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Investment Manager Model Portfolio Trade Commentary Eaton Vance Tax-Aware High-Net-Worth Portfolios Merrill Lynch Investment Advisory Program December 7, 2023 This trade commentary communicates changes made in the Eaton Vance portfolios available in the Merrill Lynch Investment Advisor Program (IAP). The views expressed here are those of Eaton Vance only and are subject to change. Eaton Vance Overview of Portfolio Changes Global equity markets rebounded in November after three consecutive months of negative performance. The Standard & Poor’s 500 Index returned 9.1% (US Dollar) while the Morgan Stanley Capital International Europe (Euro) Index returned 6.5%1 and the Morgan Stanley Capital International Japan Index (Japanese Yen) returned 6.0%1. Emerging markets also rebounded with the Morgan Stanley Capital International Emerging (US Dollar) Index posting a return of 8.0%1. Sector performance was positive across the board with the Morgan Stanley Capital International All Country World Index (US Dollar) Index leading the pack with a return of 12.9%2. The US 10-Year Treasury yield was 4.36% at month end, 55bps lower than at the end of October. Volatility remained subdued as the volatility index fell to 12.92 at the end of the month. There has been a slight skew towards US outperformance relative to ex-US with some counterbalancing between local market trends and currency trends. Outside of the US, there is a skew in positive performance for Japan relative to both Europe and Emerging Markets, but with limited overall divergence. The relatively contained volatility of relative performance between regions is consistent with less divergent data surprise trends. Economic surprise indexes show a less divergent picture, with data surprise trends across major regions tending to show closer alignment of data to expectations - US showing positive but less so, Europe showing negative surprise but less so, and both China and Japan showing data now mostly in line with expectations. From the big bad wolf to Goldilocks In contrast to the continuity of trend in October, November saw notable reversals. The six-month trend of rising rates came to an end with the US 10-year pulling back over 50bps through the first three weeks of the month. Equally notable was a near 9%1 rise in the Morgan Stanley Capital International All Country World Index (US Dollar), largely offsetting the greater-than 10% decline experienced over the three preceding months. If the period from August through October reflected “higher-for-longer” concerns, the November reversal is best characterized as reflecting a “Goldilocks” view. Underpinning this shift to Goldilocks was a combination of softer-than-expected inflation data, a mild softening in labor market data, and a better-than-expected retail sales report. The ideal soft-landing scenario envisions below-trend but still-positive growth, a labor market that softens but does not collapse, and an inflation trend that progresses sufficiently towards target to allow central banks to start to ease policy rates toward neutral. The trifecta of inflation, labor market, and consumer spending data materializing over the last month generally aligns with this view, demonstrating progress on inflation and a consumer trend that is softening but not weak. Investment Implications We continued to reduce our US small caps exposure from last month, reallocating to US equities as we still believe that US small cap equities are more sensitive to interest rates, and we prefer to shift out of lower quality and high leverage equities. 1 Bloomberg, 1-month returns, local currency unless otherwise stated, as of 30 November 2023. 2 Bloomberg, 30 November 2023.

Trade Details Current Holdings and Changes from Previous as of December 7, 2023 Eaton Vance Moderately Conservative SMA/ETF Tax Aware Eaton Vance Moderate SMA/ETF Tax Aware Eaton Vance Moderately Aggressive SMA/ETF Tax Aware Ticker Investment Name 28S02378 % Change 28S02379 % Change 28S02386 % Change Equities 40.0% 58.0% 74.0% U.S. Large Cap Growth 15.2% 21.3% 26.7% Parametric Custom Core S&P 500 SMA 14.4% ↑ 0.75% 20.0% ↑ 1.00% 25.0% ↑ 1.25% FENY Fidelity MSCI Energy ETF 0.8% 1.3% 1.7% U.S. Large Cap Value 15.7% 22.3% 29.2% Parametric Custom Core S&P 500 SMA 14.4% ↑ 0.75% 20.0% ↑ 1.00% 25.0% ↑ 1.25% VONV Vanguard Russell 1000 Value 0.0% 0.0% 1.5% FENY Fidelity MSCI Energy ETF 0.8% 1.3% 1.7% ITB iShares US Home Construction 0.5% 1.0% 1.0% U.S. Small Cap Value 1.0% 1.0% 2.0% VBR Vanguard Small Cap Value 1.0% 1.0% 2.0% IWM iShares Russell 2000 0.0% ↓ -1.50% 0.0% ↓ -2.00% 0.0% ↓ -2.50% International Developed Equity 5.7% 9.5% 11.7% VEA Vanguard FTSE Developed Market 5.7% 9.5% 11.7% HEWU iShares MSCI UK Hedged 0.0% 0.0% 0.0% EUFN iShares European Financials ETF 0.0% 0.0% 0.0% Emerging Markets 2.5% 4.0% 4.5% VWO Vanguard FTSE Emerging Markets 2.5% 4.0% 4.5% MCHI iShared MSCI China ETF 0.0% 0.0% 0.0% Commodities 0.0% 0.0% 0.0% COMT iShares GSCI Commodity Dynamic Roll Strategy ETF 0.0% 0.0% 0.0% Fixed Income 59.0% 41.0% 25.0% U.S. Government 11.8% 2.0% 2.5% VMBS Vanguard Mortgage Back Securities 3.8% 0.0% 0.0% VGSH Vanguard Short Term Treasury ETF 3.0% 0.0% 0.5% VGIT Vanguard Inter. Term Treasury ETF 0.5% 0.0% 0.0% VGLT Vanguard Long Term Treasury ETF 0.5% 0.0% 0.0% SCHP Schwab US TIPS ETF 1.0% 0.0% 0.0% SPBO SPDR US Corporate Bond ETF 3.0% 2.0% 2.0% U.S. High Yield 4.0% 3.0% 0.0% JNK SPDR Barclays High Yield Bond ETF 1.0% 1.0% 0.0% BKLN Invesco Senior Loan ETF 0.0% 0.0% 0.0% SRLN SPDR Blackstone Senior Loan ETF 3.0% 2.0% 0.0% U.S. Investment Grade Tax Exempt 29.0% 31.0% 19.0% Parametric TABS 5-15 Yr A-Min Muni Ladder SMA 29.0% 31.0% 19.0% U.S. High Yield Tax Exempt 4.0% 3.0% 2.0% HYD Vaneck Vectors High Yield Muni 4.0% 3.0% 2.0% International Fixed Income 10.3% 2.0% 1.5% CEMB iShares EM Corporate Bond ETF 1.0% 1.0% 1.0% EMB iShares JPMorgan Em Debt ETF 1.0% 1.0% 0.5% BNDX Vanguard International Bond 8.3% 0.0% 0.0% Cash 1.0% 1.0% 1.0% Source: Eaton Vance as of 12.7.23. The table above reflects all recommended securities in the strategy and their allocation as of the date of this document. Please note that individual weights in the trade details above may not add up to 100% due to rounding. These securities are included for illustrative purposes only and should not be considered investment advice or a recommendation to buy or sell any particular security. While the table above reflects all of the recommended securities in the Strategy as of the dates indicated, the specific securities purchased, sold or selected for a particular client’s account may differ from those identified and described above, including in light of such clients’ individual circumstances. Actual portfolio holdings may vary for each client and there is no guarantee that a particular client's account will hold any or all of the securities listed. The specific securities identified and described may not represent all of the securities purchased, sold or recommended for client accounts. You should not assume that investments in the securities identified and discussed were or will be profitable.

Important Disclosures This trade commentary communicates changes made in the Eaton Vance portfolios that are available in the Merrill Lynch Investment Advisor Program (IAP). For additional information, please refer to the Merrill Lynch Investment Advisory Program (IAP) Strategy’s profile for further details on the portfolio and the Merrill CIO role. It is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. The Chief Investment Office of Merrill (Merrill CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. The Investment Manager’s Model Portfolios (Strategies) are subject to a Merrill CIO Review Process as described in the Merrill Lynch Investment Advisory Program Brochure. Each Strategy’s investments are subject to the [Investment Manager Name] review process but are not required to be subject to the Merrill CIO Review Process. The Strategy’s portfolio incorporates the [Investment Manager’s Name] tactical asset allocation over a strategic portfolio that is generally the Merrill CIO’s strategic asset allocation approach. IAP is sponsored by Merrill and Managed Account Advisors LLC (MAA,) an affiliate of Merrill. Merrill and MAA are registered investment advisers. Investment adviser registration does not imply a certain level of skill or training. MAA is the overlay portfolio manager and provides strategy implementation. For the Investment Manager Model portfolios discussed herein, the Investment Manager provides to MAA its recommendations of asset classes, mutual funds (“MFs”) and exchange traded funds (“ETFs”) (together, “Funds”) and the related percentage allocations and updates to the MFs and ETFs or the related percentage allocations whenever its recommendations change. MAA generally implements the Investment Manager’s Strategy recommendations for accounts in the Program, subject to any reasonable client imposed restrictions, cash flow and other considerations. Clients may impose reasonable restrictions on the Funds that can be purchased for their accounts, but may not impose investment restrictions on the securities held by any Fund. The document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Holdings and allocation information for the portfolios provided herein is as of the date indicated on this report’s cover page and subject to change at any time. Holdings and allocation information should not be considered investment recommendations for an individual investment or group of investments and may not match the holdings and allocations presented in the applicable IAP Strategy’s profile. Please see the applicable strategy profiles for further information. Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results. Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets. © 2023 Eaton Vance Management | Two International Place, Boston, MA 02110 | 800.836.2414 | eatonvance.com 36699 | 12.7.23