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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. 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. The adviser is also registered as 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 net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods 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.

The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium 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 https://funds.eatonvance.com/closed-end-fund-prices.php.

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.

Important Notice to Shareholders

On August 13, 2020, the Board of Trustees of the Fund amended and restated the Fund’s By-Laws (the “Amended and Restated By-Laws”). The Amended and Restated By-Laws include provisions (the “Control Share Provisions”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of Fund shares in a “Control Share Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control Share Provisions are primarily intended to protect the interests of the Fund and its shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic hedge funds or other activist investors. The Control Share Provisions do not eliminate voting rights for shares acquired in Control Share Acquisitions, but rather, they entrust the Fund’s other “non-interested” shareholders with determining whether to approve the authorization of voting rights for such shares. Subject to various conditions and exceptions, the Amended and Restated By-Laws define a “Control Share Acquisition” to include an acquisition of Fund shares that, but for the Control Share Provisions, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise voting power in the election of Fund Trustees in any of the following ranges: (i) one-tenth or more, but less than one-fifth of all voting power; (ii) one-fifth or more, but less than one-third of all voting power; (iii) one-third or more, but less than a majority of all voting power; or (iv) a majority or more of all voting power. Share acquisitions prior to August 13, 2020 are excluded from the definition of Control Share Acquisition. This discussion is only a high-level summary of certain aspects of the Control Share Provisions, and is qualified in its entirety by reference to the full Amended and Restated By-Laws. The Amended and Restated By-Laws were filed by the Fund on Form 8-K with the Securities and Exchange Commission and are available at sec.gov.


Tax-Exempt Municipal Securities — 95.9%
Security	Principal Amount (000’s omitted)		Value

Education — 2.1%

Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/49⁽¹⁾	$	560	$	583,789

Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50⁽¹⁾		185		174,738

Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/38⁽¹⁾		210		223,805

Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/48⁽¹⁾		395		414,639

Capital Trust Agency, FL, (Liza Jackson Preparatory School, Inc.), 5.00%, 8/1/55		325		369,337

District of Columbia, (District of Columbia International School), 5.00%, 7/1/39		185		213,218

District of Columbia, (District of Columbia International School), 5.00%, 7/1/49		185		208,358

District of Columbia, (KIPP DC), 4.00%, 7/1/39		100		108,413

District of Columbia, (KIPP DC), 4.00%, 7/1/44		100		107,031

District of Columbia, (KIPP DC), 4.00%, 7/1/49		135		143,666

District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/56⁽¹⁾		1,090		1,127,354

Jacksonville, FL, (Jacksonville University), 5.00%, 6/1/53⁽¹⁾		1,000		978,190

Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/54⁽¹⁾		455		463,322

Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/40⁽¹⁾		655		703,654

Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/50⁽¹⁾		175		185,169

Public Finance Authority, WI, (Roseman University of Health Sciences), 5.50%, 4/1/32		165		170,041

Public Finance Authority, WI, (Roseman University of Health Sciences), 5.75%, 4/1/42		415		426,242

Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/49		70		73,262

Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/54		110		114,709

			$	6,788,937

Electric Utilities — 5.3%

Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30	$	340	$	352,128

Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45		5,750		6,387,617

Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 1/1/34		3,650		3,663,688


Security	Principal Amount (000’s omitted)		Value

Electric Utilities (continued)

Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34	$	2,815	$	2,825,556

Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39		1,520		1,552,194

New York Power Authority, 4.00%, 11/15/60		2,000		2,299,280

			$	17,080,463

Escrowed / Prerefunded — 5.9%

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), Prerefunded to 11/1/20, 5.00%, 11/1/38	$	4,475	$	4,492,184

Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.00%, 7/1/32		1,450		1,572,395

Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.25%, 7/1/39		1,405		1,529,722

Detroit, MI, Water Supply System, Prerefunded to 7/1/21, 5.25%, 7/1/41		2,725		2,829,367

Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), Prerefunded to 1/1/21, 6.125%, 1/1/30		470		476,923

Metropolitan Transportation Authority, NY, Prerefunded to 11/15/21, 5.00%, 11/15/31		1,000		1,054,570

New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), Prerefunded to 4/1/25, 5.00%, 4/1/47		445		532,843

Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42		2,425		2,622,128

Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		750		790,515

Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		770		931,323

Will County Community Unit School District No. 365-U, IL, (Valley View), Prerefunded to 11/1/21, 5.75%, 11/1/32		2,210		2,343,572

			$	19,175,542

General Obligations — 7.5%

Chicago Board of Education, IL, 5.00%, 12/1/42	$	6,410	$	6,510,701

Chicago Board of Education, IL, 5.00%, 12/1/46		190		193,772

Chicago, IL, 5.50%, 1/1/49		5,000		5,374,500

Illinois, 4.25%, 12/1/37		6,000		5,950,800

Illinois, 5.00%, 5/1/36		3,500		3,586,730

Jackson County School District No. 6, OR, 0.00%, 6/15/41		710		388,405

Township of Freehold, NJ, 1.00%, 10/15/29		575		550,930

Township of Freehold, NJ, 1.00%, 10/15/30		1,035		978,313

Township of Freehold, NJ, 1.00%, 10/15/31		975		908,359

			$	24,442,510


Security	Principal Amount (000’s omitted)		Value

Hospital — 10.2%

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37	$	165	$	180,673

Camden County Improvement Authority, NJ, (Cooper Health System), 5.75%, 2/15/42		665		715,946

Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/44		670		740,249

Doylestown Hospital Authority, PA, (Doylestown Health), 4.00%, 7/1/45		310		325,547

Hamilton County, OH, (UC Health), 4.00%, 9/15/50		1,000		1,083,500

Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34		1,190		1,317,223

Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36		2,500		2,800,875

Illinois Finance Authority, (Rush University Medical Center), 4.00%, 11/15/39		1,000		1,080,530

Maryland Health and Higher Educational Facilities Authority, (Frederick Health System), 4.00%, 7/1/45		250		275,120

Massachusetts Development Finance Agency, (Atrius Health), 4.00%, 6/1/49		1,555		1,670,086

Massachusetts Development Finance Agency, (Atrius Health), 5.00%, 6/1/39		255		302,407

Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50		1,040		1,164,114

Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/38		1,000		1,101,560

Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/39		1,000		1,098,180

Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/44		1,500		1,624,785

New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/59		2,000		2,907,580

New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/45		675		731,774

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35⁽¹⁾		900		1,039,860

Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38		310		360,049

Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43		3,415		3,987,115

Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45		5		5,732

Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45⁽²⁾		3,975		4,557,258

Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39⁽²⁾		3,500		3,865,085

			$	32,935,248


Security	Principal Amount (000’s omitted)		Value

Housing — 1.0%

California Department of Veterans Affairs, Home Purchase Revenue, 3.60%, 12/1/43	$	1,895	$	2,073,244

New York City Housing Development Corp., NY, 3.85%, 11/1/42		1,000		1,073,300

			$	3,146,544

Industrial Development Revenue — 9.8%

Alabama Industrial Development Authority, (Pine City Fiber Co.), (AMT), 6.45%, 12/1/23	$	5,000	$	5,000,050

Clayton County Development Authority, GA, (Delta Air Lines, Inc.), 8.75%, 6/1/29		3,192		3,204,796

Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35⁽¹⁾		725		809,317

National Finance Authority, NH, (Covanta), 4.625%, 11/1/42⁽¹⁾		1,415		1,432,192

National Finance Authority, NH, (Covanta), (AMT), 4.875%, 11/1/42⁽¹⁾		1,555		1,583,892

New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 2.95%, 4/1/29⁽¹⁾		560		555,419

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23		485		497,178

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29		1,900		1,943,776

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35		2,560		3,553,792

New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 4.375%, 10/1/45		2,765		2,781,701

New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/40		1,640		1,750,356

Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42⁽¹⁾		2,000		2,030,740

Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35		3,935		4,039,002

Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38⁽¹⁾		1,445		1,561,915

Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 4.50%, 5/1/32⁽¹⁾		390		420,182

Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44⁽¹⁾		345		381,325

Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36⁽¹⁾		145		160,931

			$	31,706,564

Insured – General Obligations — 1.1%

Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	145	$	160,035


Security	Principal Amount (000’s omitted)		Value

Insured – General Obligations (continued)

McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/30	$	2,910	$	3,298,863

			$	3,458,898

Insured – Other Revenue — 0.4%

New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/38⁽³⁾	$	390	$	405,331

New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/49⁽³⁾		910		917,244

			$	1,322,575

Insured – Special Tax Revenue — 5.1%

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 6.875%, 10/1/34	$	4,000	$	5,820,520

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, 10/1/39		6,000		8,721,480

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/43		960		340,656

Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/39		720		809,460

Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/40		860		964,327

			$	16,656,443

Insured – Transportation — 7.9%

Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43	$	710	$	769,754

Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/48⁽²⁾		6,225		6,727,357

New York Thruway Authority, (AGM), 3.00%, 1/1/46		4,895		5,068,723

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/35		460		488,713

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37		1,295		1,370,745

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/35		4,000		2,697,840

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/36		13,000		8,416,330

			$	25,539,462

Lease Revenue / Certificates of Participation — 1.7%

New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/43	$	740	$	824,915


Security	Principal Amount (000’s omitted)		Value

Lease Revenue / Certificates of Participation (continued)

New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/44	$	4,260	$	4,748,324

			$	5,573,239

Other Revenue — 0.8%

Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38⁽¹⁾	$	390	$	436,246

Morongo Band of Mission Indians, CA, 5.00%, 10/1/42⁽¹⁾		605		662,965

Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		1,245		1,681,871

			$	2,781,082

Senior Living / Life Care — 10.7%

ABAG Finance Authority for Nonprofit Corporations, CA, (Episcopal Senior Communities), 6.00%, 7/1/31	$	1,295	$	1,322,376

Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37		3,405		3,547,397

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/37		850		909,271

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/42		700		739,676

Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50		125		132,525

Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38		730		798,065

District of Columbia, (Ingleside at Rock Creek), 3.875%, 7/1/24		925		920,653

District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32		185		185,405

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28		165		175,484

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 6.375%, 1/1/33		345		367,080

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32		300		322,131

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37		275		294,305

Iowa Finance Authority, (Lifespace Communities, Inc.), 4.125%, 5/15/38		1,500		1,522,965

Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/55		510		542,609

Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 5.00%, 11/15/39		1,800		1,976,436

Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 6.125%, 11/15/26		500		520,605

Lee County Industrial Development Authority, FL, (Shell Point/Alliance Obligated Group), 6.50%, 11/15/31		1,600		1,666,176

Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/33⁽¹⁾		470		499,944


Security	Principal Amount (000’s omitted)		Value

Senior Living / Life Care (continued)

Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/38⁽¹⁾	$	310	$	324,294

Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57⁽¹⁾		1,650		1,756,062

Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.00%, 10/1/24		685		711,530

National Finance Authority, NH, (The Vista), 5.25%, 7/1/39⁽¹⁾		265		269,362

National Finance Authority, NH, (The Vista), 5.625%, 7/1/46⁽¹⁾		360		369,853

National Finance Authority, NH, (The Vista), 5.75%, 7/1/54⁽¹⁾		780		803,494

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/31		1,235		1,342,840

New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/32		1,295		1,405,127

New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/32		80		85,769

New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/33		50		53,437

New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/34		55		58,517

New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/39		175		183,694

Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/53		605		644,634

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		550		601,227

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		2,560		2,803,021

Public Finance Authority, WI, (Mary’s Woods at Marylhurst), 5.25%, 5/15/37⁽¹⁾		630		670,622

Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.625%, 11/15/41		1,335		1,407,851

Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		255		259,302

Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		735		745,613

Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.00%, 10/1/37⁽¹⁾		900		937,503

Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.25%, 11/15/37		1,000		1,071,710

Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/51⁽¹⁾		1,335		1,371,098

Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/49⁽¹⁾		305		319,664

			$	34,639,327

Special Tax Revenue — 1.9%

New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/39	$	1,500	$	1,715,490


Security	Principal Amount (000’s omitted)		Value

Special Tax Revenue (continued)

New York Dormitory Authority, Sales Tax Revenue, 4.00%, 3/15/47	$	4,000	$	4,395,520

			$	6,111,010

Student Loan — 0.7%

Massachusetts Educational Financing Authority, 6.00%, 1/1/28	$	665	$	677,296

New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43		1,445		1,505,690

			$	2,182,986

Transportation — 23.1%

Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/37	$	2,550	$	2,909,193

Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/38		5,000		5,685,800

Central Texas Regional Mobility Authority, 5.00%, 1/1/45		750		851,340

Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31		325		329,505

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		1,345		1,470,314

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26		1,140		1,243,535

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,125		1,268,910

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		1,735		1,951,858

Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/44		10		11,271

Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/44⁽²⁾		2,125		2,395,045

Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		875		909,046

Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41		1,065		1,216,794

Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/43⁽²⁾		3,750		4,405,237

Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29		2,060		2,095,659

Illinois Toll Highway Authority, 5.00%, 1/1/41⁽²⁾		5,575		6,605,985

Metropolitan Transportation Authority, NY, Green Bonds, 5.25%, 11/15/55		1,520		1,639,396

Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41		1,360		1,364,515

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34		1,250		1,375,500

New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/38		20,000		10,185,400

New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/48		750		842,152

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50		2,115		2,273,646


Security	Principal Amount (000’s omitted)		Value

Transportation (continued)

North Texas Tollway Authority, Prerefunded to 9/1/21, 5.50%, 9/1/41⁽²⁾	$	2,660	$	2,790,154

Port of New Orleans, LA, (AMT), 5.00%, 4/1/39		1,250		1,513,512

San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/45		6,000		7,146,900

San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/50		6,400		7,031,872

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/37		140		157,965

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/38		260		292,396

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/39		135		151,347

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35		180		222,773

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		1,555		1,786,135

Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/38		850		425,621

Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42		445		496,736

Virginia Small Business Financing Authority, (Transform 66 P3), (AMT), 5.00%, 12/31/49		1,500		1,682,835

			$	74,728,347

Water and Sewer — 0.7%

Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/34	$	2,070	$	2,365,513

			$	2,365,513

Total Tax-Exempt Municipal Securities — 95.9% (identified cost $278,035,553)			$	310,634,690

Taxable Municipal Securities — 4.0%
Security	Principal Amount (000’s omitted)		Value

General Obligations — 1.1%

Chicago, IL, 7.375%, 1/1/33	$	1,750	$	2,050,738

Chicago, IL, 7.781%, 1/1/35		1,400		1,705,970

			$	3,756,708


Security	Principal Amount (000’s omitted)		Value

Hospital — 1.3%

California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	4,000	$	4,269,000

			$	4,269,000

Insured – Housing — 0.5%

Onondaga Civic Development Corp., NY, (Upstate Properties Development, Inc.), (BAM), 3.158%, 12/1/41	$	1,610	$	1,621,125

			$	1,621,125

Senior Living / Life Care — 0.6%

St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), Prerefunded to 8/1/22, 5.50% to 8/1/24 (Put Date), 8/1/44	$	1,720	$	1,871,291

			$	1,871,291

Transportation — 0.5%

Maryland Economic Development Corp., (Seagirt Marine Terminal), 4.75%, 6/1/42	$	1,500	$	1,616,445

			$	1,616,445

Total Taxable Municipal Securities — 4.0% (identified cost $12,039,032)			$	13,134,569

Corporate Bonds & Notes — 4.3%
Security	Principal Amount (000’s omitted)		Value

Health Care — 1.6%

Providence St. Joseph Health Obligated Group, 2.532%, 10/1/29	$	5,000	$	5,327,401

			$	5,327,401

Hospital — 1.3%

CommonSpirit Health, 3.347%, 10/1/29	$	795	$	843,745

Montefiore Obligated Group, 4.287%, 9/1/50		3,240		3,228,374

			$	4,072,119

Insured – Hospital — 0.5%

Toledo Hospital, OH, (AGM), 5.75%, 11/15/38	$	1,440	$	1,696,713

			$	1,696,713


Security	Principal Amount (000’s omitted)		Value

Other — 0.9%

Morongo Band of Mission Indians, 7.00%, 10/1/39⁽¹⁾	$	2,430	$	2,839,649

			$	2,839,649

Total Corporate Bonds & Notes — 4.3% (identified cost $13,143,589)			$	13,935,882

Total Investments — 104.2% (identified cost $303,218,174)			$	337,705,141

Other Assets, Less Liabilities — (4.2)%			$	(13,665,450	)

Net Assets — 100.0%			$	324,039,691

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

At September 30, 2020, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:



New York			14.5%

Illinois			14.0%

Others, representing less than 10% individually			71.5%

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, 2020, 14.9% 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 7.6% of total investments.

⁽¹⁾

Security exempt from registration under Rule 144A of 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, 2020, the aggregate value of these securities is $26,091,189 or 8.1% of the Trust’s net assets.

⁽²⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).

⁽³⁾	When-issued security.

Abbreviations:



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.

BAM	–	Build America Mutual Assurance Co.

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, 2020, 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, 2020. 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, 2020, the amount of the Trust’s Floating Rate Notes outstanding and the related collateral were $21,694,972 and $31,346,121, respectively. The range of interest rates on the Floating Rate Notes outstanding at September 30, 2020 was 0.15% to 0.28%. For the six months ended September 30, 2020, the Trust’s average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were $21,630,000 and 0.93%, 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, 2020.

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, 2020 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.

At March 31, 2020, the Trust had a net capital loss of $2,124,511 attributable to security transactions incurred after October 31, 2019 that it has elected to defer. This net capital loss is treated as arising on the first day of the Trust’s taxable year ending March 31, 2021.

The cost and unrealized appreciation (depreciation) of investments of the Trust at September 30, 2020, as determined on a federal income tax basis, were as follows:

The investment adviser fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., 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, 2020, the investment adviser fee incurred by the Trust and the effective annual rate, as a percentage of average daily gross assets, were $1,024,522 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, 2020, 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 $34,905,809 and $32,334,299, respectively, for the six months ended September 30, 2020.

The Trust may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Trust for the six months ended September 30, 2020. Common shares issued by the Trust pursuant to its dividend reinvestment plan for the year ended March 31, 2020 were 8,847.

Pursuant to a registration statement filed with and declared effective on November 26, 2019 by the SEC, the Trust is authorized to issue up to an additional 1,142,873 common shares through an equity shelf offering program (the “shelf offering”). Under the shelf offering, the Trust, subject to market conditions, may raise additional capital from time to time and in varying amounts and offering methods at a net price at or above the Trust’s net asset value per common share. During the six months ended September 30, 2020, the Trust did not sell any common shares through its shelf offering. During the year ended March 31, 2020, the Trust sold 71,597 common shares and received proceeds (net of offering costs) of $1,591,024 through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were $21,351. Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM.

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, 2020 and the year ended March 31, 2020.

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, 2020, the hierarchy of inputs used in valuing the Trust’s investments which are carried at value, were as follows:

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Trust’s performance, or the performance of the securities in which the Trust invests.

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 10, 2020, the Trust’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Trust shareholders for approval, and, if approved, would take effect upon consummation of the transaction. Shareholders of record of the Trust at the close of business on October 29, 2020 who have voting power with respect to such shares are entitled to be present and vote at a joint special meeting of shareholders to be held on January 7, 2021 and at any adjournments or postponements thereof.

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 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority 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 agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. 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 to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. 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 agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (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 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers 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, 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 agreements 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 agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement 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 agreement and sub-advisory agreement. In evaluating each investment advisory agreement 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 to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Based on its consideration of the foregoing, and such other information 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 deep experience of the Adviser and its affiliates with managing and operating funds organized as exchange-listed closed-end funds, such as the Fund. In this regard, the Board considered, among other things, the Adviser’s and its affiliates’ experience with implementing leverage arrangements, monitoring and assessing trading price discounts and premiums and adhering to the requirements of securities exchanges.

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 other administrative services provided or overseen 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 identified by an independent data provider (the peer group), as well as an appropriate benchmark index, 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-, five- and ten-year periods ended September 30, 2019. 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 noted that the underperformance of the Fund relative to its peer group was attributable to the adverse impact of the Fund’s limited use of leverage relative to its peer group.

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, 2019, 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 certain factors identified by management in response to inquiries from the Contract Review Committee regarding 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 or other 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 considered the fact that the Fund is not continuously offered in the same manner as an open-end fund and that the Fund is authorized to issue additional common shares through a shelf offering. 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 entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

Our pledge of protecting your personal information 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 Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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. Certain information filed on Form N-PORT may be viewed 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.

(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.

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.


Table of Contents
Performance			2
Fund Profile			2
Endnotes and Additional Disclosures			3
Financial Statements			4
Board of Trustees’ Contract Approval			18
Officers and Trustees			22
Important Notices			23


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years

Fund at NAV		05/29/2009		5.05	%		2.06	%		3.92	%		4.92	%
Fund at Market Price		—		4.75			–7.32			4.50			4.64



Bloomberg Barclays Municipal Bond Index		—		3.99	%		4.09	%		3.84	%		3.99	%

% Premium/Discount to NAV³

													–5.29	%

Distributions⁴

Total Distributions per share for the period												$	0.379
Distribution Rate at NAV													3.64	%
Taxable-Equivalent Distribution Rate at NAV													6.15	%
Distribution Rate at Market Price													3.84	%
Taxable-Equivalent Distribution Rate at Market Price													6.49	%

% Total Leverage⁵

Residual Interest Bond (RIB) Financing													6.26	%


Assets	September 30, 2020

Investments, at value (identified cost, $303,218,174)	$	337,705,141

Cash		2,676,527

Interest receivable		4,373,560

Receivable for investments sold		2,650,000

Total assets	$	347,405,228

Liabilities

Payable for floating rate notes issued	$	21,694,972

Payable for when-issued securities		1,325,294

Payable to affiliate:

Investment adviser fee		171,501

Interest expense and fees payable		49,721

Accrued expenses		124,049

Total liabilities	$	23,365,537

Net Assets	$	324,039,691

Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized	$	153,134

Additional paid-in capital		291,336,557

Distributable earnings		32,550,000

Net Assets	$	324,039,691

Common Shares Outstanding		15,313,384

Net Asset Value

Net assets ÷ common shares issued and outstanding	$	21.16


Investment Income	Six Months Ended September 30, 2020

Interest	$	7,361,134

Total investment income	$	7,361,134

Expenses

Investment adviser fee	$	1,024,522

Trustees’ fees and expenses		9,432

Custodian fee		34,017

Transfer and dividend disbursing agent fees		9,717

Legal and accounting services		40,834

Printing and postage		25,586

Interest expense and fees		100,553

Miscellaneous		29,061

Total expenses	$	1,273,722

Net investment income	$	6,087,412

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(1,697,164	)

Net realized loss	$	(1,697,164	)

Change in unrealized appreciation (depreciation) —

Investments	$	11,129,183

Net change in unrealized appreciation (depreciation)	$	11,129,183

Net realized and unrealized gain	$	9,432,019

Net increase in net assets from operations	$	15,519,431


Increase (Decrease) in Net Assets	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020

From operations —

Net investment income	$	6,087,412		$	12,732,212

Net realized loss		(1,697,164	)		(1,043,309	)

Net change in unrealized appreciation (depreciation)		11,129,183			(5,384,928	)

Net increase in net assets from operations	$	15,519,431		$	6,303,975

Distributions to shareholders	$	(5,800,710	)	$	(14,010,568	)

Tax return of capital to shareholders	$	—		$	(996,325	)

Capital share transactions —

Proceeds from shelf offering, net of offering costs (see Note 5)	$	—		$	1,591,024

Reinvestment of distributions		—			192,016

Net increase in net assets from capital share transactions	$	—		$	1,783,040

Net increase (decrease) in net assets	$	9,718,721		$	(6,919,878	)

Net Assets

At beginning of period	$	314,320,970		$	321,240,848

At end of period	$	324,039,691		$	314,320,970



	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2020 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	20.530		$	21.090		$	21.320		$	21.700		$	22.890		$	23.050

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.398		$	0.835		$	0.955		$	0.986		$	1.016		$	1.065

Net realized and unrealized gain (loss)		0.611			(0.412	)		(0.057	)		(0.213	)		(0.969	)		(0.190	)

Total income from operations	$	1.009		$	0.423		$	0.898		$	0.773		$	0.047		$	0.875

Less Distributions

From net investment income	$	(0.379	)	$	(0.841	)	$	(1.021	)	$	(1.031	)	$	(1.030	)	$	(1.030	)

From net realized gain		—			(0.078	)		(0.107	)		(0.122	)		(0.207	)		(0.005	)

Tax return of capital		—			(0.065	)		—			—			—			—

Total distributions	$	(0.379	)	$	(0.984	)	$	(1.128	)	$	(1.153	)	$	(1.237	)	$	(1.035	)

Premium from common shares sold through shelf offering (see Note 5)⁽¹⁾	$	—		$	0.001		$	—		$	—		$	—		$	—

Net asset value — End of period	$	21.160		$	20.530		$	21.090		$	21.320		$	21.700		$	22.890

Market value — End of period	$	20.040		$	19.500		$	21.120		$	20.670		$	21.520		$	22.310

Total Investment Return on Net Asset Value⁽²⁾		5.05	%⁽³⁾		1.90	%		4.54	%		3.59	%		0.29	%		4.27	%

Total Investment Return on Market Value⁽²⁾		4.75	%⁽³⁾		(3.35	)%		7.98	%		1.27	%		2.04	%		10.50	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	324,040		$	314,321		$	321,241		$	324,587		$	330,183		$	348,145

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

Expenses excluding interest and fees⁽⁴⁾		0.74	%⁽⁵⁾		0.75	%		0.76	%		0.76	%		0.75	%		0.76	%

Interest and fee expense⁽⁶⁾		0.06	%⁽⁵⁾		0.17	%		0.22	%		0.20	%		0.16	%		0.08	%

Total expenses⁽⁴⁾		0.80	%⁽⁵⁾		0.92	%		0.98	%		0.96	%		0.91	%		0.84	%

Net investment income		3.81	%⁽⁵⁾		3.88	%		4.55	%		4.52	%		4.50	%		4.70	%

Portfolio Turnover		10	%⁽³⁾		44	%		17	%		17	%		11	%		6	%



Aggregate cost	$	279,925,443

Gross unrealized appreciation	$	36,553,924

Gross unrealized depreciation		(469,198	)

Net unrealized appreciation	$	36,084,726


Asset Description	Level 1		Level 2		Level 3		Total

Tax-Exempt Municipal Securities	$	—	$	310,634,690	$	—	$	310,634,690

Taxable Municipal Securities		—		13,134,569		—		13,134,569

Corporate Bonds & Notes		—		13,935,882		—		13,935,882

Total Investments	$	—	$	337,705,141	$	—	$	337,705,141


(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.


Eaton Vance National Municipal Opportunities Trust

By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date:		November 23, 2020


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

Date:		November 23, 2020

By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date:		November 23, 2020


		4		See Notes to Financial Statements.


		5		See Notes to Financial Statements.


		6		See Notes to Financial Statements.


		7		See Notes to Financial Statements.