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Management” Under “Fund Summary”: Management Investment Adviser

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Management” Under “Fund Summary”: Management Investment Adviser EATON VANCE HIGH INCOME OPPORTUNITIES FUND Supplement to Prospectus dated March 1, 2021 1. The following replaces “Management” under “Fund Summary”: Management Investment Adviser. Boston Management and Research (“BMR”) serves as investment adviser to the Portfolio. Effective March 1, 2021, Eaton Vance Management (“Eaton Vance”) serves as investment adviser to the Fund. Investment Sub-Adviser. Eaton Vance Advisers International Ltd. (“EVAIL”). Portfolio Managers Kelley Baccei, Vice President of Eaton Vance and BMR, has managed the Portfolio since November 2014 and the Fund since March 1, 2021. Stephen Concannon, Vice President of Eaton Vance and BMR, has managed the Portfolio since November 2014 and the Fund since March 1, 2021. Jeffrey Mueller, Vice President of EVAIL, has managed the Portfolio since June 2019 and the Fund since March 1, 2021. 2. The following replaces “Management.” in “Management and Organization”: Management. The Fund’s investment adviser is Eaton Vance Management (“Eaton Vance”) and the Portfolio’s investment adviser is Boston Management and Research (“BMR”). Each of Eaton Vance and BMR have offices at Two International Place, Boston, MA 02110. Eaton Vance and BMR and their predecessor organizations have been managing assets since 1924 and managing mutual funds since 1931. Prior to March 1, 2021, Eaton Vance was a wholly owned subsidiary and BMR was an indirect wholly owned subsidiary of Eaton Vance Corp. (“EVC”). On March 1, 2021, Morgan Stanley acquired EVC (the “Transaction”) and Eaton Vance and BMR became indirect, wholly- owned subsidiaries of Morgan Stanley. In connection with the transaction, the Portfolio entered into a new investment advisory agreement with BMR and BMR entered into a new investment sub-advisory agreement with EVAIL. Each such agreement was approved by Portfolio interestholders prior to the consummation of the Transaction and was effective upon its closing. In addition, Fund shareholders have approved a new investment advisory agreement with Eaton Vance and a new investment sub-advisory agreement with EVAIL that took effect upon the closing of the Transaction. The new agreements for the Fund are substantially similar to the new investment advisory agreement and investment sub-advisory agreement that were approved with respect to the Portfolio in connection with the Transaction. Under the Fund’s new investment advisory agreement, Eaton Vance does not charge an advisory fee with respect to Fund assets invested in the Portfolio or any other investment company for which Eaton Vance or its affiliates serve as investment adviser and receive an advisory fee. The Fund currently invests all of its assets in the Portfolio. In the event Eaton Vance manages directly any assets of the Fund in the future, the applicable advisory fee rate payable by the Fund will be the same as that payable by the Portfolio. Morgan Stanley (NYSE: MS), whose principal offices are at 1585 Broadway, New York, New York 10036, is a preeminent global financial services firm engaged in securities trading and brokerage activities, as well as providing investment banking, research and analysis, financing and financial advisory services. As of December 31, 2020, after giving effect to the Transaction as described above, Morgan Stanley’s asset management operations had aggregate assets under management of approximately $1.4 trillion. The Fund is allocated its pro rata share of the advisory fee paid by the Portfolio in which it invests, as applicable. Effective March 1, 2021, any fee reduction agreement previously applicable to the Portfolio was incorporated into its new investment advisory agreement with its investment adviser and its new investment sub-advisory agreement with its sub-adviser. Pursuant to a sub-advisory agreement, the Fund’s and the Portfolio’s advisers have delegated a portion of the investment management of the Fund and the Portfolio, respectively, to EVAIL, 125 Old Broad Street, London, EC2N 1AR, United Kingdom, a registered investment adviser. Each of the Fund’s and the Portfolio’s adviser pays EVAIL a portion of its advisory fee for sub-advisory services provided to the Fund and Portfolio. On March 1, 2021, upon the closing of the Transaction, EVAIL became an indirect wholly owned subsidiary of Morgan Stanley. Prior to March 1, 2021, EVAIL was an indirect wholly owned subsidiary of EVC. The Fund’s semiannual report covering the fiscal period ended April 30 will provide information regarding the basis for the Trustees’ approval of the Fund’s and the Portfolio’s investment advisory agreement and investment sub-advisory agreements. High Income Opportunities Fund. Under its investment advisory agreement with the Fund, Eaton Vance is entitled to receive an advisory fee equal to the aggregate of a daily asset based fee and a daily income based fee. Asset-based fees are computed on total daily net assets of the Fund that are not invested in other investment companies for which the Adviser or its affiliates (i) serves as adviser and (ii) receives an advisory fee. Income-based fees are computed on total daily gross income of the Fund that is not derived from other investment companies for which the Adviser or its affiliates (i) serves as adviser and (ii) receives an advisory fee. The fees are applied on the basis of the following categories: Annual Daily Category Daily Net Assets Fee Rate Income Rate 1 Up to $500 million 0.300% 3.00% 2 $500 million but less than $1 billion 0.275% 2.75% 3 $1 billion but less than $1.5 billion 0.250% 2.50% 4 $1.5 billion but less than $2 billion 0.225% 2.25% 5 $2 billion but less than $3 billion 0.200% 2.00% 6 $3 billion and over 0.175% 1.75% High Income Opportunities Portfolio. Under its investment advisory agreement with the Portfolio, BMR receives a monthly advisory fee equal to the aggregate of a daily asset based fee and a daily income based fee. The fees are applied on the basis of the following categories and are payable monthly: Annual Daily Category Daily Net Assets Fee Rate Income Rate 1 Up to $500 million 0.300% 3.00% 2 $500 million but less than $1 billion 0.275% 2.75% 3 $1 billion but less than $1.5 billion 0.250% 2.50% 4 $1.5 billion but less than $2 billion 0.225% 2.25% 5 $2 billion but less than $3 billion 0.200% 2.00% 6 $3 billion and over 0.175% 1.75% For the fiscal year ended October 31, 2020, the effective annual rate of investment advisory fee paid to BMR, based on average daily net assets of the Portfolio was 0.46%. Stephen Concannon, Kelley Baccei and Jeffrey Mueller manage the Fund and the Portfolio. Mr. Concannon and Ms. Baccei have managed the Portfolio since November 2014 and the Fund since March 1, 2021. Mr. Concannon and Ms. Baccei have each been a Vice President of Eaton Vance and BMR for more than five years and each manages other Eaton Vance portfolios. Mr. Mueller has managed the Portfolio since June 2019 and the Fund since March 1, 2021 and is a Vice President of EVAIL. Prior to November 1, 2017, Mr. Mueller held similar positions at Eaton Vance Management (International) Limited (“EVMI”) from 2015-2017. The SAI provides additional information about each portfolio manager’s compensation, other accounts managed by each portfolio manager, and each portfolio manager’s ownership of Fund shares. Eaton Vance serves as the administrator of the Fund, providing the Fund with administrative services and related office facilities. Eaton Vance does not currently receive a fee for serving as administrator. Eaton Vance provides sub-transfer agency and related services to Eaton Vance mutual funds pursuant to a Sub-Transfer Agency Support Services Agreement. For its services under the agreement, Eaton Vance receives an aggregate fee from such funds equal to its actual expenses incurred in performing such services. 3. The following replaces the first paragraph under “Payments to Financial Intermediaries.” in “Purchasing Shares”: Payments to Financial Intermediaries. In addition to payments disclosed under “Sales Charges” below, the principal underwriter, out of its own resources, may make cash payments to certain financial intermediaries (which may include affiliates of the principal underwriter and investment adviser) who provide marketing support, transaction processing and/or administrative services and, in some cases, include some or all Eaton Vance funds in preferred or specialized selling programs. Payments made by the principal underwriter to a financial intermediary may be significant and are typically in the form of fees based on Fund sales, assets, transactions processed and/or accounts attributable to that financial intermediary. Financial intermediaries also may receive amounts from the principal underwriter in connection with educational or due diligence meetings that include information concerning Eaton Vance funds. The principal underwriter may pay or allow other promotional incentives or payments to financial intermediaries to the extent permitted by applicable laws and regulations. 4. The following replaces “Fund Purchases through Edward D. Jones & Co., L.P. (“Edward Jones”)” under “Appendix A – Financial Intermediary Sales Charge Variations”: Policies Regarding Transactions Through Edward D. Jones & Co., L.P. (“Edward Jones”) The following information has been provided by Edward Jones: Effective on or after March 1, 2021, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information (“SAI”) or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of fund family or other facts qualifying the purchaser for discounts or waivers.
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