performance reflects the effects of expense reductions. Absent these reductions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance would have been lower. Updated Fund performance information can be obtained by visiting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.eatonvance.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of one or more indexes intended to measure broad market performance. The Fund’s primary benchmark index was changed from the Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index to the Bloomberg Municipal Bond Index effective May 1, 2024 to comply with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The additional index(es) in the table provide a means to compare the Fund’s average annual returns to a benchmark that the investment adviser believes is representative of the Fund’s investment universe.
The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.eatonvance.com
<div><img alt="image" src="pr17558img003.jpg" style="padding-bottom:1%;;max-width:100%"/></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2023</span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.73%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">March 31, 2022</span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.91%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The year-to-date total return through the end of the most recent calendar quarter (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as of December 31, 2025 to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">June 30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">) was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.59%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
High Quarter
2023-12-31
0.0373
Low Quarter
2022-03-31
-0.0391
The year-to-date total return through the end of the most recent calendar quarter (as of December 31, 2025 to June 30, 2026) was 1.59%.
2026-06-30
0.0159
Average Annual Total Return (for the calendar periods ended as of December 31, 2025)
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:70%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.41%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.19%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.93%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.22%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.08%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.84%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return After Taxes on Distributions and Sale of Class A Shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.89%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.33%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.90%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.10%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.11%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.51%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.96%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.01%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.42%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg Municipal Bond Index (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects no deduction for fees, expenses or taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">)</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.25%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.34%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index (reflects no deduction for fees, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expenses or taxes)</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.01%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.22%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.98%</span></div>
</td>
</tr>
</table></div>
0.0141
0.0119
0.0193
0.0122
0.0108
0.0184
0.0189
0.0133
0.019
0.031
0.0111
0.0151
0.0496
0.0201
0.0242
reflects no deduction for fees, expenses or taxes
0.0425
0.008
0.0234
0.0501
0.0122
0.0198
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These returns reflect the maximum current sales charge for Class A (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">3.25%) and any applicable contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“CDSC”) for Class C.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C shares automatically converted to Class A shares ten years after purchase. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Effective November 14, 2016, the Fund changed its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">objective and investment strategy to invest at least 80% of its net assets (plus any borrowings for investment purposes) in municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligations that are exempt from regular federal income tax. Investors cannot invest directly in an Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Barclays is affiliated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg Municipal Bond </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index and Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index, and neither shall be liable in any way to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investors in the Fund or other third parties in respect of the use or accuracy of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg Municipal Bond Index and Bloomberg </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Short-Intermediate 1-10 Year Municipal Bond Index or any data included therein. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the highest historical individual U.S. federal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rate and do not reflect the impact of state </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">held by non-taxable entities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the sale of Fund shares.</span></div>
These returns reflect the maximum current sales charge for Class A (3.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C.
After-tax returns are calculated using the highest historical individual U.S. federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.
After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
1Class A shares purchased at net asset value in amounts of $250,000 or more are subject to a 0.25% contingent deferred sales charge if redeemed within 12 months of purchase.
1The administrator has agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 0.50% for Advisers Class, 0.50% for Class A shares and 0.35% for Class I shares. This expense reimbursement will continue through August 1, 2027. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the administrator during the same fiscal year to the extent actual expenses are less than any contractual expense cap in place during such year. Pursuant to this arrangement, the administrator may recoup from the Fund any reimbursed expenses during the same fiscal year if such recoupment does not cause the Fund’s Total Annual Operating Expenses after such recoupment to exceed (i) the expense limit in effect at the time of reimbursement; or (ii) the expense limit in effect at the time of recoupment.
1Class A shares purchased at net asset value in amounts of $500,000 or more are subject to a 0.75% contingent deferred sales charge if redeemed within 12 months of purchase.
1Class A shares purchased at net asset value in amounts of $500,000 or more are subject to a 0.75% contingent deferred sales charge if redeemed within 12 months of purchase.