Eaton Vance National Municipal Opportunities Trust

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund’s transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), you may elect to receive shareholder reports and other communications from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distrbutions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²	Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³	The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend.

⁴

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes.

⁵

Fund employs RIB financing leverage. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets applicable to common shares plus Floating Rate Notes.

⁶

Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

⁷	The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

Fund profile subject to change due to active management.


Tax-Exempt Municipal Securities — 98.3%
Security	Principal Amount (000’s omitted)		Value

Education — 2.5%

Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/49⁽¹⁾	$	560	$	610,809

Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/38⁽¹⁾		210		235,956

Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/48⁽¹⁾		395		436,396

District of Columbia, (District of Columbia International School), 5.00%, 7/1/39		185		223,898

District of Columbia, (District of Columbia International School), 5.00%, 7/1/49		185		220,150

District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/56⁽¹⁾		1,090		1,162,016

Jacksonville, FL, (Jacksonville University), 5.00%, 6/1/53⁽¹⁾		1,000		1,094,010

New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.75%, 7/1/50		3,000		3,100,260

Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		750		808,215

Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/54⁽¹⁾		455		479,443

			$	8,371,153

Electric Utilities — 7.8%

Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30	$	340	$	358,686

Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45		5,750		6,160,435

Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 1/1/34		3,650		3,664,199

Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34		2,815		2,825,950

Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39		1,520		1,559,733

Indiana Financing Authority, (Duke Energy Indiana, Inc.), 6.00%, 8/1/39		7,600		7,627,512

Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.00%, 9/1/29		715		758,794

Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40		2,500		2,584,425

			$	25,539,734

Escrowed / Prerefunded — 5.1%

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), Prerefunded to 7/1/20, 6.20%, 7/1/45	$	2,000	$	2,071,360

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), Prerefunded to 11/1/20, 5.00%, 11/1/38		5,225		5,424,804


Security	Principal Amount (000’s omitted)		Value

Escrowed /Prerefunded (continued)

Johnson City Health and Educational Facilities Board, TN, (Mountain States Health Alliance), Prerefunded to 7/1/20, 6.00%, 7/1/38	$	1,665	$	1,722,576

Marco Island, FL, Utility System, Prerefunded to 10/1/20, 5.00%, 10/1/40		2,425		2,515,574

Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), Prerefunded to 1/1/21, 6.125%, 1/1/30		470		497,471

Metropolitan Transportation Authority, NY, Prerefunded to 11/15/21, 5.00%, 11/15/31		1,000		1,082,130

Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42		2,425		2,671,865

Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		770		948,039

			$	16,933,819

General Obligations — 7.8%

Chicago Board of Education, IL, 5.00%, 12/1/46	$	6,600	$	7,062,330

Chicago, IL, 5.50%, 1/1/49		5,000		5,853,600

Illinois, 4.25%, 12/1/37		6,000		6,286,140

Illinois, 5.00%, 5/1/36		3,500		3,792,950

Jackson County School District No. 6, OR, 0.00%, 6/15/41		710		367,333

Will County Community Unit School District No. 365-U, IL, (Valley View), 5.75%, 11/1/32		2,210		2,402,977

			$	25,765,330

Hospital — 11.0%

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37	$	165	$	185,130

Camden County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42		665		743,157

Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), (SPA: JPMorgan Chase Bank, N.A.), 1.75%, 1/15/48⁽²⁾		5,950		5,950,000

Colorado Health Facilities Authority, (CommonSpirit Health), 4.00%, 8/1/44		400		433,312

Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34		1,190		1,279,214

Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36		2,500		2,786,250

Illinois Finance Authority, (Rush University Medical Center), 4.00%, 11/15/39		1,000		1,069,970

Massachusetts Development Finance Agency, (Atrius Health), 4.00%, 6/1/49		1,555		1,669,510

Massachusetts Development Finance Agency, (Atrius Health), 5.00%, 6/1/39		255		308,275


Security	Principal Amount (000’s omitted)		Value

Hospital (continued)

Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 4.75%, 7/1/25	$	1,450	$	1,485,714

Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50		1,040		1,147,255

Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/38		1,000		1,111,090

Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/39		1,000		1,105,540

Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/44		1,500		1,632,390

New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/45		675		743,141

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35⁽¹⁾		900		1,059,156

Ohio, (Cleveland Clinic Health System), (SPA: U.S. Bank, N.A.), 1.75%, 1/1/52⁽²⁾		1,250		1,250,000

Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38		310		367,700

Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43		1,740		2,083,285

South Lake County Hospital District, FL, (South Lake Hospital), 6.25%, 4/1/39		1,365		1,367,402

Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45		5		5,790

Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45⁽³⁾		3,975		4,602,732

Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39⁽³⁾		3,500		3,966,480

			$	36,352,493

Housing — 1.4%

California Department of Veterans Affairs, Home Purchase Revenue, 3.60%, 12/1/43	$	1,895	$	2,051,034

Michigan Housing Development Authority, 3.00%, 10/1/39		255		260,516

Michigan Housing Development Authority, 3.25%, 10/1/44		270		277,506

Michigan Housing Development Authority, 3.35%, 10/1/49		390		400,495

New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/47		445		482,798

New York City Housing Development Corp., NY, 3.85%, 11/1/42		1,000		1,059,780

			$	4,532,129


Security	Principal Amount (000’s omitted)		Value

Industrial Development Revenue — 10.1%

Alabama Industrial Development Authority, (Pine City Fiber Co.), (AMT), 6.45%, 12/1/23	$	5,000	$	5,075,400

Clayton County Development Authority, GA, (Delta Air Lines, Inc.), 8.75%, 6/1/29		3,420		3,583,134

Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45⁽¹⁾		1,950		1,978,450

Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35⁽¹⁾		725		827,631

National Finance Authority, NH, (Covanta), 4.625%, 11/1/42⁽¹⁾		1,415		1,493,292

National Finance Authority, NH, (Covanta), (AMT), 4.875%, 11/1/42⁽¹⁾		1,555		1,654,707

New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29⁽¹⁾		560		560,000

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23		630		678,138

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29		1,900		2,083,768

New York Liberty Development Corp., (Bank of America Tower at One Bryant Park), 2.80%, 9/15/69⁽⁴⁾		350		356,220

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35		2,560		3,516,877

Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42⁽¹⁾		2,000		2,119,440

Owen County, KY, (Kentucky-American Water Co., Inc.), 6.25%, 6/1/39		3,000		3,011,190

Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35		3,935		4,043,999

Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38⁽¹⁾		455		484,243

Selma Industrial Development Board, AL, (International Paper Co.), 5.80%, 5/1/34		850		870,825

Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 4.50%, 5/1/32⁽¹⁾		390		436,320

Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44⁽¹⁾		345		398,027

Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36⁽¹⁾		145		165,252

			$	33,336,913

Insured – General Obligations — 1.0%

Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	145	$	159,248

McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/30		2,910		3,252,332

			$	3,411,580


Security	Principal Amount (000’s omitted)		Value

Insured – Special Tax Revenue — 5.0%

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 6.875%, (0.00% until 10/1/19), 10/1/34	$	4,000	$	5,763,680

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, (0.00% until 10/1/19), 10/1/39		6,000		8,607,720

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/43		960		289,622

Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/39		725		776,366

Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/40		865		924,893

			$	16,362,281

Insured – Transportation — 7.4%

Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43	$	710	$	790,961

Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39		2,885		2,910,936

Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46⁽³⁾		7,000		7,878,570

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/35		460		494,128

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37		1,295		1,385,443

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/35		4,000		2,621,720

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/36		13,000		8,238,620

			$	24,320,378

Lease Revenue / Certificates of Participation — 1.7%

New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/43	$	5,000	$	5,731,100

			$	5,731,100

Other Revenue — 1.3%

Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/53	$	1,170	$	1,359,013

Kalispel Tribe of Indians, WA, 5.25%, 1/1/38⁽¹⁾		390		433,778

Morongo Band of Mission Indians, CA, 5.00%, 10/1/42⁽¹⁾		605		684,503

Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		1,245		1,679,505

			$	4,156,799


Security	Principal Amount (000’s omitted)		Value

Senior Living / Life Care — 10.2%

ABAG Finance Authority for Nonprofit Corporations, CA, (Episcopal Senior Communities), 6.00%, 7/1/31	$	1,295	$	1,392,967

Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37		3,405		3,729,224

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/37		850		961,120

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/42		700		786,828

Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38⁽⁴⁾		200		229,094

District of Columbia, (Ingleside at Rock Creek), 3.875%, 7/1/24		530		530,604

District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32		185		202,508

Douglas County Hospital Authority No. 2, NE, (Immanuel Obligated Group), 5.50%, 1/1/30		465		469,278

Douglas County Hospital Authority No. 2, NE, (Immanuel Obligated Group), 5.625%, 1/1/40		925		933,556

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28		165		184,519

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 6.375%, 1/1/33		345		389,657

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32		300		333,957

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37		275		305,335

Iowa Finance Authority, (Lifespace Communities, Inc.), 4.125%, 5/15/38		1,500		1,590,510

Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 5.00%, 11/15/39		1,800		2,109,654

Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 6.125%, 11/15/26		500		547,815

Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 6.50%, 11/15/31		1,600		1,763,024

Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/33⁽¹⁾		470		538,794

Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/38⁽¹⁾		310		351,605

Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57⁽¹⁾		1,340		1,473,853

Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.00%, 10/1/24		835		934,574

National Finance Authority, NH, (The Vista), 5.25%, 7/1/39⁽¹⁾		265		288,172

National Finance Authority, NH, (The Vista), 5.625%, 7/1/46⁽¹⁾		360		395,212

National Finance Authority, NH, (The Vista), 5.75%, 7/1/54⁽¹⁾		595		652,774

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/31		1,235		1,373,839

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/32		1,295		1,437,813


Security	Principal Amount (000’s omitted)		Value

Senior Living / Life Care (continued)

New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/32	$	80	$	92,781

New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/33		50		57,880

New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/34		55		63,523

New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/39		175		200,602

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		550		616,825

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		2,560		2,884,429

Public Finance Authority, WI, (Mary’s Woods at Marylhurst), 5.25%, 5/15/37⁽¹⁾		630		714,143

Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		255		269,634

Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		735		778,144

Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37⁽¹⁾		900		1,040,148

Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.25%, 11/15/37		1,000		1,150,080

Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/51⁽¹⁾		1,335		1,439,571

Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/49⁽¹⁾⁽⁴⁾		305		333,109

			$	33,547,155

Special Tax Revenue — 2.7%

New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/38	$	2,625	$	3,023,948

New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: U.S. Bank, N.A.), 1.76%, 8/1/42⁽²⁾		1,500		1,500,000

New York Dormitory Authority, Sales Tax Revenue, 4.00%, 3/15/47		4,000		4,420,720

			$	8,944,668

Student Loan — 0.8%

Massachusetts Educational Financing Authority, 6.00%, 1/1/28	$	995	$	1,003,965

New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43		1,445		1,543,939

			$	2,547,904

Transportation — 20.0%

Central Texas Regional Mobility Authority, 5.00%, 1/1/45	$	750	$	850,170

Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31		325		342,537


Security	Principal Amount (000’s omitted)		Value

Transportation (continued)

Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 6.00%, 1/1/41	$	35	$	36,992

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		1,345		1,487,597

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26		1,140		1,259,711

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,125		1,290,229

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		1,735		1,985,378

Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/44		10		11,252

Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/44⁽³⁾		2,125		2,391,092

Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		875		969,850

Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41		1,065		1,218,275

Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/43⁽³⁾		3,750		4,506,150

Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29		2,060		2,309,569

Illinois Toll Highway Authority, 5.00%, 1/1/41⁽³⁾		5,575		6,516,116

Memphis-Shelby County Airport Authority, TN, (AMT), 5.75%, 7/1/24		350		361,295

Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41		1,360		1,402,690

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34		1,250		1,410,425

New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/38		20,000		10,581,200

New Jersey Turnpike Authority, 4.00%, 1/1/48		2,500		2,797,025

New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/48		750		863,925

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		2,115		2,342,616

North Texas Tollway Authority, Prerefunded to 9/1/21, 5.50%, 9/1/41⁽³⁾		2,660		2,869,422

San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/50		6,400		7,238,464

Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		2,625		2,742,285

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		1,520		1,541,569

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		1,555		1,817,453

Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/38		850		408,213

Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42		445		498,569


Security	Principal Amount (000’s omitted)		Value

Transportation (continued)

Triborough Bridge and Tunnel Authority, NY, (LOC: State Street Bank and Trust Company), 1.78%, 1/1/32⁽²⁾	$	2,000	$	2,000,000

Virginia Small Business Financing Authority, (Transform 66 P3), (AMT), 5.00%, 12/31/49		1,500		1,728,225

			$	65,778,294

Water and Sewer — 2.5%

Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32	$	1,450	$	1,573,424

Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39		1,405		1,529,989

Detroit, MI, Water Supply System, 5.25%, 7/1/41		2,725		2,889,263

Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34		2,070		2,365,989

			$	8,358,665

Total Tax-Exempt Municipal Securities — 98.3% (identified cost $289,072,397)			$	323,990,395

Taxable Municipal Securities — 3.4%
Security	Principal Amount (000’s omitted)		Value

General Obligations — 1.2%

Chicago, IL, 7.375%, 1/1/33	$	1,750	$	2,088,555

Chicago, IL, 7.781%, 1/1/35		1,400		1,757,070

			$	3,845,625

Hospital — 1.3%

California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	4,000	$	4,363,400

			$	4,363,400

Senior Living / Life Care — 0.4%

St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), 5.50% to 8/1/24 (Put Date), 8/1/44	$	1,265	$	1,279,889

			$	1,279,889

Transportation — 0.5%

Maryland Economic Development Corp., (Seagirt Marine Terminal), 4.75%, 6/1/42	$	1,500	$	1,630,740

			$	1,630,740

Total Taxable Municipal Securities — 3.4% (identified cost $9,972,507)			$	11,119,654


Corporate Bonds & Notes — 2.6%
Security	Principal Amount (000’s omitted)		Value

Health Care — 1.8%

CommonSpirit Health, 3.347%, 10/1/29	$	795	$	805,620

Providence St. Joseph Health Obligated Group, 2.532%, 10/1/29		5,000		4,994,740

			$	5,800,360

Other — 0.8%

Morongo Band of Mission Indians, CA, 7.00%, 10/1/39⁽¹⁾	$	2,430	$	2,816,564

			$	2,816,564

Total Corporate Bonds & Notes — 2.6% (identified cost $8,225,000)			$	8,616,924

Total Investments — 104.3% (identified cost $307,269,904)			$	343,726,973

Other Assets, Less Liabilities — (4.3)%			$	(14,066,487	)

Net Assets — 100.0%			$	329,660,486

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

At September 30, 2019, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:



Illinois			14.2%

Texas			11.4%

New York			11.3%

Florida			10.5%

Others, representing less than 10% individually			52.6%

The Trust invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2019, 12.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 7.3% of total investments.

⁽¹⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2019, the aggregate value of these securities is $26,357,374 or 8.0% of the Trust’s net assets.

⁽²⁾	Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at September 30, 2019.

Eaton Vance National Municipal Opportunities Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Trust’s primary investment objective is to provide current income exempt from regular federal income tax. The Trust will, as a secondary investment objective, seek to achieve capital appreciation.

The following is a summary of significant accounting policies of the Trust. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Trust in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C Federal Taxes — The Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by the Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of September 30, 2019, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

E Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

G Floating Rate Notes Issued in Conjunction with Securities Held — The Trust may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Trust may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a

trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trust accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 6) at September 30, 2019. Interest expense related to the Trust’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At September 30, 2019, the amount of the Trust’s Floating Rate Notes outstanding and the related collateral were $22,610,616 and $32,730,562, respectively. The range of interest rates on the Floating Rate Notes outstanding at September 30, 2019 was 1.61% to 1.73%. For the six months ended September 30, 2019, the Trust’s average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were $30,571,475 and 2.28%, respectively.

In certain circumstances, the Trust may enter into shortfall and forbearance agreements with brokers by which the Trust agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trust had no shortfalls as of September 30, 2019.

The Trust may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Trust’s investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trust’s investment policies do not allow the Trust to borrow money except as permitted by the 1940 Act. Management believes that the Trust’s restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trust’s Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trust’s restrictions apply. Residual interest bonds held by the Trust are securities exempt from registration under Rule 144A of the Securities Act of 1933.

H When-Issued Securities and Delayed Delivery Transactions — The Trust may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trust maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

I Interim Financial Statements — The interim financial statements relating to September 30, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trust’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

The Trust intends to make monthly distributions of net investment income to common shareholders. In addition, at least annually, the Trust intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The cost and unrealized appreciation (depreciation) of investments of the Trust at September 30, 2019, as determined on a federal income tax basis, were as follows:

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to the Trust. The fee is computed at an annual rate of 0.60% of the Trust’s average daily gross assets up to and including $1.5 billion and 0.59% of average daily gross assets over $1.5 billion, and is payable monthly. Average daily gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by the Trust. Average daily gross assets are calculated by adding to net assets the amount payable by the Trust to floating rate note holders. For the six months ended September 30, 2019, the investment adviser fee incurred by the Trust and the effective annual rate, as a percentage of average daily gross assets, were $1,075,249 and 0.60%, respectively. EVM also serves as the administrator of the trust but receives no compensation.

Trustees and officers of the Trust who are members of EVM’s organization receive remuneration for their services to the Trust out of the investment adviser fee. Trustees of the Trust who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended September 30, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Trust are officers of EVM.

Purchases and sales of investments, other than short-term obligations, aggregated $74,244,601 and $102,867,466, respectively, for the six months ended September 30, 2019.

Common shares issued by the Trust pursuant to its dividend reinvestment plan for the six months ended September 30, 2019 and the year ended March 31, 2019 were 3,883 and 6,871, respectively.

In November 2013, the Board of Trustees initially approved a share repurchase program for the Trust. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Trust to purchase a specific amount of shares. There were no repurchases of common shares by the Trust for the six months ended September 30, 2019 and the year ended March 31, 2019.

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At September 30, 2019, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds.

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance National Municipal Opportunities Trust (the “Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.

In considering whether to approve the investment advisory and administrative agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency and special considerations relevant to investing in municipal obligations, Treasury securities and other securities backed by the U.S. government or its agencies. The Board considered the Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices and assessed the Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board considered, among other things, the Adviser’s efforts to generate competitive levels of tax-exempt current income over time. The Board also noted information from the Adviser regarding recent improvements in the Fund’s relative performance. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at certain asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years
Fund at NAV		05/29/2009		4.89	%		9.06	%		4.50	%		5.47	%
Fund at Market Price		—		9.24			10.63			7.98			6.97
Bloomberg Barclays Municipal Bond Index		—		3.74	%		8.55	%		3.66	%		4.16	%


% Premium/Discount to NAV³

													4.30	%


Distributions⁴
Total Distributions per share for the period												$	0.475
Distribution Rate at NAV													4.21	%
Taxable-Equivalent Distribution Rate at NAV													7.11	%
Distribution Rate at Market Price													4.04	%
Taxable-Equivalent Distribution Rate at Market Price													6.82	%


% Total Leverage⁵
Residual Interest Bond (RIB) Financing													6.41	%


Assets	September 30, 2019

Investments, at value (identified cost, $307,269,904)	$	343,726,973

Cash		400,788

Interest receivable		4,412,389

Receivable for investments sold		18,800,000

Total assets	$	367,340,150

Liabilities

Payable for floating rate notes issued	$	22,610,616

Due to broker for floating rate notes redeemed		8,200,000

Payable for investments purchased		5,560,000

Payable for when-issued securities		911,441

Payable to affiliate:

Investment adviser fee		176,599

Interest expense and fees payable		100,176

Accrued expenses		120,832

Total liabilities	$	37,679,664

Net Assets	$	329,660,486

Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized	$	152,368

Additional paid-in capital		290,634,349

Distributable earnings		38,873,769

Net Assets	$	329,660,486

Common Shares Outstanding		15,236,823

Net Asset Value

Net assets ÷ common shares issued and outstanding	$	21.64


Investment Income	Six Months Ended September 30, 2019

Interest	$	8,331,102

Total investment income	$	8,331,102

Expenses

Investment adviser fee	$	1,075,249

Trustees’ fees and expenses		8,840

Custodian fee		38,700

Transfer and dividend disbursing agent fees		9,043

Legal and accounting services		38,887

Printing and postage		18,559

Interest expense and fees		348,194

Miscellaneous		30,946

Total expenses	$	1,568,418

Net investment income	$	6,762,684

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	1,101,509

Net realized gain	$	1,101,509

Change in unrealized appreciation (depreciation) —

Investments	$	7,714,357

Net change in unrealized appreciation (depreciation)	$	7,714,357

Net realized and unrealized gain	$	8,815,866

Net increase in net assets from operations	$	15,578,550


Increase (Decrease) in Net Assets	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019

From operations —

Net investment income	$	6,762,684		$	14,545,241

Net realized gain		1,101,509			763,135

Net change in unrealized appreciation (depreciation)		7,714,357			(1,617,091	)

Net increase in net assets from operations	$	15,578,550		$	13,691,285

Distributions to shareholders	$	(7,242,653	)	$	(17,181,063	)

Capital share transactions —

Reinvestment of distributions	$	83,741		$	143,918

Net increase in net assets from capital share transactions	$	83,741		$	143,918

Net increase (decrease) in net assets	$	8,419,638		$	(3,345,860	)

Net Assets

At beginning of period	$	321,240,848		$	324,586,708

At end of period	$	329,660,486		$	321,240,848



	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015

Net asset value — Beginning of period	$	21.090		$	21.320		$	21.700		$	22.890		$	23.050		$	21.510

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.444		$	0.955		$	0.986		$	1.016		$	1.065		$	1.087

Net realized and unrealized gain (loss)		0.581			(0.057	)		(0.213	)		(0.969	)		(0.190	)		1.479

Total income from operations	$	1.025		$	0.898		$	0.773		$	0.047		$	0.875		$	2.566

Less Distributions

From net investment income	$	(0.475	)	$	(1.021	)	$	(1.031	)	$	(1.030	)	$	(1.030	)	$	(1.030	)

From net realized gain		—			(0.107	)		(0.122	)		(0.207	)		(0.005	)		—

Total distributions	$	(0.475	)	$	(1.128	)	$	(1.153	)	$	(1.237	)	$	(1.035	)	$	(1.030	)

Anti-dilutive effect of share repurchase program (see Note 5)⁽¹⁾	$	—		$	—		$	—		$	—		$	—		$	0.004

Net asset value — End of period	$	21.640		$	21.090		$	21.320		$	21.700		$	22.890		$	23.050

Market value — End of period	$	22.570		$	21.120		$	20.670		$	21.520		$	22.310		$	21.200

Total Investment Return on Net Asset Value⁽²⁾		4.89	%⁽³⁾		4.54	%		3.59	%		0.29	%		4.27	%		12.68	%

Total Investment Return on Market Value⁽²⁾		9.24	%⁽³⁾		7.98	%		1.27	%		2.04	%		10.50	%		14.96	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	329,660		$	321,241		$	324,587		$	330,183		$	348,145		$	350,611

Ratios (as a percentage of average daily net assets):

Expenses excluding interest and fees⁽⁴⁾		0.75	%⁽⁵⁾		0.76	%		0.76	%		0.75	%		0.76	%		0.77	%

Interest and fee expense⁽⁶⁾		0.21	%⁽⁵⁾		0.22	%		0.20	%		0.16	%		0.08	%		0.09	%

Total expenses⁽⁴⁾		0.96	%⁽⁵⁾		0.98	%		0.96	%		0.91	%		0.84	%		0.86	%

Net investment income		4.14	%⁽⁵⁾		4.55	%		4.52	%		4.50	%		4.70	%		4.83	%

Portfolio Turnover		21	%⁽³⁾		17	%		17	%		11	%		6	%		13	%


Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Financial Statements			4

Board of Trustees’ Contract Approval			18

Officers and Trustees			21

Important Notices			22



AGC	–	Assured Guaranty Corp.

AGM	–	Assured Guaranty Municipal Corp.

AMBAC	–	AMBAC Financial Group, Inc.

AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

LOC	–	Letter of Credit

SPA	–	Standby Bond Purchase Agreement



Aggregate cost	$	283,201,158

Gross unrealized appreciation	$	37,936,769

Gross unrealized depreciation		(21,570	)

Net unrealized appreciation	$	37,915,199


Asset Description	Level 1		Level 2		Level 3		Total

Tax-Exempt Municipal Securities	$	—	$	323,990,395	$	—	$	323,990,395

Taxable Municipal Securities		—		11,119,654		—		11,119,654

Corporate Bonds & Notes		—		8,616,924		—		8,616,924

Total Investments	$	—	$	343,726,973	$	—	$	343,726,973


(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.


By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		November 21, 2019


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		November 21, 2019


		4		See Notes to Financial Statements.


		5		See Notes to Financial Statements.


		6		See Notes to Financial Statements.


		7		See Notes to Financial Statements.