High Income Opportunities Portfolio DEFA14AAdditional proxy soliciting materials

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

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Investor Contact: (800) 262-1122

FOR IMMEDIATE RELEASE

Joint Special Meeting of Shareholders of Eaton Vance Mutual Funds

On February 18, 2021 Will Be A Virtual Meeting

BOSTON, MA, February 8, 2021 — The following notice relates to the Joint Special Meeting of Shareholders of the following Eaton Vance funds (each a “Fund” and collectively, the “Funds”):

Notice That Joint Special Meeting of Shareholders

Will Be A Virtual Meeting

Due to the public health impact of the coronavirus pandemic (COVID-19), travel guidelines in Massachusetts and surrounding areas, and to support the health and well-being of our shareholders, NOTICE IS HEREBY GIVEN that the Joint Special Meeting of Shareholders of the Funds to be held on Thursday, February 18, 2021 at 11:30 a.m. Eastern Time (the “Meeting”) will be a virtual meeting via a web-based portal. Shareholders will not be able to attend the Meeting in person.

If you were a record holder of Fund shares as of December 11, 2020 (i.e., you held Fund shares in your own name directly with the Fund), you can participate in and vote at the Meeting by emailing your full name and address to Computershare Fund Services (“Computershare”) at shareholdermeetings@computershare.com. You will then be provided with credentials to participate in the Meeting. You will also be able to vote during the Meeting by entering the control number found on the proxy card or notice you previously received. Requests to participate in and vote at the Meeting must be received by Computershare no later than 5:00 p.m. Eastern Time on February 12, 2021.

If you held Fund shares through an intermediary (such as a broker-dealer) as of December 11, 2020, and wish to participate in and vote at the Meeting, you will need to obtain a legal proxy from your intermediary reflecting the Fund’s name, the number of Fund shares you held, and your name and email address. You may forward an email from your intermediary containing the legal proxy or attach an image of the legal proxy to an email and send it to Computershare at shareholdermeetings@computershare.com with “Legal Proxy” in the subject line. You will then be provided with credentials to participate in the Meeting, as well as a unique control number to vote your shares at the Meeting. If you would simply like to participate in but NOT vote at the Meeting, please send an email to Computershare at shareholdermeetings@computershare.com with proof of ownership of Fund shares. A statement, letter or the Vote Instruction Form from your intermediary will be sufficient proof of ownership. You will then be provided with credentials to participate in the Meeting. All requests to participate in the Meeting must be received by Computershare no later than 5:00 p.m. Eastern Time on February 12, 2021.

If you are the owner of a variable annuity or life insurance contract invested in a Fund as of December 11, 2020, you may attend the Meeting as a guest. Log onto www.meetingcenter.io/255567976 on the date and time of the Meeting, select the “I am a Guest” option and follow the onscreen prompts. 

The Funds and the Boards of Trustees are closely monitoring the evolving COVID-19 situation and if circumstances change, the Funds will issue additional press release(s) updating shareholders regarding the Meeting. Whether or not you plan to participate in the Meeting, we urge you to vote and submit your vote in advance of the Meeting by one of the methods described in the Funds’ proxy materials. The proxy statement is available online at https://funds.eatonvance.com/open-end-mutual-fund-documents.php. The proxy card included with the Funds’ previously distributed proxy materials will not be updated to reflect the change to a virtual meeting and may continue to be used to vote your shares in advance of the Meeting. Please contact Computershare at shareholdermeetings@computershare.com with any questions regarding accessing the Meeting and a Computershare representative will contact you to answer your questions.

By Order of the Boards of Trustees,

/s/ Maureen A. Gemma

Maureen A. Gemma

Secretary

About Eaton Vance Corp.

Eaton Vance Management or Boston Management and Research, each a subsidiary of Eaton Vance Corp., serves as investment adviser to each Fund. Eaton Vance Corp. (NYSE: EV) provides advanced investment strategies and wealth management solutions to forward-thinking investors around the world. Through principal investment affiliates Eaton Vance Management, Parametric, Atlanta Capital, Calvert and Hexavest, the Company offers a diversity of investment approaches, encompassing bottom-up and top-down fundamental active management, responsible investing, systematic investing and customized implementation of client-specified portfolio exposures. As of December 31, 2020, Eaton Vance had consolidated assets under management of $583.1 billion. Exemplary service, timely innovation and attractive returns across market cycles have been hallmarks of Eaton Vance since 1924. For more information, visit eatonvance.com.

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