Eaton Vance Core Bond Fund Eaton Vance Emerging Markets Debt Fund Eaton .

EATON VANCE BALANCED FUNDEATON VANCE CORE BOND FUNDEATON VANCE DIVIDEND BUILDER FUNDEATON VANCE GREATER INDIA FUNDEATON VANCE GROWTH FUNDEATON VANCE LARGE-CAP VALUE FUNDEATON VANCE SMALL-CAP FUNDEATON VANCE SPECIAL EQUITIES FUNDEATON VANCE STOCK FUNDEATON VANCE STOCK NEXTSHARESEATON VANCE TAX-MANAGED GROWTH FUND 1.1EATON VANCE TAX-MANAGED GROWTH FUND 1.2EATON VANCE VT FLOATING-RATE INCOME FUNDPARAMETRIC COMMODITY STRATEGY FUNDSupplement to Statements of Additional Information (“SAIs”) dated May 1, 2021EATON VANCE EMERGING MARKETS DEBT FUNDEATON VANCE HIGH YIELD MUNICIPAL INCOME FUNDEATON VANCE TABS 5-TO-15 YEAR LADDERED MUNICIPAL BOND NEXTSHARESPARAMETRIC EMERGING MARKETS FUNDPARAMETRIC INTERNATIONAL EQUITY FUNDPARAMETRIC TABS 1-TO-10 YEAR LADDERED MUNICIPAL BOND FUNDPARAMETRIC TABS 10-TO-20 YEAR LADDERED MUNICIPAL BOND FUNDPARAMETRIC TABS 5-TO-15 YEAR LADDERED MUNICIPAL BOND FUNDPARAMETRIC TABS INTERMEDIATE-TERM MUNICIPAL BOND FUNDPARAMETRIC TABS SHORT-TERM MUNICIPAL BOND FUNDPARAMETRIC VOLATILITY RISK PREMIUM-DEFENSIVE FUNDSupplement to SAIs dated June 1, 2021EATON VANCE FOCUSED GROWTH OPPORTUNITIES FUNDEATON VANCE FOCUSED VALUE OPPORTUNITIES FUNDPARAMETRIC DIVIDEND INCOME FUNDSupplement to SAIs dated July 1, 2021EATON VANCE NATIONAL LIMITED MATURITY MUNICIPAL INCOME FUNDEATON VANCE NEW YORK MUNICIPAL OPPORTUNITIES FUNDEATON VANCE SHORT DURATION MUNICIPAL OPPORTUNITIES FUNDSupplement to SAIs dated August 1, 2021EATON VANCE HIGH YIELD MUNICIPAL INCOME FUNDClass W SharesSupplement to SAI dated October 1, 2021PARAMETRIC TAX-MANAGED EMERGING MARKETS FUNDSupplement to SAI dated November 1, 2021EATON VANCE EMERGING MARKETS DEBT OPPORTUNITIES FUNDEATON VANCE ARIZONA MUNICIPAL INCOME FUNDEATON VANCE CONNECTICUT MUNICIPAL INCOME FUNDEATON VANCE MINNESOTA MUNICIPAL INCOME FUNDEATON VANCE MUNICIPAL OPPORTUNITIES FUNDEATON VANCE NEW JERSEY MUNICIPAL INCOME FUNDEATON VANCE PENNSYLVANIA MUNICIPAL INCOME FUNDSupplement to SAIs dated December 1, 2021

EATON VANCE GEORGIA MUNICIPAL INCOME FUNDEATON VANCE GREATER CHINA GROWTH FUNDEATON VANCE MARYLAND MUNICIPAL INCOME FUNDEATON VANCE MISSOURI MUNICIPAL INCOME FUNDEATON VANCE NORTH CAROLINA MUNICIPAL INCOME FUNDEATON VANCE OREGON MUNICIPAL INCOME FUNDEATON VANCE RICHARD BERNSTEIN ALL ASSET STRATEGY FUNDEATON VANCE RICHARD BERNSTEIN EQUITY STRATEGY FUNDEATON VANCE SOUTH CAROLINA MUNICIPAL INCOME FUNDEATON VANCE VIRGINIA MUNICIPAL INCOME FUNDEATON VANCE WORLDWIDE HEALTH SCIENCES FUNDSupplement to SAIs dated January 1, 2022EATON VANCE NATIONAL ULTRA-SHORT MUNICIPAL INCOME FUNDSupplement to SAI dated August 1, 2021, as revised January 1, 2022EATON VANCE AMT-FREE MUNICIPAL INCOME FUNDEATON VANCE ATLANTA CAPITAL FOCUSED GROWTH FUNDEATON VANCE ATLANTA CAPITAL SELECT EQUITY FUNDEATON VANCE ATLANTA CAPITAL SMID-CAP FUNDEATON VANCE CALIFORNIA MUNICIPAL OPPORTUNITIES FUNDEATON VANCE MASSACHUSETTS MUNICIPAL INCOME FUNDEATON VANCE NATIONAL MUNICIPAL INCOME FUNDEATON VANCE NEW YORK MUNICIPAL INCOME FUNDEATON VANCE OHIO MUNICIPAL INCOME FUNDEATON VANCE TOTAL RETURN BOND FUNDSupplement to SAIs dated February 1, 2022EATON VANCE EMERGING AND FRONTIER COUNTRIES EQUITY FUNDEATON VANCE EMERGING MARKETS LOCAL INCOME FUNDEATON VANCE FLOATING-RATE & HIGH INCOME FUNDEATON VANCE FLOATING-RATE ADVANTAGE FUNDEATON VANCE FLOATING-RATE FUNDEATON VANCE GLOBAL BOND FUNDEATON VANCE GLOBAL INCOME BUILDER FUNDEATON VANCE GLOBAL INCOME BUILDER NEXTSHARESEATON VANCE GLOBAL SMALL-CAP EQUITY FUNDEATON VANCE GLOBAL MACRO ABSOLUTE RETURN ADVANTAGE FUNDEATON VANCE GLOBAL MACRO ABSOLUTE RETURN FUNDEATON VANCE GOVERNMENT OPPORTUNITIES FUNDEATON VANCE HIGH INCOME OPPORTUNITIES FUNDEATON VANCE INCOME FUND OF BOSTONEATON VANCE MULTI-ASSET CREDIT FUNDEATON VANCE SHORT DURATION HIGH INCOME FUNDEATON VANCE SHORT DURATION GOVERNMENT INCOME FUNDEATON VANCE SHORT DURATION INFLATION-PROTECTED INCOME FUNDEATON VANCE SHORT DURATION STRATEGIC INCOME FUNDEATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUNDEATON VANCE TAX-MANAGED GLOBAL DIVIDEND INCOME FUNDEATON VANCE TAX-MANAGED MULTI-CAP GROWTH FUNDEATON VANCE TAX-MANAGED SMALL-CAP FUNDEATON VANCE TAX-MANAGED VALUE FUNDPARAMETRIC TAX-MANAGED INTERNATIONAL EQUITY FUNDSupplement to SAIs dated March 1, 2022EATON VANCE FOCUSED GLOBAL OPPORTUNITIES FUNDEATON VANCE INTERNATIONAL SMALL-CAP FUNDEATON VANCE TAXABLE MUNICIPAL BOND FUNDSupplement to SAIs dated April 1, 2022

The following changes are effective April 4, 2022:1. The following is added to the table under “Fund Management.” in “Management and Organization” under “NoninterestedTrustees”:Name andYear of BirthALAN C. BOWSER1962TrustPosition(s)TrusteeLength of ServiceSince 2022NANCY A. WISER1967TrusteeSince 2022Principal Occupation(s) During Past Five Yearsand Other Relevant ExperienceChief Diversity Officer, Partner and a member of theOperating Committee, and formerly served as SeniorAdvisor on Diversity and Inclusion for the firm’s chiefexecutive officer, Co-Head of the Americas Region, andSenior Client Advisor of Bridgewater Associates, an assetmanagement firm (2011- present).Formerly, Executive Vice President and the Global Head ofOperations at Wells Fargo Asset Management (2011-2021).Number of Portfoliosin Fund ComplexOverseen ByTrustee(1)110135Other Directorships HeldDuring Last Five Years(2)NoneNone2. The following replaces the third sentence in the first paragraph in the paragraphs below the tables under “FundManagement.” in “Management and Organization”:The Board is currently composed of thirteen Trustees, including twelve Trustees who are not “interested persons” of theFund, as that term is defined in the 1940 Act (each a “noninterested Trustee”).3. The following is added as the ninth paragraph in the paragraphs below the tables under “Fund Management.” in“Management and Organization”:Alan C. Bowser. Mr. Bowser has served as a member of the Eaton Vance Fund Boards since April 4, 2022. Mr. Bowserjoined Bridgewater Associates, an asset management firm, in 2011 and is currently the Chief Diversity Officer. He is also aPartner and a member of the Operating Committee, having previously served as Senior Advisor on Diversity and Inclusion forthe firm’s chief executive officer, as Co-Head of the Americas Region, and as a Senior Client Advisor. Mr. Bowser has over25 years of experience in the financial services industry, most of which has been dedicated to leading investment advisoryteams serving institutions, family offices, and ultra-high net worth individuals in the U.S. and Latin America. Prior to joiningBridgewater, he was Managing Director and Head of Investment Services at UBS Wealth Management Americas from 2007to 2011 and, before that, Managing Director and Head of Client Solutions for the Latin America Division at the CitibankPrivate Bank from 1999 to 2007. Mr. Bowser has been an Independent Director of Stout Risius Ross since 2021, afounding Board Member of the Black Hedge Fund Professionals Network and has served on the Boards of the Robert ToigoFoundation, the New York Urban League, the University of Pennsylvania, and as Vice Chairman of the Greater MiamiChamber of Commerce Task Force on Ethics. In 2020, he was recognized as one of the top 100 “EMPower Ethnic MinorityExecutive Role Models.”4. The following is added as the twentieth paragraph in the paragraphs below the tables under “Fund Management.” in“Management and Organization”:Nancy A. Wiser. Ms. Wiser has served as a member of the Eaton Vance Fund Boards since April 4, 2022. Ms. Wiser hasover 30 years of experience in the investment management and financial services industry. From 2011-2021, Ms. Wiserserved as an Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management, where sheoversaw operations and governance matters. In the role of governance, Ms. Wiser served as chairman of the board for theWells Fargo Asset Management United Kingdom and Luxembourg legal entities as well as the Luxembourg funds.Additionally, Ms. Wiser served as the Treasurer for the Wells Fargo Funds from 2012-2021. Prior to joining Wells FargoAsset Management, Ms. Wiser served as Chief Operating Officer and Chief Compliance Officer for two registered assetmanagement companies where she oversaw all non-investment activities. She currently serves on the University ofMinnesota philanthropic board for the Masonic Cancer Center (since 2021) and Benilde-St-Margaret’s High SchoolInvestment Committee (since 2021), and previously served on several other non-profit boards including her alma materProvidence College Business Advisory board, Boston Scores and the National Black MBA Advisory board.

5. The following replaces the first sentence of the first paragraph describing the Governance Committee under “FundManagement.” in “Management and Organization”:Mmes. Mosley (Chairperson), Frost, Peters, Sutherland and Wiser, and Messrs. Bowser, Fetting, Gorman, Park, Quinton,Smith and Wennerholm are members of the Governance Committee.6. The following replaces the first sentence of the paragraph describing the Audit Committee under “Fund Management.” in“Management and Organization”:Messrs. Wennerholm (Chairperson), Gorman, Park and Quinton and Mmes. Peters and Wiser are members of the AuditCommittee.7. The following replaces the first sentence of the paragraph describing the Contract Review Committee under “FundManagement.” in “Management and Organization”:Messrs. Fetting (Chairperson), Bowser, Gorman, Park, Quinton, Smith and Wennerholm and Mmes. Frost, Mosley, Peters,Sutherland and Wiser are members of the Contract Review Committee.8. The following replaces the first sentence of the paragraph describing the Portfolio Management Committee under “FundManagement.” in “Management and Organization”:Mmes. Frost (Chairperson), Mosley and Peters and Messrs. Bowser, Smith and Wennerholm are members of the PortfolioManagement Committee.9. The following replaces the first sentence of the paragraph describing the Compliance Reports and Regulatory MattersCommittee under “Fund Management.” in “Management and Organization”:Mmes. Sutherland (Chairperson) and Wiser and Messrs. Fetting, Park and Quinton are members of the Compliance Reportsand Regulatory Matters Committee.April 5, 2022

EATON VANCE GLOBAL BOND FUNDEATON VANCE EMERGING MARKETS LOCAL INCOME FUNDEATON VANCE GLOBAL MACRO ABSOLUTE RETURN FUNDEATON VANCE GLOBAL MACRO ABSOLUTE RETURN ADVANTAGE FUNDEATON VANCE SHORT DURATION STRATEGIC INCOME FUNDSupplement to Summary Prospectuses, Prospectus and Statement of Additional Informationdated March 1, 2022(each, a “Fund” and collectively, the “Funds”)The following changes are effective immediately:1. The following replaces “Management” in “Fund Summaries – Eaton Vance Global Macro Absolute Return Fund”:Investment Adviser. Eaton Vance Management (“Eaton Vance”) serves as investment adviser to the Fund. BostonManagement and Research (“BMR”) serves as investment adviser to the Portfolio(s).Investment Sub-Adviser. Eaton Vance Advisers International Ltd. (“EVAIL”) serves as investment sub-adviser to theFund and Portfolio.Portfolio ManagersJohn R. Baur, Vice President of Eaton Vance and BMR, has managed the Fund and the Portfolio since January 2008.Patrick Campbell, Vice President of Eaton Vance and BMR, has managed the Fund and the Portfolio since June 2021.Hussein Khattab, Vice President of EVAIL, has managed the Fund and the Portfolio since March 2022.Kyle Lee, Vice President of Eaton Vance and BMR, has managed the Fund and the Portfolio since June 2021.Federico Sequeda, Vice President of Eaton Vance and BMR, has managed the Fund and the Portfolio since June 2021.2. The following replaces “Management” in “Fund Summaries – Eaton Vance Global Macro Absolute Return AdvantageFund”:Investment Adviser. Eaton Vance Management (“Eaton Vance”) serves as investment adviser to the Fund. BostonManagement and Research (“BMR”) serves as investment adviser to the Portfolio(s).Investment Sub-Adviser. Eaton Vance Advisers International Ltd. (“EVAIL”) serves as investment sub-adviser to theFund and Portfolio.Portfolio ManagersJohn R. Baur, Vice President of Eaton Vance and BMR, has managed the Fund and the Portfolio since August 2010.Patrick Campbell, Vice President of Eaton Vance and BMR, has managed the Fund and the Portfolio since June 2021.Hussein Khattab, Vice President of EVAIL, has managed the Fund and the Portfolio since March 2022.Kyle Lee, Vice President of Eaton Vance and BMR, has managed the Fund and the Portfolio since June 2021.Federico Sequeda, Vice President of Eaton Vance and BMR, has managed the Fund and the Portfolio since June 2021.3. The following replaces the fifth paragraph under “Management.” in “Management and Organization”:Pursuant to an investment sub-advisory agreement, EVM and BMR have delegated the investment management ofGlobal Macro Absolute Return Fund, Global Macro Absolute Return Advantage Fund, Global Macro Portfolio and GlobalMacro Absolute Return Advantage Portfolio to Eaton Vance Advisers International Ltd. (“EVAIL”), 125 Old Broad Street,London, EC2N 1AR, United Kingdom, a registered investment adviser. EVM and BMR pay EVAIL a portion of its fee forsub-advisory services provided to the Fund. Pursuant to a participating affiliate arrangement, EVAIL uses the portfoliomanagement, research and other resources of its affiliate, MSIM Fund Management (Ireland) Limited (“MSIM FMIL”) torender investment advisory services to the Fund. Prior to October 1, 2021, EVAIL engaged in a participating affiliatedagreement with its affiliate, Eaton Vance Global Advisors Limited (“EVGA”). On March 1, 2021, upon the closing of theTransaction, EVAIL and EVGA each became indirect wholly owned subsidiaries of Morgan Stanley. Prior to March 1,2021, EVAIL and EVGA were each indirect wholly owned subsidiaries of EVC.Each Fund’s semiannual report covering the fiscal period ended April 30 provides information regarding the basis for theTrustees’ approval of each Fund and each Portfolio’s investment advisory agreement and sub-advisory agreement (asapplicable).

4. The following replaces the third paragraph in “Global Macro Portfolio” under “Management.” in “Management andOrganization”:The portfolio managers of Global Macro Absolute Return Fund and Global Macro Portfolio are John R. Baur (sinceJanuary 28, 2008), Patrick Campbell, Kyle Lee, Federico Sequeda (all since June 30, 2021) and Hussein Khattab(since March 16, 2022). Mr. Sequeda co-manages other Eaton Vance funds and portfolios, is a Vice President of EVMand BMR and has been an employee of Eaton Vance for more than five years. Mr. Khattab co-manages other EatonVance funds and portfolios, is a Vice President of EVAIL and has been an employee of Eaton Vance for more than fiveyears. Additional Information about Messrs. Baur, Campbell and Lee appears above.5. The following replaces the third paragraph in “Global Macro Absolute Return Advantage Portfolio” under“Management.” in “Management and Organization”:The portfolio managers of Global Macro Absolute Return Advantage Fund and Global Macro Absolute Return AdvantagePortfolio are John R. Baur (since inception), Patrick Campbell, Kyle Lee, Federico Sequeda (all since June 30, 2021)and Hussein Khattab (since March 16, 2022). Additional information about Messrs. Baur, Campbell, Khattab, Lee andSequeda appears above.6. The following replaces the first paragraph of “Investment Advisory Services.” in “Investment Advisory andAdministrative Services”:Investment Advisory Services. As described in the Prospectus, upon the closing of the transaction by which MorganStanley acquired EVC (the “Transaction”) each Fund except Global Macro Absolute Return Advantage Fund entered intoa new Investment Advisory Agreement with Eaton Vance, Global Macro Absolute Return Advantage Fund entered into anew Investment Advisory and Administrative Agreement with Eaton Vance and each Portfolio entered into a newInvestment Advisory Agreement with BMR. Each investment adviser manages the investments and affairs of eachPortfolio and the Short Duration Strategic Income Fund and provides related office facilities and personnel subject to thesupervision of the Trust’s Board, in the case of a Fund, or a Portfolio’s Board. Each investment adviser or sub-adviser, asapplicable, furnishes investment research, advice and supervision, furnishes an investment program and determineswhat securities will be purchased, held or sold by each Portfolio or Fund and what portion, if any, of each Portfolio’s andthe Short Duration Strategic Income Fund’s assets will be held uninvested. Each Investment Advisory Agreement orInvestment Advisory and Administrative Agreement, in the case of Global Macro Absolute Return Advantage Fund, andInvestment Sub-Advisory Agreement, in the case of Global Macro Absolute Return Advantage Fund and Global MacroAbsolute Return Fund and each of their corresponding Portfolios, requires the investment adviser or sub-adviser, as thecase may be, to pay the compensation and expenses of all officers and Trustees who are members of the investmentadviser’s or, if applicable, sub-adviser’s organization and all personnel of the investment adviser or, if applicable, subadviser performing services relating to research and investment activities.7. The following is added as the penultimate paragraph of “Investment Advisory Services.” in “Investment Advisory andAdministrative Services”:Effective March 16, 2022, pursuant to an investment sub-advisory agreements between Eaton Vance and Eaton VanceAdvisers International Ltd. (“EVAIL”) and BMR and EVAIL. EVM and BMR pay compensation to EVAIL for providing subadvisory services to Global Macro Absolute Return Advantage Fund and Global Macro Absolute Return Fund and each oftheir corresponding Portfolios.Each Investment Advisory Agreement or Investment Advisory and Administrative Agreement and Investment SubAdvisory Agreement, as applicable with the investment adviser or sub-adviser, as applicable, continues in effect throughand including the second anniversary of its execution and shall continue in full force and effect indefinitely thereafter,but only so long as such continuance after such second anniversary is specifically approved at least annually (i) by thevote of a majority of the noninterested Trustees of the Trust, in the case of a Fund, or a Portfolio cast at a meetingspecifically called for the purpose of voting on such approval pursuant to the requirements of the 1940 Act and (ii) bythe Board of the Trust, in the case of a Fund, or a Portfolio or by vote of a majority of the outstanding voting securities ofthe Portfolio or Fund. Each Agreement may be terminated at any time without penalty on sixty (60) days’ written noticeby either party, or by vote of the majority

Supplement to SAI dated August 1, 2021, as revised January 1, 2022 EATON VANCE AMT-FREE MUNICIPAL INCOME FUND . He is also a Partner and a member of the Operating Committee, having previously served as Senior Advisor on Diversity and Inclusion for the firm's chief executive officer, as Co-Head of the Americas Region, and as a Senior Client .