Fund Description: Eaton Vance Municipal Income Term Trust is an exchange-traded closed-end trust or a closed-end ETF which is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Eaton Vance Municipal Income Term Trust seeks to provide current income exempt from regular federal income tax. TRUST STRATEGY: During normal market conditions, the Trust will invest at least 80% of its net assets, plus borrowings for investment purposes, in debt obligations issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their political subdivisions, agencies or instrumentalities, the interest on which is exempt from regular federal income tax (municipal obligations). The Adviser seeks to purchase securities for investment by the Trust that it believes offer attractive relative value with regard to price, yield, and expected total return in relation to available bonds in the markets in which the Trust invests. Investment decisions are made primarily on the basis of fundamental research and relative value. The Trust may sell a security when the Adviser believes it no longer represents attractive relative value or as cash needs dictate. Municipal obligations include bonds, notes and commercial paper issued by a municipality, a group of municipalities or participants in qualified issues of municipal debt for a wide variety of both public and private purposes. Under normal market conditions the Trust will invest subject to the following policies: at least 50% of its total managed assets in municipal obligation that, at the time of investment, are investment grade quality; up to 50% of its total managed assets in municipal obligations that, at the time of investment, are below investment grade quality; no more than 10% of its total managed assets in municipal obligations that, at the time of investment, have a Municipal Obligation Rating that is below B-/B3 or are unrated and considered by the Adviser to be of comparable quality; up to 30% of its total managed assets in AMT Bonds; no more than 25% of its total managed assets in municipal obligations in any one industry and no more than 5% of its total managed assets in any one issuer; no more than 10% of its total managed assets in tobacco settlement bonds. The Trust currently intends to utilize leverage not in excess of 45% of its total managed assets. Residual interest bonds are securities that pay interest at rates that vary inversely with changes in prevailing short-term interest rates and provide the economic effect of leverage. Although the Trust has no current intention to do so, the Trust is authorized also to utilize leverage through the issuance of preferred shares and/or borrowings, including the issuance of debt securities. The Trust intends to cease its investment operations on or about June 30, 2028 (the Termination Date) and thereafter liquidate its portfolio, retire or redeem leverage facilities and distribute its net assets to Common Shareholders of record as of the Termination Date. The Trust’s term may be extended for a period of not more than 12 months from the Termination Date by a vote of the Board. The Trust anticipates using leverage to seek to enhance returns, initially by investing in residual interest bonds. TRUST MANAGEMENT: The Trust’s investment adviser is Eaton Vance Management.