Eaton Vance California Municipal Opportunities Fund

Under typical market conditions, this fund commits a minimum of 80% of its net assets—including any capital borrowed for investment purposes—to municipal debt instruments. These instruments are specifically selected because their income is exempt from both federal income tax and California state personal income taxes. The fund has the discretion to allocate 25% or more of its total assets to particular types of municipal obligations, such as general obligations, municipal leases, principal-only municipal investments, revenue bonds, and industrial development bonds. Additionally, it may concentrate a similar portion of its investments within one or more economic sectors, including housing, hospitals, healthcare facilities, or utilities.