Form 497 EATON VANCE MUTUAL FUNDS

EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND
EATON VANCE TAX-MANAGED GLOBAL DIVIDEND INCOME FUND
EATON VANCE TAX-MANAGED MULTI-CAP GROWTH FUND
EATON VANCE TAX-MANAGED SMALL-CAP FUND
EATON VANCE TAX-MANAGED VALUE FUND

Supplement to Prospectus dated March 1, 2022 as revised April 29, 2022

The following changes are effective June 30, 2022.

1.The following replaces “Portfolio Managers” in “Management” under “Eaton Vance Tax-Managed Equity Asset Allocation Fund”: 

Portfolio Managers

John H. Croft, CFA, Vice President of Eaton Vance, has managed the Fund since June 2015.

Douglas R. Rogers, CFA, Vice President of Eaton Vance, has managed the Fund since July 1, 2021.

2.The following replaces “Portfolio Managers” in “Management” under “Eaton Vance Tax-Managed Multi-Cap Growth Fund”: 

Portfolio Manager. Douglas R. Rogers, CFA, Vice President of Eaton Vance and BMR, has managed the Portfolio since December 2018 and the Fund since March 1, 2021.

The following changes are effective July 1, 2022.

1.The following replaces “Fees and Expenses of the Fund” in “Fund Summaries” under “Eaton Vance Tax-Managed Equity Asset Allocation Fund”: 

(1)”Management Fees” have been restated to reflect the investment advisory agreement of the Fund effective July 1, 2022, as if such agreement was in effect for the Fund’s fiscal year ended October 31, 2021.  

(2)Pursuant to the Fund’s investment advisory agreement, the Fund’s investment advisory fee is reduced by the Fund’s allocable portion of the advisory fees of the Portfolios in which it invests.  

Example. 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:

2.The following replaces the first paragraph under “Tax-Managed Equity Asset Allocation Fund.” in “Management and Organization”: 

Tax-Managed Equity Asset Allocation Fund.  Under its investment advisory agreement with Tax-Managed Equity Asset Allocation Fund, Eaton Vance receives a monthly advisory fee as follows:  

Prior to July 1, 2022, Eaton Vance received the following monthly advisory fee under its investment advisory agreement:

EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND

EATON VANCE TAX-MANAGED GLOBAL DIVIDEND INCOME FUND

EATON VANCE TAX-MANAGED MULTI-CAP GROWTH FUND

EATON VANCE TAX-MANAGED SMALL-CAP FUND

EATON VANCE TAX-MANAGED VALUE FUND

Supplement to Statement of Additional Information dated March 1, 2022

The following replaces the tables under “Portfolio Managers.” in “Investment Advisory and Administrative Services”:

(1)This portfolio manager serves as portfolio manager of one or more registered investment companies that invests or may invest in one or more underlying registered investment companies in the Eaton Vance family of funds or other pooled investment vehicles sponsored by Eaton Vance.  The underlying investment companies may be managed by this portfolio manager or another portfolio manager.       

(2)This portfolio manager provides advisory services for certain of the “Other Accounts” on a nondiscretionary or model basis. For “Other Accounts” that are part of a wrap account program, the number of accounts is the number of sponsors for which the portfolio manager provides advisory services rather than the number of individual customer accounts within each wrap account program.  The assets managed may include assets advised on a nondiscretionary or model basis. 

(3)Certain of these “Other Pooled Investment Vehicles” invest a substantial portion of their assets in a registered investment company in the Eaton Vance family of funds and/or in a separate pooled investment vehicle sponsored by Eaton Vance which may be managed by this portfolio manager or another portfolio manager.   

The following table shows the dollar range of equity securities beneficially owned in a Fund by its portfolio manager(s) as of the Funds’ most recent fiscal year ended October 31, 2021 and in the Eaton Vance family of funds as of December 31, 2021.  Interests in a Portfolio cannot be purchased by a portfolio manager.