Eaton Vance Municipal Opportunities Fund (Eaton Vance Municipal Opportuni) fond

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations, the interest on which is exempt from regular federal income tax. The fund also may invest up to 50% of its net assets in obligations rated below investment grade ("junk bonds"). It may invest up to 20% of its net assets in other debt obligations, including taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. government, its agencies and instrumentalities.