As filed with the Securities and Exchange Commission on October 16, 2026

1933 Act Registration No. 333-298958

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

(Check appropriate box or boxes)

MORGAN STANLEY ETF TRUST

(Exact Name of Registrant as Specified in Charter)

1585 Broadway

New York, New York 10036
(Address of Principal Executive Offices)

Registrant’s Telephone Number, including Area Code: (800) 869-6397

Deidre E. Walsh, Esq.

1 Post Office Square

Boston, Massachusetts 02109

(Name and Address of Agent for Service)

Copies to:

Approximate Date of Proposed Public Offering:

As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933, as amended.

It is proposed that this filing will become effective immediately, pursuant to Rule 485(b) under the Securities Act of 1933, as amended.

Title of the securities being registered:

Shares of beneficial interest, par value of $0.001 per share, of Eaton Vance Short Duration Municipal Income ETF, Eaton Vance California Municipal Opportunities ETF, Eaton Vance High Yield Municipal Income ETF, Eaton Vance Municipal Opportunities ETF, Eaton Vance National Municipal Income ETF, Eaton Vance National Ultra-Short Municipal Income ETF, Eaton Vance New York Municipal Income ETF, and Eaton Vance Short Duration Municipal Opportunities ETF, each a series of the Registrant.

The Registrant has registered an indefinite amount of securities pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended; accordingly, no fee is payable herewith in reliance upon Section 24(f).

Eaton Vance Municipals Trust

Eaton Vance Municipals Trust II

Eaton Vance Investment Trust

One Post Office Square

Boston, Massachusetts 02109

NOTICE OF A JOINT SPECIAL MEETING OF SHAREHOLDERS

To be Held on December 3, 2026

Dear Shareholders:

Notice is hereby given of a Joint Special Meeting of Shareholders of each of Eaton Vance National Municipal Income Fund, Eaton Vance California Municipal Opportunities Fund, Eaton Vance New York Municipal Income Fund, Eaton Vance Municipal Opportunities Fund, Eaton Vance National Ultra-Short Municipal Income Fund, Eaton Vance Short Duration Municipal Opportunities Fund, Eaton Vance National Limited Maturity Municipal Income Fund, and Eaton Vance High Yield Municipal Income Fund (each, an “Acquired Fund”), to be held on December 3, 2026 at 1:00 p.m., Eastern time, and any adjournments or postponements thereof (the “Meeting”). The Meeting will be held at One Post Office Square, Boston, Massachusetts 02109. Each Acquired Fund operates as an open-end mutual fund. Each of Eaton Vance National Municipal Income Fund, Eaton Vance California Municipal Opportunities Fund, Eaton Vance New York Municipal Income Fund, and Eaton Vance Municipal Opportunities Fund is a series of Eaton Vance Municipals Trust, a Massachusetts business trust. Each of Eaton Vance National Ultra-Short Municipal Income Fund, Eaton Vance Short Duration Municipal Opportunities Fund, and Eaton Vance National Limited Maturity Municipal Income Fund is a series of Eaton Vance Investment Trust, a Massachusetts business trust. Eaton Vance High Yield Municipal Income Fund is a series of Eaton Vance Municipals Trust II, a Massachusetts business trust. Eaton Vance Municipals Trust, Eaton Vance Investment Trust, and Eaton Vance Municipals Trust II are each referred to herein as an “Acquired Fund Trust” and are referred to collectively as the “Acquired Fund Trusts.”

The Meeting is being held to consider and vote upon the following proposals:

Boston Management and Research (“BMR”) serves as the investment adviser to each Acquired Fund except Eaton Vance Municipal Opportunities Fund and Eaton Vance Short Duration Municipal Opportunities Fund. Eaton Vance Management (“Eaton Vance” and, together with BMR, the “Acquired Fund Advisers”) serves as the investment adviser to Eaton Vance Municipal Opportunities Fund and Eaton Vance Short Duration Municipal Opportunities Fund. Morgan Stanley Investment Management Inc. (“MSIM” or the “Acquiring Fund Adviser”) serves as investment adviser to each Acquiring Fund. Each of Eaton Vance, BMR, and MSIM is an indirect wholly-owned subsidiary of Morgan Stanley.

Each of Eaton Vance National Municipal Income ETF, Eaton Vance California Municipal Opportunities ETF, Eaton Vance New York Municipal Income ETF, Eaton Vance Municipal Opportunities ETF, Eaton Vance National Ultra-Short Municipal Income ETF, Eaton Vance Short Duration Municipal Opportunities ETF, and Eaton Vance High Yield Municipal Income ETF is a newly created series of the Acquiring Fund Trust and has substantially the same investment objectives and substantially the same principal investment strategies as the corresponding Acquired Fund. Eaton Vance Short Duration Municipal Income ETF is an existing series of the Acquiring Fund Trust and has substantially the same investment objective and substantially similar strategies due to the limited differences described herein, as Eaton Vance National Limited Maturity Municipal Income Fund.

Each Reorganization is more fully described in the accompanying combined Proxy Statement and Prospectus and in the form of Agreement and Plan of Reorganization attached as Appendix A thereto. If shareholders of an Acquired Fund (“Acquired Fund Shareholders”) approve the Reorganization with respect to such Acquired Fund, and certain other closing conditions are satisfied or waived, then, except as noted in the Proxy Statement and Prospectus, shareholders of the Acquired Fund will become shareholders of the corresponding Acquiring Fund, which operates or will operate as an exchange-traded fund, receiving shares of the Acquiring Fund with a value equal to the aggregate net asset value of their shares of the Acquired Fund held immediately prior to the Reorganization (and cash with respect to any fractional shares).

Shareholders of record of an Acquired Fund as of the close of business on October 7, 2026, are entitled to notice of, and to vote at, the Meeting. Please read the Proxy Statement and Prospectus carefully before telling us, through your Proxy or in person, how you wish your shares to be voted. Alternatively, if you are eligible to vote telephonically by touchtone telephone or electronically on the Internet (as discussed in the enclosed Proxy Statement and Prospectus), you may do so in lieu of attending the Meeting in person. Shareholders of each Acquired Fund will vote separately on the proposed Reorganization of their respective Acquired Fund, and a Reorganization will be effected as to a particular Acquired Fund only if that Acquired Fund’s shareholders approve the Reorganization and certain closing conditions are satisfied or waived. The consummation of each Reorganization is not contingent upon approval of any other Reorganization.

The Board of Trustees of each Acquired Fund Trust unanimously recommends that you vote in favor of (i.e., FOR) the Reorganization of your Acquired Fund.

Acquired Fund Shareholders will be able to authorize proxies to vote their shares by returning the enclosed proxy card, by touchtone telephone or by Internet by following the instructions on the proxy card accompanying this combined Proxy Statement and Prospectus. The Internet procedures are designed to authenticate a shareholder’s identity to allow Acquired Fund Shareholders to vote their shares and confirm that their instructions have been properly recorded. To vote by Internet or by touchtone telephone, Acquired Fund Shareholders can access the website or call the toll-free number listed on the proxy card. To vote by touchtone telephone or by Internet, Acquired Fund Shareholders will need the number that appears on the proxy card or Voting Information Card in the shaded box.

An executed proxy delivered to an Acquired Fund is revocable by the person giving it, prior to its exercise, by a signed writing filed with the Acquired Fund’s Secretary, by executing and delivering a later dated proxy, or by voting at the Meeting. If you hold Acquired Fund shares entitled to vote through an intermediary (such as a broker, bank, adviser

or custodian), please consult with the intermediary regarding your ability to revoke voting instructions after they have been provided.

By Order of the Board of Trustees of each Acquired Fund Trust,

NICHOLAS S. DI LORENZO

Secretary

Dated: October 16, 2026

YOUR VOTE IS VERY IMPORTANT REGARDLESS OF THE NUMBER OF SHARES YOU HOLD. If you are unable to attend the Meeting, please fill in, sign, and return the enclosed proxy card(s), which will help achieve the necessary quorum at the Meeting. The enclosed envelope requires no postage if mailed in the United States. Certain shareholders will be able to vote telephonically by touchtone telephone or electronically on the Internet by following instructions contained on their proxy card(s). You can help avoid the necessity and expense of sending follow-up letters to ensure a quorum for the Meeting by promptly returning the enclosed proxy card(s) or voting telephonically or on the Internet.

QUESTIONS AND ANSWERS

Shareholders should read the entire combined Proxy Statement and Prospectus carefully.

The following is a brief Q&A that will help explain each Reorganization (as defined below), including the reasons for the Reorganization. Each Reorganization is subject to approval by the shareholders of the corresponding Acquired Fund.

Important additional information about the proposed Reorganizations is set forth in the accompanying Proxy Statement and Prospectus. Please read it carefully. Your vote is important.

Q. Why am I receiving a Proxy Statement and Prospectus?

A. You are receiving a combined Proxy Statement and Prospectus because you own shares of one or more of the following funds: Eaton Vance National Municipal Income Fund, Eaton Vance California Municipal Opportunities Fund, Eaton Vance New York Municipal Income Fund, Eaton Vance Municipal Opportunities Fund, Eaton Vance National Ultra-Short Municipal Income Fund, Eaton Vance Short Duration Municipal Opportunities Fund, Eaton Vance National Limited Maturity Municipal Income Fund, and Eaton Vance High Yield Municipal Income Fund (each, an “Acquired Fund”).¹ Each Acquired Fund operates as an open-end mutual fund, while each Acquiring Fund operates or will operate as an ETF.

Summary of the Proposed Reorganizations:

¹ Each of Eaton Vance National Municipal Income Fund, Eaton Vance California Municipal Opportunities Fund, Eaton Vance New York Municipal Income Fund, and Eaton Vance Municipal Opportunities Fund is a series of Eaton Vance Municipals Trust, a Massachusetts business trust. Each of Eaton Vance National Ultra-Short Municipal Income Fund, Eaton Vance Short Duration Municipal Opportunities Fund, and Eaton Vance National Limited Maturity Municipal Income Fund is a series of Eaton Vance Investment Trust, a Massachusetts business trust. Eaton Vance High Yield Municipal Income Fund is a series of Eaton Vance Municipals Trust II, a Massachusetts business trust. Eaton Vance Municipals Trust, Eaton Vance Investment Trust and Eaton Vance Municipals Trust II are each referred to herein as an “Acquired Fund Trust” and are referred to collectively as the “Acquired Fund Trusts.”

As described in more detail below, the following account types cannot hold shares of ETFs:

The liquidation of your investment or exchange to Short Duration Government Income Fund Shares described above will occur on the Account Redemption/Exchange Date.

Subject to shareholder approval, each Reorganization is currently anticipated to occur on the date listed below before the open of trading (each, a “Closing Date”).

If (and only if) a Reorganization is approved by Acquired Fund Shareholders, it is expected that on the first business day of the month following shareholder approval, the Acquired Funds will be closed to new investors. If Acquired Fund Shareholders approve the Reorganizations at the shareholder meeting scheduled for December 3, 2026, it is expected that the Acquired Funds will be closed to new investors on January 4, 2027. With respect to the Funds that are part of the Stage 1 Reorganizations, it is currently anticipated that the final date for existing investors to purchase Acquired Fund Shares or exchange shares of another Eaton Vance mutual fund for Acquired Fund Shares will be January 15, 2027. It is currently anticipated that the final date to redeem Acquired Fund Shares or exchange Acquired Fund Shares for shares of another Eaton Vance mutual fund will be January 20, 2027.

With respect to the Funds that are part of the Stage 2 Reorganizations, it is currently anticipated that the final date for existing investors to purchase Acquired Fund Shares or exchange shares of another Eaton Vance mutual fund for Acquired Fund Shares will be January 29, 2027. It is currently anticipated that the final date to redeem Acquired Fund Shares or exchange Acquired Fund Shares for shares of another Eaton Vance mutual fund will be February 3, 2027.

Q. Is each Reorganization subject to shareholder approval? Am I being asked to vote on the Reorganizations?

A. Yes. Each Reorganization is subject to shareholder approval. As a shareholder of an Acquired Fund, you are entitled to one vote for each whole share, and a proportionate fractional vote for each fractional share, that you own of your Acquired Fund on the record date. Shareholders of each Acquired Fund will vote separately on the proposed Reorganization of their respective Acquired Fund. The consummation of each Reorganization is not contingent upon approval of any other Reorganization.

Information about how you can vote on the Reorganization of your Acquired Fund is contained in the accompanying materials. Your vote is very important regardless of the number of Acquired Fund Shares that you hold.

Q. What are the differences between an ETF and a mutual fund?

A. ETFs are structurally different from mutual funds in several important aspects:

As a result of these structural differences, there are certain benefits associated with the ETF structure, including, but not limited to the following:

There are, however, certain risks associated with the ETF structure, including, but not limited to the following:

Following a Reorganization, shareholders may bear certain costs with respect to maintaining brokerage accounts and buying and selling Acquiring Fund Shares in the secondary market that shareholders do not experience as Acquired Fund Shareholders.

Q. Has the Board of Trustees of the Acquired Fund Trusts approved the Reorganizations?

A. Yes. After a series of meetings culminating on September 11, 2026 to evaluate the Reorganizations, the Board of Trustees of each Acquired Fund Trust (the “Acquired Funds Board”) unanimously approved each applicable Reorganization and Plan and recommended that shareholders of each Acquired Fund approve the corresponding Reorganization. The Acquired Funds Board, which is comprised solely of Independent Trustees (i.e., Trustees who are not “interested persons” of the Acquired Funds as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)), determined that, for each applicable Acquired Fund and Reorganization, participation in the Reorganization is in the best interests of the Acquired Fund and that the interests of existing Acquired Fund Shareholders will not be diluted as a result of the Reorganization.

The Acquired Funds Board unanimously recommends that you vote in favor of (i.e., FOR) the Reorganization of your Acquired Fund.

The Board of Trustees of the Acquiring Fund Trust (the “Acquiring Funds Board”) also approved each Reorganization and Plan and determined that participation in the Reorganization is in the best interests of the applicable Acquiring Fund and the interests of any existing Acquiring Fund shareholders will not be diluted as a result of the Reorganization.

Q. What information did the Acquired Funds Board consider when evaluating the Reorganizations?

A. The Acquired Funds Board considered each Reorganization proposed by the Acquired Fund Advisers and approved the Reorganization and Plan with respect to each Acquired Fund. In considering each Reorganization and Plan, the Acquired Funds Board requested and considered information from the officers of the applicable Acquired Fund Trust and representatives of the Acquired Fund Advisers and MSIM, regarding each Reorganization, including, among other things discussed in more detail below: (1) the investment objectives, principal investment strategies, and fundamental investment policies of each Acquired Fund and the corresponding Acquiring Fund; (2) a comparison of the fees and expenses of each Acquired Fund and its corresponding Acquiring Fund; (3) the proposed plans for ongoing management, distribution, and operation of each Acquiring Fund, including information regarding the potential impact of converting the Acquired Funds to an ETF structure; (4) the management and business of MSIM and its affiliates; (5) the impact of the Reorganization on the Acquired Fund and Acquired Fund Shareholders, including different subsets of Acquired Fund Shareholders; and (6) the terms of each Plan.

Q. Why are the Reorganizations being proposed?

A. The Acquired Fund Advisers proposed that each Acquired Fund be reorganized into its corresponding Acquiring Fund because of certain anticipated benefits associated with each Reorganization and the ETF structure, which the Acquired Fund Advisers believe will better serve the interests of Acquired Fund Shareholders. As discussed in more detail below, these shareholder benefits include anticipated lower gross expenses and lower net expenses, other than Class W shares of Eaton Vance High Yield Municipal Income Fund, as well as additional trading flexibility, increased transparency, and the potential for enhanced tax efficiency.

Q. How will the Reorganizations affect me as a shareholder?

A. If your Acquired Fund’s Reorganization is consummated, you will cease to be a shareholder of the applicable Acquired Fund. In order to receive Acquiring Fund Shares as part of a Reorganization, you must hold your Acquired Fund Shares through a brokerage account that can accept shares of an ETF on the Account Redemption/Exchange Date. If you hold your Acquired Fund Shares through a brokerage account that can accept shares of an ETF on the Account Redemption/Exchange Date, you will automatically become a shareholder of the corresponding Acquiring Fund. As described in more detail above, upon completion of your Acquired Fund’s Reorganization, you will (subject to certain exceptions) receive corresponding Acquiring Fund Shares and, in some cases, cash that, combined with the corresponding Acquiring Fund Shares, has the same value as your Acquired Fund Shares. Acquiring Fund Shares will not be issued in fractional shares. As a result, cash will be paid to Acquired Fund Shareholders in lieu of fractional Acquiring Fund Shares, which generally will be taxable if Acquired Fund Shares are held in a taxable account. Following a Reorganization, Acquiring Fund Shareholders may bear certain costs with respect to maintaining brokerage accounts and buying and selling Acquiring Fund Shares in the secondary market that shareholders do not experience as Acquired Fund Shareholders.

As discussed below, if a Reorganization is approved by the relevant Acquired Fund’s Shareholders and you desire to hold Acquiring Fund Shares, it is important for you to determine that you hold your Acquired Fund Shares in the type of account that can accommodate the receipt of the ETF shares that will be received in the

Reorganization or, if you do not own Acquired Fund Shares through such an account, that you take necessary actions to be able to receive corresponding Acquiring Fund Shares.

Q. What will happen if I do not have a brokerage account that can accept Acquiring Fund Shares at the time of the relevant Reorganization?

A. In order to receive Acquiring Fund Shares as part of a Reorganization, Acquired Fund Shareholders must hold their Acquired Fund Shares through a brokerage account that can accept shares of an ETF (i.e., the Acquiring Fund). If Acquired Fund Shareholders do not hold their Acquired Fund Shares through that type of brokerage account, they will not receive Acquiring Fund Shares as part of a Reorganization.

The following account types cannot hold shares of ETFs:

It may take time for you to receive your cash. Please consult with your financial intermediary or tax advisor for more information on the impact that your Acquired Fund’s Reorganization would have on you and your investments.

If you do not currently hold your Acquired Fund Shares through a brokerage account that can hold Acquiring Fund Shares, please see the information below for additional actions that you must take to receive corresponding Acquiring Fund Shares as part of a Reorganization. Other than the approval by the requisite vote of Acquired Fund Shareholders, no other action on the part of the Acquired Funds or their shareholders is required for shareholders that hold Acquired Fund Shares through a brokerage account that can hold Acquiring Fund Shares.

If you are unsure about the ability of your account to accept Acquiring Fund Shares (i.e., ETF shares), please call 1-800-262-1122 or contact your financial advisor or other financial intermediary.

After a Reorganization, individual Acquiring Fund Shares may only be purchased and sold in the secondary market. Acquiring Fund Shares currently are or will be listed for trading on the applicable Exchange . Acquiring Fund Shares

may also be traded on other national securities exchanges, electronic crossing networks, and other alternative trading systems. Should you decide to purchase or sell Acquiring Fund Shares after a Reorganization, you will need to place a trade through a broker who will execute your trade in the secondary market at prevailing market prices. Because Acquiring Fund Shares will trade at market prices rather than at NAV, Acquiring Fund Shares may trade at a price less than (discount) or greater than (premium) the Acquiring Fund’s NAV per share. As with all transactions for ETFs, your broker may charge a commission for purchase and sale transactions. In addition, the market price of ETF shares, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security.

Q. How do I transfer my Acquired Fund Shares from a fund direct account to a brokerage account that will accept Acquiring Fund Shares?

A. Transferring your Acquired Fund Shares from a fund direct account to a brokerage account that can accept Acquiring Fund Shares should be a simple process. If you have a brokerage account or a relationship with a brokerage firm, please talk to your broker and inform the broker that you would like to transfer a mutual fund position that you hold directly with an Acquired Fund into your brokerage account. Also, inform your broker that such an account will need to be set up to accept shares of an ETF, such as an Acquiring Fund. If you don’t have a brokerage account or a relationship with a brokerage firm, you will need to open an account.

It is suggested that you provide your broker with a copy of your quarterly account statement from the Acquired Fund. Your broker will require your account number with the Acquired Fund, which can be found on your statement. Your broker will help you complete a form to initiate the transfer. Once you sign that form, your broker will submit the form to the transfer agent directly, and the shares will be transferred into your brokerage account. The sooner you initiate the transfer, the better.

Q. How do I transfer my Acquired Fund Shares from a non-accommodating brokerage account to a brokerage account that will accept Acquiring Fund Shares?

A. The broker with which you hold your Acquired Fund Shares should be able to assist you in changing the characteristics of your brokerage account to an account that is permitted to invest in ETF shares. Contact your broker to make the necessary changes to your account. The sooner you initiate making these changes, the better.

Q. Are the Reorganizations expected to affect the way my investments are managed?

A. Each Reorganization is expected to provide substantial continuity in the way investments are managed. As noted above, each New Acquiring Fund has substantially the same investment objectives and substantially the same investment strategies as the corresponding Acquired Fund. The existing Acquiring Fund, Eaton Vance Short Duration Municipal Income ETF, has substantially the same investment objective and substantially similar investment strategies due to some limited differences as discussed herein, as Eaton Vance National Limited Maturity Municipal Income Fund. Further, there are some important differences between each Acquired Fund and the corresponding Acquiring Fund, including with respect to principal risks, due to the Acquiring Funds’ ETF structure, as described in the combined Proxy Statement and Prospectus. In addition, each Acquired Fund is subject to substantially similar fundamental investment policies as the corresponding Acquiring Fund, subject to limited differences as described in the combined Proxy Statement and Prospectus.

While there is overlap between the named members of the corresponding Acquired Fund’s and Acquiring Fund’s portfolio management teams for each Reorganization other than the National Limited Maturity Municipal Income Reorganization, the teams are not identical. Following each Reorganization, each Acquiring Fund’s portfolio management team will manage the Acquiring Fund. In addition, as discussed above, either Eaton Vance or BMR serves as the investment adviser to each Acquired Fund and MSIM serves as the investment adviser to each Acquiring Fund.

Q. Are the fees and expenses of an Acquiring Fund expected to be lower than the fees and expenses of the corresponding Acquired Fund?

A. Yes. Following each Reorganization, the applicable Acquiring Fund is expected to have lower gross annual fund operating expenses than those of each share class of its corresponding Acquired Fund. In addition, the applicable Acquiring Fund is expected to have lower net annual fund operating expenses than those of each share class of its corresponding Acquired Fund, other than Class W shares of Eaton Vance High Yield Municipal Income Fund. Class W shares of Eaton Vance High Yield Municipal Income Fund have lower net annual fund operating expenses than the corresponding Acquiring Fund. Each Acquiring Fund employs a unitary fee structure pursuant to which MSIM bears all operating expenses of the Fund, subject to certain exceptions. In addition, MSIM has agreed to waive a portion of its management fee for Eaton Vance New York Municipal Income ETF through February 1, 2028, or until such time as the Acquiring Fund Board acts to discontinue all or a portion of such waiver when it deems such action is appropriate. If the waiver is not extended, Eaton Vance New York Municipal Income ETF’s annual fund operating expenses will increase upon expiration of the waiver. For additional discussion regarding the comparison of the fees and expenses of the Acquired Funds and Acquiring Funds, please see the section entitled, “Comparison of the Funds’ Fees and Expenses.”

More information on the effects of the potential expense reductions is available in the combined Proxy Statement and Prospectus.

Q. Will I be subject to comparable investment risks as a shareholder of an Acquiring Fund?

A. Yes. Each Acquiring Fund is or will be subject to substantially similar investment risks as its corresponding Acquired Fund. However, there are certain differences in these risks, such as those described below with respect to ETF-specific structural risks. With respect to each of the National Municipal Income Reorganization, California Municipal Opportunities Reorganization, New York Municipal Income Reorganization, Municipal Opportunities Reorganization, National Ultra-Short Municipal Income Reorganization, Short Duration Municipal Opportunities Reorganization, and High Yield Municipal Income Reorganization, other than such ETF-specific structural risks, there are no material differences between the principal risks applicable to an Acquired Fund and its corresponding Acquiring Fund. With respect to the National Limited Maturity Municipal Income Reorganization, there are certain additional differences in risks based on the different investment exposures of the Funds. For additional discussion of these and other risk factors, please see the section entitled “Comparison of the Funds’ Risks.”

Q. Is there anything else that will be different if I become a shareholder of an Acquiring Fund?

A. Yes. As a shareholder of an Acquired Fund, you can only purchase or redeem your Acquired Fund Shares at a price based on the Acquired Fund’s NAV that is next calculated after your order is received by the Acquired Fund, subject to any applicable sales charges and fees.

Acquiring Fund Shares may only be purchased and sold on the secondary market through a broker at market prices (which may be above (premium) or below (discount) the NAV per share). When you buy or sell Acquiring Fund Shares through a broker, you may incur a brokerage commission or other charges imposed by the broker. In addition, the market price of shares, like the price of any exchange traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security.

In addition, each Acquired Fund operates in a multiple class structure. A multiple class fund is an open-end investment company that issues two or more classes of shares representing interests in the same investment portfolio, but with different availability and eligibility criteria, sales charges, expenses, dividends and distributions. In contrast, the Acquiring Funds, do not currently issue multiple classes of shares. Unlike Acquired Fund Shareholders, shareholders of an Acquiring Fund will not own a particular class of shares.

The Acquired Funds are series of the Acquired Fund Trusts, each of which is a Massachusetts business trust. The Acquired Funds are governed by the Acquired Funds Board, which is responsible for overseeing the Acquired Funds. The Acquiring Funds are series of the Acquiring Fund Trust, which is a Delaware statutory trust. The Acquiring Fund Trust is governed by the Acquiring Funds Board, which is responsible for overseeing all business activities of the

Acquiring Funds. The Acquired Funds Board and Acquiring Funds Board are currently separate Boards. The Acquired Funds and the Acquiring Funds also have different service providers, as described in the combined Proxy Statement and Prospectus.

Q. Will the Acquired Funds or Acquiring Funds charge shareholders any sales charges (loads), commissions, or other similar fees in connection with the Reorganizations?

A. No. None of the Acquired Funds or the Acquiring Funds will charge shareholders any sales charges (loads), commissions, or other similar fees in connection with the Reorganizations.

Q. When are the Reorganizations expected to occur?

A. Subject to shareholder approval, each Reorganization is anticipated to occur on the Closing Date applicable to that Reorganization. Each Closing Date is subject to change. The Acquired Fund in which you hold shares will publicly disclose any changes to the applicable Closing Date.

Q. Who will pay the costs in connection with the Reorganizations?

A. Each Acquired Fund will pay the costs associated with the respective Reorganization (including the legal costs associated with the Reorganization) and any transaction costs incurred by the Acquired Fund related to the disposition and acquisition of assets as part of the Reorganization.

The Acquired Fund Advisers currently expect that any repositioning costs associated with the Reorganizations will be de minimis.

If a Reorganization is not consummated, MSIM will pay for the costs associated with such Reorganization.

The costs of a Reorganization include, but are not limited to, preparation and filing of the Registration Statement and printing and distribution of the combined Proxy Statement and Prospectus, legal fees, accounting fees, and securities registration fees. Transaction costs related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that are incurred in the ordinary course of business will not be considered costs of a Reorganization for this purpose. In addition, Acquired Fund Trust, on behalf of the Acquired Funds, may employ EQ Fund Solutions, LLC as the proxy solicitor to provide proxy solicitation services in connection with the Meeting. Please see “Information About the Plans – Who will pay the expenses of the Reorganizations?” on page 84 of the combined Proxy Statement and Prospectus for additional information.

Q. Will the Reorganizations result in any federal tax liability to me?

A. The Reorganizations are intended to be treated as tax-free reorganizations for U.S. federal income tax purposes. If the Reorganizations qualify for tax-free treatment, Acquired Fund Shareholders would recognize no gain or loss for U.S. federal income tax purposes upon the exchange of Acquired Fund Shares for Acquiring Fund Shares pursuant to the Reorganizations. However, shareholders who hold fractional Acquired Fund Shares will receive cash compensation in lieu of fractional Acquiring Fund Shares (because ETFs do not offer or make available fractional shares). Such shareholders will generally be required to recognize gain or loss upon the receipt of cash as value for their fractional Acquired Fund Shares.

In addition, shareholders who do not hold their Acquired Fund Shares in a brokerage account that can hold shares of an ETF and who do not transfer their shares to such a brokerage account prior to the Account Redemption/Exchange Date will receive a cash payment in liquidation of their Acquired Fund Shares. Such shareholders will generally be required to recognize gain or loss upon the receipt of cash for their Acquired Fund Shares, based on such shareholders’ adjusted tax basis in their Shares. Shareholders holding Acquired Fund Shares through a fund direct IRA who do not take action prior to the Account Redemption/Exchange Date, will have their Acquired Fund Shares liquidated and the proceeds reinvested in Short Duration Government Income Fund Shares equal in value to the NAV of their Acquired Fund Shares on the Account Redemption/Exchange Date. Because such Acquired Fund Shares are currently held in a non-taxable account, distributions and redemption proceeds with respect to those shares generally will not be currently taxable to the shareholder if those amounts, including any Eaton Vance Short Duration Government Income Fund shares purchased with redemption proceeds, remain in the non-taxable account.

Prior to the consummation of a Reorganization, shareholders may redeem their Acquired Fund Shares, generally resulting in the recognition of gain or loss for U.S. federal income tax purposes based on the difference between shareholders’ tax basis in the shares and the amount received for them.

To fund any such redemptions occurring in connection with and/or prior to a Reorganization, an Acquired Fund may need to dispose of portfolio securities, which could generate net realized capital gains for the Acquired Fund. Such net realized gains may, in turn, result in taxable distributions to shareholders, either by the Acquired Fund prior to the applicable Reorganization or by the corresponding Acquiring Fund after the Reorganization, depending on the timing and nature of the distributions and the applicable Reorganization.

Prior to the closing of the National Limited Maturity Municipal Income Reorganization, Eaton Vance National Limited Maturity Municipal Income Fund will, and Eaton Vance Short Duration Municipal Income ETF may, declare a distribution to shareholders which, together with all previous distributions, will have the effect of distributing to shareholders all of the Fund’s investment company taxable income (computed without regard to the deduction for dividends paid), net tax-exempt income, if any, and net realized capital gains, if any, through the closing of the Reorganization (including any gains resulting from portfolio transitioning by Eaton Vance National Limited Maturity Municipal Income Fund in anticipation of the Reorganization). Each other Acquired Fund participating in a Reorganization may likewise pay such a distribution, but they are not required to do so.

Shareholders should consult their tax advisors about possible state and local tax consequences of the Reorganizations, if any, because the information about tax consequences in this document relates to the federal income tax consequences of the Reorganizations only.

Q. Can I purchase, redeem, or exchange Acquired Fund Shares before the Reorganization takes place?

A. Yes. If a Reorganization is approved by the relevant Acquired Fund’s shareholders, purchase orders, exchange orders, and redemption orders must be received by the corresponding Acquired Fund by on or about the dates indicated below:

These dates may change if the Closing Date of a Reorganization changes. Any changes to the Closing Date of a Reorganization will be publicly disclosed.

If a Reorganization is approved by the relevant Acquired Fund’s shareholders, any corresponding Acquired Fund Shares that you hold after the date listed below, which is the same date as the Account Redemption/Exchange Date, will be reorganized into corresponding Acquiring Fund Shares as a result of the Reorganization, other than as described in the combined Proxy Statement and Prospectus and each Plan.

As described above, if you do not hold your Acquired Fund Shares through a brokerage account that can accept corresponding Acquiring Fund Shares and you do not take action prior to the Account Redemption/Exchange Date, your investment will be liquidated and you will receive cash equal in value to the aggregate NAV of your Acquired Fund Shares on the Account Redemption/Exchange Date or, if you hold your shares through a fund direct IRA, your Acquired Fund Shares will be exchanged for Short Duration Government Income Fund Shares equal in value to the aggregate NAV of your Acquired Fund Shares on the Account Redemption/Exchange Date.

If you do not want to (or cannot) receive Acquiring Fund Shares in connection with a Reorganization that has been approved by shareholders, you can exchange your Acquired Fund Shares for shares of another Eaton Vance mutual fund that is not participating in a Reorganization or redeem your Acquired Fund Shares before the applicable Account Redemption/Exchange Date. Prior to doing so, however, you should consider the tax consequences associated with either action and, if exchanging shares for another Eaton Vance mutual fund, you should review the prospectus relating to such mutual fund and the details associated with any such exchange. If you hold your shares in a taxable account, such exchange or redemption of your Acquired Fund Shares generally will be a taxable event, and you will recognize a taxable gain or loss based on the difference between your tax basis in the shares and the amount you receive for them.

Q. Whom do I contact for further information?

A. If you have questions, please call (800) 262-1122 . You can also find information online at https://www.eatonvance.com/resources/prospectus-and-reports.html .

THE ATTACHED COMBINED PROXY STATEMENT AND PROSPECTUS CONTAINS MORE

DETAILED INFORMATION ABOUT THE PROPOSAL. PLEASE READ IT CAREFULLY. YOUR VOTE

IS IMPORTANT.

COMBINED PROXY STATEMENT AND PROSPECTUS

Dated October 16 , 2026

This combined Proxy Statement and Prospectus (“Proxy Statement and Prospectus”) is being furnished in connection with the solicitation of proxies by and on behalf of the Board of Trustees of each of Eaton Vance Municipals Trust, Eaton Vance Investment Trust, and Eaton Vance Municipals Trust II (each, an “Acquired Fund Trust” and collectively, the “Acquired Fund Trusts”) to be voted at a Joint Special Meeting of Shareholders of each of Eaton Vance National Municipal Income Fund, Eaton Vance California Municipal Opportunities Fund, Eaton Vance New York Municipal Income Fund, Eaton Vance Municipal Opportunities Fund, Eaton Vance National Ultra-Short Municipal Income Fund, Eaton Vance Short Duration Municipal Opportunities Fund, Eaton Vance National Limited Maturity Municipal Income Fund, and Eaton Vance High Yield Municipal Income Fund (each, an “Acquired Fund”), each a series of an Acquired Fund Trust, to be held on December 3, 2026 at 1:00 p.m., Eastern time, and any adjournments or postponements thereof (the “Meeting”). The Meeting will be held at One Post Office Square, Boston, Massachusetts 02109.

At the Meeting, shareholders of each Acquired Fund will be asked to consider and vote upon a proposal to approve an Agreement and Plan of Reorganization (each, a “Plan”) relating to the reorganization of the Acquired Fund into the corresponding, acquiring fund identified below (each, an “Acquiring Fund” and together with the Acquired Funds, the “Funds”) of Morgan Stanley ETF Trust (“Acquiring Fund Trust”) that will each operate as an exchange-traded fund (“ETF”), as set forth in the Plan (each, a “Reorganization”). If you own shares of more than one Acquired Fund, please consider certain references to an Acquired Fund to refer to all Acquired Funds you own and certain references to a Reorganization to refer to all applicable Reorganizations.

The Board of Trustees of the Acquired Fund Trusts unanimously recommends that you vote in favor of (i.e., FOR) the Reorganization of your Acquired Fund.

Eaton Vance Short Duration Municipal Income ETF is an existing series of the Acquiring Fund Trust (the “Existing Acquiring Fund”). The Existing Acquiring Fund’s shares currently are traded on NYSE Arca, Inc. (“NYSE Arca”).

Each of Eaton Vance National Municipal Income ETF, Eaton Vance California Municipal Opportunities ETF, Eaton Vance New York Municipal Income ETF, Eaton Vance Municipal Opportunities ETF, Eaton Vance National Ultra-Short Municipal Income ETF, Eaton Vance Short Duration Municipal Opportunities ETF, and Eaton Vance High Yield Municipal Income ETF is a newly created series of the Acquiring Fund Trust (the “New Acquiring Funds”). The New Acquiring Fund’s shares will be traded on the Nasdaq Stock Market LLC (“Nasdaq”). Each of NYSE Arca and Nasdaq are referred to herein as an “Exchange.” Reports, proxy materials, and other information concerning the Acquiring Funds will be available for inspection at the applicable Exchange .

THE U.S. SECURITIES AND EXCHANGE COMMISSION (“SEC” OR “COMMISSION”) HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROXY STATEMENT AND PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

With respect to each Acquired Fund and its corresponding Acquiring Fund, each Plan provides for: (i) the acquisition by Acquiring Fund Trust, on behalf of the Acquiring Fund, of all of the assets of the Acquired Fund; (ii) the assumption by Acquiring Fund Trust, on behalf of the Acquiring Fund, of the liabilities of the Acquired Fund; and (iii) (a) with respect to shareholders of the Acquired Fund (“Acquired Fund Shareholders”) who hold shares of the Acquired Fund (“Acquired Fund Shares”) through a brokerage account that can accept shares of the Acquiring Fund (“Acquiring Fund Shares”), the distribution of Acquiring Fund Shares, and cash distributions to such Acquired Fund Shareholders in lieu of fractional Acquiring Fund Shares , equal to the aggregate net asset value of the Acquired Fund Shares held by such Acquired Fund Shareholders ; (b) with respect to Acquired Fund Shareholders who do not hold Acquired Fund Shares through a brokerage account that can accept Acquiring Fund Shares and who take no action (i.e., Acquired Fund Shareholders who hold Acquired Fund Shares through a non-accommodating brokerage account, a non-accommodating retirement account, or an account directly with the Fund’s transfer agent) , the distribution of cash equal to the aggregate net asset value of the Acquired Fund Shares held by such Acquired Fund Shareholders; and (c) with respect to Acquired Fund Shareholders who hold Acquired Fund Shares through an individual retirement account held directly with the Fund (“IRA Shareholders”), the exchange of Class A Acquired Fund Shares for Class A Shares of Eaton Vance Short Duration Government Income Fund, Class C Acquired Fund Shares for Class C Shares of Eaton

Vance Short Duration Government Income Fund, Class I Acquired Fund Shares for Class I Shares of Eaton Vance Short Duration Government Income Fund, and Advisers Class Acquired Fund Shares for Advisers Class Shares of Eaton Vance Short Duration Government Income Fund (the Shares of Eaton Vance Short Duration Government Income Fund are referred to collectively herein as “Short Duration Government Income Fund Shares”) equal in value to the aggregate net asset value of such Acquired Fund Shares held by IRA Shareholders unless the shareholder provides alternative direction prior to the Reorganization, in liquidation of the Acquired Fund. Fund direct IRAs are not currently eligible to hold Class W shares of Eaton Vance High Yield Municipal Income Fund.

The terms and conditions of each Reorganization are further described in this combined Proxy Statement and Prospectus and are set forth in the form of Agreement and Plan of Reorganization attached hereto as Appendix A.

It is expected that this combined Proxy Statement and Prospectus and the accompanying Notice of a Joint Special Meeting of Shareholders (“Notice”) and proxy card(s) will first be mailed to Acquired Fund Shareholders on or about October 22, 2026. The purposes of the Meeting, the matters to be acted upon, and the commencement time of the Meeting are set forth in the accompanying Notice.

The Board of Trustees of the Acquired Fund Trusts (“Acquired Funds Board” or “Acquired Funds Trustees”) is soliciting these proxies on behalf of the Acquired Funds. With respect to each Acquired Fund, the Acquired Funds Board unanimously approved the proposed Reorganization and Plan and determined that participation in the Reorganization is in the best interests of the Acquired Fund and that the interests of existing Acquired Fund Shareholders will not be diluted as a result of the Reorganization.

Each Acquired Fund and each Acquiring Fund are series of registered, open-end management investment companies, although each Acquired Fund is a mutual fund while each Acquiring Fund operates or will operate as an ETF. Each of Eaton Vance National Municipal Income Fund, Eaton Vance California Municipal Opportunities Fund, Eaton Vance Municipal Opportunities Fund, Eaton Vance National Ultra-Short Municipal Income Fund, Eaton Vance Short Duration Municipal Opportunities Fund, Eaton Vance National Limited Maturity Municipal Income Fund, and Eaton Vance High Yield Municipal Income Fund operates as a diversified open-end mutual fund. Eaton Vance New York Municipal Income Fund operates as a non-diversified open-end mutual fund. Each of Eaton Vance National Municipal Income ETF, Eaton Vance California Municipal Opportunities ETF, Eaton Vance Municipal Opportunities ETF, Eaton Vance National Ultra-Short Municipal Income ETF, Eaton Vance Short Duration Municipal Opportunities ETF, Eaton Vance High Yield Municipal Income ETF, and Eaton Vance Short Duration Municipal Income ETF operates or will operate as a diversified ETF. Eaton Vance New York Municipal Income ETF will operate as a non-diversified ETF.

The Acquired Funds Board has fixed the close of business on October 7, 2026, as the record date (the “Record Date”) for the determination of Acquired Fund Shareholders entitled to notice of, and to vote at, the Meeting. Each full share will be entitled to one vote at the Meeting and each fraction of a share will be entitled to the fraction of a vote equal to the proportion of a full share represented by the fractional share. Appendix G provides more information regarding the outstanding Acquired Fund Shares and interests of certain persons in the Acquired Funds as of the Record Date.

This combined Proxy Statement and Prospectus constitutes a proxy statement for each Acquired Fund and also constitutes a Prospectus of each Acquiring Fund, filed by Acquiring Fund Trust with the SEC as part of the Acquiring Fund Trust’s Registration Statement on Form N-14 (the “Registration Statement”). This Proxy Statement and Prospectus, which constitutes part of a Registration Statement filed by the Acquiring Fund Trust with the SEC under the Securities Act of 1933, as amended (the “Securities Act”), does not include certain information contained elsewhere in such Registration Statement. Reference is hereby made to the Registration Statement and to the exhibits and amendments thereto for further information with respect to the Acquiring Funds and the shares offered. Statements contained herein concerning the provisions of documents are necessarily summaries of such documents.

This combined Proxy Statement and Prospectus, which you should read carefully, sets forth concisely the information about the Reorganizations and the Acquiring Funds that you should know before voting with respect to your Acquired Fund’s Reorganization and investing in an Acquiring Fund.

You should retain this combined Proxy Statement and Prospectus for future reference. Additional information about the Acquired Funds, the Acquiring Funds and the proposed Reorganizations can be found in the following documents,

which have been filed with the SEC and which are incorporated by reference into this combined Proxy Statement and Prospectus (which means they are deemed part of this Proxy Statement and Prospectus for legal purposes):

You may request a free copy of the Statement of Additional Information relating to this combined Proxy Statement and Prospectus without charge by writing to the Funds at One Post Office Square, Boston, Massachusetts 02109, or by calling toll-free 1-800-262-1122.

You may obtain copies of an Acquired Fund’s Prospectus, related statement of additional information, and/or annual or semi-annual reports of the Acquired Funds without charge by contacting an Acquired Fund Trust at 1-800-262-1122; by visiting https://www.eatonvance.com/resources/prospectus-and-reports.html or on the EDGAR Database by visiting the SEC’s website at http://www.sec.gov.

You may obtain copies of Eaton Vance Short Duration Municipal Income ETF’s Prospectus, related statement of additional information, and/or annual or semi-annual reports without charge by contacting the Acquiring Fund Trust at 1-800-836-2414; by visiting www.eatonvance.com/products/etfs, or on the EDGAR Database by visiting the SEC’s website at http://www.sec.gov. Eaton Vance Short Duration Municipal Income ETF will be the accounting and performance survivor of its Reorganization.

The New Acquiring Funds currently have no assets or liabilities. Each New Acquiring Fund was created specifically in connection with the applicable Reorganization for the purpose of acquiring all of the assets and assuming the liabilities of the corresponding Acquired Fund and will not commence operations until the date of the Reorganization. Accordingly, the New Acquiring Funds do not have any annual or semi-annual reports to date. Each Acquired Fund other than Eaton Vance National Limited Maturity Municipal Income Fund will be the accounting and performance survivor in its respective Reorganization (subject to shareholder approval of such Reorganization), and each New Acquiring Fund, as the corporate survivor in the Reorganization, will adopt the accounting and performance history of the corresponding Acquired Fund.

Each Fund is subject to the informational requirements of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended (the “1940 Act”), and, as a result, file reports and other information with the SEC. Information about the Funds, including reports, this combined Proxy Statement and Prospectus, and the Statement of Additional Information relating to this combined Proxy Statement and Prospectus, is available on the SEC’s website at www.sec.gov. You also may obtain this information upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

AN INVESTMENT IN EACH ACQUIRING FUND IS NOT GUARANTEED OR ENDORSED BY A BANK, IS NOT A BANK DEPOSIT OR OBLIGATION THEREOF, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. AN INVESTMENT IN EACH ACQUIRING FUND INVOLVES INVESTMENT RISK, AND YOU MAY LOSE MONEY INVESTING IN THE ACQUIRING FUND.

TABLE OF CONTENTS

SUMMARY

This is only a summary of certain information contained in this combined Proxy Statement and Prospectus. Shareholders should carefully read the information contained in the rest of this combined Proxy Statement and Prospectus, including the Plan relating to each Reorganization, a form of which is attached to this combined Proxy Statement and Prospectus in Appendix A. For purposes of this combined Proxy Statement and Prospectus, the terms “shareholder”, “you”, and “your” refer to shareholders of each Acquired Fund. If you own shares of more than one Acquired Fund, please consider certain references to an Acquired Fund to refer to your Acquired Funds and certain references to a Reorganization to refer to all applicable Reorganizations.

On what proposal am I being asked to vote?

You are being asked to vote on a proposal to reorganize your Acquired Fund into the corresponding exchange-traded fund (“ETF”) identified below pursuant to the applicable Plan (a “Proposal”):

Each Acquired Fund currently operates as an open-end mutual fund. If Acquired Fund Shareholders approve the applicable Reorganization, the Acquired Fund will be reorganized into an ETF through the reorganization of the Acquired Fund into the corresponding Acquiring Fund. As summarized in this combined Proxy Statement and Prospectus, there are certain similarities and differences between each Acquired Fund and its corresponding Acquiring Fund, including important structural differences and related differences in principal risks .

With respect to each Acquired Fund and its corresponding Acquiring Fund, each Plan provides for: (i) the acquisition by the Acquiring Fund Trust, on behalf of the Acquiring Fund, of all of the assets of the Acquired Fund; (ii) the assumption by the Acquiring Fund Trust, on behalf of the Acquiring Fund, of the liabilities of the Acquired Fund; and (iii) (a) with respect to shareholders of the Acquired Fund (“Acquired Fund Shareholders”) who hold shares of the Acquired Fund (“Acquired Fund Shares”) through a brokerage account that can accept shares of the Acquiring Fund (“Acquiring Fund Shares”), the distribution of Acquiring Fund Shares, and cash distributions to such Acquired Fund Shareholders in lieu of fractional Acquiring Fund Shares , equal to the aggregate net asset value of the Acquired Fund Shares held by such Acquired Fund Shareholders ; (b) with respect to Acquired Fund Shareholders who do not hold Acquired Fund Shares through a brokerage account that can accept Acquiring Fund Shares and who take no action (i.e., Acquired Fund Shareholders who hold Acquired Fund Shares through a non-accommodating brokerage account,

a non-accommodating retirement account, or an account directly with the Fund’s transfer agent) , the distribution of cash equal to the aggregate net asset value of the Acquired Fund Shares held by such Acquired Fund Shareholders; and (c) with respect to Acquired Fund Shareholders who hold Acquired Fund Shares through an individual retirement account held directly with the Fund (“IRA Shareholders”), the exchange of Class A Acquired Fund Shares for Class A Shares of Eaton Vance Short Duration Government Income Fund, Class C Acquired Fund Shares for Class C Shares of Eaton Vance Short Duration Government Income Fund, Class I Acquired Fund Shares for Class I Shares of Eaton Vance Short Duration Government Income Fund, and Advisers Class Acquired Fund Shares for Advisers Class Shares of Eaton Vance Short Duration Government Income Fund (the Shares of Eaton Vance Short Duration Government Income Fund are referred to collectively herein as “Short Duration Government Income Fund Shares”) equal in value to the aggregate net asset value of such Acquired Fund Shares held by IRA Shareholders unless the shareholder provides alternative direction prior to the Account Redemption/Exchange Date (as defined below), in liquidation of the Acquired Fund. Fund direct IRAs are not currently eligible to hold Class W shares of Eaton Vance High Yield Municipal Income Fund.

Subject to shareholder approval, each Reorganization is currently anticipated to occur on the date listed below before the open of trading (each, a “Closing Date”).

If a Reorganization is approved by the relevant Acquired Fund’s shareholders, Acquired Fund Shareholders who do not wish to have their Acquired Fund Shares exchanged for Acquiring Fund Shares as part of the Reorganization should consider redeeming their shares prior to the Account Redemption/Exchange Date. If you redeem your shares, you generally will recognize a taxable gain or loss based on the difference between your tax basis in the shares and the amount you receive for them. If, instead, you receive Acquiring Fund Shares in exchange for your Acquired Fund Shares as part of the Reorganization, you generally will not recognize any taxable gain or loss on such exchange. See the section entitled “What are the federal income tax consequences of the Reorganizations?” below.

Acquired Fund Shareholders will vote separately on the proposed Reorganization of their respective Acquired Fund, and a Reorganization will be effected as to a particular Acquired Fund only if that Acquired Fund’s shareholders approve the Reorganization and certain closing conditions are satisfied or waived. The consummation of each Reorganization is not contingent upon approval of any other Reorganization.

How will the Reorganizations be implemented?

Each Reorganization is subject to approval by corresponding Acquired Fund Shareholders. If approved by the relevant Acquired Fund’s shareholders, each Plan provides for the transfer of all of the assets of an Acquired Fund to its corresponding Acquiring Fund, in exchange for the assumption by the Acquiring Fund of the liabilities of such Acquired Fund and Acquiring Fund Shares having an aggregate net asset value (“NAV”) equal to the aggregate net asset value of the Acquired Fund (except as noted below) followed immediately by the distribution by the Acquired Fund to its shareholders of the portion of Acquiring Fund Shares to which the shareholder is entitled in complete liquidation of the Acquired Fund.

Acquiring Fund Shares will be transferred to each Acquired Fund Shareholder’s brokerage account, except as described below, and the Acquired Fund Shareholder would receive cash in lieu of fractional shares. If a shareholder does not hold Acquired Fund Shares through a brokerage account that can accept corresponding Acquiring Fund Shares and the shareholder does not take action prior to the date listed below (the “Account Redemption/Exchange Date”) , the Acquired Fund Shareholder will not receive Acquiring Fund Shares as part of the Reorganization.

As described in more detail below, the following account types cannot hold shares of ETFs:

The liquidation of your investment or exchange to Short Duration Government Income Fund Shares described above will occur on the Account Redemption/Exchange Date.

In some cases, the liquidation of your investment and return of cash, or the transfer of your investment, may be subject to fees and expenses and may also be subject to tax if you hold your shares in a taxable account. It may take time for you to receive your cash.

After Acquiring Fund Shares are distributed to the Acquired Fund Shareholders, the Acquired Fund will be completely liquidated and dissolved. Subject to shareholder approval, and as a result of a Reorganization, you will cease to be a shareholder of the Acquired Fund and will become a shareholder of the Acquiring Fund, other than as described in this combined Proxy Statement and Prospectus and the Plan. This exchange will occur on the Closing Date applicable to that Reorganization, which is the specific date on which the Reorganization takes place. The Closing Date is subject to change. The Acquired Fund in which you hold shares will publicly disclose any changes to the applicable Closing Date.

Why are the Reorganizations being proposed and did the Board approve each Reorganization?

Boston Management and Research (“BMR”) serves as the investment adviser to each Acquired Fund except Eaton Vance Municipal Opportunities Fund and Eaton Vance Short Duration Municipal Opportunities Fund. Eaton Vance Management (“Eaton Vance” and, together with BMR, the “Acquired Fund Advisers”) serves as the investment adviser to Eaton Vance Municipal Opportunities Fund and Eaton Vance Short Duration Municipal Opportunities Fund. Morgan Stanley Investment Management Inc. (“MSIM” or the “Acquiring Fund Adviser”) serves as investment adviser to each Acquiring Fund. Each of Eaton Vance, BMR, and MSIM is an indirect wholly-owned subsidiary of Morgan Stanley.

After careful consideration of factors it deemed relevant, including the potential impact of each Reorganization on different subsets of the Acquired Fund’s shareholders, the Acquired Fund Advisers proposed to the Acquired Funds Board that each Acquired Fund be reorganized into its corresponding Acquiring Fund because of certain anticipated benefits, including benefits associated with the ETF structure, which the Acquired Fund Advisers believe will better serve the interests of Acquired Fund Shareholders. As discussed in more detail below, these benefits include anticipated lower net expenses (except for Class W shares of Eaton Vance High Yield Municipal Income Fund, as discussed below) as well as additional trading flexibility, increased transparency, and the potential for enhanced tax efficiency.

Most shareholders are anticipated to benefit directly from the expected lower total annual fund operating expenses. In this regard, following each Reorganization, the applicable Acquiring Fund is expected to have lower gross annual fund operating expenses than those of each share class of its corresponding Acquired Fund. In addition, the applicable Acquiring Fund is expected to have lower net annual fund operating expenses than those of each share class of its corresponding Acquired Fund, other than Class W shares of Eaton Vance High Yield Municipal Income Fund, as described herein. Class W shares of Eaton Vance High Yield Municipal Income Fund have lower net annual fund operating expenses than the corresponding Acquiring Fund.

In addition, current Acquired Fund Shareholders are expected to benefit from the potential for greater cash efficiency with the ETF structure. ETFs typically do not have to maintain as large cash positions or sell as many securities to meet redemption requests as mutual funds. Accordingly, each Acquiring Fund may operate with less cash and incur lower transaction costs than its corresponding Acquired Fund.

Current Acquired Fund Shareholders may benefit from the potential for greater tax efficiency with the ETF structure with respect to the management of capital gains distributions, as ETFs generally experience fewer portfolio transactions than mutual funds due to the secondary market liquidity of the ETF structure. While the tax treatment of ETFs and mutual funds is the same, the mechanics of the creation and redemption process for ETFs allow ETFs to acquire securities in-kind and redeem securities in-kind, which generally allows shareholders of an ETF to defer the realization of capital gains as the result of the ETF’s portfolio transactions. However, given that the Acquiring Funds will effect some or all of their creations and redemptions for cash rather than in-kind, a shareholder will not benefit from the greater tax efficiency of the ETF structure to the same extent as a shareholder of an ETF that effects all of its creations and redemptions in-kind.

Acquired Fund Shareholders are also expected to benefit from substantial continuity in the way investments are managed. With respect to the National Municipal Income Reorganization, California Municipal Opportunities Reorganization, New York Municipal Income Reorganization, Municipal Opportunities Reorganization, National Ultra-Short Municipal Income Reorganization, Short Duration Municipal Opportunities Reorganization, and High Yield Municipal Income Reorganization, the Acquired Fund and Acquiring Fund have substantially the same investment objectives, and substantially the same principal investment strategies. With respect to the National Limited Maturity Municipal Income Reorganization, the Acquired Fund and Acquiring Fund have substantially the same investment objectives and substantially similar investment strategies due to some limited differences as described herein. In addition, each Acquired Fund is subject to substantially similar fundamental investment policies as the corresponding Acquiring Fund, subject to some limited differences as described herein.

The Acquiring Funds have or will have the benefits of operating in the ETF structure. Although each Acquiring Fund is or will be subject to substantially similar investment risks as its corresponding Acquired Fund, each Acquiring Fund is or will also be subject to certain ETF-specific risks. There are certain other differences between the risks of each Acquiring Fund and its corresponding Acquired Fund, as described in the section entitled “Comparison of the Funds’ Risks” below.

As shareholders of ETFs following the Reorganizations, shareholders may bear certain costs with respect to maintaining brokerage accounts and buying and selling Acquiring Fund Shares in the secondary market that the shareholders do not experience as Acquired Fund Shareholders. However, Acquiring Fund Shareholders after the Reorganizations would not bear expenses specific to mutual funds, including sales charges for applicable share classes of the Acquired Funds.

The Acquired Funds Board, which is comprised solely of Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) (collectively, the “Independent Trustees”), determined that, with respect to each Acquired Fund and Reorganization, participation in the Reorganization is in the best interests of the Acquired Fund and that the interests of existing Acquired Fund Shareholders will not be diluted as a result of the Reorganization. The Acquired Funds Board made these determinations after carefully considering and giving appropriate weight to various factors that are discussed in this combined Proxy Statement and Prospectus, under the discussion in the section entitled “Reasons for the Reorganizations.” The Board of Trustees of the Acquiring Fund Trust made corresponding findings with respect to each Acquiring Fund.

The Acquired Funds Board unanimously recommends that you vote in favor of (i.e., FOR) your Acquired Fund’s Reorganization.

How will the Reorganizations affect me?

If your Acquired Fund’s Reorganization is approved by shareholders and your Acquired Fund’s Reorganization is consummated, you will cease to be a shareholder of the Acquired Fund and will become a shareholder of the corresponding Acquiring Fund, other than as described in this Proxy Statement and Prospectus and the Plan. As described in more detail above, upon completion of your Acquired Fund’s Reorganization, if you hold your Acquired

Fund Shares through a brokerage account that can hold Acquiring Fund Shares, you will receive Acquiring Fund Shares having an aggregate NAV equal to the aggregate NAV of the Acquired Fund Shares you owned on the Closing Date of the Reorganization. Acquiring Fund Shares are not issued in fractional shares. As a result, cash will be paid to Acquired Fund Shareholders in lieu of fractional shares, which may be taxable. If you do not own your Acquired Fund Shares through a brokerage account that can hold Acquiring Fund Shares on the Account Redemption/Exchange Date, you will receive cash or, if you are an IRA Shareholder, your Acquired Fund shares will be exchanged for Short Duration Government Income Fund Shares equal to the value of the Acquired Fund Shares you owned on the Account Redemption/Exchange Date. In some cases, the liquidation of your investment and return of cash, or the transfer of your investment, may be subject to fees and expenses and generally will be subject to tax if you hold your shares in a taxable account.

In order to receive Acquiring Fund Shares as part of a Reorganization, you must hold your Acquired Fund Shares through a brokerage account that can accept corresponding Acquiring Fund Shares on the Account Redemption/Exchange Date. If you do not currently hold your Acquired Fund Shares through a brokerage account that can hold Acquiring Fund Shares and you do not take action prior to the Account Redemption/Exchange Date , you will not receive Acquiring Fund Shares as part of a Reorganization. The following account types cannot hold shares of ETFs:

It may take time for you to receive your cash. Please consult with your financial intermediary or tax advisor for more information on the impact that your Acquired Fund’s Reorganization would have on you and your investments.

If you do not currently hold your Acquired Fund Shares through a brokerage account that can hold Acquiring Fund Shares, please see the separate Q&A that accompanies this combined Proxy Statement and Prospectus for additional actions that you must take to receive Acquiring Fund Shares as part of a Reorganization.

Other than the approval by the requisite vote of Acquired Fund Shareholders, no other action on the part of the Acquired Funds or their shareholders is required for shareholders that hold Acquired Fund Shares through a brokerage account that can hold Acquiring Fund Shares. If you wish to obtain Acquiring Fund Shares in a Reorganization,

it is important for you to determine that you hold your Acquired Fund Shares in the type of account that can accommodate the receipt of the ETF shares that will be received in the Reorganization.

In addition, after the Reorganization, individual Acquiring Fund Shares may only be purchased and sold in the secondary market. Should you decide to purchase or sell Acquiring Fund Shares after the Reorganization, you will need to place a trade through a broker who will execute your trade in the secondary market at prevailing market prices. Following a Reorganization, shareholders may bear certain costs with respect to maintaining brokerage accounts and buying and selling Acquiring Fund Shares in the secondary market that shareholders do not experience as Acquired Fund Shareholders. Because Acquiring Fund Shares will trade at market prices rather than at NAV, Acquiring Fund Shares may trade at a price less than (discount) or greater than (premium) the Acquiring Fund’s NAV per share. As with all ETFs, your broker may charge a commission for purchase and sales transactions. In addition, the market price of shares, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security.

Further, each of the Acquired Funds operates in a multiple class structure. A multiple class fund is an open-end investment company that issues two or more classes of shares representing interests in the same investment portfolio, but with different availability and eligibility criteria, sales charges, expenses, dividends and distributions. In contrast, the Acquiring Funds do not currently issue multiple classes of shares. Unlike Acquired Fund Shareholders, Acquiring Fund Shareholders will not own a particular class of shares.

The Acquired Funds are series of the Acquired Fund Trusts, each of which is a Massachusetts business trust. The Acquired Funds are governed by the Acquired Funds Board, which is responsible for overseeing the Acquired Funds. The Acquiring Funds are series of the Acquiring Fund Trust, which is a Delaware statutory trust. The Acquiring Fund Trust is governed by the Acquiring Funds Board, which is responsible for overseeing all business activities of the Acquiring Funds. The Acquired Funds Board and Acquiring Funds Board are currently separate Boards. The Acquired Funds and the Acquiring Funds also have different service providers, as described below.

How will the number of Acquiring Fund Shares that I will receive be determined?

If you hold your Acquired Fund Shares through a brokerage account that can hold Acquiring Fund Shares, you will receive your pro rata share of the Acquiring Fund Shares received by the Acquired Fund in the Reorganization and cash in lieu of fractional Acquiring Fund Shares. As described in the combined Proxy Statement and Prospectus, if you do not own your Acquired Fund Shares through a brokerage account that can hold Acquiring Fund Shares and you do not take action prior to the Account Redemption/Exchange Date, you will receive cash or, if you are an IRA Shareholder, your Acquired Fund Shares will be exchanged for Short Duration Government Income Fund Shares equal to the value of the Acquired Fund Shares you owned on the Account Redemption/Exchange Date.

The number of shares that an Acquired Fund’s shareholders will receive will be based on the relative NAVs of the Acquired Fund and the Acquiring Fund as of the regular close of business of the New York Stock Exchange (“NYSE”) (normally 4:00 pm Eastern Time) on the business day immediately preceding the Closing Date and after the payment or declaration of any distributions or other amounts by the Acquired Fund. The Acquired Fund’s assets will be valued pursuant to the valuation procedures with respect to the Acquired Fund Trusts, which are the same as those used for the Acquiring Funds.

What are the differences between an ETF (like an Acquiring Fund) and a mutual fund (like an Acquired Fund)?

ETFs are structurally different from mutual funds in several important aspects:

As a result of these structural differences, there are certain anticipated benefits associated with the ETF structure, including, but not limited to the following:

There are, however, certain risks associated with the ETF structure as well, including, but not limited to the following:

Following a Reorganization, shareholders may bear certain costs with respect to maintaining brokerage accounts and buying and selling Acquiring Fund Shares in the secondary market that shareholders do not experience as Acquired Fund Shareholders.

Who will bear the costs associated with the Reorganizations?

Each Acquired Fund will pay the costs associated with its applicable Reorganization (including the legal costs associated with the Reorganization) and any transaction costs incurred by the Acquired Fund related to the disposition and acquisition of assets as part of the Reorganization. If a Reorganization is not consummated, MSIM will pay for the costs associated with such Reorganization.

The Acquired Fund Advisers currently expect that any repositioning costs associated with the Reorganizations will be de minimis.

The costs of a Reorganization include, but are not limited to, preparation and filing of the Registration Statement and printing and distribution of the combined Proxy Statement and Prospectus, legal fees, accounting fees, and securities registration fees. Transaction costs related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that are incurred in the ordinary course of business will not be considered costs of a Reorganization for this purpose. In addition, Acquired Fund Trust, on behalf of the Acquired Funds, may employ EQ Fund Solutions, LLC as the proxy solicitor to provide proxy solicitation services in connection with the Meeting. Please see “Information About the Plans – Who will pay the expenses of the Reorganizations?” on page 84 for additional information.

What are the federal income tax consequences of the Reorganizations?

As a condition to the closing of each Reorganization, the Acquired Fund and the Acquiring Fund must receive an opinion of Ropes & Gray LLP to the effect that the Reorganization will constitute a “reorganization” within the meaning of Section 368 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, it is expected that neither you nor, in general, an Acquired Fund will recognize a gain or loss as a direct result of the Reorganization of an Acquired Fund (except with respect to cash received by a shareholder), and the holding period and aggregate tax basis for the Acquiring Fund Shares that you receive will be the same as the holding period and aggregate tax basis of the Acquired Fund Shares that you surrender in the Reorganization. Shareholders who hold fractional Acquired Fund Shares will receive cash compensation in lieu of fractional Acquiring Fund Shares (because ETFs do not offer or make available fractional shares). Such shareholders will generally be required to recognize a gain or loss upon the receipt of cash as value for their fractional Acquired Fund Shares.

Prior to the consummation of a Reorganization, shareholders may redeem their Acquired Fund Shares, generally resulting in the recognition of a gain or loss for U.S. federal income tax purposes based on the difference between shareholders’ tax basis in the shares and the amount received for them.

To fund any such redemptions occurring in connection with and/or prior to a Reorganization, an Acquired Fund may need to dispose of portfolio securities, which could generate net realized capital gains for the Acquired Fund. Such net realized gains may, in turn, result in taxable distributions to shareholders, either by the Acquired Fund prior to the applicable Reorganization or by the corresponding Acquiring Fund after the Reorganization, depending on the timing and nature of the distributions and the applicable Reorganization.

In addition, shareholders who do not hold their Acquired Fund Shares in a brokerage account that can hold shares of an ETF and who do not transfer their shares to such a brokerage account prior to the Account Redemption/Exchange Date will receive a cash payment in liquidation of their Acquired Fund Shares. Such shareholders will generally be required to recognize gain or loss upon the receipt of cash for their Acquired Fund Shares, based on such shareholders’

adjusted tax basis in their Shares. Shareholders holding Acquired Fund Shares through a fund direct IRA who do not take action prior to the Account Redemption/Exchange Date, will have their Acquired Fund Shares liquidated and the proceeds reinvested in Short Duration Government Income Fund Shares equal in value to the NAV of their Acquired Fund Shares on the Account Redemption/Exchange Date. Because such Acquired Fund Shares are currently held in a non-taxable account, distributions and redemption proceeds with respect to those shares generally will not be currently taxable to the shareholder if those amounts, including any Eaton Vance Short Duration Government Income Fund shares purchased with redemption proceeds, remain in the non-taxable account.

Prior to the closing of the National Limited Maturity Municipal Income Reorganization, Eaton Vance National Limited Maturity Municipal Income Fund will, and Eaton Vance Short Duration Municipal Income ETF may, declare a distribution to shareholders which, together with all previous distributions, will have the effect of distributing to shareholders all of the Fund’s investment company taxable income (computed without regard to the deduction for dividends paid), net tax-exempt income, if any, and net realized capital gains, if any, through the closing of the Reorganization (including any gains resulting from portfolio transitioning by Eaton Vance National Limited Maturity Municipal Income Fund in anticipation of the Reorganization). Each other Acquired Fund participating in a Reorganization may likewise pay such a distribution, but they are not required to do so.

Shareholders should consult their tax advisors regarding the effect, if any, of each Reorganization, in light of their individual circumstances. Shareholders should also consult their tax advisors about state and local tax consequences. For more information about the tax consequences of the Reorganizations, please see the section entitled “Information About the Plans—What are the tax consequences of the Reorganizations?”

How do the Funds’ investment objectives, principal investment strategies, and fundamental investment policies compare?

With respect to the National Municipal Income Reorganization, California Municipal Opportunities Reorganization, New York Municipal Income Reorganization, Municipal Opportunities Reorganization, National Ultra-Short Municipal Income Reorganization, Short Duration Municipal Opportunities Reorganization, and High Yield Municipal Income Reorganization, the Acquired Fund and Acquiring Fund have substantially the same investment objectives and substantially the same principal investment strategies. With respect to the National Limited Maturity Municipal Income Reorganization, the Acquired Fund and Acquiring Fund have substantially the same investment objectives, as well as substantially similar principal investment strategies. For additional discussion comparing the investment objectives and principal investment strategies of the Acquired Funds and their corresponding Acquiring Funds, please see “Comparison of the Funds’ Investment Objectives and Principal Investment Strategies.”

Each Acquired Fund and its corresponding Acquiring Fund have adopted substantially similar fundamental investment policies, except with respect to investments in commodities and purchasing securities on margin and, for certain Funds, making loans . Fundamental investment policies may not be changed without prior shareholder approval. The differences in fundamental investment policies are not expected to result in or reflect any material difference in the way in which the Acquiring Funds will be managed by MSIM compared to the way in which the corresponding Acquired Fund is currently managed by the Acquiring Fund Advisers. For additional discussion comparing the investment policies of the Acquired Funds and their corresponding Acquiring Funds, please see “Comparison of Fundamental and Non-Fundamental Investment Policies.”

What are the principal risks of an investment in the Acquiring Funds?

An investment in each Acquiring Fund involves principal risks common to most open-end funds, including that there is no guarantee against losses resulting from investments in the Acquiring Funds, nor that the Acquiring Funds will achieve their investment objectives, and you may lose money if you invest in the Acquiring Funds, and principal risks specifically associated with the principal investment strategies and portfolio of each Acquiring Fund. The principal risks associated with an investment in the Acquiring Fund Shares and its corresponding Acquired Fund are substantially similar, except that each Acquiring Fund is subject to certain principal risks specific to operating as an ETF, as noted above. As described in the section entitled “Comparison of the Funds’ Risks” below , with respect to the National Limited Maturity Municipal Income Reorganization, there are certain additional differences in risks based on the different investment exposures of the Funds. With respect to each Reorganization, there are certain other differences between the risks for each Acquiring Fund and those of the corresponding Acquired Fund that are not

expected to result in or reflect any material differences in how each Acquired Fund is currently managed compared to how its corresponding Acquiring Fund is expected to be managed.

For further information about the risks of investments in the Funds, see the section entitled “Comparison of the Funds’ Risks” below.

How will the Reorganizations affect my fees and expenses?

Following each Reorganization, the applicable Acquiring Fund is expected to have lower gross annual fund operating expenses than those of each share class of its corresponding Acquired Fund. In addition, the applicable Acquiring Fund is expected to have lower net annual fund operating expenses than those of each share class of its corresponding Acquired Fund, other than Class W shares of Eaton Vance High Yield Municipal Income Fund, as described herein. Class W shares of Eaton Vance High Yield Municipal Income Fund have lower net annual fund operating expenses than the corresponding Acquiring Fund. Each Acquiring Fund employs a unitary fee structure pursuant to which MSIM bears all operating expenses of the Fund, subject to certain exceptions. A comparison of the fees and expenses of the Acquired Funds and Acquiring Funds is provided in the section entitled, “Comparison of the Funds’ Fees and Expenses” below. Appendix F contains information regarding the Funds’ capital structures as of September 30 , 2026.

What are the distribution arrangements for the Funds?

The Acquired Funds are distributed by Eaton Vance Distributors, Inc. (the “Acquired Funds’ Distributor”) and the Acquiring Funds will be distributed by Foreside Fund Services, LLC (the “Acquiring Funds’ Distributor” and together with the Acquired Funds’ Distributor, the “Distributors”). Each Distributor is registered with the SEC as a broker-dealer and is a member of the Financial Industry Regulatory Authority. The Acquiring Funds’ Distributor or its agent distributes Creation Units (as defined below) for the Acquiring Funds on an agency basis. The Acquiring Funds’ Distributor does not maintain a secondary market in Acquiring Fund Shares. The Acquiring Funds’ Distributor has no role in determining the investment policies of the Acquiring Funds or the securities that are purchased or sold by the Acquiring Funds.

With respect to each Acquiring Fund, the Acquiring Fund Trust has adopted a distribution and service plan pursuant to Rule 12b-1 under the 1940 Act (“Acquiring Funds’ 12b-1 Plan”). Under the Acquiring Funds’ 12b-1 Plan, each Acquiring Fund is authorized to pay distribution fees in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to Acquiring Fund Shareholders and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets each year. No Rule 12b-1 fees are currently paid by any Acquiring Fund, and there are no current plans to impose these fees. However, Rule 12b-1 fees may be imposed in the future without shareholder approval.

Each Acquired Fund Trust has adopted a distribution and service plan pursuant to Rule 12b-1 under the 1940 Act (“Acquired Funds’ 12b-1 Plan”) with respect to certain classes of Acquired Fund Shares. Certain share classes of the Acquired Funds may also be subject to a sales charge. For more information regarding the Acquired Funds’ distribution arrangements, you may refer to the applicable Acquired Fund prospectus incorporated by reference to this Proxy Statement and Prospectus under the section entitled “Shareholder Information – Distribution and Service Fees.”

Appendix C to this Proxy Statement and Prospectus contains additional information regarding the Acquiring Funds’ distribution arrangements under the section entitled “Shareholder Information – Distribution of Fund Shares.”

What are the Funds’ arrangements for purchases, exchanges, and redemptions?

The Acquired Funds and the Acquiring Funds have different procedures for purchasing, exchanging, and redeeming shares, which are summarized below. You may refer to the applicable Acquired Fund prospectus incorporated by reference to this combined Proxy Statement and Prospectus under the sections entitled “Purchasing Shares,” “Sales Charge(s),” “Redeeming Shares,” and “Shareholder Account Features” for the procedures applicable to purchases, exchanges and redemptions of the Acquired Fund Shares. Appendix C to this combined Proxy Statement and Prospectus contains additional information relating to the purchase and redemption of Acquiring Fund Shares under the “Shareholder Information” section. The Acquiring Funds do not have exchange privileges.

Acquiring Funds

Acquiring Fund Shares would only be able to be acquired or redeemed directly from the Acquiring Fund at NAV only in Creation Units or multiples thereof. Individual Acquiring Fund Shares would only be purchased and sold in secondary market transactions through a broker or dealer at market price. Because shares trade at market prices, rather than NAV, Acquiring Fund Shares may trade at a price greater than NAV (i.e., a premium) or less than NAV (i.e., a discount).

You may incur costs attributable to the difference between the highest price a buyer is willing to pay for shares (bid) and the lowest price a seller is willing to accept for shares (ask) (the “bid-ask spread”) when buying or selling shares in the secondary market. Recent information, including information about an Acquiring Fund’s NAV, market price, premiums and discounts, and bid-ask spreads (when available), will be available on the Acquiring Fund’s website at www.eatonvance.com.

Acquiring Fund Shares would be listed for trading on a national securities exchange during the trading day. Shares can be bought and sold throughout the trading day at market price like shares of other publicly traded companies. However, there can be no guarantee that an active trading market will develop or be maintained, or that the Acquiring Fund Shares listing will continue or remain unchanged. The Acquiring Fund Trust would not impose any minimum investment for Acquiring Fund Shares purchased on an exchange. Buying or selling an Acquiring Fund’s shares involves certain costs that apply to all securities transactions. When buying or selling Acquiring Fund Shares through a financial intermediary, you may incur a brokerage commission or other charges determined by your financial intermediary. Due to these brokerage costs, if any, frequent trading may detract significantly from investment returns. In addition, you may also incur the cost of the spread (the difference between the bid price and the ask price). The commission is frequently a fixed amount and may be a significant cost for investors seeking to buy or sell small amounts of shares. The spread varies over time for Acquiring Fund Shares based on its trading volume and market liquidity, and is generally less if the Acquiring Fund Shares have more trading volume and market liquidity and more if the Acquiring Fund Shares has less trading volume and market liquidity.

The Existing Acquiring Fund’s primary listing exchange is NYSE Arca. The New Acquiring Fund’s primary listing exchange will be Nasdaq. Each Exchange is open for trading Monday through Friday and is closed on the following holidays: New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

The Board of Trustees of the Acquiring Fund Trust (the “Acquiring Funds Board”) has not adopted a policy of monitoring for frequent purchases and redemptions of Acquiring Fund Shares (“frequent trading”) that appear to attempt to take advantage of potential arbitrage opportunities presented by a lag between a change in the value of an Acquiring Fund’s portfolio securities after the close of the primary markets for the Acquiring Fund’s portfolio securities and the reflection of that change in the Acquiring Fund’s NAV (“market timing”). The Acquiring Fund Trust believes this is appropriate because ETFs, such as the Acquiring Funds, are intended to be attractive to arbitrageurs, as trading activity is critical to ensuring that the market price of Acquiring Fund Shares remains at or close to NAV. Since each Acquiring Fund issues and redeems Creation Units at NAV plus applicable transaction fees, and each Acquiring Fund’s shares may be purchased and sold on the applicable Exchange at prevailing market prices, the risks of frequent trading are limited.

Acquired Funds

Acquired Fund Shares may be purchased or sold on any day the NYSE is open for business directly from the Fund by mail (c/o BNY Mellon Investment Servicing (US) Inc.), P.O. Box 534439, Pittsburgh, PA 15253-4439, by telephone (1-800-262-1122) or by contacting an authorized third-party, such as a broker-dealer or other financial intermediary that has entered into a selling agreement with the Acquired Funds’ Distributor (each, a “Financial Intermediary”). In addition, you can sell Acquired Fund shares at any time by enrolling in a systematic withdrawal plan. For more information, please refer to the sections of the applicable Acquired Fund Prospectus entitled “Purchasing Shares” and “Redeeming Shares.” Class A Acquired Fund Shares may be subject to a front-end sales charge. If you sell Class A or Class C Acquired Fund Shares, your net sale proceeds are reduced by the amount of any applicable contingent deferred sales charge (“CDSC”).

What are the Funds’ arrangements for payments to broker-dealers and other financial intermediaries?

If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), MSIM, BMR, or Eaton Vance and/or the Fund’s distributor may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

If (and only if) a Reorganization is approved by Acquired Fund Shareholders, it is expected that on the first business day of the month following shareholder approval , the following Acquired Fund fees will be waived: (i) the sales charge on purchases of Class A Acquired Fund Shares; (ii) the contingent deferred sales charge (“CDSC”) on Class A and Class C Acquired Fund Shares (as applicable); (iii) the 12b-1 fees for any applicable share class of each Acquired Fund; and (iv) any finder’s fee payments applicable to any class of Acquired Fund Shares. If Acquired Fund Shareholders approve the Reorganizations at the shareholder meeting scheduled for December 3, 2026, it is expected that the waivers described above will take effect on January 4, 2027.

How do I vote my shares?

You can vote in any of the following ways:

You are encouraged to follow the instructions on your proxy card(s) to vote your shares through the Internet or by telephone. Using these methods is quick and easy. No matter what method you choose, however, please carefully read this combined Proxy Statement and Prospectus before you vote.

Acquired Fund Shareholders will vote separately on each Reorganization as it relates to the Acquired Fund. A Reorganization will be effected for an Acquired Fund only if approved by shareholders of such Acquired Fund. No Reorganization is contingent on any other Reorganization. This combined Proxy Statement and Prospectus describes the Reorganizations in more detail below and provides certain comparative information pertaining to each Acquired Fund and its corresponding Acquiring Fund for your evaluation.

The Proposal is similar for each Acquired Fund, and the Acquired Fund Advisers have concluded that it is cost-effective to hold the Meeting concurrently for the Acquired Funds. You are being asked to vote separately on the Reorganization with respect to the Acquired Fund(s) that you own. If you are a shareholder of more than one Acquired Fund or of an Acquired Fund in more than one account, you will receive more than one proxy card. You should vote each card received.

If the accompanying proxy card(s) for an Acquired Fund are properly executed and returned in time, or are submitted by telephone or Internet, to be voted at the Meeting, the proxies named therein will vote the shares with respect to the Acquired Fund represented by it in accordance with the instructions marked thereon. Properly executed, but unmarked proxy cards submitted by shareholders will be voted FOR the Proposal set forth in the Notice and described in this combined Proxy Statement and Prospectus.

An executed proxy delivered to an Acquired Fund is revocable by the person giving it, prior to its exercise, by a signed writing filed with the Acquired Fund’s Secretary, by executing and delivering a later dated proxy, or by voting at the Meeting. If you hold Acquired Fund shares entitled to vote through an intermediary (such as a broker, bank, adviser or custodian), please consult with the intermediary regarding your ability to revoke voting instructions after they have been provided.

What is the deadline for submitting my vote?

Please vote as soon as possible to help the applicable Acquired Fund receive enough votes to act on the Proposal. If you do not plan to attend the Meeting, your vote must be received by the relevant Acquired Fund(s) by 11:59 p.m., Eastern Time, on the day before the Meeting (or the day before any adjournment thereof).

Who should I call if I have questions?

If you need any assistance or have any questions regarding the Proposal or how to vote your shares, please call the proxy solicitor, EQ Fund Solutions, LLC, at (800) 706-3274 .

What are the quorum and approval requirements for the Reorganization?

The quorum requirement for the Meeting with respect to each Reorganization is the presence, in person or by proxy, of one-third (1/3) of the total number of shares of the then issued and outstanding shares of each Acquired Fund entitled to vote at such meeting. Quorum applies and is calculated separately for each Acquired Fund and each proposal.

Shareholders of each Acquired Fund will vote separately on the proposed Reorganization of their respective Acquired Fund, and a Reorganization will be effected as to a particular Acquired Fund only if that Acquired Fund’s shareholders approve the Reorganization and certain closing conditions are satisfied or waived. The consummation of each Reorganization is not contingent upon approval of any other Reorganization.

Approval of a Reorganization by the shareholders of an Acquired Fund requires the approval of the holders of a “majority of the outstanding voting securities” of the Acquired Fund, which, under the 1940 Act, means the affirmative vote of the lesser of (a) 67% or more of the voting securities present at the Meeting or represented by proxy if the holders of more than 50% of the outstanding voting securities of the Acquired Fund are present or represented by proxy or (b) more than 50% of the outstanding voting securities of the Acquired Fund.

If a proxy card is properly executed and returned accompanied by instructions to withhold authority (an abstention), the shares represented thereby will be counted as shares present and entitled to vote for purposes of determining whether a quorum is present, but will not be counted as a vote in favor of a Reorganization. Accordingly, abstentions effectively will be a vote against a Reorganization. Ordinarily, broker non-votes, if any, would be counted as shares present and entitled to vote for purposes of determining whether a quorum is present, but would not be counted as a vote in favor of a Reorganization, and accordingly would have the same effect as a vote against the Reorganization. However, because the Reorganizations are considered non-routine under the rules of the New York Stock Exchange and it is not expected that shareholders will be asked to vote on any proposals considered routine under those rules in connection with the Meeting, it is not expected that there will be any broker non-votes in connection with the Meeting.

What if there are not enough votes to reach a quorum or to approve the Reorganization by the scheduled Meeting date?

If a quorum is not present at the Meeting, or if a quorum is present at the Meeting but sufficient votes by the shareholders of an Acquired Fund in favor of the Reorganization have not been received, the person(s) presiding over the Meeting or the persons named as proxies may propose one or more adjournments or postponements of the Meeting to allow for further solicitation of votes. Any such adjournment will require the affirmative vote of the holders of a majority of the shares of that Acquired Fund that are entitled to vote and present in person or by proxy at the session of the Meeting to be adjourned. The persons named as proxies will vote in favor of adjournment those shares that they are entitled to vote in favor of the Reorganization, and will vote against adjournment those shares required to be voted against the Reorganization.

Can shareholders submit proposals for a future shareholder meeting?

The Funds are not required and do not intend to hold regular shareholder meetings unless shareholder action is required in accordance with the 1940 Act or other applicable law or a Fund’s governing documents. Shareholders who would like to submit proposals for consideration at future shareholder meetings of an Acquired Fund (in the event the

applicable Reorganization is not completed) or the Acquiring Funds should send written proposals to c/o the Secretary of the Fund, One Post Office Square, Boston, Massachusetts 02109. To be considered for presentation at a shareholders’ meeting, rules promulgated by the SEC require that, among other things, a shareholder’s proposal must be received at the offices of the applicable Fund within a reasonable time before a solicitation is made. Timely submission of a proposal does not necessarily mean that such proposal will be included in the proxy materials for a meeting.

What happens if a Reorganization is not approved by the Acquired Fund’s shareholders?

If a Reorganization is not approved by shareholders of an Acquired Fund, the applicable Acquired Fund will continue in existence and the Acquired Funds Board will consider alternative actions for such Fund.

COMPARISON OF SOME IMPORTANT FEATURES OF THE FUNDS

Comparison of the Funds’ Risks

The risks associated with an investment in each Acquired Fund and its corresponding Acquiring Fund are substantially similar, except that, as a shareholder of an Acquiring Fund you would also be subject to risks related to the Acquiring Fund’s ETF structure.

Unlike the Acquired Funds, which operate as mutual funds, the Acquiring Funds operate or will operate as ETFs and, therefore, are subject to ETF-specific structural, trading, and liquidity considerations, including daily portfolio holdings disclosure, secondary-market trading at prices that may differ from NAV, bid-ask spreads, reliance on authorized participants and market makers, and the potential for these considerations to become more pronounced during periods of market stress. See “What are the differences between an ETF and a mutual fund?” and “What are the Funds’ arrangements for purchases, exchanges, and redemptions?”

In addition, with respect to the National Limited Maturity Municipal Income Reorganization, there are certain additional differences in risks based on the different investment exposures of the Funds, as discussed below.

There are differences between the risk disclosures for each Acquiring Fund and those of the corresponding Acquired Fund. However, any differences in the disclosure or description of such risks are not expected to result in or reflect any material differences in how each Acquired Fund is currently managed compared to how its corresponding Acquiring Fund will be managed. For example, an Acquired Fund and its corresponding Acquiring Fund may use different terminology to describe the same or similar risks applicable to such Fund’s principal investment strategies and the differences may reflect clarification of the risks associated with an investment in the Acquiring Fund.

Please refer to Appendix B to this combined Proxy Statement and Prospectus for more information regarding the Funds’ risks.

Comparison of the Funds’ Fees and Expenses

Shareholders of the Funds pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy, hold and sell shares of each Fund. The fees and expenses of the Acquired Funds in the tables appearing below are based on the expenses paid by each Acquired Fund and Eaton Vance Short Duration Municipal Income ETF and are as of September 30, 2025 for Eaton Vance National Municipal Income Fund, Eaton Vance California Municipal Opportunities Fund, Eaton Vance New York Municipal Income Fund, and Eaton Vance Short Duration Municipal Income ETF; January 31, 2026 for Eaton Vance High Yield Municipal Income Fund; March 31, 2026 for Eaton Vance National Ultra-Short Municipal Income Fund, Eaton Vance Short Duration Municipal Opportunities Fund, and Eaton Vance National Limited Maturity Municipal Income Fund; and July 31, 2026 for Eaton Vance Municipal Opportunities Fund. The tables show the pro forma expenses of each combined Acquiring Fund after giving effect to the respective Reorganization, based on pro forma net assets as of August 28, 2026, as if the Reorganization were in effect for the applicable 12-month period. The fee tables do not reflect the costs associated with the Reorganizations. Only pro forma combined fees and expenses information is provided for the New Acquiring Funds because each New Acquiring Fund will not commence operations until the Reorganization is completed.

As shown below, each Reorganization is expected to result in lower gross annual operating expenses for Acquired Fund Shareholders. In addition, the applicable Acquiring Fund is expected to have lower net annual fund operating expenses than those of each share class of its corresponding Acquired Fund, other than Class W shares of Eaton Vance High Yield Municipal Income Fund. However, pro forma numbers are estimated in good faith and are hypothetical. Pro forma numbers do not reflect any potential liquidation of shareholder investments associated with the Reorganization or cash paid in lieu of fractional Acquiring Fund Shares. Actual expenses may vary significantly.

Acquired Fund Shareholders will not pay any sales load, contingent deferred sales charge, brokerage commission, redemption fee, or other transaction fee in connection with the receipt of ETF shares from a Reorganization.

New Acquiring Fund Reorganizations

Fees and Expenses

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of a Fund. You may pay fees other than the fees and expenses of a Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the tables and examples below.

National Municipal Income Reorganization

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

California Municipal Opportunities Reorganization

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

New York Municipal Income Reorganization

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Municipal Opportunities Reorganization

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

National Ultra-Short Municipal Income Reorganization

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Short Duration Municipal Opportunities Reorganization

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

High Yield Municipal Income Reorganization

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Existing Acquiring Fund Reorganization

National Limited Maturity Municipal Income Reorganization

Shareholder Fees (fees paid directly from your investment)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Expense Examples

These examples are meant to help you compare the cost of investing in each Acquiring Fund with the cost of investing in the corresponding Acquired Fund.

The examples assume that you invest $10,000 in a Fund for the time periods indicated and then sell your shares at the end of those periods. The example also assumes your investment has a 5% return each year and a Fund’s operating expenses remain the same (except that each example incorporates such Acquired Fund’s and Acquiring Fund’s (if applicable) fee waiver and/or expense reimbursement arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

New Acquiring Fund Reorganizations

National Municipal Income Reorganization

California Municipal Opportunities Reorganization

New York Municipal Income Reorganization

Municipal Opportunities Reorganization

National Ultra-Short Municipal Income Reorganization

Short Duration Municipal Opportunities Reorganization

High Yield Municipal Income Reorganization

Existing Acquiring Fund Reorganization

National Limited Maturity Municipal Income Reorganization

Comparison of the Funds’ Portfolio Turnover

Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect Fund performance. Because the New Acquiring Funds have not yet commenced operations, no portfolio turnover rate is available for those Acquiring Funds.

During each Fund’s most recently completed fiscal year, its portfolio turnover rate was the following percentage of the average value of its portfolio:

New Acquiring Fund Reorganizations

Existing Acquiring Fund Reorganization

Comparison of the Funds’ Investment Objectives and Principal Investment Strategies

The following summarizes the investment objectives and principal investment strategies of each Acquired Fund and its corresponding Acquiring Fund. Further information about each Acquired Fund’s investment objectives and strategies are contained in prospectuses and statement of additional information of the Acquired Funds, which are on file with the SEC. The prospectuses of the Acquired Funds are also incorporated herein by reference.

New Acquiring Fund Reorganizations

National Municipal Income Reorganization

Eaton Vance National Municipal Income Fund and Eaton Vance National Municipal Income ETF have substantially the same investment objectives and substantially the same principal investment strategies.

Investment Objectives: The Acquired Fund’s investment objective is to provide current income exempt from regular federal income tax. The Acquiring Fund seeks to provide current income exempt from regular federal income tax.

Each Fund’s investment objective may be changed by the applicable Board without shareholder approval, but no change is anticipated.

Principal Investment Strategies:

There are no material differences between the principal investment strategies of the Acquiring Fund and the Acquired Fund. The principal investment strategies of the Acquiring Fund are as follows. The Acquired Fund’s principal investment strategies are substantially the same except that the Acquired Fund’s 80% policy states that (differences are underlined) , “Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is exempt from regular federal income tax (the ‘80% Policy’).”

References to “Fund” in this section below refer to the Acquiring Fund.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is exempt from regular federal income tax (the “80% Policy”). This policy is fundamental and may not be changed without shareholder approval. 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 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 obligations rated below investment grade and in unrated 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 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 and instrumentalities (“Agency Securities”). The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps, and forward rate contracts) 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. Derivative instruments used by the Fund may be counted towards the Fund’s 80% policy discussed above to the extent they provide investment exposure to investments included within that policy or to one or more of the market risk factors associated with investments included in that policy.

In pursuing its objective, the Fund normally acquires municipal obligations with maturities of ten years or more, but may acquire municipal obligations with shorter maturities or that are subject to shorter call provisions. The Fund’s portfolio could have a longer average maturity than is typical of many other funds that invest primarily in municipal obligations. In such case, the interest rate risk described below may be more significant for the Fund. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories or economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles, including exchange-traded funds (“ETFs”), in order to seek exposure to the municipal markets or municipal market sectors.

The Fund may invest in restricted securities. The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects

of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio. The portfolio manager also may trade securities to minimize taxable capital gains to shareholders. A portion of the Fund’s distributions generally will be subject to federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax.

California Municipal Opportunities Reorganization

Eaton Vance California Municipal Opportunities Fund and Eaton Vance California Municipal Opportunities ETF have substantially the same investment objectives and substantially the same principal investment strategies.

Investment Objectives: The Acquired Fund’s investment objective is to seek to maximize after-tax total return. The Acquiring Fund seeks to maximize after-tax total return.

Each Fund’s investment objective may be changed by the applicable Board without shareholder approval, but no change is anticipated.

Principal Investment Strategies:

There are no material differences between the principal investment strategies of the Acquiring Fund and the Acquired Fund. The principal investment strategies of the Acquiring Fund are as follows. The Acquired Fund’s principal investment strategies are substantially the same except that the Acquired Fund’s 80% policy states that (differences are underlined or marked in strikethrough) , “Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations the interest on which is that are exempt from regular federal income tax and California state personal income taxes (the ‘80% Policy’).” In addition, the Acquired Fund’s policy to invest at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities states that, “Under normal market conditions, the Fund invests at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities.”

References to “Fund” in this section below refer to the Acquiring Fund.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is exempt from regular federal income tax and California state personal income taxes (the “80% Policy”). This policy is fundamental and may not be changed without shareholder approval. 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 and credit quality. The Fund also may invest up to 50% of its net assets in obligations rated below investment grade (which 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 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 and instrumentalities (“Agency Securities”). Under normal conditions, the Fund invests at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities. If consistent with relevant state tax requirements, the Fund may invest up to 35% of its net assets in municipal obligations issued by the governments of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands.

The Fund may purchase derivative instruments, which derive their value from another instrument, security or index. The Fund may purchase or sell various kinds of residual interest bonds, financial futures contracts and options thereon to hedge against changes in interest rates, seek total return or as a substitute for the purchase of portfolio securities. The Fund also may enter into interest rate swaps, forward rate contracts and credit derivatives, which may include

credit default swaps, total return swaps or credit options, as well as purchase an instrument that has greater or lesser credit risk than the municipal bonds underlying the instrument. Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives for such purposes. Derivative instruments used by the Fund may be counted towards the Fund’s 80% policy discussed above to the extent they provide investment exposure to investments included within that policy or to one or more of the market risk factors associated with investments included in that policy.

In pursuing its investment objective, the Fund may invest in obligations with varying maturities. Depending on the Fund’s average maturity, the interest rate risk described below may be more or less significant for the Fund. The longer the Fund’s average maturity the more significant interest rate risk will be for the Fund. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles, including exchange-traded funds (“ETFs”), in order to seek exposure to the municipal markets or municipal market sectors. The Fund may invest in restricted securities.

The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio. The portfolio managers generally will seek to enhance after-tax total return by balancing investment considerations and tax considerations. The Fund expects to actively engage in relative value trading to take advantage of price appreciation opportunities or to realize capital losses. A portion of the Fund’s distributions generally will be subject to federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax.

New York Municipal Income Reorganization

Eaton Vance New York Municipal Income Fund and Eaton Vance New York Municipal Income ETF have substantially the same investment objectives and substantially the same principal investment strategies.

Investment Objectives: The Acquired Fund’s investment objective is to provide current income exempt from regular federal income tax and New York state and New York City personal income taxes. The Acquiring Fund seeks to provide current income exempt from regular federal income tax and New York state and New York City personal income taxes.

Each Fund’s investment objective may be changed by the applicable Board without shareholder approval, but no change is anticipated.

Principal Investment Strategies:

There are no material differences between the principal investment strategies of the Acquiring Fund and the Acquired Fund. The principal investment strategies of the Acquiring Fund are as follows. The Acquired Fund’s principal investment strategies are substantially the same except that the Acquired Fund’s 80% policy states that (differences are underlined or marked in strikethrough) , “Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations the interest on which is that are exempt from regular federal income tax and the state taxes specified in the Fund’s investment objective (the ‘80% Policy’).” In addition, the Fund’s policy to invest at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities states that, “Under normal market conditions, the Fund invests at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities.”

References to “Fund” in this section below refer to the Acquiring Fund.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is exempt from regular federal income tax and the state taxes specified in the Fund’s investment objective (the “80% Policy”). This policy is fundamental and may not be changed without shareholder approval. 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 75% of 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 obligations rated below investment grade and in unrated 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 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. Under normal conditions, the Fund invests at least 65% of its total assets in obligations issued by its state or its political subdivisions, agencies, authorities and instrumentalities. If consistent with relevant state tax requirements, the Fund may invest up to 35% of its net assets in municipal obligations issued by the governments of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands. The Fund is “non-diversified”, which means it may invest a greater percentage of its assets in the securities of a single issuer than a “diversified” fund. 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 and 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 contracts) 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. Derivative instruments used by the Fund may be counted towards the Fund’s 80% policy discussed above to the extent they provide investment exposure to investments included within that policy or to one or more of the market risk factors associated with investments included in that policy.

In pursuing its investment objective, the Fund normally acquires municipal obligations with maturities of ten years or more but may acquire municipal obligations with shorter maturities or that are subject to shorter call provisions. The Fund’s portfolio could have a longer average maturity than is typical of many other funds that invest primarily in municipal obligations. In such case, the interest rate risk described below may be more significant for the Fund. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles, including exchange-traded funds (“ETFs”), in order to seek exposure to the municipal markets or municipal market sectors. The Fund may invest in restricted securities.

The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio. The portfolio manager(s) also may trade securities to minimize taxable capital gains to shareholders. A portion of the Fund’s distributions generally will be subject to the federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax.

Municipal Opportunities Reorganization

Eaton Vance Municipal Opportunities Fund and Eaton Vance Municipal Opportunities ETF have substantially the same investment objectives and substantially the same principal investment strategies.

Investment Objectives: The Acquired Fund’s investment objective is to seek to maximize after-tax total return. The Acquiring Fund seeks to maximize after-tax total return.

Each Fund’s investment objective may be changed by the applicable Board without shareholder approval, but no change is anticipated.

Principal Investment Strategies:

There are no material differences between the principal investment strategies of the Acquiring Fund and the Acquired Fund. The principal investment strategies of the Acquiring Fund are as follows. The Acquired Fund’s principal investment strategies are substantially the same except that the Acquired Fund’s 80% policy states that (differences are underlined) , “Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is exempt from regular federal income tax (the ‘80% Policy’).”

References to “Fund” in this section below refer to the Acquiring Fund.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is exempt from regular federal income tax (the “80% Policy”). This policy is fundamental and may not be changed without shareholder approval. 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 and credit quality. The Fund also may invest up to 50% of its net assets in obligations rated below investment grade and in unrated obligations considered to be of comparable quality by the investment adviser (“junk bonds”). Below investment grade obligations are those obligations 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”). 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 and instrumentalities (“Agency Securities”).

The Fund may purchase derivative instruments, which derive their value from another instrument, security or index. The Fund may purchase or sell various kinds of residual interest bonds, financial futures contracts and options thereon to hedge against changes in interest rates or as a substitute for the purchase of portfolio securities. The Fund also may enter into interest rate swaps, forward rate contracts and credit derivatives, which may include credit default swaps, total return swaps or credit options, as well as purchase an instrument that has greater or lesser credit risk than the municipal bonds underlying the instrument. Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives. Derivative instruments used by the Fund may be counted towards the Fund’s 80% policy discussed above to the extent they provide investment exposure to investments included within that policy or to one or more of the market risk factors associated with investments included in that policy.

In pursuing its investment objective, the Fund may acquire municipal obligations with varying maturities. Depending on the Fund’s average maturity, the interest rate risk described below may be more or less significant for the Fund. The longer the Fund’s average maturity, the more significant interest rate risk will be for the Fund. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles, including exchange-traded funds (“ETFs”), in order to seek exposure to the municipal markets or municipal market sectors. The Fund may invest in restricted securities.

The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio. The portfolio managers generally will seek to enhance after-tax total return by balancing investment considerations and tax considerations. The Fund expects to actively engage in relative value trading to take advantage of price appreciation opportunities or to realize capital losses. A portion of the Fund’s distributions generally will be subject to the federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax.

National Ultra-Short Municipal Income Reorganization

Eaton Vance National Ultra-Short Municipal Income Fund and Eaton Vance National Ultra-Short Municipal Income ETF have substantially the same investment objectives and substantially the same principal investment strategies.

Investment Objectives: The Acquired Fund’s investment objective is to provide current income exempt from regular federal income tax. The Acquiring Fund seeks to provide current income exempt from regular federal income tax.

Each Fund’s investment objective may be changed by the applicable Board without shareholder approval, but no change is anticipated.

Principal Investment Strategies:

There are no material differences between the principal investment strategies of the Acquiring Fund and the Acquired Fund. The principal investment strategies of the Acquiring Fund are as follows. The Acquired Fund’s principal investment strategies are substantially the same except that the Acquired Fund’s 80% policy states that (differences are underlined or marked in strikethrough) , “Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations the interest on which is that are exempt from regular federal income tax (the ‘Tax-Exempt 80% Policy’).”

References to “Fund” in this section below refer to the Acquiring Fund.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is 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. This policy is fundamental and may not be changed without shareholder approval. 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.

Under normal circumstances, the Fund’s dollar-weighted average maturity will be less than two years. The Fund is not a money market fund and does not seek to maintain a stable net asset value.

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, total return 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. Derivative instruments used by the Fund may be counted towards the Fund’s 80% policy discussed above to the extent they provide investment exposure to investments included within that policy or to one or more of the market risk factors associated with investments included in that policy. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic sectors (such as education, transportation, housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles and exchange-traded funds (“ETFs”), a type of pooled investment vehicle, to seek exposure to the municipal markets or municipal market sectors. The Fund may invest in restricted securities.

The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio. The portfolio managers also may trade securities to minimize taxable capital gains to shareholders. A portion of the Fund’s distributions generally will be subject to federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax.

Short Duration Municipal Opportunities Reorganization

Eaton Vance Short Duration Municipal Opportunities Fund and Eaton Vance Short Duration Municipal Opportunities ETF have substantially the same investment objectives and substantially the same principal investment strategies.

Investment Objectives: The Acquired Fund’s investment objective is to seek to maximize after-tax total return. The Acquiring Fund seeks to maximize after-tax total return.

Each Fund’s investment objective may be changed by the applicable Board without shareholder approval, but no change is anticipated.

Principal Investment Strategies:

There are no material differences between the principal investment strategies of the Acquiring Fund and the Acquired Fund. The principal investment strategies of the Acquiring Fund are as follows. The Acquired Fund’s principal investment strategies are substantially the same except that the Acquired Fund’s 80% policy states that (differences are underlined or marked in strikethrough) , “Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations the interest on which is that are exempt from regular federal income tax (the ‘80% Policy’).”

References to “Fund” in this section below refer to the Acquiring Fund.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is exempt from regular federal income tax (the “80% Policy”). This policy is fundamental and may not be changed without shareholder approval. 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. The Fund may purchase or sell various kinds of residual interest bonds, futures contracts and options thereon to hedge against changes in interest rates or as a substitute for the purchase of portfolio securities. The Fund also may enter into interest rate swaps, forward rate contracts and credit derivatives, which may include credit default swaps, total return swaps or credit options, as well as purchase an instrument that has greater or lesser credit risk than the municipal bonds underlying the instrument. Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives for such purposes. Derivative instruments used by the Fund may be counted towards the Fund’s 80% policy discussed above to the extent they provide investment exposure to investments included within that policy or to one or more of the market risk factors associated with investments included in that policy.

Although the Fund invests in obligations to seek to maintain a dollar-weighted average portfolio duration of less than four and a half years, the Fund may invest in individual municipal obligations of any maturity. Duration represents the dollar-weighted average maturity of expected cash flows (i.e., interest and principal payments) on one or more municipal obligations, discounted to their present values. The Fund may use various techniques to shorten or lengthen its dollar-weighted average duration, including the acquisition of municipal obligations at a premium or discount, and transactions in futures contracts and options on futures. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities or utilities). The Fund may invest in pooled investment vehicles, including exchange-traded funds (“ETFs”), to seek exposure to the municipal markets or municipal market sectors. The Fund may invest in restricted securities.

The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio. The portfolio managers generally will seek to maximize after-tax total return by balancing investment considerations and tax considerations. The Fund may engage in relative value trading to take advantage of price appreciation opportunities or to realize capital losses. A portion of the Fund’s distributions generally will be subject to the federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax.

High Yield Municipal Income Reorganization

Eaton Vance High Yield Municipal Income Fund and Eaton Vance High Yield Municipal Income ETF have substantially the same investment objectives and substantially the same principal investment strategies.

Investment Objectives: The Acquired Fund’s investment objective is to provide high current income exempt from regular federal income tax. The Acquiring Fund seeks to provide high current income exempt from regular federal income tax.

Each Fund’s investment objective may be changed by the applicable Board without shareholder approval, but no change is anticipated.

Principal Investment Strategies:

There are no material differences between the principal investment strategies of the Acquiring Fund and the Acquired Fund. The principal investment strategies of the Acquiring Fund are as follows. The Acquired Fund’s principal investment strategies are substantially the same except that the Acquired Fund’s 80% policy states that (differences are underlined) , “Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations (including notes and tax-exempt commercial paper) issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (the ‘80% Policy’).”

References to “Fund” in this section below refer to the Acquiring Fund.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is exempt from regular federal income tax (the “80% Policy”). This policy is fundamental and may not be changed without shareholder approval. 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 will invest a majority of its net assets in “high yield” municipal obligations under normal conditions. For this purpose, “high yield” municipal obligations are municipal obligations rated at the time of investment either Baa or lower by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or lower 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. “High yield” municipal obligations rated below investment grade are also known as “junk bonds.” The Fund may invest in securities in any rating category, including those in default. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the lowest rating will be used for any Fund rating restrictions. The Fund may also invest a portion of its assets in municipal obligations that are not paying current income in anticipation of possible future income. 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 and instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps, total return swaps, credit derivatives and forward rate contracts) 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. Derivative instruments used by the Fund may be counted towards the Fund’s 80% policy discussed above to the extent they provide investment exposure to investments included within that policy or to one or more of the market risk factors associated with investments included in that policy.

In pursuing its objective, the Fund normally acquires municipal obligations with maturities of ten years or more, but may acquire securities with shorter maturities. The Fund’s portfolio often has a longer average maturity than is typical of many other funds that invest primarily in municipal obligations. As a result, the interest rate risk described below may be more significant for the Fund. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds or industrial development bonds) and in one or more states, U.S. territories or economic sectors (such as housing, hospitals, healthcare facilities, transportation or utilities).

The investment adviser’s process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the investment adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio. The portfolio managers also may trade securities to seek to minimize taxable capital gains to shareholders. A portion of the Fund’s distributions generally will be subject to the federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax.

Existing Acquiring Fund Reorganization

National Limited Maturity Municipal Income Reorganization

Eaton Vance National Limited Maturity Municipal Income Fund and Eaton Vance Short Duration Municipal Income ETF have substantially the same investment objectives and substantially similar principal investment strategies.

Investment Objectives: The Acquired Fund’s investment objective is to provide current income exempt from regular federal income tax. The Acquiring Fund seeks to provide current income exempt from regular federal income tax.

Each Fund’s investment objective may be changed by the applicable Board without shareholder approval, but no change is anticipated.

Principal Investment Strategies:

While each Fund has adopted an 80% policy to invest, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in municipal obligations (securities) that are exempt from regular federal income tax, there are some differences in the principal investment strategies. These differences include: (i) at least 85% of Eaton Vance Short Duration Municipal Income ETF’s net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment while at least 65% of Eaton Vance National Limited Maturity Municipal Income Fund’s net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment; (ii) Eaton Vance Short Duration Municipal Income ETF will not invest more than 5% of its net assets in obligations rated below B3 by Moody’s, or B-by either S&P or Fitch or in unrated obligations considered to be of comparable quality by the investment adviser while Eaton Vance National Limited Maturity Municipal Income 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; and (iii) Eaton Vance Short Duration Municipal Income ETF intends to maintain a dollar-weighted average portfolio duration of less than three years while Eaton Vance National Limited Maturity Municipal Income Fund intends to maintain a dollar-weighted average portfolio duration of less than five years. These and other differences between the description of the Fund’s principal investment strategies are not anticipated to reflect a material difference between the management of the Acquired Fund and the Acquiring Fund.

The principal investment strategies of each Fund are as follows:

Comparison of the Funds’ Performance

Each New Acquiring Fund is a newly-formed “shell” fund that has not yet commenced operations. Each New Acquiring Fund has been organized solely in connection with the Reorganization to acquire all of the assets and assume the liabilities of its corresponding Acquired Fund and continue the business of the Acquired Fund, and therefore will have no performance history prior to the Reorganizations.

Subject to shareholder approval of each Reorganization, each Acquired Fund other than Eaton Vance National Limited Maturity Municipal Income Fund will be the “accounting survivor” after the Reorganization. This means that each New Acquiring Fund will adopt the historical investment performance and returns of Class I Shares of the corresponding Acquired Fund. Eaton Vance Short Duration Municipal Income ETF will be the accounting and performance survivor of its Reorganization. A Fund’s past performance is not necessarily an indication of how the Fund or how the corresponding Acquiring Fund will perform in the future. Updated Acquired Fund performance information can be obtained by visiting www.eatonvance.com. Updated Existing Acquiring Fund performance information is available online at www.eatonvance.com or by calling toll-free 1-800-869-6397.

New Acquiring Fund Reorganizations

Eaton Vance National Municipal Income Fund

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 a broad-based securities market index. The returns in the bar chart are for Class I shares. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Annual Total Returns—Calendar Years

Year-to-date returns as of September 30, 2026: -3.50 %

Average Annual Total Returns
(for the calendar periods ended December 31, 2025)

These returns reflect the maximum current sales charge for Class A (3.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. Investors cannot invest directly in an Index.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with BMR, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to Bloomberg Municipal Bond Index, and neither shall be liable in any way to BMR, investors in the Fund or other third parties in respect of the use or accuracy of Bloomberg Municipal Bond Index  or any data included therein.  

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 I 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.

Eaton Vance California Municipal Opportunities Fund

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 a broad-based securities market index. The additional index in the table provides 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 I shares. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Annual Total Returns—Calendar Years

Year-to-date returns as of September 30, 2026: -3.35 %

Average Annual Total Returns
(for the calendar periods ended December 31, 2025)

These returns reflect the maximum current sales charge for Class A (3.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. Investors cannot invest directly in an Index.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with BMR, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to Bloomberg Municipal Bond Index and Bloomberg California Municipal Bond Index, and neither shall be liable in any way to BMR, investors in the Fund or other third parties in respect of the use or accuracy of Bloomberg Municipal Bond Index and Bloomberg California Municipal Bond Index  or any data included therein.  

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 I 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.

Eaton Vance New York Municipal Income Fund

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 a broad-based securities market index. The additional index in the table provides 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 I shares. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  

Annual Total Returns—Calendar Years

Year-to-date returns as of September 30, 2026: -3.92 %

Average Annual Total Returns
(for the calendar periods ended December 31, 2025)

These returns reflect the maximum current sales charge for Class A (3.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. Investors cannot invest directly in an Index.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with BMR, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to Bloomberg Municipal Bond Index and Bloomberg New York Municipal Bond Index, and neither shall be liable in any way to BMR, investors in the Fund or other third parties in respect of the use or accuracy of Bloomberg Municipal Bond Index and Bloomberg New York Municipal Bond Index  or any data included therein.  

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 I 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.

Eaton Vance Municipal Opportunities Fund

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 a broad-based securities market index. The returns in the bar chart are for Class I shares. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance for certain periods would have been lower.

Annual Total Returns—Calendar Years

Year-to-date returns as of September 30, 2026: -3.97 %

Average Annual Total Returns
(for the calendar periods ended December 31, 2025)

These returns reflect the maximum current sales charge for Class A (3.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. Class A and Class I commenced operations on May 31, 2011. Investors cannot invest directly in an Index.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with BMR, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to Bloomberg Municipal Bond Index, and neither shall be liable in any way to BMR, investors in the Fund or other third parties in respect of the use or accuracy of Bloomberg Municipal Bond Index  or any data included therein.  

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 I 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.

Eaton Vance National Ultra-Short Municipal Income Fund

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 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 I shares. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance for certain periods would have been lower.

Annual Total Returns—Calendar Years

Year-to-date returns as of September 30, 2026: 1.01 %

Average Annual Total Returns
(for the calendar periods ended December 31, 2025)

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. 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 assets in (i) municipal floating-rate bonds or obligations and (ii) fixed-rate municipal obligations with respect to which the Fund enters into agreements to swap the fixed rate for a floating rate (the “Floating Rate 80% Policy”). The Floating-Rate 80% Policy was in effect since August 19, 2013 and, at that time, the Fund also changed its objective. Investors cannot invest directly in an Index.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with BMR, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to Bloomberg Municipal Bond Index and Bloomberg 1 Year Municipal Bond Index, and neither shall be liable in any way to BMR, investors in the Fund or other third parties in respect of the use or accuracy of Bloomberg Municipal Bond Index and Bloomberg 1 Year Municipal Bond Index or any data included therein.

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 I 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.

Eaton Vance Short Duration Municipal Opportunities Fund

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 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 I shares. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund’s performance reflects the effects of expense reductions. Absent these reductions, performance would have been lower.

Annual Total Returns—Calendar Years

Year-to-date returns as of September 30, 2026: -2.20 %

Average Annual Total Returns
(for the calendar periods ended December 31, 2025)

These returns reflect the maximum current sales charge for Class A (3.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. Effective November 14, 2016, the Fund changed its objective and investment strategy to invest at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax. Investors cannot invest directly in an Index.

Bloomberg^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Barclays^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with Eaton Vance, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to Bloomberg Municipal Bond Index and Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index, and neither shall be liable in any way to Eaton Vance, investors in the Fund or other third parties in respect of the use or accuracy of Bloomberg Municipal Bond Index and Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index or any data included therein.

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 I 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.

Eaton Vance High Yield Municipal Income Fund

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 a broad-based securities market index. The returns in the bar chart are for Class I shares. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Annual Total Returns—Calendar Years

Year-to-date returns as of September 30, 2026: -2.88 %

Average Annual Total Returns
(for the calendar periods ended December 31, 2025)

These returns reflect the maximum current sales charge for Class A (3.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. Investors cannot invest directly in an Index.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with BMR, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to Bloomberg Municipal Bond Index, and neither shall be liable in any way to BMR, investors in the Fund or other third parties in respect of the use or accuracy of Bloomberg Municipal Bond Index or any data included therein.

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 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 I 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.

Existing Acquiring Fund Reorganization

The Existing Acquiring Fund outperformed Eaton Vance National Limited Maturity Municipal Income Fund (for purposes of this section, the “Acquired Fund”) for the five-year period ended December 31, 2025, and for the calendar years ended December 31, 2022 and December 31, 2023. The Existing Acquiring Fund underperformed the Acquired Fund for the one-year period ended December 31, 2025, and for the calendar years ended December 31, 2019, December 31, 2020, December 31, 2021, December 31, 2024, and December 31, 2025.

Eaton Vance National Limited Maturity Municipal Income Fund

The bar chart and table below 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 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 I shares. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Annual Total Returns—Calendar Years

Year-to-date returns as of September 30, 2026: -2.07 %

Average Annual Total Returns
(for the calendar periods ended December 31, 2025)

These returns reflect the maximum current sales charge for Class A (3.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase.  The average annual total returns listed for Class C reflect conversion to Class A shares after eight years.  Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.  Investors cannot invest directly in an Index.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with BMR, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to Bloomberg Municipal Bond Index and Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index, and neither shall be liable in any way to BMR, investors in the Fund or other third parties in respect of the use or accuracy of Bloomberg Municipal Bond Index and Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index or any data included therein.

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 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 I 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.

Eaton Vance Short Duration Municipal Income ETF

As of the close of business on March 22, 2024, Morgan Stanley Institutional Fund Trust - Short Duration Municipal Income Portfolio (the “Predecessor Fund”), which operated as a mutual fund, was reorganized into Eaton Vance Short Duration Municipal Income ETF (“ETF Reorganization”). The Predecessor Fund’s investment objective was substantially similar to Eaton Vance Short Duration Municipal Income ETF’s and the Predecessor Fund was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of Eaton Vance Short Duration Municipal Income ETF. The Predecessor Fund was designated as the accounting survivor in the ETF Reorganization. As a result, Eaton Vance Short Duration Municipal Income ETF has assumed the Predecessor Fund’s historical performance and the performance information shown below for the periods prior to March 22, 2024 reflects that of the Class  IR shares of the Predecessor Fund, which had a different fee structure than Eaton Vance Short Duration Municipal Income ETF. The performance of the Predecessor Fund for the periods prior to March 22, 2024 has not been restated to reflect the annual operating expenses of Eaton Vance Short Duration Municipal Income ETF, which are lower than those of the Predecessor Fund. Past performance may have been different if Eaton Vance Short Duration Municipal Income ETF’s current fee structure had been in place during the period.

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year-to-year and by showing how the Fund’s  average annual returns for the past one and five-year periods and since inception compare with those of a broad measure of market performance and one or more additional indexes.  The additional index(es) in the table provide a means to compare the Fund’s average annual returns to a benchmark that the Adviser believes is representative of the Fund’s investment universe. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 

Year-to-date returns as of September 30, 2026: -0.28 %

Average Annual Total Returns
(for the calendar periods ended December 31, 2025)

The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable.

Comparison of the Funds’ Management

Each Acquired Fund is a series of an Acquired Fund Trust. Each Acquired Fund Trust is governed by the Acquired Funds Board, which is responsible for overseeing the Acquired Funds. Each Acquiring Fund is a series of the Acquiring Fund Trust. The Acquiring Fund Trust is governed by the Acquiring Funds Board, which is responsible for overseeing all business activities of the Acquiring Funds. The Acquired Funds Board and Acquiring Funds Board are comprised of different individuals.

BMR serves as the investment adviser to each Acquired Fund except Eaton Vance Municipal Opportunities Fund and Eaton Vance Short Duration Municipal Opportunities Fund. Eaton Vance serves as the investment adviser to Eaton Vance Municipal Opportunities Fund and Eaton Vance Short Duration Municipal Opportunities Fund. Eaton Vance and BMR, each a registered investment adviser, have offices at One Post Office Square, Boston, MA 02109. 

MSIM serves as the investment adviser to the Acquiring Funds. MSIM, with principal offices at 1585 Broadway, New York, NY 10036, conducts a worldwide portfolio management business and provides a broad range of portfolio management services to customers in the United States and abroad.

Morgan Stanley (NYSE: “MS”), whose principal offices are at 1585 Broadway, New York, New York 10036, is the parent of MSIM, BMR, and Eaton Vance. Morgan Stanley is a preeminent global financial services firm engaged in securities trading and brokerage activities, as well as providing investment banking, research and analysis, financing and financial advisory services. As of September 30, 2026, Morgan Stanley’s asset management operations had aggregate assets under management or supervision of approximately $2.0 trillion.

Pursuant to an Investment Management Agreement between the Acquiring Fund Trust and the Adviser (the “Acquiring Fund Management Agreement”), each Acquiring Fund will pay MSIM a management fee based on a percentage of average daily net assets. The management fee for each Acquiring Fund is as follows:

Each Acquired Fund currently pays the applicable Acquired Fund Adviser an advisory fee described in the table below:

During each Acquired Fund’s most recent fiscal year end, the Acquired Fund paid the applicable Acquired Fund Adviser the following effective advisory fees (net of waivers).

* The effective advisory fee rates reflect the impact of the fee waivers that are currently in place for the Acquired Funds.

The contractual management fee rate for each Acquiring Fund is lower than the contractual advisory fee rate(s) of the corresponding Acquired Fund.

Acquiring Fund Management Agreement

As a result of the proposed Reorganizations, shareholders of each class of each Acquired Fund can expect to experience lower net expenses as a percentage of average daily net assets as shareholders in the corresponding

Acquiring Fund after the Reorganization, other than Class W shares of Eaton Vance High Yield Municipal Income Fund. Each Acquiring Fund employs a unitary fee structure pursuant to which MSIM bears all operating expenses of the Fund, subject to certain exceptions.

Under the unitary fee structure, the Acquiring Funds’ Adviser will pay substantially all expenses of each Acquiring Fund (including expenses of the Acquiring Fund Trust relating to each Acquiring Fund), except for the distribution fees, if any, brokerage expenses, acquired fund fees and expenses, taxes, interest, litigation expenses, and other extraordinary expenses, including the costs of proxies, not incurred in the ordinary course of each Acquiring Fund’s business. The imposition of the Adviser’s fees, as well as any other operating expenses not borne by the Acquiring Funds’ Adviser as described above, will have the effect of reducing the total return to investors. From time to time, the Acquiring Funds’ Adviser may waive receipt of its fees, which would have the effect of lowering each Acquiring Fund’s overall expense ratio and increasing total return to investors at the time such amounts are waived or assumed, as the case may be. MSIM has agreed to waive a portion of its management fee for Eaton Vance New York Municipal Income ETF to limit the Fund’s total annual operating expenses through February 1, 2028, or until such time as the Acquiring Fund Board acts to discontinue all or a portion of such waiver when it deems such action is appropriate. It is not expected that the fee waiver will be extended. If the waiver is not extended, Eaton Vance New York Municipal Income ETF’s annual fund operating expenses will increase upon expiration of the waiver.

Acquired Fund Advisory Agreements

Eaton Vance National Municipal Income Fund, Eaton Vance California Municipal Opportunities Fund, Eaton Vance New York Municipal Income Fund, Eaton Vance National Ultra-Short Municipal Income Fund, Eaton Vance High Yield Municipal Income Fund, and Eaton Vance National Limited Maturity Municipal Income Fund:

BMR provides investment advice and portfolio management services to the Acquired Funds pursuant to Investment Advisory Agreements with the applicable Acquired Fund Trust on behalf of each Acquired Fund (collectively, the “Acquired Fund Advisory Agreements”). BMR acts as investment adviser for and manages the investment and reinvestment of the assets of each Acquired Fund and administers the Fund’s investment affairs, subject to the supervision of the Trustees of the Acquired Fund Trust. Pursuant to the Acquired Fund Advisory Agreements, BMR is entitled to receive from the Acquired Fund the advisory fee described in the table above.

Eaton Vance currently serves as administrator for each Acquired Fund under an Administrative Services Agreement, but currently receives no compensation for providing administrative services to the Acquired Fund.

Eaton Vance Municipal Opportunities Fund and Eaton Vance Short Duration Municipal Opportunities Fund:

Eaton Vance provides investment advice, portfolio management services, and administrative services to the Acquired Funds pursuant to an Investment Advisory and Administrative Agreement with the applicable Acquired Fund Trust on behalf of each Acquired Fund (the “Acquired Fund Advisory and Administrative Agreements”). Eaton Vance acts as investment adviser for and manages the investment and reinvestment of the assets of each Acquired Fund and administers the Fund’s affairs, subject to the supervision of the Trustees of the Acquired Fund Trust. Eaton Vance also provides administrative services to the Acquired Funds. Pursuant to the Acquired Fund Advisory and Administrative Agreements, Eaton Vance is entitled to receive from the Acquired Fund the advisory fee described in the table above.

All Acquired Funds

Each Acquired Fund bears all of its own costs and expenses, including but not limited to: (i) expenses of maintaining the Acquired Fund and continuing its existence, (ii) registration of the Acquired Fund Trust under the 1940 Act, (iii) commissions, spreads, fees and other expenses connected with the acquisition, holding and disposition of  securities and other investments, (iv) auditing, accounting and legal expenses, (v) taxes and interest, (vi) governmental fees, (vii) expenses of issue, sale, and redemption of shares, (viii) fees and expenses of registering, qualifying and maintaining the Acquired Fund Trust, the Acquired Fund and its shares under applicable federal and state securities laws and of preparing and filing registration statements, other offering statements or memoranda, and other reports, forms, and

documents required to be filed by the Acquired Fund Trust on behalf of the Acquired Fund with SEC or any other regulatory body, and for printing and distributing the same to shareholders; (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; (x) expenses of reports to governmental officers and commissions; (xi) insurance expenses; (xii) association membership dues; (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Acquired Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books, accounts and records, and determination of net asset values); (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Acquired Fund Trust; (xvii) compensation and expenses of Trustees of the Acquired Fund Trust who are not members of the Acquired Fund Adviser’s organization; (xviii) all payments to be made and expenses to be assumed by the Acquired Fund in connection with the distribution of Acquired Fund shares, (xix) any pricing or valuation services employed by the Acquired Fund to value its investments including primary and comparative valuation services; (xx) any investment advisory, sub-investment advisory, or similar management fee payable by the Acquired Fund, (xxi) all expenses incurred in connection with the Acquired Fund’s use of a line of credit, and (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Acquired Fund Trust to indemnify its Trustees, officers and shareholders with respect thereto.

Eaton Vance has agreed to reimburse the Eaton Vance Municipal Opportunities Fund’s expenses to the extent that Total Annual Operating Expenses exceed 0.92% for Class A shares, 1.67% for Class C shares and 0.67% for Class I shares. This expense reimbursement will continue through December 1, 2027. Any amendment or termination of this reimbursement would require approval of the Board of Trustees. Amounts reimbursed may be recouped by Eaton Vance during the same fiscal year to the extent actual expenses are less than any contractual expense cap in place during such year.

The administrator has agreed to reimburse Eaton Vance National Ultra-Short Municipal Income 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.

BMR has agreed to reimburse the total amount of the advisory fees paid by Class W shares of Eaton Vance High Yield Municipal Income Fund. This expense reimbursement will continue through June 1, 2027. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. Pursuant to this arrangement, the investment adviser, 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.

BMR and the administrator have agreed to reimburse Eaton Vance New York Municipal Income Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 0.70% for Class A shares, 1.45% for Class C shares and 0.50% for Class I shares. This expense reimbursement will continue through February 1, 2028. 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 investment adviser and 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 investment adviser and 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. 

If (and only if) a Reorganization is approved by Acquired Fund Shareholders, it is expected that on the first business day of the month following shareholder approval , the following Acquired Fund fees will be waived: (i) the sales charge on purchases of Class A Acquired Fund Shares; (ii) the contingent deferred sales charge (“CDSC”) on Class A and Class C Acquired Fund Shares; (iii) the 12b-1 fees for any applicable share class of each Acquired Fund; and (iv) any finder’s fee payments applicable to any class of Acquired Fund Shares. Please refer to the sections of the applicable Acquired Fund prospectus entitled “Purchasing Shares,” “Sales Charge(s),” “Redeeming Shares,” and “Shareholder Account Features.” If Acquired Fund Shareholders approve the Reorganizations at the shareholder meeting scheduled for December 3, 2026, it is expected that the waivers described above will take effect on January 4, 2027.

A discussion regarding the basis for the Acquired Funds Board’s approval of the Acquired Fund Advisory Agreements and Acquired Fund Advisory and Administrative Agreement with respect to each Acquired Fund and the Acquiring Fund Management Agreement with respect to Eaton Vance Short Duration Municipal Income ETF is available in the following Form N-CSR filings:

A discussion regarding the basis for the New Acquiring Funds Board’s approval of the Acquiring Fund Management Agreement for each New Acquiring Fund will be available in the first N-CSR filing for each of New Acquiring Fund.

Portfolio Management

Each Acquired Fund’s and Acquiring Fund’s current portfolio management teams are composed of the individuals listed below. Following the Reorganizations, the Acquiring Fund’s portfolio management team will continue to manage the Acquiring Fund.

The portfolio managers listed above under the heading “Corresponding Acquiring Fund’s Portfolio Managers” will be jointly and primarily responsible for the day-to-day management of the applicable Acquiring Fund.

Messrs. Eustance, Matsui, Metheny, Smith, and Thompson are each an Executive Director of MSIM and Messrs. Brandon and Delahunty and Mses. Callahan and Clemson are each a Managing Director of MSIM. Each portfolio manager manages other funds. Messrs. Brandon, Delahunty, Eustance, Metheny, Smith, and Thompson and Mses. Callahan and Clemson are also each a Vice President of Eaton Vance and BMR and have been employees of the Morgan Stanley organization for more than five years. Mr. Matsui joined MSIM in 2023. Prior to that, Mr. Matsui served as the Head of Fixed Income for DWS’ Systematic Investment Solutions group since 2016.

The Funds’ SAI provides additional information about the portfolio managers’ compensation structure, other accounts managed by the portfolio managers and the portfolio managers’ ownership of securities in the Funds.

Comparison of the Funds’ Fundamental and Non-Fundamental Investment Policies

Fundamental Investment Policies

The fundamental investment policies of each Acquired Fund and its corresponding Acquiring Fund are substantially similar, with the exception of the Funds’ fundamental investment policies with respect to commodities and margin and, for certain Funds, loans . As noted below, each Acquired Fund, except Eaton Vance Municipal Opportunities Fund, has a fundamental policy that it will not purchase or sell physical commodities or contracts for the purchase or sale of physical commodities. Each Acquiring Fund may purchase or sell commodities to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation. In addition, each Acquired Fund has a fundamental policy that it will not purchase securities on margin, while the Acquiring Funds do not have a similar investment policy. Further, with respect to the California Municipal Opportunities Reorganization, New York Municipal Income Reorganization, National Ultra-Short Municipal Income Reorganization, Short Duration Municipal Opportunities Reorganization, High Yield Municipal Income Reorganization, and National Limited Maturity Municipal Income Reorganization, each Acquired Fund has a fundamental policy that it not make loans to any person except by (a) the acquisition of debt instruments and making portfolio investments, (b) entering into repurchase agreements and (c) lending portfolio securities. Each corresponding Acquiring Fund may make loans to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation. The differences in fundamental investment policies are not

expected to result in or reflect any material difference in the way in which the Acquiring Funds will be managed by MSIM compared to the way in which the corresponding Acquired Fund is currently managed by the Acquiring Fund Advisers.

California Municipal Opportunities Reorganization, New York Municipal Income Reorganization, National Ultra-Short Municipal Income Reorganization, Short Duration Municipal Opportunities Reorganization, High Yield Municipal Income Reorganization, and National Limited Maturity Municipal Income Reorganization: