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<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Investment Objective</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Investment Objective</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Investment Objective</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Investment Objective</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Investment Objective</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The Fund’s investment objective is to provide current
income exempt from regular federal income tax and California state personal income taxes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The Fund’s investment objective is to provide current
income exempt from regular federal income tax and Massachusetts state personal income taxes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The Fund’s investment objective is to provide current
income exempt from regular federal income tax.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The Fund’s investment objective is to provide current
income exempt from regular federal income tax and Ohio state personal income taxes.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Fees and Expenses of the Fund</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Fees and Expenses of the Fund</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Fees and Expenses of the Fund</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Fees and Expenses of the Fund</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Fees and Expenses of the Fund</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The following tables describe the fees and expenses that
you may pay if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to
invest over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is
available from your financial intermediary and in Sales Charges beginning on page 35 of this Prospectus and page 20 of the Fund’s
Statement of Additional Information.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The following tables describe the fees and expenses that
you may pay if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to
invest over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is
available from your financial intermediary and in Sales Charges beginning on page 35 of this Prospectus and page 20 of the Fund’s
Statement of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 35 of this Prospectus and page 20 of the Fund’s Statement
of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The following tables describe the fees and expenses that
you may pay if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to
invest over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is
available from your financial intermediary and in Sales Charges beginning on page 35 of this Prospectus and page 20 of the Fund’s
Statement of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The following tables describe the fees and expenses that
you may pay if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to
invest over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is
available from your financial intermediary and in Sales Charges beginning on page 35 of this Prospectus and page 20 of the Fund’s
Statement of Additional Information.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Example.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Example.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Example.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Example.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Example.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">This Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes
that your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">This Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes
that your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">This Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes
that your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">This Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes
that your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">This Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes
that your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Portfolio Turnover</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Portfolio Turnover</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Portfolio Turnover</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Portfolio Turnover</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Portfolio Turnover</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the 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 Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 23 % of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the 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 Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 22 % of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the 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 Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 59 % of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the 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 Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 13 % of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the 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 Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 9 % of the average value of its portfolio.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Principal Investment Strategies</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Principal Investment Strategies</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Principal Investment Strategies</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Principal Investment Strategies</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Principal Investment Strategies</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Under normal market circumstances, the Fund invests at least
80% of its net assets in municipal obligations that are exempt from regular federal income tax and the state taxes specified in
the Fund’s investment objective (the “80% Policy”).  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 Standard & Poor’s Ratings Group (“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 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 the rating agencies,
the higher rating is used.  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.  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 and Guam.  The Fund is “non-diversified” and may invest, with respect to 50% of
its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do
not apply to U.S. Government 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">In pursuing its investment objective, the Fund normally acquires
municipal obligations with maturities of ten years or more.  The Fund’s portfolio often has a longer average maturity
than is typical of most 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 concentrate 25% or more of its total assets in certain types of
municipal obligations (such as general obligations, municipal leases, revenue bonds and industrial development bonds) and in one
or more sectors (such as housing, hospitals, healthcare facilities or utilities).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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.  The portfolio manager 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.  <i>The Fund may not be suitable for investors subject to the federal alternative
minimum tax.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Under normal market circumstances, the Fund invests at least
80% of its net assets in municipal obligations that are exempt from regular federal income tax and the state taxes specified in
the Fund’s investment objective (the “80% Policy”).  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 Standard & Poor’s Ratings Group (“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 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 the rating agencies,
the higher rating is used.  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.  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 and Guam.  The Fund is “non-diversified” and may invest, with respect to 50% of
its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do
not apply to U.S. Government 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">In pursuing its investment objective, the Fund normally acquires
municipal obligations with maturities of ten years or more.  The Fund’s portfolio often has a longer average maturity
than is typical of most 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 concentrate 25% or more of its total assets in certain types of
municipal obligations (such as general obligations, municipal leases, revenue bonds and industrial development bonds) and in one
or more sectors (such as housing, hospitals, healthcare facilities or utilities).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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.  The portfolio manager 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.  <i>The Fund may not be suitable for investors subject to the federal alternative
minimum tax.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Under normal market circumstances, the Fund invests at least
80% of its net assets in municipal obligations, the interest on which is exempt from regular federal income tax which, in accordance
with the Fund’s investment objective, the Fund seeks to avoid (the “80% Policy”).  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 Standard &
Poor’s Ratings Group (“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 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 the rating agencies, the higher rating is used.  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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">In pursuing its objective, the Fund normally acquires municipal
obligations with maturities of ten years or more.  The Fund’s portfolio often has a longer average maturity than is
typical of most 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 concentrate 25% or more of its total assets in certain types of
municipal obligations (such as general obligations, municipal leases, revenue bonds and industrial development bonds) and in one
or more sectors (such as housing, hospitals, healthcare facilities or utilities).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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.  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 alternative minimum tax.  <i>The Fund may not be suitable for investors subject to the alternative minimum tax.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Under normal market circumstances, the Fund invests at least
80% of its net assets in municipal obligations that are exempt from regular federal income tax and the state taxes specified in
the Fund’s investment objective (the “80% Policy”).  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 Standard & Poor’s Ratings Group (“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 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 the rating agencies,
the higher rating is used.  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.  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 and Guam.  The Fund is “non-diversified” and may invest, with respect to 50% of
its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do
not apply to U.S. Government 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">In pursuing its investment objective, the Fund normally acquires
municipal obligations with maturities of ten years or more.  The Fund’s portfolio often has a longer average maturity
than is typical of most 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 concentrate 25% or more of its total assets in certain types of
municipal obligations (such as general obligations, municipal leases, revenue bonds and industrial development bonds) and in one
or more sectors (such as housing, hospitals, healthcare facilities or utilities).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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.  The portfolio manager 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.  <i>The Fund may not be suitable for investors subject to the federal alternative
minimum tax.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Under normal market circumstances, the Fund invests at least
80% of its net assets in municipal obligations that are exempt from regular federal income tax and the state taxes specified in
the Fund’s investment objective (the “80% Policy”).  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 Standard & Poor’s Ratings Group (“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 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 the rating agencies,
the higher rating is used.  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.  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 and Guam.  The Fund is “non-diversified” and may invest, with respect to 50% of
its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do
not apply to U.S. Government 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">In pursuing its investment objective, the Fund normally acquires
municipal obligations with maturities of ten years or more.  The Fund’s portfolio often has a longer average maturity
than is typical of most 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 concentrate 25% or more of its total assets in certain types of
municipal obligations (such as general obligations, municipal leases, revenue bonds and industrial development bonds) and in one
or more sectors (such as housing, hospitals, healthcare facilities or utilities).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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.  The portfolio manager 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.  <i>The Fund may not be suitable for investors subject to the federal alternative
minimum tax.</i></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Principal Risks</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Principal Risks</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Principal Risks</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Principal Risks</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Principal Risks</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Municipal Bond Risk.<i> </i> The amount of public information
available about municipal bonds is generally less than for corporate equities or bonds, meaning that the investment performance
of municipal bond investments may be more dependent on the analytical abilities of the investment adviser than stock or corporate
bond investments. The secondary market for municipal bonds also tends to be less well-developed and less liquid than many other
securities markets, which may limit an owner’s ability to sell its bonds at attractive prices.  The spread between the
price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress.
 Less liquid obligations can become more difficult to value and be subject to erratic price movements.  The increased
presence of non-traditional participants or the absence of traditional participants in the municipal markets may lead to greater
volatility in the markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Debt Market Risk.  Economic and other events (whether
real or perceived) can reduce the demand for investments held by the Fund, which may reduce their market prices and cause the value
of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted.  Certain securities and other investments
held by the Fund can experience downturns in trading activity and, at such times, the supply of such instruments in the market
may exceed the demand.  At other times, the demand for such instruments may exceed the supply in the market.  An imbalance
in supply and demand in the market may result in valuation uncertainties and greater volatility, less liquidity, wider trading
spreads and a lack of price transparency in the market.  No active trading market may exist for certain investments, which
may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate
such assets. Adverse market conditions may impair the liquidity of some actively traded investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Interest Rate Risk.  As interest rates rise, the value
of Fund shares is likely to decline.  Conversely, when interest rates decline, the value of Fund shares is likely to rise.
 Obligations with longer maturities generally offer higher yields, but involve greater risk because the prices of such obligations
are more sensitive to changes in interest rates than obligations with shorter maturities.  In a declining interest rate environment,
prepayments of obligations may increase if the issuer has the ability to pre-pay or “call” the obligation.  In
such circumstances, the Fund may have to reinvest the prepayment proceeds at lower yields.  Because the Fund is managed toward
an income objective, it may hold more longer-maturity obligations and thereby be more exposed to interest rate risk than municipal
income funds that are managed with a greater emphasis on total return.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Credit Risk.  Changes in economic conditions or other
circumstances may reduce the capacity of issuers of fixed income securities to make principal and interest payments and may lead
to defaults. Such defaults may reduce the value of Fund shares and income distributions.  The value of a fixed income security
also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments.
 In addition, the credit rating of securities held by the Fund may be lowered if an issuer’s financial condition changes.
 Municipal obligations may be insured as to principal and interest payments.  If the claims-paying ability or other rating
of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.  In the case of
an insured bond, the bond’s rating will be deemed to be the higher of the rating assigned to the bond’s issuer or the
insurer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Lower Rated Investments.<i> </i> Investments
rated below investment grade and comparable unrated securities (“junk bonds”) have speculative characteristics because
of the credit risk associated with their issuers.  Changes in economic conditions or other circumstances typically have a
greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers
of higher rated investments.  An economic downturn generally leads to a higher non-payment rate, and a lower rated investment
may lose significant value before a default occurs.  Lower rated investments typically are subject to greater price volatility
and illiquidity than higher rated investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Derivatives Risk. <i> </i>The use of derivatives can
lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative,
due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill
and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative
instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the
value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of
Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
 The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Leveraged Transactions.  Certain Fund transactions
may give rise to a form of leverage.  Such transactions may include, among others, the use of when-issued, delayed delivery
or forward commitment transactions, residual interest bonds, short sales and certain derivative transactions.  The Fund is
required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise
to leverage.  The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do
so to satisfy its obligations or to meet segregation requirements.  Leverage may cause the Fund to be more volatile than if
it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the
Fund’s portfolio securities.  The loss on leveraged transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Residual Interest Bonds. <i> </i>The Fund may
enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate
municipal bond.  The interest payments that the Fund receives on the residual interest bonds acquired in such transactions
vary inversely with short-term interest rates, normally decreasing when short-term rates increase.  The value and market for
residual interest bonds are volatile and such bonds may have limited liquidity.  As required by applicable accounting standards,
the Fund records interest expense on its liability with respect to floating-rate notes and also records offsetting interest income
in an amount equal to this expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Sector and Geographic Concentration Risk.  Because the
Fund will concentrate its investments in obligations issued by a particular state and may concentrate in certain sectors or types
of obligations, the value of Fund shares may be affected by events that adversely affect that state, sector or type of obligation
and may fluctuate more than that of a less concentrated fund. Please refer to the Fund's Statement of Additional Information for
state-specific economic information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risks of Principal Only Investments.  Principal only
investments entitle the holder to receive par value of such investment if held to maturity.  The values of principal only
investments are subject to greater fluctuation in response to changes in market interest rates than bonds which pay interest currently.
 The Fund will accrue income on these investments and is required to distribute that income each year.  The Fund may
be required to sell securities to obtain cash needed for such income distributions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Issuer Diversification Risk. The Fund is “non-diversified”
which means it may invest a greater percentage of its assets in the securities of a single issuer than funds that are “diversified.”
 Non-diversified funds face the risk of focusing investments in a small number of issuers, making them more susceptible to
risks affecting such issuers than a more diversified fund might be.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Tax Risk.  Income from tax-exempt municipal obligations
could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service,
or state tax authorities or non-compliant conduct of a bond issuer. A portion of the Fund’s income may be taxable to shareholders
subject to the federal alternative minimum tax.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risks Associated with Active Management.  The Fund is
an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the investment adviser
to develop and effectively implement strategies to achieve the Fund’s investment objective.  Subjective decisions made
by the investment adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.  In addition, the redemption by one or more large shareholders or
groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.  
Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value.
An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants and many securities
markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes to applicable rules
and regulations could have an adverse affect on securities markets and market participants, as well as on the Fund’s ability
to execute its investment strategy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Municipal Bond Risk.<i> </i> The amount of public information
available about municipal bonds is generally less than for corporate equities or bonds, meaning that the investment performance
of municipal bond investments may be more dependent on the analytical abilities of the investment adviser than stock or corporate
bond investments. The secondary market for municipal bonds also tends to be less well-developed and less liquid than many other
securities markets, which may limit an owner’s ability to sell its bonds at attractive prices.  The spread between the
price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress.
 Less liquid obligations can become more difficult to value and be subject to erratic price movements.  The increased
presence of non-traditional participants or the absence of traditional participants in the municipal markets may lead to greater
volatility in the markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Debt Market Risk.  Economic and other events (whether
real or perceived) can reduce the demand for investments held by the Fund, which may reduce their market prices and cause the value
of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted.  Certain securities and other investments
held by the Fund can experience downturns in trading activity and, at such times, the supply of such instruments in the market
may exceed the demand.  At other times, the demand for such instruments may exceed the supply in the market.  An imbalance
in supply and demand in the market may result in valuation uncertainties and greater volatility, less liquidity, wider trading
spreads and a lack of price transparency in the market.  No active trading market may exist for certain investments, which
may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate
such assets. Adverse market conditions may impair the liquidity of some actively traded investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Interest Rate Risk.  As interest rates rise, the value
of Fund shares is likely to decline.  Conversely, when interest rates decline, the value of Fund shares is likely to rise.
 Obligations with longer maturities generally offer higher yields, but involve greater risk because the prices of such obligations
are more sensitive to changes in interest rates than obligations with shorter maturities.  In a declining interest rate environment,
prepayments of obligations may increase if the issuer has the ability to pre-pay or “call” the obligation.  In
such circumstances, the Fund may have to reinvest the prepayment proceeds at lower yields.  Because the Fund is managed toward
an income objective, it may hold more longer-maturity obligations and thereby be more exposed to interest rate risk than municipal
income funds that are managed with a greater emphasis on total return.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Credit Risk.  Changes in economic conditions or other
circumstances may reduce the capacity of issuers of fixed income securities to make principal and interest payments and may lead
to defaults. Such defaults may reduce the value of Fund shares and income distributions.  The value of a fixed income security
also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments.
 In addition, the credit rating of securities held by the Fund may be lowered if an issuer’s financial condition changes.
 Municipal obligations may be insured as to principal and interest payments.  If the claims-paying ability or other rating
of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.  In the case of
an insured bond, the bond’s rating will be deemed to be the higher of the rating assigned to the bond’s issuer or the
insurer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Lower Rated Investments.<i> </i> Investments
rated below investment grade and comparable unrated securities (“junk bonds”) have speculative characteristics because
of the credit risk associated with their issuers.  Changes in economic conditions or other circumstances typically have a
greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers
of higher rated investments.  An economic downturn generally leads to a higher non-payment rate, and a lower rated investment
may lose significant value before a default occurs.  Lower rated investments typically are subject to greater price volatility
and illiquidity than higher rated investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Derivatives Risk. <i> </i>The use of derivatives can
lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative,
due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill
and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative
instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the
value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of
Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
 The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Leveraged Transactions.  Certain Fund transactions
may give rise to a form of leverage.  Such transactions may include, among others, the use of when-issued, delayed delivery
or forward commitment transactions, residual interest bonds, short sales and certain derivative transactions.  The Fund is
required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise
to leverage.  The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do
so to satisfy its obligations or to meet segregation requirements.  Leverage may cause the Fund to be more volatile than if
it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the
Fund’s portfolio securities.  The loss on leveraged transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Residual Interest Bonds. <i> </i>The Fund may
enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate
municipal bond.  The interest payments that the Fund receives on the residual interest bonds acquired in such transactions
vary inversely with short-term interest rates, normally decreasing when short-term rates increase.  The value and market for
residual interest bonds are volatile and such bonds may have limited liquidity.  As required by applicable accounting standards,
the Fund records interest expense on its liability with respect to floating-rate notes and also records offsetting interest income
in an amount equal to this expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Sector and Geographic Concentration Risk.  Because the
Fund will concentrate its investments in obligations issued by a particular state and may concentrate in certain sectors or types
of obligations, the value of Fund shares may be affected by events that adversely affect that state, sector or type of obligation
and may fluctuate more than that of a less concentrated fund. Please refer to the Fund's Statement of Additional Information for
state-specific economic information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risks of Principal Only Investments.  Principal only
investments entitle the holder to receive par value of such investment if held to maturity.  The values of principal only
investments are subject to greater fluctuation in response to changes in market interest rates than bonds which pay interest currently.
 The Fund will accrue income on these investments and is required to distribute that income each year.  The Fund may
be required to sell securities to obtain cash needed for such income distributions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Issuer Diversification Risk. The Fund is “non-diversified”
which means it may invest a greater percentage of its assets in the securities of a single issuer than funds that are “diversified.”
 Non-diversified funds face the risk of focusing investments in a small number of issuers, making them more susceptible to
risks affecting such issuers than a more diversified fund might be.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Tax Risk.  Income from tax-exempt municipal obligations
could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service,
or state tax authorities or non-compliant conduct of a bond issuer. A portion of the Fund’s income may be taxable to shareholders
subject to the federal alternative minimum tax.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risks Associated with Active Management.  The Fund is
an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the investment adviser
to develop and effectively implement strategies to achieve the Fund’s investment objective.  Subjective decisions made
by the investment adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.  In addition, the redemption by one or more large shareholders or
groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.  Investors
in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person.  Mutual funds, investment advisers, other market participants and many securities markets
are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes to applicable rules and regulations
could have an adverse affect on securities markets and market participants, as well as on the Fund’s ability to execute its
investment strategy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Municipal Bond Risk.<i> </i> The amount of public information
available about municipal bonds is generally less than for corporate equities or bonds, meaning that the investment performance
of municipal bond investments may be more dependent on the analytical abilities of the investment adviser than stock or corporate
bond investments. The secondary market for municipal bonds also tends to be less well-developed and less liquid than many other
securities markets, which may limit an owner’s ability to sell its bonds at attractive prices.  The spread between the
price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress.
 Less liquid obligations can become more difficult to value and be subject to erratic price movements.  The increased
presence of non-traditional participants or the absence of traditional participants in the municipal markets may lead to greater
volatility in the markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Debt Market Risk.  Economic and other events (whether
real or perceived) can reduce the demand for investments held by the Fund, which may reduce their market prices and cause the value
of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted.  Certain securities and other investments
held by the Fund can experience downturns in trading activity and, at such times, the supply of such instruments in the market
may exceed the demand.  At other times, the demand for such instruments may exceed the supply in the market.  An imbalance
in supply and demand in the market may result in valuation uncertainties and greater volatility, less liquidity, wider trading
spreads and a lack of price transparency in the market.  No active trading market may exist for certain investments, which
may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate
such assets. Adverse market conditions may impair the liquidity of some actively traded investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Interest Rate Risk.  As interest rates rise, the value
of Fund shares is likely to decline.  Conversely, when interest rates decline, the value of Fund shares is likely to rise.
 Obligations with longer maturities generally offer higher yields, but involve greater risk because the prices of such obligations
are more sensitive to changes in interest rates than obligations with shorter maturities.  In a declining interest rate environment,
prepayments of obligations may increase if the issuer has the ability to pre-pay or “call” the obligation.  In
such circumstances, the Fund may have to reinvest the prepayment proceeds at lower yields.  Because the Fund is managed toward
an income objective, it may hold more longer-maturity obligations and thereby be more exposed to interest rate risk than municipal
income funds that are managed with a greater emphasis on total return.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Credit Risk.  Changes in economic conditions or other
circumstances may reduce the capacity of issuers of fixed income securities to make principal and interest payments and may lead
to defaults. Such defaults may reduce the value of Fund shares and income distributions.  The value of a fixed income security
also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments.
 In addition, the credit rating of securities held by the Fund may be lowered if an issuer’s financial condition changes.
 Municipal obligations may be insured as to principal and interest payments.  If the claims-paying ability or other rating
of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.  In the case of
an insured bond, the bond’s rating will be deemed to be the higher of the rating assigned to the bond’s issuer or the
insurer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Lower Rated Investments.<i> </i> Investments
rated below investment grade and comparable unrated securities (“junk bonds”) have speculative characteristics because
of the credit risk associated with their issuers.  Changes in economic conditions or other circumstances typically have a
greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers
of higher rated investments.  An economic downturn generally leads to a higher non-payment rate, and a lower rated investment
may lose significant value before a default occurs.  Lower rated investments typically are subject to greater price volatility
and illiquidity than higher rated investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Derivatives Risk. <i> </i>The use of derivatives can
lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative,
due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill
and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative
instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the
value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of
Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
 The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Leveraged Transactions.  Certain Fund transactions
may give rise to a form of leverage.  Such transactions may include, among others, the use of when-issued, delayed delivery
or forward commitment transactions, residual interest bonds, short sales and certain derivative transactions.  The Fund is
required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise
to leverage.  The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do
so to satisfy its obligations or to meet segregation requirements.  Leverage may cause the Fund to be more volatile than if
it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the
Fund’s portfolio securities.  The loss on leveraged transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Residual Interest Bonds. <i> </i>The Fund may
enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate
municipal bond.  The interest payments that the Fund receives on the residual interest bonds acquired in such transactions
vary inversely with short-term interest rates, normally decreasing when short-term rates increase.  The value and market for
residual interest bonds are volatile and such bonds may have limited liquidity.  As required by applicable accounting standards,
the Fund records interest expense on its liability with respect to floating-rate notes and also records offsetting interest income
in an amount equal to this expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Sector and Geographic Concentration Risk.  Because the
Fund may concentrate its investments in certain types of municipal obligations and in certain sectors, the value of Fund shares
may be affected by events that adversely affect that sector or type of obligation and may fluctuate more than that of a less concentrated
fund. General obligation bonds issued by municipalities are adversely affected by economic downturns and the resulting decline
in tax revenues.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risks of Principal Only Investments.  Principal only
investments entitle the holder to receive par value of such investment if held to maturity.  The values of principal only
investments are subject to greater fluctuation in response to changes in market interest rates than bonds which pay interest currently.
 The Fund will accrue income on these investments and is required to distribute that income each year.  The Fund may
be required to sell securities to obtain cash needed for such income distributions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Tax Risk.  Income from tax-exempt municipal obligations
could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or
non-compliant conduct of a bond issuer. A portion of the Fund’s income may be taxable to shareholders subject to the federal
alternative minimum tax.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risks Associated with Active Management.  The Fund is
an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the investment adviser
to develop and effectively implement strategies to achieve the Fund’s investment objective.  Subjective decisions made
by the investment adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.   In addition, the redemption by one or more large shareholders
or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.
  Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines
in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants
and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes
to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the
Fund’s ability to execute its investment strategy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Municipal Bond Risk.<i> </i> The amount of public information
available about municipal bonds is generally less than for corporate equities or bonds, meaning that the investment performance
of municipal bond investments may be more dependent on the analytical abilities of the investment adviser than stock or corporate
bond investments. The secondary market for municipal bonds also tends to be less well-developed and less liquid than many other
securities markets, which may limit an owner’s ability to sell its bonds at attractive prices.  The spread between the
price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress.
 Less liquid obligations can become more difficult to value and be subject to erratic price movements.  The increased
presence of non-traditional participants or the absence of traditional participants in the municipal markets may lead to greater
volatility in the markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Debt Market Risk.  Economic and other events (whether
real or perceived) can reduce the demand for investments held by the Fund, which may reduce their market prices and cause the value
of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted.  Certain securities and other investments
held by the Fund can experience downturns in trading activity and, at such times, the supply of such instruments in the market
may exceed the demand.  At other times, the demand for such instruments may exceed the supply in the market.  An imbalance
in supply and demand in the market may result in valuation uncertainties and greater volatility, less liquidity, wider trading
spreads and a lack of price transparency in the market.  No active trading market may exist for certain investments, which
may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate
such assets. Adverse market conditions may impair the liquidity of some actively traded investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Interest Rate Risk.  As interest rates rise, the value
of Fund shares is likely to decline.  Conversely, when interest rates decline, the value of Fund shares is likely to rise.
 Obligations with longer maturities generally offer higher yields, but involve greater risk because the prices of such obligations
are more sensitive to changes in interest rates than obligations with shorter maturities.  In a declining interest rate environment,
prepayments of obligations may increase if the issuer has the ability to pre-pay or “call” the obligation.  In
such circumstances, the Fund may have to reinvest the prepayment proceeds at lower yields.  Because the Fund is managed toward
an income objective, it may hold more longer-maturity obligations and thereby be more exposed to interest rate risk than municipal
income funds that are managed with a greater emphasis on total return.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Credit Risk.  Changes in economic conditions or other
circumstances may reduce the capacity of issuers of fixed income securities to make principal and interest payments and may lead
to defaults. Such defaults may reduce the value of Fund shares and income distributions.  The value of a fixed income security
also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments.
 In addition, the credit rating of securities held by the Fund may be lowered if an issuer’s financial condition changes.
 Municipal obligations may be insured as to principal and interest payments.  If the claims-paying ability or other rating
of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.  In the case of
an insured bond, the bond’s rating will be deemed to be the higher of the rating assigned to the bond’s issuer or the
insurer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Lower Rated Investments.<i> </i> Investments
rated below investment grade and comparable unrated securities (“junk bonds”) have speculative characteristics because
of the credit risk associated with their issuers.  Changes in economic conditions or other circumstances typically have a
greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers
of higher rated investments.  An economic downturn generally leads to a higher non-payment rate, and a lower rated investment
may lose significant value before a default occurs.  Lower rated investments typically are subject to greater price volatility
and illiquidity than higher rated investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Derivatives Risk. <i> </i>The use of derivatives can
lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative,
due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill
and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative
instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the
value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of
Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
 The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Leveraged Transactions.  Certain Fund transactions
may give rise to a form of leverage.  Such transactions may include, among others, the use of when-issued, delayed delivery
or forward commitment transactions, residual interest bonds, short sales and certain derivative transactions.  The Fund is
required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise
to leverage.  The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do
so to satisfy its obligations or to meet segregation requirements.  Leverage may cause the Fund to be more volatile than if
it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the
Fund’s portfolio securities.  The loss on leveraged transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Residual Interest Bonds. <i> </i>The Fund may
enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate
municipal bond.  The interest payments that the Fund receives on the residual interest bonds acquired in such transactions
vary inversely with short-term interest rates, normally decreasing when short-term rates increase.  The value and market for
residual interest bonds are volatile and such bonds may have limited liquidity.  As required by applicable accounting standards,
the Fund records interest expense on its liability with respect to floating-rate notes and also records offsetting interest income
in an amount equal to this expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Sector and Geographic Concentration Risk.  Because the
Fund will concentrate its investments in obligations issued by a particular state and may concentrate in certain sectors or types
of obligations, the value of Fund shares may be affected by events that adversely affect that state, sector or type of obligation
and may fluctuate more than that of a less concentrated fund. Please refer to the Fund's Statement of Additional Information for
state-specific economic information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risks of Principal Only Investments.  Principal only
investments entitle the holder to receive par value of such investment if held to maturity.  The values of principal only
investments are subject to greater fluctuation in response to changes in market interest rates than bonds which pay interest currently.
 The Fund will accrue income on these investments and is required to distribute that income each year.  The Fund may
be required to sell securities to obtain cash needed for such income distributions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Issuer Diversification Risk. The Fund is “non-diversified”
which means it may invest a greater percentage of its assets in the securities of a single issuer than funds that are “diversified.”
 Non-diversified funds face the risk of focusing investments in a small number of issuers, making them more susceptible to
risks affecting such issuers than a more diversified fund might be.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Tax Risk.  Income from tax-exempt municipal obligations
could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service,
or state tax authorities or non-compliant conduct of a bond issuer. A portion of the Fund’s income may be taxable to shareholders
subject to the federal alternative minimum tax.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risks Associated with Active Management.  The Fund is
an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the investment adviser
to develop and effectively implement strategies to achieve the Fund’s investment objective.  Subjective decisions made
by the investment adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.   In addition, the redemption by one or more large shareholders
or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.
  Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines
in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants
and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes
to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the
Fund’s ability to execute its investment strategy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Municipal Bond Risk.<i> </i> The amount of public information
available about municipal bonds is generally less than for corporate equities or bonds, meaning that the investment performance
of municipal bond investments may be more dependent on the analytical abilities of the investment adviser than stock or corporate
bond investments. The secondary market for municipal bonds also tends to be less well-developed and less liquid than many other
securities markets, which may limit an owner’s ability to sell its bonds at attractive prices.  The spread between the
price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress.
 Less liquid obligations can become more difficult to value and be subject to erratic price movements.  The increased
presence of non-traditional participants or the absence of traditional participants in the municipal markets may lead to greater
volatility in the markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Debt Market Risk.  Economic and other events (whether
real or perceived) can reduce the demand for investments held by the Fund, which may reduce their market prices and cause the value
of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted.  Certain securities and other investments
held by the Fund can experience downturns in trading activity and, at such times, the supply of such instruments in the market
may exceed the demand.  At other times, the demand for such instruments may exceed the supply in the market.  An imbalance
in supply and demand in the market may result in valuation uncertainties and greater volatility, less liquidity, wider trading
spreads and a lack of price transparency in the market.  No active trading market may exist for certain investments, which
may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate
such assets. Adverse market conditions may impair the liquidity of some actively traded investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Interest Rate Risk.  As interest rates rise, the value
of Fund shares is likely to decline.  Conversely, when interest rates decline, the value of Fund shares is likely to rise.
 Obligations with longer maturities generally offer higher yields, but involve greater risk because the prices of such obligations
are more sensitive to changes in interest rates than obligations with shorter maturities.  In a declining interest rate environment,
prepayments of obligations may increase if the issuer has the ability to pre-pay or “call” the obligation.  In
such circumstances, the Fund may have to reinvest the prepayment proceeds at lower yields.  Because the Fund is managed toward
an income objective, it may hold more longer-maturity obligations and thereby be more exposed to interest rate risk than municipal
income funds that are managed with a greater emphasis on total return.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Credit Risk.  Changes in economic conditions or other
circumstances may reduce the capacity of issuers of fixed income securities to make principal and interest payments and may lead
to defaults. Such defaults may reduce the value of Fund shares and income distributions.  The value of a fixed income security
also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments.
 In addition, the credit rating of securities held by the Fund may be lowered if an issuer’s financial condition changes.
 Municipal obligations may be insured as to principal and interest payments.  If the claims-paying ability or other rating
of the insurer is downgraded by a rating agency, the value of such obligations may be negatively affected.  In the case of
an insured bond, the bond’s rating will be deemed to be the higher of the rating assigned to the bond’s issuer or the
insurer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Lower Rated Investments.<i> </i> Investments
rated below investment grade and comparable unrated securities (“junk bonds”) have speculative characteristics because
of the credit risk associated with their issuers.  Changes in economic conditions or other circumstances typically have a
greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers
of higher rated investments.  An economic downturn generally leads to a higher non-payment rate, and a lower rated investment
may lose significant value before a default occurs.  Lower rated investments typically are subject to greater price volatility
and illiquidity than higher rated investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Derivatives Risk. <i> </i>The use of derivatives can
lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative,
due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill
and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative
instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the
value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of
Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
 The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Leveraged Transactions.  Certain Fund transactions
may give rise to a form of leverage.  Such transactions may include, among others, the use of when-issued, delayed delivery
or forward commitment transactions, residual interest bonds, short sales and certain derivative transactions.  The Fund is
required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise
to leverage.  The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do
so to satisfy its obligations or to meet segregation requirements.  Leverage may cause the Fund to be more volatile than if
it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the
Fund’s portfolio securities.  The loss on leveraged transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risk of Residual Interest Bonds. <i> </i>The Fund may
enter into residual interest bond transactions, which expose the Fund to leverage and greater risk than an investment in a fixed-rate
municipal bond.  The interest payments that the Fund receives on the residual interest bonds acquired in such transactions
vary inversely with short-term interest rates, normally decreasing when short-term rates increase.  The value and market for
residual interest bonds are volatile and such bonds may have limited liquidity.  As required by applicable accounting standards,
the Fund records interest expense on its liability with respect to floating-rate notes and also records offsetting interest income
in an amount equal to this expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Sector and Geographic Concentration Risk.  Because the
Fund will concentrate its investments in obligations issued by a particular state and may concentrate in certain sectors or types
of obligations, the value of Fund shares may be affected by events that adversely affect that state, sector or type of obligation
and may fluctuate more than that of a less concentrated fund. Please refer to the Fund's Statement of Additional Information for
state-specific economic information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risks of Principal Only Investments.  Principal only
investments entitle the holder to receive par value of such investment if held to maturity.  The values of principal only
investments are subject to greater fluctuation in response to changes in market interest rates than bonds which pay interest currently.
 The Fund will accrue income on these investments and is required to distribute that income each year.  The Fund may
be required to sell securities to obtain cash needed for such income distributions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Issuer Diversification Risk. The Fund is “non-diversified”
which means it may invest a greater percentage of its assets in the securities of a single issuer than funds that are “diversified.”
 Non-diversified funds face the risk of focusing investments in a small number of issuers, making them more susceptible to
risks affecting such issuers than a more diversified fund might be.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Tax Risk.  Income from tax-exempt municipal obligations
could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service,
or state tax authorities or non-compliant conduct of a bond issuer. A portion of the Fund’s income may be taxable to shareholders
subject to the federal alternative minimum tax.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Risks Associated with Active Management.  The Fund is
an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the investment adviser
to develop and effectively implement strategies to achieve the Fund’s investment objective.  Subjective decisions made
by the investment adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective .  In addition, the redemption by one or more large shareholders
or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund
.  Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines
in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants
and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes
to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the
Fund’s ability to execute its investment strategy.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Performance</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Performance</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Performance</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Performance</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 2.4pt 0">Performance</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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 two broad-based securities market indices.  The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
 Past performance (both before and after taxes) is no guarantee of future results.  Updated Fund performance information
can be obtained by visiting www.eatonvance.com.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 1.8pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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 two broad-based securities market indices.  The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
 Past performance (both before and after taxes) is no guarantee of future results.  Updated Fund performance information
can be obtained by visiting www.eatonvance.com.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 1.8pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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 two broad-based securities market indices.  If the sales charge was
reflected, the returns would be lower.  Returns in the table for Class A shares are shown before and after the reduction of
taxes.  Past performance (both before and after taxes) is no guarantee of future results.  Updated Fund performance information
can be obtained by visiting www.eatonvance.com.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 1.8pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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 how the Fund’s
average annual returns over time compare with those of two broad-based securities market indices.  The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
 Past performance (both before and after taxes) is no guarantee of future results.  Updated Fund performance information
can be obtained by visiting www.eatonvance.com.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 1.8pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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 two broad-based securities market indices.  The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be
lower.  Past performance (both before and after taxes) is no guarantee of future results.  Updated Fund performance
information can be obtained by visiting www.eatonvance.com.  </p>
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<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)</p>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact EVMT_S000004860Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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EACAX
ECCAX
EICAX
ETMAX
ECMMX
EIMAX
EANAX
EVHMX
ECHMX
EIHMX
ETNYX
EVNYX
ECNYX
EINYX
ETOHX
ECOHX
EIOHX
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<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">During the ten years ended December 31, 2012 , the highest
quarterly total return for Class A was 12.25% for the quarter ended September 30, 2009, and the lowest quarterly return was –10.81%
for the quarter ended December 31, 2008.  For the 30 days ended September 30, 2012 , the SEC yield and SEC tax-equivalent
yield (assuming a combined state and federal income tax rate of 41.70%) for Class A shares were 2.27 % and 3.89 %, respectively,
for Class C shares were 1.64 % and 2.81 %, respectively, and for Class I shares were 2.63 % and 4.51 %, respectively.  A lower
tax rate would result in lower tax-equivalent yields.  For current yield information call 1-800-262-1122.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">During the ten years ended December 31, 2012 , the highest
quarterly total return for Class A was 12.48% for the quarter ended September 30, 2009, and the lowest quarterly return was –11.18%
for the quarter ended December 31, 2008.  For the 30 days ended September 30, 2012 , the SEC yield and SEC tax-equivalent
yield (assuming a combined state and federal income tax rate of 38.45%) for Class A shares were 2.28 % and 3.70 %, respectively,
for Class C shares were 1.66 % and 2.70 %, respectively, and for Class I shares were 2.60 % and 4.22 %, respectively.  A lower
tax rate would result in lower tax-equivalent yields.  For current yield information call 1-800-262-1122.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 1.8pt 0"></p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">During the ten years ended December 31, 2012 , the highest
quarterly total return for Class A was 16. 49 % for the quarter ended September 30, 2009, and the lowest quarterly return was –18.
78 % for the quarter ended December 31, 2008.  For the 30 days ended September 30, 2012 , the SEC yield and SEC tax-equivalent
yield (assuming a federal income tax rate of 35.00%) for Class A shares were 3.37 % and 5.18 %, respectively, for Class B and Class
C shares were 2.80 % and 4.31 %, respectively, and for Class I shares were 3.79 % and 5.83 %, respectively.  A lower tax rate
would result in lower tax-equivalent yields.  For current yield information call 1-800-262-1122.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">During the ten years ended December 31, 2012 , the highest
quarterly total return for Class A was 11. 96 % for the quarter ended September 30, 2009, and the lowest quarterly return was –14.
68 % for the quarter ended December 31,2008.  For the 30 days ended September 30, 2012 , the SEC yield and SEC tax-equivalent
yield (assuming a combined state and federal income tax rate of 40. 73 %) for Class A shares were 2.43 % and 4.10 %, respectively,
for Class B and Class C shares were 1.82 % and 3.07 %, respectively, and for Class I shares were 2.76 % and 4.66 %, respectively.
 A lower tax rate would result in lower tax-equivalent yields.  For current yield information call 1-800-262-1122.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">During the ten years ended December 31, 2012 , the highest
quarterly total return for Class A was  10.91% for the quarter ended September 30, 2009, and the lowest quarterly return was
-7.44% for the quarter ended December 31, 2010.  For the 30 days ended September 30, 2012 , the SEC yield and SEC tax-equivalent
yield (assuming a combined state and federal income tax rate of 38.85%) for Class A shares were 2.39 % and 3.91 %, respectively,
for Class C shares were 1.75 % and 2.86 %, respectively, and for Class I shares were 2.70 % and 4.42 %, respectively.  A lower
tax rate would result in lower tax-equivalent yields.  For current yield information call 1-800-262-1122.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">These returns reflect the maximum sales charge for Class
A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C.  The Class C performance shown
above for the period prior to August 31, 2004 (commencement of operations) is the performance of Class B shares, which has since
converted into another share class , adjusted for the sales charge that applies to Class C shares (but not adjusted for any other
differences in the expenses of the two classes) and the Class I performance shown above for the period prior to March 3, 2008 (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 other expenses, returns would be different.  Investors cannot invest directly in an
Index.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">After-tax returns are calculated using the highest historical
individual 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 for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.
 After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.  Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period.  Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater
than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">These returns reflect the maximum sales charge for Class
A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C.  The Class C performance shown
above for the period prior to May 2, 2006 (commencement of operations) is the performance of Class B shares, which has since converted
into another share class , adjusted for the sales charge that applies to Class C shares (but not adjusted for any other differences
in the expenses of the two classes).  If adjusted for other expenses, returns would be different.  Investors cannot invest
directly in an Index.  </p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">After-tax returns are calculated using the highest historical
individual 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 for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.
 After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.  Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period.  Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater
than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">These returns reflect the maximum sales charge for Class
A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class B and Class C.  Investors cannot
invest directly in an Index.  </p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">After-tax returns are calculated using the highest historical
individual 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 for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.
 After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.  Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period.  Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater
than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 1.8pt"> </p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">These returns reflect the maximum sales charge for Class
A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class B and Class C.  The Class C performance
shown above for the period prior to September 30, 2003 (commencement of operations) is the performance of Class B shares, which
has since converted into another share class, adjusted for the sales charge that applies to Class C shares (but not adjusted for
any other differences in the expenses of the two classes) and the Class I performance shown above for the period prior to March
3, 2008 (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 other expenses, returns would be different.  Investors cannot invest
directly in an Index.  </p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">After-tax returns are calculated using the highest historical
individual 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 for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.
 After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.  Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period.  Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater
than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">These returns reflect the maximum sales charge for Class
A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C.  The Class C performance shown
above for the period prior to February 3, 2006 (commencement of operations) is the performance of Class B shares, which has since
converted into another share class , adjusted for the sales charge that applies to Class C shares (but not adjusted for any other
differences in the expenses of the two classes) and the Class I performance shown above for the period prior to August 3, 2010
(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 other expenses, returns would be different.  Investors cannot invest
directly in an Index.  </p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">After-tax returns are calculated using the highest historical
individual 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 for shareholders who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.
 After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.  Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period.  Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater
than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.</p>
0.0475
0
0
0.0475
0
0
0.0475
0
0
0
0.0475
0
0
0
0.0475
0
0
0
0.0100
0
0
0.0100
0
0
0.0500
0.0100
0
0
0.0500
0.0100
0
0
0.0100
0
0.0044
0.0044
0.0044
0.0039
0.0039
0.0039
0.0034
0.0034
0.0034
0.0034
0.0042
0.0042
0.0042
0.0042
0.0040
0.0040
0.0040
0.0025
0.0100
0
0.0020
0.0095
0
0.0025
0.0100
0.0100
0
0.0020
0.0095
0.0095
0
0.0020
0.0095
0
0.0006
0.0006
0.0006
0.0008
0.0008
0.0008
0.0011
0.0011
0.0011
0.0011
0.0008
0.0008
0.0008
0.0008
0.0003
0.0003
0.0003
0.0015
0.0015
0.0015
0.0015
0.0015
0.0015
0.0008
0.0008
0.0008
0.0008
0.0014
0.0014
0.0013
0.0013
0.0013
0.0013
0.0013
0.0021
0.0021
0.0021
0.0023
0.0023
0.0023
0.0019
0.0019
0.0019
0.0019
0.0022
0.0022
0.0021
0.0021
0.0016
0.0016
0.0016
0.0090
0.0165
0.0065
0.0082
0.0157
0.0062
0.0078
0.0153
0.0153
0.0053
0.0084
0.0159
0.0158
0.0063
0.0076
0.0151
0.0056
562
268
66
555
260
63
551
656
256
54
557
662
261
64
549
254
57
748
520
208
724
496
199
712
883
483
170
730
902
499
202
706
477
179
950
897
362
908
855
346
888
1034
834
296
919
1066
860
351
877
824
313
1530
1955
810
1440
1867
774
1395
1621
1824
665
1463
1688
1878
786
1372
1802
701
562
168
66
555
160
63
551
156
156
54
557
162
161
64
549
154
57
748
520
208
724
496
199
712
483
483
170
730
502
499
202
706
477
179
950
897
362
908
855
346
888
834
834
296
919
866
860
351
877
824
313
1530
1955
810
1440
1867
774
1395
1621
1824
665
1463
1688
1878
786
1372
1802
701
0.0525
0.0575
0.0909
0.0679
0.0746
0.0376
0.0407
0.0656
0.0370
0.0531
0.0500
0.0433
0.0775
0.0360
0.0499
0.0646
0.0767
0.1017
0.0713
0.0686
-0.0029
-0.0276
-0.0277
-0.0100
0.0058
-0.1873
-0.1995
-0.3106
-0.2332
-0.1394
0.2479
0.2714
0.3978
0.3354
0.2367
-0.0114
0.0014
-0.0114
0.0026
-0.0215
0.1240
0.1368
0.1172
0.1273
0.1127
0.1100
0.1054
0.1422
0.1067
0.0993
0.0678
0.0578
0.0578
0.0507
0.1001
0.0918
0.1126
0.0678
0.0529
0.0526
0.0476
0.1001
0.0872
0.1077
0.0678
0.0878
0.0870
0.0733
0.1126
0.0837
0.1237
0.1450
0.0678
0.0545
0.0546
0.0499
0.1001
0.0495
0.0896
0.1101
0.0678
0.0476
0.0475
0.0445
0.1001
0.0823
0.1027
0.0590
0.0356
0.0355
0.0363
0.0681
0.0381
0.0484
0.0590
0.0405
0.0405
0.0407
0.0681
0.0428
0.0526
0.0590
0.0298
0.0296
0.0321
0.0635
0.0287
0.0320
0.0422
0.0590
0.0405
0.0404
0.0408
0.0681
0.0396
0.0431
0.0526
0.0590
0.0393
0.0393
0.0394
0.0681
0.0417
0.0507
0.0510
0.0378
0.0374
0.0384
0.0601
0.0361
0.0442
0.0510
0.0390
0.0390
0.0396
0.0601
0.0365
0.0464
0.0510
0.0450
0.0449
0.0457
0.0583
0.0430
0.0423
0.0527
0.0510
0.0403
0.0399
0.0407
0.0601
0.0386
0.0362
0.0463
0.0510
0.0447
0.0446
0.0446
0.0601
0.0422
0.0504
0.23
0.22
0.59
0.13
0.09
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">You may qualify for a reduced sales charge if you invest, or agree to
invest over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is
available from your financial intermediary and in Sales Charges beginning on page 35 of this Prospectus and page 20 of the Fund’s
Statement of Additional Information.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">You may qualify for a reduced sales charge if you invest, or agree to
invest over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is
available from your financial intermediary and in Sales Charges beginning on page 35 of this Prospectus and page 20 of the Fund’s
Statement of Additional Information.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">You may qualify for a reduced sales charge if you invest, or agree to
invest over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is
available from your financial intermediary and in Sales Charges beginning on page 35 of this Prospectus and page 20 of the Fund’s
Statement of Additional Information.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">You may qualify for a reduced sales charge if you invest, or agree to
invest over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is
available from your financial intermediary and in Sales Charges beginning on page 35 of this Prospectus and page 20 of the Fund’s
Statement of Additional Information.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">You may qualify for a reduced sales charge if you invest, or agree to
invest over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is
available from your financial intermediary and in Sales Charges beginning on page 35 of this Prospectus and page 20 of the Fund’s
Statement of Additional Information.  </p>
50000
50000
50000
50000
50000
Under normal market circumstances, the Fund invests at least
80% of its net assets in municipal obligations that are exempt from regular federal income tax and the state taxes specified in
the Fund’s investment objective (the “80% Policy”).  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 Standard & Poor’s Ratings Group (“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 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 the rating agencies,
the higher rating is used.  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.  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 and Guam.  The Fund is “non-diversified” and may invest, with respect to 50% of
its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do
not apply to U.S. Government 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.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Under normal market circumstances, the Fund invests at least
80% of its net assets in municipal obligations that are exempt from regular federal income tax and the state taxes specified in
the Fund’s investment objective (the “80% Policy”).  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 Standard & Poor’s Ratings Group (“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 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 the rating agencies,
the higher rating is used.  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.  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 and Guam.  The Fund is “non-diversified” and may invest, with respect to 50% of
its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do
not apply to U.S. Government 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Under normal market circumstances, the Fund invests at least
80% of its net assets in municipal obligations, the interest on which is exempt from regular federal income tax which, in accordance
with the Fund’s investment objective, the Fund seeks to avoid (the “80% Policy”).  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 Standard &
Poor’s Ratings Group (“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 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 the rating agencies, the higher rating is used.  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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Under normal market circumstances, the Fund invests at least
80% of its net assets in municipal obligations that are exempt from regular federal income tax and the state taxes specified in
the Fund’s investment objective (the “80% Policy”).  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 Standard & Poor’s Ratings Group (“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 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 the rating agencies,
the higher rating is used.  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.  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 and Guam.  The Fund is “non-diversified” and may invest, with respect to 50% of
its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do
not apply to U.S. Government 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Under normal market circumstances, the Fund invests at least
80% of its net assets in municipal obligations that are exempt from regular federal income tax and the state taxes specified in
the Fund’s investment objective (the “80% Policy”).  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 Standard & Poor’s Ratings Group (“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 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 the rating agencies,
the higher rating is used.  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.  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 and Guam.  The Fund is “non-diversified” and may invest, with respect to 50% of
its total assets, more than 5% (but not more than 25%) of its total assets in securities of any one issuer (such limitations do
not apply to U.S. Government 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Issuer Diversification Risk. The Fund is “non-diversified”
which means it may invest a greater percentage of its assets in the securities of a single issuer than funds that are “diversified.”
 Non-diversified funds face the risk of focusing investments in a small number of issuers, making them more susceptible to
risks affecting such issuers than a more diversified fund might be.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Issuer Diversification Risk. The Fund is “non-diversified”
which means it may invest a greater percentage of its assets in the securities of a single issuer than funds that are “diversified.”
 Non-diversified funds face the risk of focusing investments in a small number of issuers, making them more susceptible to
risks affecting such issuers than a more diversified fund might be.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Issuer Diversification Risk. The Fund is “non-diversified”
which means it may invest a greater percentage of its assets in the securities of a single issuer than funds that are “diversified.”
 Non-diversified funds face the risk of focusing investments in a small number of issuers, making them more susceptible to
risks affecting such issuers than a more diversified fund might be.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">Issuer Diversification Risk. The Fund is “non-diversified”
which means it may invest a greater percentage of its assets in the securities of a single issuer than funds that are “diversified.”
 Non-diversified funds face the risk of focusing investments in a small number of issuers, making them more susceptible to
risks affecting such issuers than a more diversified fund might be.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0"> The Fund is not a complete
investment program and you may lose money by investing in the Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0"> The Fund is not a complete
investment program and you may lose money by investing in the Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0"> The Fund is not a complete
investment program and you may lose money by investing in the Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0"> The Fund is not a complete
investment program and you may lose money by investing in the Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0"> The Fund is not a complete
investment program and you may lose money by investing in the Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency, entity or person. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency, entity or person. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency, entity or person. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency, entity or person. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency, entity or person. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0"> If the sales charge was reflected, the returns would be lower.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
</p>
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
Past performance (both before and after taxes) is no guarantee of future results.
Past performance (both before and after taxes) is no guarantee of future results.
Past performance (both before and after taxes) is no guarantee of future results.
Past performance (both before and after taxes) is no guarantee of future results.
Past performance (both before and after taxes) is no guarantee of future results.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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 two broad-based securities market indices.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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 two broad-based securities market indices.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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 two broad-based securities market indices.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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 two broad-based securities market indices.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">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 two broad-based securities market indices.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">During the ten years ended December 31, 2012 , the highest
quarterly total return for Class A was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">During the ten years ended December 31, 2012 , the highest
quarterly total return for Class A was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">During the ten years ended December 31, 2012 , the highest
quarterly total return for Class A was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">During the ten years ended December 31, 2012 , the highest
quarterly total return for Class A was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">During the ten years ended December 31, 2012 , the highest
quarterly total return for Class A was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">and the lowest quarterly return was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">and the lowest quarterly return was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">and the lowest quarterly return was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">and the lowest quarterly return was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 1.8pt 0">and the lowest quarterly return was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">For current yield
information call 1-800-262-1122.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">For current yield
information call 1-800-262-1122.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">For current yield
information call 1-800-262-1122.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">For current yield
information call 1-800-262-1122.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">For current yield
information call 1-800-262-1122.</p>
2009-09-30
2009-09-30
2009-09-30
2009-09-30
2009-09-30
0.1225
0.1248
0.1649
0.1196
0.1091
2008-12-31
2008-12-31
2008-12-31
2008-12-31
2010-12-31
-0.1081
-0.1118
-0.1878
-0.1468
-0.0744
0.0227
0.0164
0.0263
0.0228
0.0166
0.0260
0.0337
0.0280
0.0280
0.0379
0.0243
0.0182
0.0182
0.0276
0.0239
0.0175
0.0270
0.0389
0.0281
0.0451
0.0370
0.0270
0.0422
0.0518
0.0431
0.0431
0.0583
0.0410
0.0307
0.0307
0.0466
0.0391
0.0286
0.0442
After-tax returns are calculated using the highest historical individual federal
income tax rates 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 calculated using the highest historical individual federal
income tax rates 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 calculated using the highest historical individual federal
income tax rates 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 calculated using the highest historical individual federal
income tax rates 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 calculated using the highest historical individual federal
income tax rates 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 are not relevant to shareholders who hold shares in
tax-deferred accounts or to shares held by non-taxable entities.
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 are not relevant to shareholders who hold shares in
tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns are not relevant to shareholders who hold shares in
tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns for other Classes of shares will vary from the after-tax returns
presented for Class A shares.
After-tax returns for other Classes of shares will vary from the after-tax returns
presented for Class A shares.
After-tax returns for other Classes of shares will vary from the after-tax returns
presented for Class A shares.
After-tax returns for other Classes of shares will vary from the after-tax returns
presented for Class A shares.
After-tax returns for other Classes of shares will vary from the after-tax returns
presented for Class A shares.
Return After Taxes on Distributions for a period may be the same as Return
Before Taxes for a 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 After Taxes on Distributions for
the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return
Before Taxes for a 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 After Taxes on Distributions for
the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return
Before Taxes for a 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 After Taxes on Distributions for
the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return
Before Taxes for a 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 After Taxes on Distributions for
the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return
Before Taxes for a 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 After Taxes on Distributions for
the same period because of losses realized on the sale of Fund shares.