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EATON VANCE MUNICIPALS TRUST II
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N-1A
You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges on page 24 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.
You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 24 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.
You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance Funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 22 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.
You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance Funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 22 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.
You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance Funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 23 of the Fund’s Statement of Additional Information.
You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 20 of this Prospectus and page 20 of the Fund’s Statement of Additional Information.
100000
50000
50000
50000
50000
50000
“Management Fees” reflect a fee reduction agreement to the Fund’s investment advisory and administrative agreement effective May 1, 2020, and “Management Fees” have been restated to reflect the fees as if the Fund’s revised investment advisory and administrative fee was in effect for the Fund’s full fiscal year ended January 31, 2020.
0.51
0.74
0.41
0.33
0.28
0.23
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of municipal obligations, the interest on which is exempt from regular federal income tax (the “80% Policy”). In seeking the Fund’s investment objective, the portfolio managers emphasize tax-exempt income. The Fund normally invests in municipal obligations rated in the three highest rating categories (those rated A or higher by S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”) or Moody’s Investors Service, Inc. (“Moody’s”)) or, if unrated, determined by the investment adviser or sub-adviser to be of comparable quality at the time of purchase. The Fund will not invest more than 50% of its net assets in municipal obligations rated A at the time of purchase by S&P, Fitch or Moody’s or, if unrated, determined by the investment adviser or sub-adviser to be of comparable quality. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may continue to hold securities that are downgraded (including bonds downgraded to below investment grade credit quality (“junk bonds”)) if the sub-adviser believes it would be advantageous to do so. The Fund will not invest in a municipal obligation the interest on which the Fund’s sub-adviser believes is subject to the federal alternative minimum tax.
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of municipal obligations the interest on which is exempt from regular federal income tax (the “80% Policy”). In seeking the Fund’s investment objective, the portfolio managers emphasize tax-exempt income. The Fund normally invests in municipal obligations rated in the three highest rating categories (those rated A or higher by S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”) or Moody’s Investors Service, Inc. (“Moody’s”)) or, if unrated, determined by the investment adviser or sub-adviser to be of comparable quality at the time of purchase. The Fund will not invest more than 50% of its net assets in municipal obligations rated A at the time of purchase by S&P, Fitch or Moody’s or, if unrated determined by the investment adviser or sub-adviser to be of comparable quality. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund may continue to hold securities that are downgraded (including bonds downgraded to below investment grade credit quality (“junk bonds”)) if the sub-adviser believes it would be advantageous to do so. The Fund will not invest in a municipal obligation if the sub-adviser believes the interest on such obligation is subject to the federal alternative minimum tax.
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations with final maturities of between one and ten years, the interest on which is exempt from regular federal income tax (the “80% Policy”). For the purposes of the Fund’s 80% Policy, final maturity is defined as (i) the stated final maturity of a callable bond; (ii) the pre-refunded date of an existing pre-refunded bond; (iii) the earliest put date of a put bond; or (iv) the monthly re-set date of a municipal floating-rate bond or obligation. For municipal obligations held by the Fund that become pre-refunded after the Fund purchases such obligation, the final maturity of such obligation remains the stated maturity. All municipal obligations maturing within a calendar year will be defined as having the same final maturity. At least 90% of the Fund’s net assets normally is invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser or sub-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 or sub-adviser (“junk bonds”). For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund will not invest in an obligation if the interest on that obligation is subject to the federal alternative minimum tax. With respect to 20% of its net assets, the Fund may invest in municipal obligations that are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations with final maturities of between ten and twenty years, the interest on which is exempt from regular federal income tax (the “80% Policy”). For the purposes of the Fund’s 80% Policy, final maturity is defined as (i) the stated final maturity of a callable bond; (ii) the pre-refunded date of an existing pre-refunded bond; (iii) the earliest put date of a put bond or (iv) the monthly re-set date of a municipal floating-rate bond or obligation. For municipal obligations held by the Fund that become pre-refunded after the Fund purchases such obligation, the final maturity of such obligation remains the stated maturity. All municipal obligations maturing within a calendar year will be defined as having the same final maturity. At least 90% of the Fund’s net assets normally is invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser or sub-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 or sub-adviser (“junk bonds”). For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund will not invest in an obligation if the interest on that obligation is subject to the federal alternative minimum tax. With respect to 20% of its net assets, the Fund may invest in municipal obligations that are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations with final maturities of between five and fifteen years, the interest on which is exempt from regular federal income tax (the “80% Policy”). For the purposes of the Fund’s 80% Policy, final maturity is defined as (i) the stated final maturity of a callable bond; (ii) the pre-refunded date of an existing pre-refunded bond; (iii) the earliest put date of a put bond; or (iv) the monthly re-set date of a municipal floating-rate bond or obligation. For municipal obligations held by the Fund that become pre-refunded after the Fund purchases such obligations, the final maturity of such obligation remains the stated maturity. All municipal obligations maturing within a calendar year will be defined as having the same final maturity. At least 90% of the Fund’s net assets normally is invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser or sub-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 or sub-adviser (“junk bonds”). For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund will not invest in an obligation if the interest on that obligation is subject to the federal alternative minimum tax. With respect to 20% of its net assets, the Fund may invest in municipal obligations that are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.
Under normal market circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations (including notes and tax-exempt commercial paper) issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (the “80% Policy”). The Fund may invest without limit in obligations the income from which is subject to the federal alternative minimum tax. The Fund will primarily invest in “high yield” municipal obligations under normal market conditions. For this purpose, “high yield” municipal obligations are municipal obligations rated at the time of investment either Baa or lower by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or lower by either S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”) or, if unrated, determined by the investment adviser to be of comparable quality. “High yield” municipal obligations rated below investment grade are also known as “junk bonds.” The Fund may invest in securities in any rating category, including those in default. For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the lowest rating will be used for any Fund rating restrictions. The Fund may also invest a portion of its assets in municipal obligations that are not paying current income in anticipation of possible future income. The Fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies and instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts and options thereon, interest rate swaps, total return swaps, credit derivatives and forward rate contracts) for hedging purposes, to seek total return or as a substitute for the purchase or sale of securities. There is no stated limit on the Fund’s use of derivatives. The portfolio manager may also consider financially material environmental, social and governance factors in evaluating an issuer. These considerations may be taken into account alongside other factors in the investment selection process.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
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.
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.
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.
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.
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.
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.
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 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 following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index.
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index.
The 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 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.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
The returns in the bar chart reflect the effects of expense reductions. Absent these reductions, performance for certain periods would have been lower.
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.
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.
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.
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.
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.
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was
The year-to-date return through the end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was
0.0164
0.00
-0.0087
-0.0017
-0.0043
-0.0371
2020-03-31
2020-03-31
2020-03-31
2020-03-31
2020-03-31
2020-03-31
For the ten years ended December 31, 2019, the highest quarterly total return for the Fund or Predecessor Account was
During the period from December 31, 2010 to December 31, 2019, the highest quarterly total return for Class A was
During the period from December 31, 2015 to December 31, 2019, the highest quarterly total return for Class A was
During the period from December 31, 2015 to December 31, 2019, the highest quarterly total return for Class A was
During the period from December 31, 2010 to December 31, 2019, the highest quarterly total return for Class A was
For the ten years ended December 31, 2019, the highest quarterly total return for Class A was
0.0224
0.0375
0.0203
0.0408
0.0514
0.0632
2011-06-30
2011-06-30
2019-03-31
2016-06-30
2014-03-31
2014-03-31
and the lowest quarterly return for the Fund or Predecessor Account was
and the lowest quarterly return was
and the lowest quarterly return was
and the lowest quarterly return was
and the lowest quarterly return was
and the lowest quarterly return was
2016-12-31
2016-12-31
2016-12-31
2016-12-31
2013-06-30
2010-12-31
-0.0236
-0.0407
-0.0289
-0.0541
-0.0510
-0.0699
(reflects no deductions for fees, expenses or taxes)
(reflects no deductions for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
These returns reflect the maximum sales charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C.
These returns reflect the maximum sales charge for Class A (4.75%) effective December 2, 2019 and any applicable contingent deferred sales charge (“CDSC”) for Class C.
These returns reflect the maximum sales charge for Class A (2.25%) effective December 19, 2019 and any applicable contingent deferred sales charge (“CDSC”) for Class C.
These returns reflect the maximum sales charge for Class A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C.
These returns reflect the maximum sales charge for Class A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C.
These returns reflect the maximum sales charge for Class A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C.
The performance shown above for each Class for the period prior to March 27, 2009 (commencement of operations) is that of the Predecessor Account adjusted to reflect any applicable sales charge or CDSC of the Class but not adjusted for any other differences in expenses among the Classes. If adjusted for such differences, returns would be different.
2010-02-01
2010-02-01
2010-02-01
2015-05-04
2015-05-04
2015-05-04
2015-05-04
2015-05-04
2015-05-04
2010-02-01
2010-02-01
2010-02-01
After-Tax Return is calculated using the highest historical individual federal income tax rates and does 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 does 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 rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the characterization of distributions, and may differ from those shown.
After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns 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.
After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. After-Tax Returns are not shown for the Ten Years ended December 31, 2018 because the Predecessor Account, unlike a registered investment company, was not required to make annual income distributions to its investors.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
0.0225
0.0000
0.0000
0.0475
0.0000
0.0000
0.0225
0.0000
0.0000
0.0475
0.0000
0.0000
0.0475
0.0000
0.0000
0.0475
0.0000
0.0000
0.0000
0.0100
0.0000
0.0000
0.0100
0.0000
0.0000
0.0100
0.0000
0.0000
0.0100
0.0000
0.0000
0.0100
0.0000
0.0060
0.0060
0.0060
0.0032
0.0032
0.0032
0.0032
0.0032
0.0032
0.0032
0.0032
0.0032
0.0042
0.0042
0.0042
0.0025
0.0100
0.0000
0.0025
0.0100
0.0000
0.0025
0.0100
0.0000
0.0025
0.0100
0.0000
0.0025
0.0100
0.0000
0.0025
0.0100
0.0000
0.0012
0.0012
0.0012
0.0013
0.0013
0.0013
0.0026
0.0026
0.0026
0.0102
0.0102
0.0102
0.0010
0.0010
0.0010
0.0022
0.0022
0.0022
0.0082
0.0157
0.0057
0.0098
0.0173
0.0073
0.0083
0.0158
0.0058
0.0159
0.0234
0.0134
0.0067
0.0142
0.0042
0.0089
0.0164
0.0064
0.0090
0.0165
0.0065
0.0065
0.0140
0.0040
0.0065
0.0140
0.0040
0.0065
0.0140
0.0040
307
260
58
562
268
66
290
243
41
538
243
41
538
243
41
562
267
65
481
496
183
765
537
225
466
481
168
865
640
332
677
447
133
745
517
205
670
855
318
984
931
398
658
843
306
1215
1165
644
829
774
233
945
892
357
1216
1867
714
1612
2034
899
1211
1863
709
2199
2604
1531
1268
1700
528
1519
1944
798
307
160
58
562
168
66
290
143
41
538
143
41
538
143
41
562
167
65
481
496
183
765
537
225
466
481
168
865
640
332
677
447
133
745
517
205
670
855
318
984
931
398
658
843
306
1215
1165
644
829
774
233
945
892
357
1216
1867
714
1612
2034
899
1211
1863
709
2199
2604
1531
1268
1700
528
1519
1944
798
0.0269
0.0239
0.0592
0.1286
0.1719
0.1164
0.0179
0.0497
0.1074
0.1538
-0.0070
-0.0210
-0.0362
-0.0557
0.0252
0.0797
0.1495
0.1808
0.0146
0.0308
0.0445
0.0481
-0.0073
-0.0016
-0.0022
0.0067
-0.0008
0.0114
0.0206
0.0445
0.0304
0.0745
0.0585
0.0795
0.0043
0.0006
0.0073
0.0040
0.0013
0.0145
0.0162
0.0161
0.0156
0.0212
0.0425
0.0545
0.0467
0.0111
0.0105
0.0146
0.0432
0.0637
0.0710
0.0674
0.0257
0.0251
0.0216
0.0310
0.0524
0.0523
0.0461
0.0452
0.0376
0.0789
0.1008
0.0890
0.0159
0.0159
0.0171
0.0482
0.0697
0.0770
0.0890
0.0411
0.0398
0.0397
0.0748
0.0958
0.0754
0.0098
0.0087
0.0099
0.0065
0.0168
0.0244
0.0205
0.0169
0.0166
0.0169
0.0191
0.0293
0.0323
0.0310
0.0235
0.0235
0.0223
0.0259
0.0361
0.0368
0.0426
0.0387
0.0374
0.0374
0.0408
0.0514
0.0353
0.0170
0.0156
0.0154
0.0116
0.0218
0.0294
0.0240
0.0592
0.0583
0.0563
0.0563
0.0671
0.0434
0.0370
0.0360
0.0328
0.0344
0.0448
0.0381
0.0383
0.0190
0.0187
0.0176
0.0164
0.0270
0.0245
0.0410
0.0403
0.0375
0.0440
0.0546
0.0458
0.0529
0.0485
0.0451
0.0502
0.0607
0.0460
0.0522
Investment Objective
Investment Objective
Investment Objective
Investment Objective
Investment Objective
Investment Objective
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is to seek after-tax total return.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is to seek after-tax total return.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is to provide current income
exempt from regular federal income tax.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is to provide current income
exempt from regular federal income tax.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is to seek current income exempt
from regular federal income tax.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is to provide high current income
exempt from regular federal income tax.</p>
Fees and Expenses of the Fund
Fees and Expenses of the Fund
Fees and Expenses of the Fund
Fees and Expenses of the Fund
Fees and Expenses of the Fund
Fees and Expenses of the Fund
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they
buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class
A shares if you invest, or agree to invest over a 13-month period, at least $100,000 in Eaton Vance funds. Certain financial intermediaries
also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales
Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary
and in Sales Charges on page 24 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they
buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class
A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance funds. Certain financial intermediaries
also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales
Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary
and in Sales Charges beginning on page 24 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they
buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class
A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance Funds. Certain financial intermediaries
also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales
Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary
and in Sales Charges beginning on page 22 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they
buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class
A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance Funds. Certain financial intermediaries
also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales
Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary
and in Sales Charges beginning on page 22 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they
buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class
A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance Funds. Certain financial intermediaries
also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales
Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary
and in Sales Charges beginning on page 18 of this Prospectus and page 23 of the Fund’s Statement of Additional Information.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they
buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class
A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance funds. Certain financial intermediaries
also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales
Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary
and in Sales Charges beginning on page 20 of this Prospectus and page 20 of the Fund’s Statement of Additional Information.</p>
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
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Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
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Example.
Example.
Example.
Example.
Example.
Example.
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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, that the operating expenses remain the same and that any expense reimbursement arrangement remains in
place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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, that the operating expenses remain the same and that any expense reimbursement arrangement remains in
place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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, that the operating expenses remain the same and that any expense reimbursement arrangement remains in
place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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, that the operating expenses remain the same and that any expense reimbursement arrangement remains in
place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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, that the operating expenses remain the same and that any expense reimbursement arrangement remains in
place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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, that the operating expenses remain the same and that any expense reimbursement arrangement remains in
place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:</p>
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Portfolio Turnover
Portfolio Turnover
Portfolio Turnover
Portfolio Turnover
Portfolio Turnover
Portfolio Turnover
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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 51% of the average value of its portfolio.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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 74% of the average value of its portfolio.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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 was 41% of the average value of its portfolio.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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 was 33% of the average value of its portfolio.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund and Portfolio in which it invests pay transaction costs,
such as commissions, when they buy and sell securities (or “turn 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 Portfolio's portfolio turnover rate was 28% of the average value of its portfolio.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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>
Principal Investment Strategies
Principal Investment Strategies
Principal Investment Strategies
Principal Investment Strategies
Principal Investment Strategies
Principal Investment Strategies
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Under normal market conditions, the Fund
invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of municipal obligations,
the interest on which is exempt from regular federal income tax (the “80% Policy”). In seeking the Fund’s investment
objective, the portfolio managers emphasize tax-exempt income. The Fund normally invests in municipal obligations rated in the
three highest rating categories (those rated A or higher by S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”)
or Moody’s Investors Service, Inc. (“Moody’s”)) or, if unrated, determined by the investment adviser or
sub-adviser to be of comparable quality at the time of purchase. The Fund will not invest more than 50% of its net assets in municipal
obligations rated A at the time of purchase by S&P, Fitch or Moody’s or, if unrated, determined by the investment adviser
or sub-adviser to be of comparable quality. For purposes of rating restrictions, if securities are rated differently by two or
more rating agencies, the highest rating is used. The Fund may continue to hold securities that are downgraded (including bonds
downgraded to below investment grade credit quality (“junk bonds”)) if the sub-adviser believes it would be advantageous
to do so. The Fund will not invest in a municipal obligation the interest on which the Fund’s sub-adviser believes is subject
to the federal alternative minimum tax.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">With respect to its investment in municipal
obligations, the Fund invests primarily in general obligation or revenue bonds. The Fund currently targets an average portfolio
duration of approximately 2 - 4.5 years and an average weighted portfolio maturity of approximately 3 - 6 years, but may invest
in securities of any maturity or duration, and may in the future alter its maturity or duration target range. The Fund may use
various techniques to shorten or lengthen its dollar-weighted average portfolio duration, including the acquisition of municipal
obligations at a premium or discount. The portfolio managers generally will seek to enhance after-tax total return by actively
engaging in relative value trading within the portfolio to take advantage of price opportunities in the markets for municipal obligations
and use relative value analysis to assist them in making decisions to purchase or sell investments. With respect to 20% of its
net assets, the Fund may invest in municipal obligations that are not exempt from regular federal income tax, direct obligations
of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises. The
Fund may hold cash and may invest in cash equivalents and money market instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The sub-adviser’s process for selecting
municipal obligations for purchase and sale generally includes consideration of the creditworthiness of the issuer or person obligated
to repay the obligation. In evaluating creditworthiness, the sub-adviser considers ratings assigned by rating agencies and generally
performs additional credit and investment analysis. The portfolio managers may also trade securities to minimize taxable capital
gains to shareholders. The portfolio managers may sell a security when its credit quality declines, when the remaining maturity
of a fixed-income security reaches a certain point or to pursue more attractive investment options. The portfolio managers may
also consider financially material environmental, social and governance factors in evaluating an issuer. These considerations may
be taken into account alongside other fundamental research in the investment selection process.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Under normal market conditions, the Fund
invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of municipal obligations
the interest on which is exempt from regular federal income tax (the “80% Policy”). In seeking the Fund’s investment
objective, the portfolio managers emphasize tax-exempt income. The Fund normally invests in municipal obligations rated in the
three highest rating categories (those rated A or higher by S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”)
or Moody’s Investors Service, Inc. (“Moody’s”)) or, if unrated, determined by the investment adviser or
sub-adviser to be of comparable quality at the time of purchase. The Fund will not invest more than 50% of its net assets in municipal
obligations rated A at the time of purchase by S&P, Fitch or Moody’s or, if unrated determined by the investment adviser
or sub-adviser to be of comparable quality. For purposes of rating restrictions, if securities are rated differently by two or
more rating agencies, the highest rating is used. The Fund may continue to hold securities that are downgraded (including bonds
downgraded to below investment grade credit quality (“junk bonds”)) if the sub-adviser believes it would be advantageous
to do so. The Fund will not invest in a municipal obligation if the sub-adviser believes the interest on such obligation is subject
to the federal alternative minimum tax.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">With respect to its investment in municipal
obligations, the Fund invests primarily in general obligation or revenue bonds. The Fund currently targets an average portfolio
duration of approximately 5 - 7 years and an average weighted portfolio maturity of approximately 5 - 13 years, but may invest
in securities of any maturity or duration, and may in the future alter its maturity or duration target range. The Fund may use
various techniques to shorten or lengthen its dollar weighted average portfolio duration, including the acquisition of municipal
obligations at a premium or discount. The portfolio managers generally will seek to enhance after-tax total return by actively
engaging in relative value trading within the portfolio to take advantage of price opportunities in the markets for municipal obligations
and use relative value analysis to assist them in making decisions to purchase or sell investments. With respect to 20% of its
net assets, the Fund may invest in municipal obligations that are not exempt from regular federal income tax, direct obligations
of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises. The
Fund may hold cash and may invest in cash equivalents and money market instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The sub-adviser’s process for selecting
municipal obligations for purchase and sale generally includes consideration of the creditworthiness of the issuer or person obligated
to repay the obligation. In evaluating creditworthiness, the sub-adviser considers ratings assigned by rating agencies and generally
performs additional credit and investment analysis. The portfolio managers may also trade securities to minimize taxable capital
gains to shareholders. The portfolio managers may sell a security when its credit quality declines, when the remaining maturity
of a fixed-income security reaches a certain point or to pursue more attractive investment options. The portfolio managers may
also consider financially material environmental, social and governance factors in evaluating an issuer. These considerations may
be taken into account alongside other fundamental research in the investment selection process.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Under normal market conditions, the Fund
invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations with final maturities
of between one and ten years, the interest on which is exempt from regular federal income tax (the “80% Policy”). For
the purposes of the Fund’s 80% Policy, final maturity is defined as (i) the stated final maturity of a callable bond; (ii)
the pre-refunded date of an existing pre-refunded bond; (iii) the earliest put date of a put bond; or (iv) the monthly re-set date
of a municipal floating-rate bond or obligation. For municipal obligations held by the Fund that become pre-refunded after the
Fund purchases such obligation, the final maturity of such obligation remains the stated maturity. All municipal obligations maturing
within a calendar year will be defined as having the same final maturity. At least 90% of the Fund’s net assets normally
is invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa or higher
by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global Ratings (“S&P”)
or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser or sub-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 or sub-adviser (“junk bonds”). For purposes
of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. The Fund
will not invest in an obligation if the interest on that obligation is subject to the federal alternative minimum tax. With respect
to 20% of its net assets, the Fund may invest in municipal obligations that are not exempt from regular federal income tax, direct
obligations of the U.S. Treasury and/or obligations of U.S. Government agencies, instrumentalities and government-sponsored enterprises.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Fund invests primarily in general obligation
or revenue bonds. In pursuing its investment objective, the Fund seeks to weight investment in obligations such that at least 5%
and not more than 15% of its net assets are invested in obligations with a final maturity in a year within the one-to-ten year
maturity range (the “weighted investment strategy”). The Fund does not have a specific target for its average portfolio
duration. When a municipal obligation has a final maturity of less than one year, the Fund intends to sell that security or let
it mature and reinvest the proceeds in obligations with longer maturities. With respect to the Fund’s weighted investment
strategy, the Fund intends to invest at least 5% of its net assets in securities with a final maturity of 10 years within 90 days
of the beginning of the calendar year. The Fund’s portfolio is “laddered” by investing in municipal obligations
with different final maturities so that some obligations age out of the one-to-ten year maturity range during each year.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The investment sub-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 sub-adviser
considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio managers
may also trade securities to seek to minimize capital gains to shareholders. The portfolio managers may also consider financially
material environmental, social and governance factors in evaluating an issuer. These considerations may be taken into account alongside
other factors in the investment selection process.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Under normal market conditions, the Fund
invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations with final maturities
of between ten and twenty years, the interest on which is exempt from regular federal income tax (the “80% Policy”).
For the purposes of the Fund’s 80% Policy, final maturity is defined as (i) the stated final maturity of a callable bond;
(ii) the pre-refunded date of an existing pre-refunded bond; (iii) the earliest put date of a put bond or (iv) the monthly re-set
date of a municipal floating-rate bond or obligation. For municipal obligations held by the Fund that become pre-refunded after
the Fund purchases such obligation, the final maturity of such obligation remains the stated maturity. All municipal obligations
maturing within a calendar year will be defined as having the same final maturity. At least 90% of the Fund’s net assets
normally is invested in municipal obligations rated at least investment grade at the time of investment (which are those rated
Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global
Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser or
sub-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 or
sub-adviser (“junk bonds”). For purposes of rating restrictions, if securities are rated differently by two or more
rating agencies, the highest rating is used. The Fund will not invest in an obligation if the interest on that obligation is subject
to the federal alternative minimum tax. With respect to 20% of its net assets, the Fund may invest in municipal obligations that
are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies,
instrumentalities and government-sponsored enterprises.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Fund invests primarily in general obligation
or revenue bonds. In pursuing its investment objective, the Fund seeks to weight investment in obligations such that at least 5%
and not more than 15% of its net assets are invested in obligations with a final maturity in a year within the ten-to-twenty year
maturity range (the “weighted investment strategy”). The Fund does not have a specific target for its average portfolio
duration. When a municipal obligation has a final maturity of less than ten years, the Fund intends to sell that security within
a year and reinvest the proceeds in obligations with longer maturities. With respect to the Fund’s weighted investment strategy,
the Fund intends to invest at least 5% of its net assets in securities with a final maturity of 20 years within 90 days of the
beginning of the calendar year. The Fund’s portfolio is “laddered” by investing in municipal obligations with
different final maturities so that some obligations age out of the ten-to-twenty year maturity range during each year.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The investment sub-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 sub-adviser
considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio managers
may also trade securities to seek to minimize capital gains to shareholders. The portfolio managers may also consider financially
material environmental, social and governance factors in evaluating an issuer. These considerations may be taken into account alongside
other factors in the investment selection process.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Under normal market conditions, the Fund
invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations with final maturities
of between five and fifteen years, the interest on which is exempt from regular federal income tax (the “80% Policy”).
For the purposes of the Fund’s 80% Policy, final maturity is defined as (i) the stated final maturity of a callable bond;
(ii) the pre-refunded date of an existing pre-refunded bond; (iii) the earliest put date of a put bond; or (iv) the monthly re-set
date of a municipal floating-rate bond or obligation. For municipal obligations held by the Fund that become pre-refunded after
the Fund purchases such obligations, the final maturity of such obligation remains the stated maturity. All municipal obligations
maturing within a calendar year will be defined as having the same final maturity. At least 90% of the Fund’s net assets
normally is invested in municipal obligations rated at least investment grade at the time of investment (which are those rated
Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or higher by either S&P Global
Ratings (“S&P”) or Fitch Ratings (“Fitch”)) or, if unrated, determined by the investment adviser or
sub-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 or
sub-adviser (“junk bonds”). For purposes of rating restrictions, if securities are rated differently by two or more
rating agencies, the highest rating is used. The Fund will not invest in an obligation if the interest on that obligation is subject
to the federal alternative minimum tax. With respect to 20% of its net assets, the Fund may invest in municipal obligations that
are not exempt from regular federal income tax, direct obligations of the U.S. Treasury and/or obligations of U.S. Government agencies,
instrumentalities and government-sponsored enterprises.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Fund invests primarily in general obligation
or revenue bonds. In pursuing its investment objective, the Fund seeks to weight investment in obligations such that at least 5%
and not more than 15% of its net assets are invested in obligations with a final maturity in a year within the five-to-fifteen
year maturity range (the “weighted investment strategy”). The Fund does not have a specific target for its average
portfolio duration. When a municipal obligation has a final maturity of less than five years, the Fund intends to sell that security
within a year and reinvest the proceeds in obligations with longer maturities. With respect to the Fund's weighted investment strategy,
the Fund intends to invest at least 5% of its net assets in securities with a final maturity of 15 years within 90 days of the
beginning of the calendar year. The Fund’s portfolio is “laddered” by investing in municipal obligations with
different final maturities so that some obligations age out of the five-to-fifteen year maturity range during each year.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The investment sub-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 sub-adviser
considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio managers
may also trade securities to seek to minimize capital gains to shareholders. The portfolio managers may also consider financially
material environmental, social and governance factors in evaluating an issuer. These considerations may be taken into account alongside
other factors in the investment selection process.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund currently invests its assets in
the Portfolio, a separate registered investment company with substantially the same investment objective and policies as the Fund,
but may also invest directly in securities and other instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Under normal market circumstances, the Fund
invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations (including notes
and tax-exempt commercial paper) issued by or on behalf of states, territories and possessions of the United States and the District
of Columbia and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal
income tax (the “80% Policy”). The Fund may invest without limit in obligations the income from which is subject to
the federal alternative minimum tax. The Fund will primarily invest in “high yield” municipal obligations under normal
market conditions. For this purpose, “high yield” municipal obligations are municipal obligations rated at the time
of investment either Baa or lower by Moody’s Investors Service, Inc. (“Moody’s”), or BBB or lower by either
S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”) or, if unrated, determined by the investment
adviser to be of comparable quality. “High yield” municipal obligations rated below investment grade are also known
as “junk bonds.” The Fund may invest in securities in any rating category, including those in default. For purposes
of rating restrictions, if securities are rated differently by two or more rating agencies, the lowest rating will be used for
any Fund rating restrictions. The Fund may also invest a portion of its assets in municipal obligations that are not paying current
income in anticipation of possible future income. The Fund may invest up to 20% of its net assets in other debt obligations, including
(but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. Government, its agencies
and instrumentalities. The Fund may purchase or sell derivative instruments (such as residual interest bonds, futures contracts
and options thereon, interest rate swaps, total return swaps, credit derivatives and forward rate contracts) for hedging purposes,
to seek total return or as a substitute for the purchase or sale of securities. There is no stated limit on the Fund’s use
of derivatives. The portfolio manager may also consider financially material environmental, social and governance factors in evaluating
an issuer. These considerations may be taken into account alongside other factors in the investment selection process.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In pursuing its objective, the Fund normally
acquires municipal obligations with maturities of ten years or more, but may acquire securities with shorter maturities. The Fund’s
portfolio often has a longer average maturity than is typical of many other funds that invest primarily in municipal obligations.
As a result, the interest rate risk described below may be more significant for the Fund. The Fund may invest 25% or more of its
total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal
investments, revenue bonds or industrial development bonds) and in one or more states, U.S. territories or economic sectors (such
as housing, hospitals, healthcare facilities or utilities).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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>
Principal Risks
Principal Risks
Principal Risks
Principal Risks
Principal Risks
Principal Risks
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Market Risk.</b> The value of investments
held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics
or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and
magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience
increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or
fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could
lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the
ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Municipal Obligations Risk.</b> The
amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning
that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser
and sub-adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less
well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal
obligations at attractive prices. The differences 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 nontraditional participants (such as proprietary trading desks of investment
banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance
companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade
more frequently or in greater volume.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Interest Rate Risk.</b> In general,
the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase
when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income
security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer
durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing
them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may
provide lower returns than fixed-income securities with longer durations or maturities. The Fund may own individual investments
that have longer durations. In a rising interest rate environment, the duration of income securities that have the ability to be
prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing
instruments may have to be reinvested at a lower interest rate. Certain instruments held by the Fund pay an interest rate based
on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term
loans between certain major international banks. LIBOR is expected to be phased out by the end of 2021. While the effect of the
phase out cannot yet be determined, it may result in, among other things, increased volatility or illiquidity in markets for instruments
based on LIBOR and changes in the value of such instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Credit Risk.</b> Investments in
municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk
of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity
of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments
and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because
of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments
may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates.
In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal
or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks of Principal Only Investments.</b> Principal
only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal
only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest
currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell
other investments to obtain cash needed for such income distributions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>U.S. Government Securities Risk.</b> Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Tax Risk.</b> Income from tax-exempt
municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing
authority or the non-compliant conduct of the issuer of an obligation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Liquidity Risk.</b> The Fund is
exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions,
or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently,
the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments
to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Money Market Instrument Risk.</b> Money
market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest
rates; adverse developments in the banking industry, which issues or guarantees many money market instruments; adverse economic,
political or other developments affecting issuers of money market instruments; changes in the credit quality of issuers; and default
by a counterparty.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Tax-Sensitive Investing Risk.</b> The
Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses.
The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation
or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s
distributions may be taxable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Lower Rated Investments Risk.</b> Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) 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: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks Associated with Active Management.</b> The
success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills
and investment judgment. Active management involves subjective decisions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is not suited for short-term trading, and investors in the Fund should
be able to tolerate potentially sharp declines in value over time. Purchase and redemption activities by Fund shareholders may
impact the management of the Fund and its ability to achieve its investment objective(s). 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. The Fund relies on various service providers, including the investment adviser, in its operations and is susceptible
to operational, information security and related events (such as public health crises, cyber or hacking attacks) that may affect
the service providers or the services that they provide to the Fund. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Market Risk.</b> The value of investments
held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics
or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and
magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience
increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or
fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could
lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the
ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Municipal Obligations Risk.</b> The
amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning
that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser
and sub-adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less
well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal
obligations at attractive prices. The differences 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 nontraditional participants (such as proprietary trading desks of investment
banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance
companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade
more frequently or in greater volume.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Interest Rate Risk.</b> In general,
the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase
when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income
security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer
durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing
them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may
provide lower returns than fixed-income securities with longer durations or maturities. In a rising interest rate environment,
the duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest
rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Certain
instruments held by the Fund pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the
average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is expected to
be phased out by the end of 2021. While the effect of the phase out cannot yet be determined, it may result in, among other things,
increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Credit Risk.</b> Investments in
municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk
of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity
of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments
and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because
of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments
may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates.
In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal
or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks of Principal Only Investments.</b> Principal
only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal
only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest
currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell
other investments to obtain cash needed for such income distributions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>U.S. Government Securities Risk.</b> Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Tax Risk.</b> Income from tax-exempt
municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing
authority or the non-compliant conduct of the issuer of an obligation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Liquidity Risk.</b> The Fund is
exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions,
or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently,
the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments
to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Money Market Instrument Risk.</b> Money
market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest
rates; adverse developments in the banking industry, which issues or guarantees many money market instruments; adverse economic,
political or other developments affecting issuers of money market instruments; changes in the credit quality of issuers; and default
by a counterparty.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Tax-Sensitive Investing Risk.</b> The
Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses.
The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation
or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s
distributions may be taxable.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Lower Rated Investments Risk.</b> Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) 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: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks Associated with Active Management.</b> The
success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills
and investment judgment. Active management involves subjective decisions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). 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. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services
that they provide to the Fund. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Market Risk.</b> The value of investments
held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics
or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and
magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience
increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or
fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could
lead to high market volatility. No active trading market may exist for certain investments, which may impair the ability of the
Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Municipal Obligations Risk.</b> The
amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning
that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser and
sub-adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed
and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations
at attractive prices. The differences 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 nontraditional participants (such as proprietary trading desks of investment
banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance
companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade
more frequently or in greater volume.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Interest Rate Risk.</b> In general,
the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase
when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income
security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer
durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing
them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may
provide lower returns than fixed-income securities with longer durations or maturities. In a rising interest rate environment,
the duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest
rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Certain
instruments held by the Fund pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the
average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is expected to
be phased out by the end of 2021. While the effect of the phase out cannot yet be determined, it may result in, among other things,
increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Credit Risk.</b> Investments in
municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk
of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity
of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments
and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because
of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments
may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates.
In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal
or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Lower Rated Investments Risk.</b> Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) 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: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks of Principal Only Investments.</b> Principal
only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal
only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest
currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell
other investments to obtain cash needed for such income distributions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>U.S. Government Securities Risk.</b> Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Liquidity Risk.</b> The Fund is
exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions,
or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently,
the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments
to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Tax Risk.</b> Income from tax-exempt
municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing
authority or the non-compliant conduct of the issuer of an obligation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks Associated with Active Management.</b> The
success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills
and investment judgment. Active management involves subjective decisions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). 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. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services
that they provide to the Fund. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Market Risk.</b> The value of investments
held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics
or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and
magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience
increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or
fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could
lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the
ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Municipal Obligations Risk.</b> The
amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning
that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser and
sub-adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed
and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations
at attractive prices. The differences 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 nontraditional participants (such as proprietary trading desks of investment
banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance
companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade
more frequently or in greater volume.<b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Interest Rate Risk.</b> In general,
the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase
when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income
security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer
durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing
them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may
provide lower returns than fixed-income securities with longer durations or maturities. In a rising interest rate environment,
the duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest
rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Certain
instruments held by the Fund pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the
average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is expected to
be phased out by the end of 2021. While the effect of the phase out cannot yet be determined, it may result in, among other things,
increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Credit Risk.</b> Investments in
municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk
of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity
of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments
and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because
of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments
may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates.
In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal
or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Lower Rated Investments Risk.</b> Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) 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: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks of Principal Only Investments.</b> Principal
only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal
only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest
currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell
other investments to obtain cash needed for such income distributions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>U.S. Government Securities Risk.</b> Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Liquidity Risk.</b> The Fund is
exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions,
or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently,
the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments
to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Tax Risk.</b> Income from tax-exempt
municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing
authority or the non-compliant conduct of the issuer of an obligation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks Associated with Active Management.</b> The
success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills
and investment judgment. Active management involves subjective decisions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). 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. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services
that they provide to the Fund. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Market Risk.</b> The value of investments
held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics
or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and
magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience
increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or
fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could
lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the
ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Municipal Obligations Risk.</b> The
amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning
that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser and
sub-adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed
and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations
at attractive prices. The differences 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 nontraditional participants (such as proprietary trading desks of investment
banks and hedge funds) or the absence of traditional participants (such as individuals, insurance companies, banks and life insurance
companies) in the municipal markets may lead to greater volatility in the markets because non-traditional participants may trade
more frequently or in greater volume.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Interest Rate Risk.</b> In general,
the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase
when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income
security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer
durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing
them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may
provide lower returns than fixed-income securities with longer durations or maturities. In a rising interest rate environment,
the duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest
rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Certain
instruments held by the Fund may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is
the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is expected
to be phased out by the end of 2021. While the effect of the phase out cannot yet be determined, it may result in, among other
things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Credit Risk.</b> Investments in
municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk
of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity
of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments
and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because
of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments
may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates.
In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal
or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Lower Rated Investments Risk.</b> Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) 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: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks of Principal Only Investments.</b> Principal
only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal
only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest
currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell
other investments to obtain cash needed for such income distributions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>U.S. Government Securities Risk.</b> Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Liquidity Risk.</b> The Fund is
exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions,
or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently,
the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments
to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Tax Risk.</b> Income from tax-exempt
municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing
authority or the non-compliant conduct of the issuer of an obligation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks Associated with Active Management.</b> The
success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills
and investment judgment. Active management involves subjective decisions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). 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. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services
that they provide to the Fund. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Market Risk.</b> The value of investments
held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics
or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and
magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience
increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or
fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could
lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the
ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Municipal Obligations Risk.</b> The
amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning
that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser
than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and
less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive
prices. The differences 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 nontraditional participants (such as proprietary trading desks of investment banks and hedge funds) or
the absence of traditional participants (such as individuals, insurance companies, banks and life insurance companies) in the municipal
markets may lead to greater volatility in the markets because non-traditional participants may trade more frequently or in greater
volume.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Interest Rate Risk.</b> In general,
the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase
when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income
security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer
durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing
them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may
provide lower returns than fixed-income securities with longer durations or maturities. Because the Fund is managed toward an income
objective, it may hold more longer duration or maturity obligations and thereby be more exposed to interest rate risk than municipal
income funds that are managed with a greater emphasis on total return. In a rising interest rate environment, the duration
of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate
environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Certain instruments
held by the Fund may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the average
offered rate for various maturities of short-term loans between certain major international banks. LIBOR is expected to be phased
out by the end of 2021. While the effect of the phase out cannot yet be determined, it may result in, among other things, increased
volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Credit Risk.</b> Investments in
municipal obligations and other debt obligations (referred to below as “debt instruments”) are subject to the risk
of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity
of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments
and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because
of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments
may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates.
In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal
or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Lower Rated Investments Risk.</b> Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) 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: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Derivatives Risk.</b> The Fund’s
exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in
securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value
of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference
instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in
the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and
return potential of the Fund. 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. Use of 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. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the
underlying reference instrument. Derivative instruments traded in over-the-counter markets 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 reference 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, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment
also involves the risks relating to the reference instrument underlying the investment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risk of Residual Interest Bonds.</b> 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 as a liability with respect to floating-rate notes and also records offsetting interest income in an amount
equal to this expense.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Leverage Risk.</b> Certain Fund
transactions may give rise to leverage. Leverage can result from a non-cash exposure to the underlying reference instrument. Leverage
can increase both the risk and return potential of the Fund. 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’s share price 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
investments may substantially exceed the initial investment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Sector and Geographic Risk.</b> Because
the Fund may invest a significant portion of its assets in obligations issued in one or more states and/or U.S. territories and
in certain types of municipal obligations and/or in certain sectors, the value of Fund shares may be affected by events that adversely
affect a state, U.S. territory, sector or type of obligation and may fluctuate more than that of a more broadly diversified fund.
General obligation bonds issued by municipalities are adversely affected by economic downturns and any resulting decline in tax
revenues.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks of Principal Only Investments.</b> Principal
only investments entitle the Fund to receive the stated value of such investment when held to maturity. The values of principal
only investments are subject to greater fluctuation in response to changes in market interest rates than obligations that pay interest
currently. The Fund will accrue income on these investments and distribute that income each year. The Fund may be required to sell
other investments to obtain cash needed for such income distributions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>U.S. Government Securities Risk.</b> Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Liquidity Risk.</b> The Fund is
exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions,
or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently,
the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments
to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Tax Risk.</b> Income from tax-exempt
municipal obligations could be declared taxable because of changes in tax laws, adverse interpretations by the relevant taxing
authority or the non-compliant conduct of the issuer of an obligation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Risks Associated with Active Management.</b> The
success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills
and investment judgment. Active management involves subjective decisions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). 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. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services
that they provide to the Fund. 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.</p>
Performance
Performance
Performance
Performance
Performance
Performance
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">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: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Fund commenced operations on March 27,
2009 and is the successor to the operations of a private limited partnership (the “Predecessor Account”). The performance
of each Class for the period prior to March 27, 2009 is that of the Predecessor Account. The Predecessor Account was managed by
Eaton Vance and had substantially the same investment objective, policies and strategies as the Fund. However, the Predecessor
Account was not a mutual fund registered under the Investment Company Act of 1940, as amended (the “1940 Act”) or a
regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”), and therefore the Predecessor
Account was not subject to the investment limitations, diversification requirements and other restrictions imposed by the 1940
Act and/or the Code. If such requirements were applicable to the Predecessor Account, the performance shown may have been adversely
affected.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The returns in the bar chart reflect the
effects of expense reductions. Absent these reductions, performance for certain periods would have been lower. Effective February
17, 2015, the Fund changed its name, objective and 80% Policy and may not have achieved the performance results shown for the period
prior to February 17, 2015 under its current investment objective and strategy. Past performance (both before and after taxes)
is not necessarily an indication of how the Fund will perform in the future. Updated Fund performance information can be obtained
by visiting www.eatonvance.com.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify">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 not necessarily an indication of how the Fund will perform in the future. The Fund’s performance
reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Updated Fund performance
information can be obtained by visiting www.eatonvance.com.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify">The following bar chart and table provide some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s
average annual returns over time compare with those of a broad-based securities market index. The returns in the bar chart are
for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance
(both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund’s performance
reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Updated Fund performance
information can be obtained by visiting www.eatonvance.com.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify">The following bar chart and table provide some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s
average annual returns over time compare with those of a broad-based securities market index. The returns in the bar chart are
for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance
(both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund’s performance
reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Updated Fund performance
information can be obtained by visiting www.eatonvance.com.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify">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 not necessarily an indication of how the Fund will perform in the future. The Fund’s performance
reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Updated Fund performance
information can be obtained by visiting www.eatonvance.com.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify">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 not necessarily an indication of how the Fund will perform in the future. Updated Fund performance
information can be obtained by visiting www.eatonvance.com.</p>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For the ten years ended December 31, 2019, the highest quarterly
total return for the Fund or Predecessor Account was 2.24% for the quarter ended June 30, 2011, and the lowest quarterly return
for the Fund or Predecessor Account was -2.36% for the quarter ended December 31, 2016. The year-to-date total return through the
end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was 1.64%.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period from December 31, 2010 to December 31, 2019,
the highest quarterly total return for Class A was 3.75% for the quarter ended June 30, 2011, and the lowest quarterly return was
-4.07% for the quarter ended December 31, 2016. The year-to-date total return through the end of the most recent calendar quarter
(December 31, 2019 to March 31, 2020) was 0%.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period from December 31, 2015 to December 31, 2019,
the highest quarterly total return for Class A was 2.03% for the quarter ended March 31, 2019, and the lowest quarterly return
was -2.89% for the quarter ended December 31, 2016. The year-to-date return through the end of the most recent calendar quarter
(December 31, 2019 to March 31, 2020) was -0.87%.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period from December 31, 2015 to December 31, 2019,
the highest quarterly total return for Class A was 4.08% for the quarter ended June 30, 2016, and the lowest quarterly return was
-5.41% for the quarter ended December 31, 2016. The year-to-date total return through the end of the most recent calendar quarter
(December 31, 2019 to March 31, 2020) was -0.17%.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period from December 31, 2010 to December 31, 2019,
the highest quarterly total return for Class A was 5.14% for the quarter ended March 31, 2014, and the lowest quarterly return
was -5.10% for the quarter ended June 30, 2013. The year-to-date total return through the end of the most recent calendar quarter
(December 31, 2019 to March 31, 2020) was -0.43%.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">For the ten years ended December 31,
2019, the highest quarterly total return for Class A was 6.32% for the quarter ended March 31, 2014, and the lowest quarterly
return was -6.99% for the quarter ended December 31, 2010. The year-to-date total return through the end of the most recent calendar
quarter (December 31, 2019 to March 31, 2020) was -3.71%.</p>
Average Annual Total Return as of December 31, 2019
Average Annual Total Return as of December 31, 2019
Average Annual Total Return as of December 31, 2019
Average Annual Total Return as of December 31, 2019
Average Annual Total Return as of December 31, 2019
Average Annual Total Return as of December 31, 2019
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<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify">These returns reflect the maximum sales
charge for Class A (2.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Effective September
30, 2019, the Fund changed its primary benchmark from Bloomberg Barclays 5 Year Municipal Bond Index to Bloomberg Barclays Municipal
Managed Money 1-7 Year Bond Index because the investment adviser believes that the Bloomberg Barclays Municipal Managed Money 1-7
Year Bond Index better reflects the duration and maturity profile of the investments held by the Fund. The performance shown above
for each Class for the period prior to March 27, 2009 (commencement of operations) is that of the Predecessor Account adjusted
to reflect any applicable sales charge or CDSC of the Class but not adjusted for any other differences in expenses among the Classes.
If adjusted for such differences, returns would be different. Investors cannot invest directly in an Index.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">After-Tax Return is calculated using
the highest historical individual federal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax
returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those
shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable
entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than
or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the
sale of Fund shares. After-Tax Returns are not shown for the Ten Years ended December 31, 2018 because the Predecessor Account,
unlike a registered investment company, was not required to make annual income distributions to its investors.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify">These returns reflect the maximum sales
charge for Class A (4.75%) effective December 2, 2019 and any applicable contingent deferred sales charge (“CDSC”)
for Class C. Class A, Class C and Class I commenced operations on February 1, 2010. Effective February 17, 2015, the Fund changed
its name, objective and investment strategy to invest at least 80% of its net assets in a diversified portfolio of municipal obligations,
the interest on which is exempt from regular federal income tax. Investors cannot invest directly in an Index.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After-tax returns are calculated using
the highest historical individual federal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax
returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those
shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable
entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than
or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the
sale of Fund shares.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify">These returns reflect the maximum sales
charge for Class A (2.25%) effective December 19, 2019 and any applicable contingent deferred sales charge (“CDSC”)
for Class C. Class A, Class C and Class I commenced operations on May 4, 2015. Investors cannot invest directly in an Index.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than
or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the
sale of Fund shares.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify">These returns reflect the maximum sales
charge for Class A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Class A, Class
C and Class I commenced operations on May 4, 2015. Investors cannot invest directly in an Index.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than
or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the
sale of Fund shares.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify">These returns reflect the maximum sales
charge for Class A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Class A, Class
C and Class I commenced operations on February 1, 2010. Effective April 15, 2015, the Fund changed its name, investment objective
and investment strategy to invest at least 80% of its net assets in municipal obligations with final maturities of between five
and fifteen years, the interest on which is exempt from regular federal income tax. Investors cannot invest directly in an Index.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than
or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the
sale of Fund shares.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify">These returns reflect the maximum sales
charge for Class A (4.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Investors cannot
invest directly in an Index.</p>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 characterization of distributions, and may differ from those shown.
After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return After Taxes
on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made
during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal
to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of
Fund shares.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Expenses in the table above and the Example below reflect the
expenses of the Fund and 5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”), the Fund’s master
Portfolio.</p>
0.0000
0.0100
0.0000
0.0399
0.0611
0.0489
0.0981
0.0661
0.0933
0.0013
0.0013
0.0013
0.0009
0.0009
0.0009
"Management Fees" reflect a fee reduction agreement to the Fund's investment advisory and administrative agreement effective May 1, 2020, and "Management Fees" have been restated to reflect the fees as if the Fund's revised investment advisory and administrative fee was in effect for the Fund's full fiscal year ended January 31, 2020.
The investment adviser, sub-adviser and administrator have agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.90% for Class A shares, 1.65% for Class C shares and 0.65% for Class I shares. This expense reimbursement will continue through May 31, 2021. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser, sub-adviser and administrator during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.65% for Class A shares, 1.40% for Class C shares and 0.40% for Class I shares. This expense reimbursement will continue through May 31, 2021. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator and sub-adviser during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
Expenses in the table above and the Example below reflect the expenses of the Fund and 5-to-15 Year Laddered Municipal Bond Portfolio (the "Portfolio"), the Fund's master Portfolio.