Eaton Vance Municipal Income Term Trust (the Trust) is a diversified, closed-end management investment company. The Trust�s investment objective is to provide current income exempt from federal income tax. The Trust will seek to achieve its investment objective by investing primarily in municipal obligations, which is a portion of which are investment grade and a portion of which are below investment grade at the time of investment. 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. At least 50% of the Trust�s total managed assets will be invested in municipal obligations that at the time of investment are investment grade quality. Up to 30% of the Trust�s investments in municipal obligations may be subject to the alternative minimum tax. Eaton Vance management is the investment advisor of the Trust.